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Cenntro Announces Full Year 2024 Financial Results

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Cenntro (NASDAQ: CENN) reported its full-year 2024 financial results, showing significant growth with net revenue reaching $31.3 million, a 200.2% increase from 2023's $10.4 million. US sales notably jumped to $19.3 million from $0.4 million in 2023.

The company sold 1,122 Electric Commercial Vehicles in 2024, including 145 Logistar 400 Class 4 vehicles in the US, 492 Avantier vehicles in Europe and South America, and 911 iChassis units. Gross profit increased to $7.6 million with a 24.3% margin.

Despite improved sales, Cenntro reported an Adjusted EBITDA loss of $28.2 million, though better than 2023's loss of $39.3 million. The company's cash position stood at $12.5 million as of December 31, 2024, down from $28.8 million in 2023.

Cenntro (NASDAQ: CENN) ha riportato i risultati finanziari per l'intero anno 2024, mostrando una crescita significativa con un fatturato netto che ha raggiunto 31,3 milioni di dollari, un aumento del 200,2% rispetto ai 10,4 milioni di dollari del 2023. Le vendite negli Stati Uniti sono aumentate notevolmente a 19,3 milioni di dollari, rispetto ai 0,4 milioni di dollari del 2023.

La società ha venduto 1.122 veicoli commerciali elettrici nel 2024, tra cui 145 veicoli Logistar 400 di Classe 4 negli Stati Uniti, 492 veicoli Avantier in Europa e Sud America, e 911 unità iChassis. Il profitto lordo è aumentato a 7,6 milioni di dollari con un margine del 24,3%.

Nonostante il miglioramento delle vendite, Cenntro ha riportato una perdita di EBITDA rettificato di 28,2 milioni di dollari, sebbene migliore rispetto alla perdita di 39,3 milioni di dollari del 2023. La posizione di cassa dell'azienda era di 12,5 milioni di dollari al 31 dicembre 2024, in calo rispetto ai 28,8 milioni di dollari del 2023.

Cenntro (NASDAQ: CENN) informó sus resultados financieros del año completo 2024, mostrando un crecimiento significativo con ingresos netos que alcanzaron 31,3 millones de dólares, un aumento del 200,2% en comparación con los 10,4 millones de dólares de 2023. Las ventas en EE.UU. aumentaron notablemente a 19,3 millones de dólares desde 0,4 millones de dólares en 2023.

La compañía vendió 1.122 vehículos comerciales eléctricos en 2024, incluidos 145 vehículos Logistar 400 de Clase 4 en EE.UU., 492 vehículos Avantier en Europa y América del Sur, y 911 unidades iChassis. La ganancia bruta aumentó a 7,6 millones de dólares con un margen del 24,3%.

A pesar de las ventas mejoradas, Cenntro reportó una pérdida de EBITDA ajustado de 28,2 millones de dólares, aunque mejor que la pérdida de 39,3 millones de dólares de 2023. La posición de efectivo de la compañía era de 12,5 millones de dólares al 31 de diciembre de 2024, en comparación con los 28,8 millones de dólares de 2023.

센트로 (NASDAQ: CENN)는 2024년 전체 연도 재무 결과를 보고하며, 순수익이 3,130만 달러에 달해 2023년의 1,040만 달러에서 200.2% 증가한 것을 보여주었습니다. 미국 내 판매는 2023년의 40만 달러에서 1930만 달러로 크게 증가했습니다.

회사는 2024년에 1,122대의 전기 상용차를 판매했으며, 여기에는 미국에서 145대의 Logistar 400 4등급 차량, 유럽 및 남미에서 492대의 Avantier 차량, 911대의 iChassis 유닛이 포함됩니다. 총 이익은 760만 달러로 24.3%의 마진을 기록했습니다.

판매가 개선되었음에도 불구하고, 센트로는 조정된 EBITDA 손실 2,820만 달러를 보고했으며, 이는 2023년의 3,930만 달러 손실보다 개선된 수치입니다. 회사의 현금 보유액은 2024년 12월 31일 기준으로 1,250만 달러로, 2023년의 2,880만 달러에서 감소했습니다.

Cenntro (NASDAQ: CENN) a publié ses résultats financiers pour l'année complète 2024, montrant une croissance significative avec un chiffre d'affaires net atteignant 31,3 millions de dollars, soit une augmentation de 200,2% par rapport aux 10,4 millions de dollars de 2023. Les ventes aux États-Unis ont notablement augmenté à 19,3 millions de dollars contre 0,4 million de dollars en 2023.

L'entreprise a vendu 1.122 véhicules commerciaux électriques en 2024, dont 145 véhicules Logistar 400 de classe 4 aux États-Unis, 492 véhicules Avantier en Europe et en Amérique du Sud, et 911 unités iChassis. Le bénéfice brut a augmenté à 7,6 millions de dollars avec une marge de 24,3%.

