CBAK Energy Expects Significant Contribution From Hitrans' Performance In 2022 And Beyond - CBAK Energy Tech (NASDAQ:CBAT)

CBAK Energy Technology Inc CBAT provided financial highlights of Zhejiang Hitrans Lithium Battery Technology Co., a lithium-ion battery material supplier in China.
CBAK Energy has acquired 81.56% of Hitrans' equity stake. Considering the transaction was closed on November 29, 2021, CBAK Energy will not incorporate Hitrans's financial performance before the closing date.
Hitrans' revenues were $97.9 million in the first three-quarters of FY21, roughly four times CBAK Energy's revenues in the same period.
Hitrans generated a gross profit of $11 million, about 2.7 times the gross profit of CBAK Energy. Its operating profit was $4.2 million.
CBAK Energy expects Hitrans' results to significantly increase its financial results in 2022 and beyond.
Price Action: CBAT shares are trading lower by 4.03% at $1.19 on the last check Thursday.