Latest news with #CenntroInc
Business Wire
15-07-2025
- Automotive
- Business Wire
Cenntro Announces Orders for 260 Newly Introduced Logistar® 210 Model
FREEHOLD, N.J.--(BUSINESS WIRE)-- Cenntro Inc. (NASDAQ: CENN) ('Cenntro' or 'the Company'), a pioneering electric commercial vehicle company with advanced, market-validated, and purpose-built vehicles, today announced it received 260 orders for its newly introduced Logistar® 210 ('LS210') model during the first half of 2025. The LS210 is Cenntro's next-generation model, designed to replace the previous LS200 with significant upgrades in features, technology, and overall quality. Since its official launch earlier this year, Cenntro has sold and fulfilled delivery for 12 LS210 units to customers in Europe. Orders for the LS210 have primarily been placed for fulfillment in the European and Southeast Asian markets. The LS210 is available in multiple configurations, including cargo van, passenger van, and cargo truck, making it adaptable for a wide range of commercial applications. 'LS210 is a versatile model suited for various operational needs,' said Peter Wang, Chairman and CEO of Cenntro. 'We're pleased with the strong response from customers across multiple regions.' The LS210 continues Cenntro's commitment to providing purpose-built electric vehicles that meet the evolving needs of global commercial transportation. About Cenntro Cenntro (NASDAQ: CENN) is a pioneering maker and provider of electric commercial vehicles ('ECVs'). Cenntro's purpose-built ECVs are designed to serve a variety of commercial applications inclusive of its line of class 1 to class 4 trucks. Cenntro is building a globalized supply-chain, as well as the manufacturing, distribution, and service capabilities for its innovative and reliable products. Cenntro continues to evolve its products capabilities through advanced battery, powertrain, and smart driving technologies. For more information, please visit Cenntro's website at: Forward-Looking Statements This communication contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as "may," "believe," "anticipate," "could," "should," "intend," "plan," "will," "aim(s)," "can," "would," "expect(s)," "estimate(s)," "project(s)," "forecast(s)," "positioned," "approximately," "potential," "goal," "strategy," "outlook" and similar expressions. Examples of forward-looking statements include, among other things, statements regarding assembly and distribution capabilities, decentralized production, and fully digitalized autonomous driving solutions. All such forward-looking statements are based on management's current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. For additional risks and uncertainties that could impact Cenntro's forward-looking statements, please see disclosures contained in Cenntro's public filings with the SEC, including the "Risk Factors" in Cenntro's Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 1, 2025 and which may be viewed at
Business Wire
16-05-2025
- Automotive
- Business Wire
Cenntro Announces First Quarter 2025 Financial Results
FREEHOLD, N.J.--(BUSINESS WIRE)-- Cenntro Inc. (NASDAQ: CENN) ('Cenntro' or 'the Company'), a pioneering innovator in electric commercial vehicles, with advanced, market-validated, and purpose-built vehicle and smart technology products, has reported its financial and operational results for the three months ended March 31, 2025. First Quarter 2025 Financial and Operational Highlights: First quarter 2025 net revenue of $2.1 million decreased 8.5% compared to $2.3 million for the first quarter 2024. Adjusted EBITDA loss for the first quarter of 2025 of ($4.0) million compared to a loss of ($6.4) million for the first quarter of 2024. Sold 129 Electric Commercial Vehicles in the first quarter of 2025, an increase of 34% over the prior year period. Sold 31 Avantier™ vehicles in Europe and South American markets in the first quarter of 2025 compared to 12 vehicles in the first quarter of 2024. Sold 27 iChassis units in the first quarter of 2025 compared to 227 units in the first quarter of 2024. Peter Wang, Chief Executive Officer, commented: 'The first quarter of 2025 was underscored by continued international vehicle sales momentum across our product line. During the quarter we sold a total of 129 Electric Commercial Vehicles, compared to 96 vehicles in the prior year period, a 34% improvement. In the first quarter of 2025, our facility in Ontario, CA, assembled and delivered 14 vehicles to customers on the North American west coast. 