CBAK Energy Technology Inc (NASDAQ:CBAT) reported Q2 FY23 revenues of $42.40 million, which declined from $56.35 million a year ago.

Revenues were impacted by lower sales from the battery business and Hitrans, which is an indirect majority-owned subsidiary dealing in the production and sale of battery raw materials. 

Battery business revenues declined 13.5% Y/Y to $22.2 million due to the price volatility of lithium carbonate.

Gross profit fell 29.8% Y/Y to $3.9 million, with margins of 9.2% vs. 9.8% a year ago.

Loss per share stood at $(0.03) in the quarter.

As of June 30, 2023, cash and cash equivalents stood at $3.4 million.

Price Action: CBAT shares are trading lower by 3.33% at $1.16 on the last check Wednesday.