Investor Relations

Financial Releases
Highpower International Inc. was founded in 2001 as a clean energy group dedicated to R&D, production and sales of rechargeable Ni-MH / Lithium batteries, power source and energy storage systems. In June 2008, Highpower listed in NASDAQ.

Financials

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current Assets:    
Cash $ 20,036,278 $ 9,324,393
Restricted cash 14,021,382 11,213,640
Accounts receivable, net 39,324,098 46,280,769
Amount due from Yipeng 7,420,500 7,517,250
Notes receivable 868,427 1,093,730
Prepayments and other receivables 7,536,315 6,899,872
Inventories 26,013,323 22,207,333
Total Current Assets 115,220,323 104,536,987
Property, plant and equipment, net 44,751,137 43,504,991
Land use right, net 3,631,897 3,622,435
Other assets 487,500 500,000
Deferred tax assets 1,366,041 1,477,761
Long-term investment 9,919,428 9,689,576
TOTAL ASSETS 175,376,326 163,331,750
Current Liabilities:    
Accounts payable 44,170,801 49,463,901
Deferred income 884,134 761,491
Short-term loans 20,462,659 18,776,080
Non-financial institution borrowings 10,158,767 3,741,115
Notes payable 38,291,121 30,658,000
Amount due to Yipeng 1,728,203 1,522,313
Other payables and accrued liabilities 9,267,866 11,148,556
Income taxes payable 2,310,168 1,963,298
Total Current Liabilities 127,273,719 118,034,754
Warrant Liability 31,811 259
TOTAL LIABILITIES 127,305,530 118,035,013
COMMITMENTS AND CONTINGENCIES
Stockholders' equity    
Preferred stock (Par value: $0.0001, Authorized: 10,000,000 shares, Issued and outstanding: none) 0 0
Common stock (Par value: $0.0001, Authorized: 100,000,000 shares, 15,176,252 shares issued and outstanding at March 31, 2017 and 15,114,991 shares issued and outstanding at December 31, 2016) 1,517 1,511
Additional paid-in capital 11,766,446 11,580,934
Statutory and other reserves 4,992,463 4,992,463
Retained earnings 31,801,717 29,266,068
Accumulated other comprehensive loss (900,241) (873,582)
Total equity attributable to the stockholders of Highpower International Inc. 47,661,902 44,967,394
Non-controlling interest 408,894 329,343
TOTAL EQUITY 48,070,796 45,296,737
TOTAL LIABILITIES AND EQUITY $ 175,376,326 $ 163,331,750
v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Net sales $ 41,866,848 $ 29,097,055
Cost of sales (31,932,014) (23,220,016)
Gross profit 9,934,834 5,877,039
Research and development expenses (1,813,930) (1,622,883)
Selling and distribution expenses (1,638,313) (1,535,036)
General and administrative expenses (3,058,562) (3,069,714)
Foreign currency transaction loss (313,878) (90,436)
Total operating expenses (6,824,683) (6,318,069)
Income (loss) from operations 3,110,151 (441,030)
Changes in fair value of warrant liability (31,552) 119,469
Other income 578,093 155,928
Equity in earnings of investee 146,932 0
Interest expenses (603,317) (274,992)
Income (loss) before taxes 3,200,307 (440,625)
Income taxes expenses (587,765) (35,504)
Net income (loss) 2,612,542 (476,129)
Less: net income (loss) attributable to non-controlling interest 76,893 (133,521)
Net income (loss) attributable to the Company 2,535,649 (342,608)
Comprehensive income (loss)    
Net income (loss) 2,612,542 (476,129)
Foreign currency translation (loss) gain (24,001) 250,146
Comprehensive income (loss) 2,588,541 (225,983)
Less: comprehensive income (loss) attributable to non-controlling interest 79,551 (128,822)
Comprehensive income (loss) attributable to the Company $ 2,508,990 $ (97,161)
Earnings (loss) per share of common stock attributable to the Company    
- Basic $ 0.17 $ (0.02)
- Diluted $ 0.17 $ (0.02)
Weighted average number of common stock outstanding    
- Basic 15,119,693 15,101,679
- Diluted 15,299,029 15,101,679
v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net income (loss) $ 2,612,542 $ (476,129)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 1,274,334 1,256,379
Allowance for doubtful accounts 5,015 0
Loss on disposal of property, plant and equipment 3,262 52,218
Deferred income tax expense 124,548 127,117
Equity in earnings of investee (146,932) 0
Share based compensation 24,401 110,710
Changes in fair value of warrant liability 31,552 (119,469)
Changes in operating assets and liabilities:    
Accounts receivable 7,314,824 6,287,966
Notes receivable 235,222 (25,833)
Prepayments and other receivables (485,520) (662,473)
Amount due from Yipeng 161,693 0
Amount due to Yipeng 193,240 0
Inventories (3,623,242) (566,489)
Accounts payable (5,111,874) (2,600,952)
Deferred income 116,359 0
Other payables and accrued liabilities (1,977,117) 544,018
Income taxes payable 330,735 89,225
Net cash flows provided by operating activities 1,083,042 4,016,288
Cash flows from investing activities    
Acquisitions of plant and equipment (2,873,489) (1,059,030)
Net cash flows used in investing activities (2,873,489) (1,059,030)
Cash flows from financing activities    
Proceeds from short-term loans 2,910,418 1,457,726
Repayment of short-term loans (1,381,758) 0
Repayment of long-term loans 0 (460,335)
Proceeds from non-financial institution borrowings 8,726,892 0
Repayment of non-financial institution borrowings (2,327,171) 0
Proceeds from notes payable 20,467,907 9,482,054
Repayment of notes payable (13,081,781) (14,956,180)
Proceeds from exercise of employee options 68,519 0
Change in restricted cash (2,717,434) 2,463,747
Net cash flows provided by (used in) financing activities 12,665,592 (2,012,988)
Effect of foreign currency translation on cash (163,260) (44,328)
Net increase in cash 10,711,885 899,942
Cash - beginning of period 9,324,393 5,849,967
Cash - end of period 20,036,278 6,749,909
Cash paid for:    
Income taxes 132,481 73,396
Interest expenses 583,720 274,992
Non-cash transactions    
Offset of deferred income related to government grant and property, plant and equipment $ 0 $ 20,892