Malgré l'amélioration des ventes, Cenntro a enregistré une perte d'EBITDA ajusté de 28,2 millions de dollars, bien que meilleure que la perte de 39,3 millions de dollars de 2023. La position de trésorerie de l'entreprise s'élevait à 12,5 millions de dollars au 31 décembre 2024, en baisse par rapport à 28,8 millions de dollars en 2023.

Cenntro (NASDAQ: CENN) hat seine Finanzergebnisse für das gesamte Jahr 2024 veröffentlicht und zeigt ein signifikantes Wachstum mit einem Nettoumsatz von 31,3 Millionen Dollar, was einem Anstieg von 200,2% im Vergleich zu 10,4 Millionen Dollar im Jahr 2023 entspricht. Die US-Verkäufe stiegen bemerkenswert auf 19,3 Millionen Dollar von 0,4 Millionen Dollar im Jahr 2023.

Das Unternehmen verkaufte 1.122 elektrische Nutzfahrzeuge im Jahr 2024, darunter 145 Logistar 400 Fahrzeuge der Klasse 4 in den USA, 492 Avantier-Fahrzeuge in Europa und Südamerika sowie 911 iChassis-Einheiten. Der Bruttogewinn stieg auf 7,6 Millionen Dollar mit einer Marge von 24,3%.

Trotz verbesserter Verkaufszahlen berichtete Cenntro von einem bereinigten EBITDA-Verlust von 28,2 Millionen Dollar, was jedoch besser ist als der Verlust von 39,3 Millionen Dollar im Jahr 2023. Die Liquiditätsposition des Unternehmens betrug am 31. Dezember 2024 12,5 Millionen Dollar, ein Rückgang von 28,8 Millionen Dollar im Jahr 2023.

Positive
  • Net revenue increased 200.2% to $31.3 million
  • US sales grew significantly to $19.3 million from $0.4 million
  • Vehicle sales volume increased 78% to 1,122 units
  • Gross margin improved to 24.3% from 15.5%
  • Operating expenses decreased to $39.5 million from $44.9 million
  • Secured new orders for 700 vehicles for early 2025 delivery
Negative
  • Adjusted EBITDA loss of $28.2 million
  • Net loss from continuing operations of $34.1 million
  • Cash position decreased to $12.5 million from $28.8 million
  • Recorded goodwill impairment loss of $0.2 million

Insights

Cenntro's 2024 financial results show significant revenue growth but persistent operational losses. Revenue increased by 200.2% to $31.3 million, with US sales surging to $19.3 million from just $0.4 million in 2023. This geographic shift toward the North American market indicates strategic realignment that appears to be gaining traction.

Vehicle sales volumes increased substantially, with total vehicles sold reaching 1,122 units compared to 630 in 2023. The diversification across multiple vehicle types (Logistar 400, Avantier, and iChassis) demonstrates product-market fit in different regions.

While gross profit improved to $7.6 million with margins expanding to 24.3% from 15.5%, Cenntro still posted an adjusted EBITDA loss of $28.2 million. Though this represents improvement from the $39.3 million loss in 2023, the company remains far from profitability.

Concerning is the rapid cash depletion, with cash and equivalents falling to $12.5 million from $28.8 million at 2023 year-end. At current burn rates, this represents less than six months of operational runway, suggesting potential need for additional financing in 2025.

Operating expenses decreased 12% to $39.5 million, reflecting some cost discipline, with research and development expenses declining by 33.2%. However, selling and marketing expenses increased 76.4%, indicating continued investment in growth initiatives.

The international expansion (orders from Spain and Japan) validates market acceptance but comes with execution risks as the company spreads resources across multiple geographic markets simultaneously.

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 year ended December 31, 2024.

Full Year 2024 Financial and Operational Highlights:

  • Year 2024 net revenue of $31.3 million increased 200.2% compared to $10.4 million for the year of 2023.
  • United States (“US”) sales volume increased to $19.3 million in the year of 2024 from $0.4 million for the year of 2023.
  • Adjusted EBITDA loss for the year of 2024 of $28.2 million compared to a loss of $39.3 million for the year of 2023.
  • Sold 1,122 Electric Commercial Vehicles in the year of 2024.
  • Sold 145 Logistar™ 400 Class 4 vehicles in the US market compared to 1 vehicle in the year of 2023.
  • Sold 492 Avantier™ vehicles in Europe and South American markets in the year of 2024 compared to 97 vehicles in the year of 2023.
  • Sold 911 iChassis units in the year of 2024 compared to 303 units in the year of 2023.

Peter Wang, Chief Executive Officer, illustrated: “The year of 2024 and early 2025 were highlighted by ongoing international growth and new vehicle delivery. During the year we sold a total of 1,122 vehicles across our portfolio, compared to 630 vehicles in the prior year period. For the year ended December 31, 2024, our facility in Ontario, CA, has assembled and delivered over 192 vehicles to customers on the North American west coast. We expect a significant revenue increase in the US market as we continue to shift our strategy to focus on North American sales, and introduction of additional new models in the US market. Additionally, we sold 911 units of our iChassis in year 2024, although these units are not inclusive of the number of vehicles sold because iChassis is not considered a complete vehicle.