'For the iChassis, we sold 27 units in the first quarter of 2025, although these units are not inclusive of the number of vehicles sold because iChassis is not considered a complete vehicle. The iChassis 100 is a smart chassis platform designed and manufactured by Cenntro, serving as a foundational component for autonomous commercial vehicles. At present, we exclusively manufacture autonomous commercial vehicles for third-party contractors in China, and in the 2024 calendar year we delivered more than 900 autonomous driving delivery vehicles incorporating the iChassis 100 in China. With strong demand for the iChassis platform and autonomous vehicle manufacturing capabilities, we are expanding our footprint in China and abroad. 'Several significant orders delivered in the first quarter continued to demonstrate global demand for our purpose-built electric vehicles. In Spain, we received an order for 200 special edition Logistar® 450P electric passenger vans from vehicle provider QEV Technologies, with 34 delivered in the first calendar quarter of 2025, 13 confirmed to deliver in the second calendar quarter of 2025. The LS450P model is a special edition jointly developed by QEV and Cenntro and holding European Union M2 Type Approval. In Japan, we secured an order for 500 customized Metro MR vehicles exclusively for the Japanese market. We believe we are well positioned to capitalize on additional opportunities in this key market, as the Metro MR is uniquely tailored to the requirements of the Japanese market. 'Looking ahead, we are leveraging our innovative capabilities to drive long-term shareholder value through portfolio diversification and the development of new vehicle models that align with market demands. We are focused on expanding our geographic footprint for production, distribution, and service infrastructure, especially in the US market. We expect a significant increase in revenue in the US market as we ramp-up our Ontario facility and introduce additional new models. Globally, we are increasing vehicle delivery efficiency and penetrating new markets where our vehicles are uniquely suited, laying the foundation for new orders and additional market share. As we continue our mission to revolutionize urban mobility through innovative, sustainable electric vehicles, we look forward to providing additional updates and milestones in the months ahead,' concluded Mr. Wang. First Quarter 2025 Financial Results Net Revenue Net revenues for the three months ended March 31, 2025, were approximately $2.1 million, a decrease of approximately $0.2 million or 8.5% from approximately $2.3 million for the three months ended March 31, 2024. The decrease was primarily due to a decrease in spare-part sales, offset by an increase in vehicle sales and other sales. Gross Profit Gross profit for the three months ended March 31, 2025. was approximately $0.3 million, an increase of approximately $0.1 million from approximately $0.2 million for the three months ended March 31, 2024. The increase in gross profit was caused by an increase in the gross profit of spare-part sales and other sales of approximately $0.1 million and $0.1 million, respectively, offset by a decrease in the gross profit of vehicle sales of approximately $0.09 million. Operating Expenses Total operating expenses were approximately $6.5 million for the three months ended March 31, 2025, compared with $8.0 million in the three months ended March 31, 2024. Selling and marketing expenses for the three months ended March 31, 2025 were approximately $0.8 million, an increase of approximately $0.2 million or approximately 25.7% from approximately $0.6 million for the three months ended March 31, 2024. The increase in selling and marketing expenses in 2025 was primarily attributed to the increase in freight of approximately $0.4 million, offset by the decrease in salary and social insurance, marketing expense and service fees related to European market and distribution channel research of approximately $0.08 million, $0.05 million and $0.07 million, respectively. General and administrative expenses for the three months ended March 31, 2025 were approximately $4.9 million, a decrease of approximately $1.0 million or approximately 16.6% from approximately $5.9 million for the three months ended March 31, 2024. The decrease in general and administrative expenses in 2025 was primarily attributed to the decrease in legal and professional fee, salary and social insurance, ROU amortization, office expenses, ROU interest expense and share-based compensation of approximately $0.2 million, $0.1 million, $0.2 million, $0.2 million, $0.1 million and $0.1 million, respectively. Research and development expenses