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(RTTNews) - CBAK Energy Technology, Inc. (CBAT) posted a fourth quarter net loss attributable to shareholders of $4.8 million, compared to net loss of $10.7 million in the same period of 2022. Net loss attributable to shareholders after deducting the change in fair value of warrants was $4.8 million, compared to a net loss of $11.7 million, mainly due to the weaker performance of Hitrans, which was affected by the slowdown in the raw materials market. Net income from the battery business was $6.6 million, compared to a net loss of $6.4 million, a year ago.

Net revenues were $56.2 million, an increase of 3.2% compared to $54.5 million in the same period of 2022. The company said the increase was primarily attributable to an increase in revenue from the battery business, partially offset by a decrease in sales from Hitrans, which was affected by the slowdown in the raw materials market. Net revenues from sales of batteries were $36.8 million, an increase of 30.9% from $28.1 million in the same period of 2022.

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