CBAK Energy Technology (CBAT) Noble Capital Markets Virtual Equity Investor Conference summary

Operating profile and results

• 2025 revenue was $195 million; FY2025 gross profit was $18.42 million and adjusted EBITDA was $7.05 million.

• Q1 2026 revenue was $69.62 million, up 99.3% YoY; Hitrans reported net income of $1.57 million.

• Annual designed capacity across existing facilities is 38 GWh, with current production capacity of 8.3 GWh.

• Model 32 cumulative shipments exceeded 104 million cells by September 2026; 32140 shipments were 32.55 million in the first seven months of 2026, up 101.5% YoY and above FY2025 volume.

Products and customer demand

• Product portfolio spans cylindrical LFP and sodium-ion cells for energy storage, portable power, and light EVs; sodium-ion cells are designed for ultra-low-temperature operation.

• Full-tab 26650 LFP cells target AI data-center backup power; module-level testing is underway with multiple tier-one customers, with positive feedback reported from U.S. operators testing cells.

• A ~$96 million order was secured in August 2026 from a major Indian two- and three-wheeler maker; recurring quarterly purchase orders are expected to add to backlog as issued.

• Backlog is mainly driven by Indian two- and three-wheeler operators; orders from Southeast Asia, especially Vietnam and India, have grown, with repeat demand expected from established LEV customers.

Capacity and geographic expansion

• Nanjing phase two ramp-up was completed in August 2026; an additional 6 GWh is targeted by year-end 2026, taking site capacity from 4.5 GWh to 10.5 GWh.

• A separate 12 GWh Nanjing project was covered by an investment agreement for future sodium-ion and lithium-ion production, subject to customer demand.

• Southeast Asia expansion plans target site selection in 2027 and production in 2028; site options and anchor customers are identified, but progress is slowed by funding constraints and China currency controls.

• Management expects the newly added 3 GWh capacity to help double revenue in 2026; another 6 GWh expansion in 2027 could drive substantial revenue growth.