for the three months ended March 31, 2025 were approximately $0.8 million, a decrease of approximately $0.7 million or approximately 48.1% from approximately $1.5 million for the three months ended March 31, 2024. The decrease in research and development expenses in 2025 was primarily attributed to the decrease in design and development expenses, salary expense and others of approximately $0.2 million, $0.4 million and $0.1 million, respectively. Net Loss Net loss from continuing operations was approximately $5.4 million in the three months ended March 31, 2025, compared with net loss of $7.8 million in the three months ended March 31, 2024. Balance Sheet Cash and cash equivalents were approximately $8.5 million as of March 31, 2025, compared with $12.5 million as of December 31, 2024. Adjusted EBITDA Adjusted EBITDA from continuing operations was approximately ($4.0) million in the three months ended March 31, 2025, compared with Adjusted EBITDA of $(6.4) million in the three months ended March 31, 2024. We define Adjusted EBITDA as net income (or net loss) before net interest expense, income tax expense, depreciation and amortization as further adjusted to exclude the impact of stock-based compensation expense and other non-recurring expenses including expenses related to TME Acquisition, expenses related to one-off payment inherited from the original Naked Brand Group, impairment of goodwill, convertible bond issuance fee, loss on redemption of convertible promissory notes, loss on exercise of warrants, and change in fair value of convertible promissory notes and derivative liability. We present Adjusted EBITDA because we consider it to be an important supplemental measure of our performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. Management believes that investors' understanding of our performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing our ongoing results of operations. Represents a non-GAAP financial measure. About Cenntro Cenntro (NASDAQ: CENN) is a pioneering maker and provider of electric commercial vehicles ('ECVs'). Cenntro's purpose-built ECVs are designed to serve a variety of commercial applications inclusive of its line of class 1 to class 4 trucks. Cenntro is building a globalized supply-chain, as well as the manufacturing, distribution, and service capabilities for its innovative and reliable products. Cenntro continues to evolve its products capabilities through advanced battery, powertrain, and smart driving technologies. For more information, please visit Cenntro's website at: Forward-Looking Statements This communication contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as "may," "believe," "anticipate," "could," "should," "intend," "plan," "will," "aim(s)," "can," "would," "expect(s)," "estimate(s)," "project(s)," "forecast(s)," "positioned," "approximately," "potential," "goal," "strategy," "outlook" and similar expressions. Examples of forward-looking statements include, among other things, statements regarding assembly and distribution capabilities, decentralized production, and fully digitalized autonomous driving solutions. All such forward-looking statements are based on management's current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. For additional risks and uncertainties that could impact Cenntro's forward-looking statements, please see disclosures contained in Cenntro's public filings with the SEC, including the "Risk Factors" in Cenntro's Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 1, 2025 and which may be viewed at March 31, 2025 December 31, 2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 8,536,714 $ 12,547,168 Restricted cash, current 197,674 273,291 Short-term investment - 5,505 Accounts receivable, net 3,096,130 3,281,865 Inventories 25,276,095 24,012,504 Prepayment and other current assets 18,098,574 18,075,415 Amounts due from related parties - current 11,798 11,729 Assets held for sale, current 7,723,541 7,708,969 Total current assets 62,940,526 65,916,446 Non-current assets: Long-term time deposit 700,000 700,000 Long-term investments 3,730,271 3,710,663 Investment in equity security 26,861,031 26,604,319 Property, plant and equipment, net 17,593,328 17,401,006 Intangible assets, net 6,196,476 6,225,302 Right-of-use assets 9,332,719 9,948,831 Other non-current assets, net 1,987,621 2,059,747 Total non-current assets 66,401,446 66,649,868 Total Assets $ 129,341,972 $ 132,566,314 LIABILITIES AND EQUITY LIABILITIES Current liabilities: Accounts payable $ 4,812,536 $ 5,135,710 Short-term loans and current portion of long-term loans 237,296 249,614 Accrued expenses