Shanghai (ZXZC)- In the first quarter (Q1) of 2023, CATL recorded a quarterly revenue of 89.038 billion yuan, which surged 82.91% from the previous year, according to the battery giant’s latest quarterly financial results.

In the same period, CATL’s net profit attributable to shareholders reached around 9.822 billion yuan, rocketing 557.97% from the year-ago period. Excluding the impact of certain non-recurring gains and losses, its Q1 net profit still zoomed up 698.35% year on year to 7.8 billion yuan.

Photo credit: CATL

The high growth in its Q1 net profit was partly due to the relatively low base for the same period in 2022, when CATL gained a year-on-year growth of 153.97% in quarterly revenue, but saw its net profit dropped 23.62% to 1.493 billion yuan.

For the first three months of this year, CATL’s net cash flow generated by operating activities amounted to roughly 20.966 billion yuan, which was 196.31% higher than the year-ago level. Besides, CATL’s basic earnings per share stood at 4.0332 yuan, rising from the 0.6439 yuan for the prior-year period.

At the recent earnings call, CATL said its Q1 sales of battery systems exceeded 70GWh, which was 80% and 20% contributed by power batteries and energy storage battery systems, respectively.

The company’s gross margin for the Q1 2023 period reached 21.27%, up 6.79 percentage points from a year earlier.