Gotion High-tech logs 3-digit YoY hike in Q3 revenue, net profit

Shanghai (Gasgoo)- Gotion High-tech Co., Ltd. ("GOTION") earned around 5.788 billion yuan ($802.809 million) in the revenue for the third quarter of 2022 ("Q3 2022" or "reporting period"), representing a 166.33% year-on-year hike, according to the company's latest quarterly financial results.

During the reporting period, GOTION saw its Q3 2022 net profit attributable to shareholders rocket 335.2% from a year earlier to about 85.556 million yuan ($11.866 million). Nevertheless, excluding the impact of certain non-recurring gains and losses, the company still faced a net loss of 186.437 million yuan ($25.858 million).

Gotion High-tech Engineering R&D Institute in Hefei; photo credit: Gotion High-tech

For the first three quarters of the year (Q1-Q3 2022), GOTION scored a 152% year-over-year spike in its total revenue, which amounted to 14.426 billion yuan ($2.001 billion). Its Q1-Q3 net profit attributable to shareholders also zoomed up at a three-digit rate of 121.4% to roughly 150.179 million yuan ($20.829 million).

Moreover, GOTION's net cash flow generated by operating activities amounted to around 84.752 million yuan ($11.755 million) for the first nine months of the year, jumping 31.48% from the year-ago period.

The company said the hike in its Q1-Q3 revenue was mainly attributed to its battery sales growth, which partly resulted from the gradual ramp-up of production capacity at its power battery bases newly put into operation.

It is noteworthy that GOTION announced on Oct. 26 two investment plans, under which 30GWh of annual production capacity will be added in Hefei and Liuzhou cities in total.