and other current liabilities 3,935,863 3,647,503 Contractual liabilities 5,102,793 4,121,305 Operating lease liabilities, current 3,578,744 3,426,067 Convertible promissory notes 9,952,000 9,952,000 Deferred government grant, current 100,647 100,060 Amounts due to related parties 1,087,470 26,226 Liabilities held for sale, current 2,200,535 2,455,539 Total current liabilities 31,007,884 29,114,024 Non-current liabilities: Long-term loans 339,307 362,386 Deferred tax liabilities 166,865 171,558 Deferred government grant, non-current 1,760,797 1,776,957 Derivative liability - investor warrant 12,139,517 12,137,087 Derivative liability - placement agent warrant 3,456,528 3,455,829 Operating lease liabilities, non-current 7,038,916 7,588,971 Total non-current liabilities 24,901,930 25,492,788 Total Liabilities $ 55,909,814 $ 54,606,812 Commitments and contingencies EQUITY Common stock (No par value; 30,866,614 shares issued and outstanding as of March 31, 2025 and December 31, 2024) - - Additional paid in capital 406,496,754 405,757,103 Accumulated deficit (324,544,650 ) (318,890,314 ) Accumulated other comprehensive loss (8,631,181 ) (9,029,499 ) Total equity attributable to shareholders 73,320,923 77,837,290 Non-controlling interests 111,235 122,212 Total Equity $ 73,432,158 $ 77,959,502 Total Liabilities and Equity $ 129,341,972 $ 132,566,314 Expand CENNTRO INC. (Expressed in U.S. dollars, except for number of shares) CENNTRO INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Yahoo
16-05-2025
- Automotive
- Yahoo
Cenntro Announces First Quarter 2025 Financial Results
FREEHOLD, N.J., May 16, 2025--(BUSINESS WIRE)--Cenntro Inc. (NASDAQ: CENN) ("Cenntro" or "the Company"), a pioneering innovator in electric commercial vehicles, with advanced, market-validated, and purpose-built vehicle and smart technology products, has reported its financial and operational results for the three months ended March 31, 2025. First Quarter 2025 Financial and Operational Highlights: First quarter 2025 net revenue of $2.1 million decreased 8.5% compared to $2.3 million for the first quarter 2024. Adjusted EBITDA loss for the first quarter of 2025 of ($4.0) million compared to a loss of ($6.4) million for the first quarter of 2024. Sold 129 Electric Commercial Vehicles in the first quarter of 2025, an increase of 34% over the prior year period. Sold 31 Avantier™ vehicles in Europe and South American markets in the first quarter of 2025 compared to 12 vehicles in the first quarter of 2024. Sold 27 iChassis units in the first quarter of 2025 compared to 227 units in the first quarter of 2024. Peter Wang, Chief Executive Officer, commented: "The first quarter of 2025 was underscored by continued international vehicle sales momentum across our product line. During the quarter we sold a total of 129 Electric Commercial Vehicles, compared to 96 vehicles in the prior year period, a 34% improvement. In the first quarter of 2025, our facility in Ontario, CA, assembled and delivered 14 vehicles to customers on the North American west coast. "For the iChassis, we sold 27 units in the first quarter of 2025, although these units are not inclusive of the number of vehicles sold because iChassis is not considered a complete vehicle. The iChassis 100 is a smart chassis platform designed and manufactured by Cenntro, serving as a foundational component for autonomous commercial vehicles. At present, we exclusively manufacture autonomous commercial vehicles for third-party contractors in China, and in the 2024 calendar year we delivered more than 900 autonomous driving delivery vehicles incorporating the iChassis 100 in China. With strong demand for the iChassis platform and autonomous vehicle manufacturing capabilities, we are expanding our footprint in China and abroad. "Several significant orders delivered in the first quarter continued to demonstrate global demand for our purpose-built electric vehicles. In Spain, we received an order for 200 special edition Logistar® 450P electric passenger vans from vehicle provider QEV Technologies, with 34 delivered in the first calendar quarter of 2025, 13 confirmed to deliver in the second calendar quarter of 2025. The LS450P model is a special edition jointly developed by QEV and Cenntro and holding European Union M2 Type Approval. In Japan, we secured an order for 500 customized Metro MR vehicles exclusively for the Japanese market. We believe we are well positioned to capitalize on additional opportunities in this key market, as the Metro MR is uniquely tailored to the requirements of the Japanese market. "Looking ahead, we are leveraging our