CBAK Energy Technology, Inc. (CBAT) Cash Flow Statement
Where CBAT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $48.55B +122,189.7% vs 2024
- Capital expenditures
- $44.65B 22,876.6% of revenue
- Free cash flow
- $3.90B 1,999.0% margin
- Returned to shareholders
- $1.5M 0% of free cash flow
- Change in cash
- $14.89B cash at year-end $75.68B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CBAT operating cash flow, capex and free cash flow
CBAT cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$18.9M2016 | $48.55B2025 | — | |
| Capital expenditures | $3.0M2016 | $44.65B2025 | +190.8%/yr | |
| Free cash flow | −$21.9M2016 | $3.90B2025 | — | |
| Free cash flow margin | −261.4%2016 | 1,999.0%2025 | +2,260.4 pts | |
| Operating cash flow / net income | −0.072021 | 4.142024 | +4.21 | |
| Stock-based compensation | $1.4M2016 | $76.8M2025 | +55.6%/yr | |
| Share buybacks (net) | $02016 | $1.5M2025 | — | |
| Capex / revenue | 35.8%2016 | 22,876.6%2025 | +22,840.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CBAT cash flow by activity
CBAT net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CBAT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$9.4M | $9.6M | −$8.5M | −$11.3M | $61.6M | −$7.8M | −$10.9M | −$2.0M | −$21.5M | −$12.7M |
| Depreciation & amortization | $10.6M | $9.2M | $10.3M | $8.6M | $4.1M | $2.7M | $2.8M | $2.5M | $1.6M | $1.1M |
| Stock-based compensation | $76.8M | $376,648 | $1.2M | $64,193 | $1.0M | $803,931 | $770,113 | $221,180 | $759,292 | $1.4M |
| Change in working capital | $42.3M | $15.0M | $28.8M | $10.2M | −$8.5M | −$5.2M | −$18.3M | $18.9M | $17.8M | −$12.2M |
| Other non-cash items | $48.43B | $5.5M | $14.7M | $7.6M | −$62.4M | $4.5M | $4.4M | −$10.9M | $7.6M | $3.5M |
| Cash from operating activities | $48.55B | $39.7M | $46.5M | $15.1M | −$4.3M | −$5.1M | −$21.2M | $8.7M | $6.2M | −$18.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$44.65B | −$17.2M | −$31.1M | −$12.4M | −$19.2M | −$5.7M | −$2.5M | −$7.4M | −$12.0M | −$3.0M |
| Investments (net) | $0 | −$23.4M | −$26.7M | −$297,336 | −$38.1M | −$5.7M | −$2.4M | −$7.3M | −$16.4M | −$9.1M |
| Acquisitions & other investing | −$1.06B | $17.2M | $15.6M | $4.7M | $19.2M | $5.7M | $2.5M | $7.4M | $12.0M | $6.7M |
| Cash from investing activities | −$45.71B | −$23.4M | −$42.3M | −$7.9M | −$38.1M | −$5.7M | −$2.4M | −$7.3M | −$16.4M | −$5.5M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | −$1.5M | $0 | — | $1.5M | $65.5M | $45.3M | $127,338 | $26,823 | $9.6M | $5.5M |
| Net borrowing (repayment) | $5.3M | −$7.4M | $18.6M | $7.8M | −$14.0M | −$9.5M | $10.3M | $6.4M | −$269,683 | $13.0M |
| Shares issued | $0 | $0 | $0 | $0 | $65.5M | $45.3M | $0 | $0 | $0 | $0 |
| Other financing | $8.00B | −$4.3M | $0 | −$3.7M | −$68.7M | −$55.4M | $3.1M | $0 | $2.1M | $6.4M |
| Cash from financing activities | $8.00B | −$11.7M | $18.6M | $5.6M | $48.3M | $25.8M | $13.6M | $6.4M | $11.4M | $24.9M |
| Summary | ||||||||||
| Net change in cash | $14.89B | $2.0M | $21.5M | $11.0M | $5.7M | $13.5M | −$10.6M | $6.9M | $1.2M | $328,002 |
| Cash at end of period | $75.68B | $60.8M | $58.8M | $37.4M | $26.4M | $20.7M | $7.1M | $17.7M | $1.6M | $408,713 |
| Free cash flow | $3.90B | $22.5M | $15.4M | $2.7M | −$23.5M | −$10.8M | −$23.7M | $1.4M | −$5.8M | −$21.9M |
| Free cash flow margin | 1,999.0% | 12.7% | 7.5% | 1.1% | −44.6% | −28.8% | −106.7% | 5.6% | −10.0% | −261.4% |
| Capex / revenue | 22,876.6% | 9.7% | 15.2% | 5.0% | 36.5% | 15.2% | 11.1% | 30.1% | 20.6% | 35.8% |
| Operating cash flow / net income | — | 4.14 | — | — | −0.07 | — | — | — | — | — |
| Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$9.3M | −$7.6M | $2.7M | −$3.1M | −$2.1M | −$5.3M | −$685,539 | $6.4M | $9.6M | −$4.8M | $5.8M | −$2.9M |
| Depreciation & amortization | $3.7M | $4.3M | $1.5M | $2.3M | $2.4M | $2.1M | $2.2M | $2.3M | $2.5M | $4.0M | $2.1M | $2.1M |
