Ionix Technology, Inc. Reports Earnings Results for the Third Quarter Ended March 31, 2020
May 15, 2020 at 03:33 pm EDT
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Ionix Technology, Inc. announced earnings results for the third quarter ended March 31, 2020. For the third quarter, the company announced sales was USD 2.752 million compared to USD 2.894 million a year ago. Operating loss was USD 392,993 compared to operating Income of USD 72,493 a year ago. Net loss was USD 636,222 compared to net income of USD 21,064 a year ago. Basic loss per share from continuing operations was USD 0.01. For the nine months, sales was USD 17.585 million compared to USD 7.841 million a year ago. Operating income was USD 711,153 compared to USD 378,728 a year ago. Net income was USD 210,712 compared to USD 205,071 a year ago.
Ionix Technology, Inc., formerly Cambridge Projects Inc., through its subsidiaries Well Best International Investment Limited (Well Best), Xinyu Ionix Technology Company Limited (Xinyu Ionix) and Taizhou Ionix Technology Company Limited (Taizhou Ionix), is engaged in developing, designing, manufacturing and selling lithium batteries for electric vehicles in China. The Company's products include 18650-2000 milli-ampere-hour (mAh) lithium ion batteries (LIB) for use in lithium cell electronic bicycles, balance cars, scooters, electric vehicles, special vehicles at low speed, energy storage, and other products. Its LIB is a rechargeable electric device within which lithium moves from a negative electrode to a positive electrode during the discharge and back charging. The four main materials used in its LIBs are cathode materials, anode materials, operators and electrolytic solution. Its LIBs are used as the power supply for devices, such as mobile phones, digital cameras and power tools.
IONIX TECHNOLOGY, INC. 