innovative capabilities to drive long-term shareholder value through portfolio diversification and the development of new vehicle models that align with market demands. We are focused on expanding our geographic footprint for production, distribution, and service infrastructure, especially in the US market. We expect a significant increase in revenue in the US market as we ramp-up our Ontario facility and introduce additional new models. Globally, we are increasing vehicle delivery efficiency and penetrating new markets where our vehicles are uniquely suited, laying the foundation for new orders and additional market share. As we continue our mission to revolutionize urban mobility through innovative, sustainable electric vehicles, we look forward to providing additional updates and milestones in the months ahead," concluded Mr. Wang. First Quarter 2025 Financial Results Net Revenue Net revenues for the three months ended March 31, 2025, were approximately $2.1 million, a decrease of approximately $0.2 million or 8.5% from approximately $2.3 million for the three months ended March 31, 2024. The decrease was primarily due to a decrease in spare-part sales, offset by an increase in vehicle sales and other sales. Gross Profit Gross profit for the three months ended March 31, 2025. was approximately $0.3 million, an increase of approximately $0.1 million from approximately $0.2 million for the three months ended March 31, 2024. The increase in gross profit was caused by an increase in the gross profit of spare-part sales and other sales of approximately $0.1 million and $0.1 million, respectively, offset by a decrease in the gross profit of vehicle sales of approximately $0.09 million. Operating Expenses Total operating expenses were approximately $6.5 million for the three months ended March 31, 2025, compared with $8.0 million in the three months ended March 31, 2024. Selling and marketing expenses for the three months ended March 31, 2025 were approximately $0.8 million, an increase of approximately $0.2 million or approximately 25.7% from approximately $0.6 million for the three months ended March 31, 2024. The increase in selling and marketing expenses in 2025 was primarily attributed to the increase in freight of approximately $0.4 million, offset by the decrease in salary and social insurance, marketing expense and service fees related to European market and distribution channel research of approximately $0.08 million, $0.05 million and $0.07 million, respectively. General and administrative expenses for the three months ended March 31, 2025 were approximately $4.9 million, a decrease of approximately $1.0 million or approximately 16.6% from approximately $5.9 million for the three months ended March 31, 2024. The decrease in general and administrative expenses in 2025 was primarily attributed to the decrease in legal and professional fee, salary and social insurance, ROU amortization, office expenses, ROU interest expense and share-based compensation of approximately $0.2 million, $0.1 million, $0.2 million, $0.2 million, $0.1 million and $0.1 million, respectively. Research and development expenses for the three months ended March 31, 2025 were approximately $0.8 million, a decrease of approximately $0.7 million or approximately 48.1% from approximately $1.5 million for the three months ended March 31, 2024. The decrease in research and development expenses in 2025 was primarily attributed to the decrease in design and development expenses, salary expense and others of approximately $0.2 million, $0.4 million and $0.1 million, respectively. Net Loss Net loss from continuing operations was approximately $5.4 million in the three months ended March 31, 2025, compared with net loss of $7.8 million in the three months ended March 31, 2024. Balance Sheet Cash and cash equivalents were approximately $8.5 million as of March 31, 2025, compared with $12.5 million as of December 31, 2024. Adjusted EBITDA Adjusted EBITDA from continuing operations was approximately ($4.0) million in the three months ended March 31, 2025, compared with Adjusted EBITDA of $(6.4) million in the three months ended March 31, 2024. We define Adjusted EBITDA as net income (or net loss) before net interest expense, income tax expense, depreciation and amortization as further adjusted to exclude the impact of stock-based compensation expense and other non-recurring expenses including expenses related to TME Acquisition, expenses related to one-off payment inherited from the original Naked Brand Group, impairment of goodwill, convertible bond issuance fee, loss on redemption of