| Stock-based compensation | $443,000 | $12,992 | $13.9M | $49.9M | $27,066 | $109,833 | $58,049 | $92,184 | $116,582 | $265,914 | $130,470 | $824,466 |
| Change in working capital | $23.6M | $30.2M | $9.9M | $13.0M | −$10.8M | $10.0M | $16.2M | −$6.0M | −$5.2M | $18.4M | −$3.6M | $5.6M |
| Other non-cash items | $3.8M | $2.9M | −$13.4M | −$48.4M | $820,904 | $2.7M | $1.9M | $38,733 | $441,459 | $7.8M | $492,537 | $708,185 |
| Cash from operating activities | $22.3M | $29.8M | $14.6M | $13.8M | −$9.6M | $9.6M | $19.7M | $2.9M | $7.4M | $25.8M | $4.9M | $6.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$11.8M | −$13.7M | −$8.6M | −$9.6M | −$12.7M | −$5.7M | −$3.1M | −$438,390 | −$7.9M | −$6.2M | −$5.4M | −$12.4M |
| Investments (net) | — | $0 | $0 | $0 | −$9.9M | −$3.3M | −$3.2M | −$4.1M | −$12.8M | −$13.6M | −$9.2M | −$12.4M |
| Acquisitions & other investing | −$1 | −$2.9M | $155,993 | −$1.1M | $12.7M | $5.7M | $3.1M | $438,390 | $7.9M | — | $5.4M | $12.4M |
| Cash from investing activities | −$11.8M | −$16.7M | −$8.4M | −$10.7M | −$9.9M | −$3.3M | −$3.2M | −$4.1M | −$12.8M | — | −$9.2M | −$12.4M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | $1.24B | −$263,111 | −$1.2M | — | — | $0 | — | — | — | — | — |
| Net borrowing (repayment) | $11.3M | −$2.0M | −$4.7M | $4.8M | $7.2M | $623,196 | −$11.1M | −$1.4M | — | — | $6.4M | $9.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | −$1.24B | $39.8M | −$34.1M | −$1.3M | $9.2M | $21.2M | −$13.7M | −$16.4M | $90,198 | $0 | −$49,753 |
| Cash from financing activities | $11.3M | −$2.2M | $34.8M | −$30.5M | $5.9M | $9.8M | $10.1M | −$15.2M | −$16.4M | $90,198 | $6.4M | $9.0M |
| Summary | ||||||||||||
| Net change in cash | $22.9M | $12.3M | $41.9M | −$26.1M | −$13.3M | $12.9M | $27.7M | −$16.1M | −$22.6M | $13.1M | $2.0M | $501,566 |
| Cash at end of period | $98.6M | $75.7M | $63.3M | $21.5M | $47.5M | $60.8M | $47.9M | $20.1M | $36.3M | $58.8M | $45.7M | $43.6M |
| Free cash flow | $10.5M | $16.1M | $6.0M | $4.1M | −$22.3M | $3.9M | $16.5M | $2.5M | −$454,011 | $19.6M | −$449,524 | −$6.0M |
| Free cash flow margin | 15.1% | 27.3% | 9.9% | 10.2% | −63.9% | 15.5% | 37.1% | 5.2% | −0.8% | 34.8% | −0.7% | −14.3% |
| Capex / revenue | 16.9% | 23.4% | 14.1% | 23.8% | 36.3% | 22.5% | 7.0% | 0.9% | 13.4% | 11.0% | 8.5% | 29.1% |
| Operating cash flow / net income | — | — | 5.51 | — | — | — | — | 0.46 | 0.78 | — | 0.85 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CBAT cash generation
In fiscal 2025 (ended December 31, 2025), CBAK Energy Technology generated $48.6 billion of cash from operations (up 122,189.7%) and spent $44.7 billion on capital expenditures, leaving free cash flow of $3.9 billion, 1,999.0% of revenue. It returned $1.5 million to shareholders through dividends ($0) and net share buybacks ($1.5 million). Cash and equivalents rose by $14.9 billion over the year.
Related: CBAT income statement, CBAT balance sheet. See the CBAT stock overview for the latest quote and news.
CBAT cash flow FAQ
What is CBAK Energy Technology's free cash flow?
CBAK Energy Technology's free cash flow was $3.9 billion in fiscal 2025: $48.6 billion of operating cash flow minus $44.7 billion of capital expenditures It was $22.5 million a year earlier..
How much cash does CBAK Energy Technology generate from operations?
CBAK Energy Technology generated $48.6 billion of cash from operating activities in fiscal 2025.
How much does CBAK Energy Technology spend on capital expenditures?
CBAK Energy Technology spent $44.7 billion on capital expenditures in fiscal 2025, 22,876.6% of revenue, compared with $17.2 million the year before.
How much stock does CBAK Energy Technology buy back?
CBAK Energy Technology spent $1.5 million on net share repurchases in fiscal 2025.