convertible promissory notes, loss on exercise of warrants, and change in fair value of convertible promissory notes and derivative liability. We present Adjusted EBITDA because we consider it to be an important supplemental measure of our performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. Management believes that investors' understanding of our performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing our ongoing results of operations. US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION Three Months Ended March 31, 2025 2024 (Expressed in U.S. Dollars) (Unaudited) Net loss $ (5,362,267 ) $ (7,755,896 ) Interest (income)/ expense, net 118,688 (73,242 ) Income tax benefit (11,632 ) (11,990 ) Depreciation and amortization 550,278 490,540 Share-based compensation expense 739,651 906,327 Change in fair value of convertible promissory notes and derivative liability 3,129 705 Adjusted EBITDA from continuing operations $ (3,962,153 ) $ (6,443,556 ) Represents a non-GAAP financial measure. About Cenntro Cenntro (NASDAQ: CENN) is a pioneering maker and provider of electric commercial vehicles ("ECVs"). Cenntro's purpose-built ECVs are designed to serve a variety of commercial applications inclusive of its line of class 1 to class 4 trucks. Cenntro is building a globalized supply-chain, as well as the manufacturing, distribution, and service capabilities for its innovative and reliable products. Cenntro continues to evolve its products capabilities through advanced battery, powertrain, and smart driving technologies. For more information, please visit Cenntro's website at: Forward-Looking Statements This communication contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as "may," "believe," "anticipate," "could," "should," "intend," "plan," "will," "aim(s)," "can," "would," "expect(s)," "estimate(s)," "project(s)," "forecast(s)," "positioned," "approximately," "potential," "goal," "strategy," "outlook" and similar expressions. Examples of forward-looking statements include, among other things, statements regarding assembly and distribution capabilities, decentralized production, and fully digitalized autonomous driving solutions. All such forward-looking statements are based on management's current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. For additional risks and uncertainties that could impact Cenntro's forward-looking statements, please see disclosures contained in Cenntro's public filings with the SEC, including the "Risk Factors" in Cenntro's Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 1, 2025 and which may be viewed at CENNTRO CONDENSED CONSOLIDATED BALANCE SHEETS(Expressed in U.S. dollars, except for the number of shares) March 31,2025 December 31,2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 8,536,714 $ 12,547,168 Restricted cash, current 197,674 273,291 Short-term investment - 5,505 Accounts receivable, net 3,096,130 3,281,865 Inventories 25,276,095 24,012,504 Prepayment and other current assets 18,098,574 18,075,415 Amounts due from related parties - current 11,798 11,729 Assets held for sale, current 7,723,541 7,708,969 Total current assets 62,940,526 65,916,446 Non-current assets: Long-term time deposit 700,000 700,000 Long-term investments 3,730,271 3,710,663 Investment in equity security 26,861,031 26,604,319 Property, plant and equipment, net 17,593,328 17,401,006 Intangible assets, net 6,196,476 6,225,302 Right-of-use assets 9,332,719 9,948,831 Other non-current assets, net 1,987,621 2,059,747 Total non-current assets 66,401,446 66,649,868 Total Assets $ 129,341,972 $ 132,566,314 LIABILITIES AND EQUITY LIABILITIES Current liabilities: Accounts payable $ 4,812,536 $ 5,135,710 Short-term loans and current portion of long-term loans 237,296 249,614 Accrued expenses and other current liabilities 3,935,863 3,647,503 Contractual liabilities 5,102,793 4,121,305 Operating lease liabilities, current 3,578,744 3,426,067 Convertible promissory notes 9,952,000 9,952,000 Deferred government grant, current 100,647 100,060 Amounts due to related parties 1,087,470 26,226 Liabilities held for sale, current 2,200,535 2,455,539 Total current liabilities 31,007,884 29,114,024 Non-current liabilities: Long-term loans 339,307 362,386 Deferred tax liabilities 166,865 171,558 Deferred government grant, non-current 1,760,797 1,776,957 Derivative liability - investor warrant 12,139,517 12,137,087 Derivative liability - placement agent warrant 3,456,528 3,455,829 Operating lease liabilities, non-current 7,038,916 7,588,971 Total non-current liabilities 24,901,930 25,492,788 Total Liabilities $ 55,909,814 $ 54,606,812 Commitments and contingencies EQUITY Common stock (No par value; 30,866,614 shares issued and outstanding as of March 31, 2025 and December 31, 2024) - - Additional paid in capital 406,496,754 405,757,103 Accumulated deficit (324,544,650 ) (318,890,314 ) Accumulated other comprehensive loss (8,631,181 ) (9,029,499 ) Total equity attributable to shareholders 73,320,923 77,837,290 Non-controlling interests 111,235 122,212 Total Equity $ 73,432,158 $ 77,959,502 Total Liabilities and Equity $ 129,341,972 $ 132,566,314 CENNTRO CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(Expressed in U.S. dollars, except for number of shares) For the Three Months Ended March 31, 2025 2024 Net revenues $ 2,143,058 $ 2,342,918 Cost of goods sold (1,821,531 ) (2,173,711 ) Gross profit 321,527 169,207 OPERATING EXPENSES: Selling and marketing expenses (776,717 ) (617,961 ) General and administrative expenses (4,934,168 ) (5,916,071 ) Research and development expenses (784,178 ) (1,509,921 ) Total operating expenses (6,495,063 ) (8,043,953 ) Loss from operations (6,173,536 ) (7,874,746 ) OTHER EXPENSE: Interest (expense) income, net (118,688 ) 73,242 Loss from long-term investments (39 ) (13,870 ) Change in fair value of convertible promissory notes and derivative liability (3,129 ) (705 ) Gain from early termination of lease contract 1,138 - Change in fair value of equity securities 256,712 234,887 Foreign currency exchange gain (loss), net 404,191 (245,179 ) (Loss) gain from cross-currency swaps (36,140 ) 5,933 Other income, net 295,592 52,552 Net loss from continuing operations before taxes (5,373,899 ) (7,767,886 ) Income tax benefit 11,632 11,990 Net loss from continuing operations (5,362,267 ) (7,755,896 ) Discontinued operations: Loss from discontinued operations, net of tax (303,390 ) (1,474,327 ) Net loss (5,665,657 ) (9,230,223 ) Less: net loss attributable to non-controlling interests (11,321 ) (72 ) Net loss attributable to the Company's shareholders $ (5,654,336 ) $ (9,230,151 ) OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustment 391,162 (1,001,245 ) Unrealized holding gains for available-for-sale securities 7,500 - Total comprehensive loss (5,266,995 ) (10,231,468 ) Less: total comprehensive loss attributable to non-controlling interests (10,977 ) (144 ) Total comprehensive loss to the Company's shareholders $ (5,256,018 ) $ (10,231,324 ) Weighted average number of shares outstanding, basic and diluted 30,866,614 30,828,794 Loss per common share Continuing operations - basic and diluted (0.17 ) (0.25 ) Discontinued operations - basic and diluted (0.01 ) (0.05 ) Net loss per common share - basic and diluted (0.18 ) (0.30 ) CENNTRO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Three Months Ended March 31, 2025 2024 (Unaudited) (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: Net cash used in operating activities $ (4,954,514 ) $ (8,864,876 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment (519,893 ) (327,589 ) Cash dividend from long-term investment - 55,645 Proceeds from disposal of property, plant and equipment 20,3332 5,264 Proceeds from interest and redemption of equity securities - 573,441 Net cash (used in) provided by investing activities (499,561 ) 306,761 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from bank loans 148,330 - Repayments to bank loans (183,727 ) - Loans proceed from third parties 561,886 - Repayment of loans to third parties (360,000 ) - Loans proceed from related parties 1,000,000 - Net cash provided by financing activities 1,166,489 - Effect of exchange rate changes on cash, cash equivalents and restricted cash 65,434 (429,029 ) Net decrease in cash, cash equivalents and restricted cash (4,221,152 ) (8,987,144 ) Cash, cash equivalents and restricted cash at beginning of period 12,960,488 29,571,897 Cash, cash equivalents and restricted cash at end of period $ 8,738,336 $ 20,584,753 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents 8,536,714 20,154,305 Restricted cash 197,674 329,185 Cash, cash equivalents and restricted cash at end of period, held for sale 3,948 101,263 Total cash, cash equivalents and restricted cash shown in the statement of cashflow 8,738,336 20,584,753 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest paid $ 14,138 $ 130,500 Income tax paid $ - $ - View source version on Contacts Investor Relations Contact: Chris TysonMZ North AmericaCENN@ 949-491-8235 Company Contact: PR@ IR@ Sign in to access your portfolio
Yahoo
11-05-2025
- Automotive
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Is Cenntro Inc. (CENN) Among the High Growth EV Stocks to Invest In?
We recently compiled a list of the 10 High Growth EV Stocks to Invest In. In this article, we are going to take a look at where Cenntro Inc. (NASDAQ:CENN) stands against the other best High Growth EV stocks. Automobiles that run on electricity rather than gas are referred to as electric cars, or EVs. Electric car stocks consist of companies that primarily manufacture electric vehicles. The electric vehicle business also includes companies that provide parts for electric vehicles, including batteries or autonomous driving systems. S&P Global Mobility estimates that around 7.36 million of the 16 million cars sold in 2024 were not made in the United States, showing that President Trump's 25% tariffs on imported cars, which have been in effect since March 2024, affect about 46% of the country's auto market. On May 3, tariffs on some auto components, including engines and transmissions, went into effect. However, the administration unveiled a two-year relief plan in response to industry criticism. In the first and the second year, automakers that manufacture in the United States are allowed to deduct import tariffs on parts up to 3.75% and 2.5% of the suggested retail price of a car, respectively. Automobiles having at least 85% U.S., Canadian, or Mexican components are exempt; by 2025, the percentage will rise to 90%. The overlapping tariffs on commodities, steel, and aluminum from Mexico and Canada have been waived for businesses. Industry groups have issued warnings that the tariffs would increase market maintenance costs, lower sales, and boost car prices. Recently, according to the Cox Automotive report, in Q1 2025, sales of electric vehicles in the United States rose 11.4% year over year to around 300,000 units, making up 7.5% of all new vehicle sales, up from 7% in Q1 2024. New model launches fueled growth, with multiple brands either diversifying their EV lineups or making their first steps into the market. One significant automaker sold over 30,000 EVs, almost doubling its volume from the previous year. In Q1, another company that had not been involved in the EV market before contributed over 14,000 units. However, not all players grew; some established models experienced significant decreases as product strategies changed. However, the market for EVs is facing more challenges. A well-known EV brand had a 26% decline in sales from its 2023 peak of 173,000 units to 128,000 units in Q1, a 9% year-over-year decline, and a 3% decline in market share. Future growth is threatened by ongoing tariffs on vehicles and essential commodities like aluminum and battery supplies, as well as policy uncertainty. Nonetheless, the research firm Rho Motion projected that China's prolonged subsidies and the new EU emissions targets will propel global EV and plug-in hybrid sales to increase by more than 17% in 2025, reaching 20 million units. China is the market leader, with EV sales forecast to jump by 40% to 11 million by 2024, and Latin America and Asia-Pacific will continue to dominate. Sales in Europe are anticipated to surge by 15% from 3 million units in 2024, even though there could be fines of €10 billion for missing emissions targets. Despite the uncertainties surrounding policy, U.S. sales have been projected to rise by 16%. Rho Motion Head of Research, Iola Hughes, stated: 'In the US market, a lot of uncertainty has obviously hit the market in the last year or so, and we are expecting reduced EV forecasts,' 'However, the shift to electric vehicles is still very much happening and we will still see growth over the next decade.' A fleet of electric light vehicles recharging their batteries in a parking lot. For this article, we sifted through the online rankings to form an initial list of the 20 EV stocks. From the resultant dataset, we chose 10 stocks with an average 5-year revenue growth of over 20%. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points. (see more details here). Average 5-Year Revenue Growth: 54.32% Cenntro Inc. (NASDAQ:CENN) is a company that designs, manufactures, distributes, and offers services for commercial vehicles that run on hydrogen or electricity. The company's commercial vehicles are made to assist city services, last-mile delivery, and other commercial applications for a range of fleet and municipal organizations. The business has also unveiled an open-platform, programmable, all-electric iChassis platform for automated and self-driving cars. The company's largest geographic revenue comes from vehicle sales in the US, although it is also present in Europe, Asia, and other regions. The business saw tremendous growth in 2024, as seen by its net sales, which rose from $10.4 million in 2023 to $31.3 million, a 200.2% year-over-year increase. Strong market penetration was shown by the significant growth in U.S. sales volume, which went from just $0.4 million to $19.3 million the year before. Cenntro Inc. (NASDAQ:CENN)'s operational efficiency helped it reduce its adjusted EBITDA loss from $39.3 million in 2023 to $28.2 million. During the year, 1,122 electric commercial vehicles were sold, including 145 Logistar 400 Class 4 vehicles in the U.S. (compared to just one in 2023), 492 Avantier vehicles in Europe and South America (compared to 97), and 911 iChassis units (compared to 303). These sales show that demand is growing globally and that key product lines are gaining traction. Overall, CENN ranks 4th on our list of the High Growth EV Stocks to Invest In. While we acknowledge the potential of CENN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than CENN but that trades at less than 5 times its earnings, check out our report about this . READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