“For the iChassis, we delivered more than 900 autonomous driving delivery vehicles incorporating the iChassis 100 in the 2024 calendar year to third-party contractors in China. Following its initial production phase in 2023, we experienced strong demand for the iChassis platform and autonomous vehicle manufacturing capabilities, both in China and abroad. This achievement underscores the growing demand for our advanced, market-validated, and purpose-built autonomous vehicle platforms.

“Milestone international orders in early 2025 continued to demonstrate demand for our purpose-built electric vehicles. Recently we received an order for 200 special edition Logistar® 450P electric passenger vans from Spanish vehicle provider QEV Technologies, with 47 scheduled for delivery in the first 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, with delivery scheduled for the first calendar quarter of 2025. We believe the Metro MR is uniquely tailored to the requirements of the Japanese market, reflecting a strategic move to penetrate and grow in a region renowned for its exacting expectations.

“For new models during the quarter, Avantier Motors Corporation, our wholly owned subsidiary, launched two new electric vehicle models tailored for the European market following the strong reception of the Avantier C; the Avantier Ex, a mini electric commercial vehicle, and the Avantier Commuter, an entry-level electric passenger car. Both models join Avantier’s existing product line as the company continues its mission to revolutionize urban mobility through innovative, sustainable electric vehicles.

“Looking ahead, we will continue to diversify our portfolio and develop new vehicle models that align with market demands, and keep pace with new regulations, technologies and features. We are focused on expanding our geographic footprint for production, distribution, and service infrastructure, especially in the US market. With the ramp-up of our Ontario facility, we are increasing vehicle delivery efficiency as we continue to expand sales in North America’s west coast market. We are penetrating new markets where our vehicles are uniquely suited, setting the stage for additional orders and expanded market share. Taken together, we remain focused on leveraging our innovative capabilities to drive long-term shareholder value,” concluded Mr. Wang.

Full Year 2024 Financial Results

Net Revenue

Net revenues for the year ended December 31, 2024 were approximately $31.3 million, an increase of approximately $20.9 million or 200.2% from approximately $10.4 million for the year ended December 31, 2023. The increase was primarily due to an increase in vehicle sales and spare parts sales.

Gross Profit

Gross profit for the year ended December 31, 2024 was approximately $7.6 million, an increase of approximately $6.0 million from approximately $1.6 million for the year ended December 31, 2023. For the years ended December 31, 2024 and 2023, our overall gross margin was approximately 24.3% and 15.5%, respectively. Our gross margin of vehicle sales for years ended December 31, 2024 and 2023 was 24.9% and 18.8%, respectively. The increase in our gross profit was caused by the increase in vehicle sales revenue of approximately $19.3 million, offset by the increase in cost of goods sold of approximately $8.4 million and inventory write down of approximately $5.6 million.

Operating Expenses

Total operating expenses were approximately $39.5 million for the year ended December 31, 2024, compared with $44.9 million in the year ended December 31, 2023.

Selling and marketing expenses for the year ended December 31, 2024 were approximately $7.4 million, an increase of approximately $3.2 million or approximately 76.4% from approximately $4.2 million for the year ended December 31, 2023. The increase in selling and marketing expenses in 2024 was primarily attributed to the increase in service fees related to global market and distribution channel research and marketing expense of approximately $0.7 million and $2.8 million, respectively, offset by a decrease in share-based compensation and salary and social insurance of approximately $0.1 million and $0.2 million, respectively.

General and administrative expenses for the year ended December 31, 2024 were approximately $26.3 million, a decrease of approximately $6.6 million or approximately 20.2% from approximately $33.0 million for the year ended December 31, 2023. The decrease in general and administrative expenses in 2024 was primarily attributed to (i) a decrease in share-based compensation of approximately $1.7 million, (ii) a decrease in legal and professional fee of approximately $3.4 million, (iii) a decrease in salary and social care expense of approximately $0.9 million, (iv) a decrease in office expense of approximately $1.1 million, (v) a decrease in rental expense of approximately $0.2 million, offset by the increase in ROU amortization, freight and leasehold improvement depreciation of approximately $0.2 million and $0.2 million, respectively.

Research and development expenses for the year ended December 31, 2024 were approximately $5.2 million, a decrease of approximately $2.6 million or approximately 33.2% from approximately $7.7 million for the year ended December 31, 2023. The decrease in research and development expenses in 2024 was primarily attributed to the decrease in design and development expenditures, share-based compensations and rental expense of approximately $2.7 million, $0.06 million and $0.04 million, offset by the increase in salary and social insurance of approximately $0.3 million.

Impairment loss of goodwill for the year ended December 31, 2024 were approximately $0.2 million compared nil for the year ended December 31, 2023.

Net Loss

Net loss from continuing operation was approximately $34.1 million in the year ended December 31, 2024, compared with net loss of $46.1 million in the year ended December 31, 2023.

Balance Sheet

Cash and cash equivalents were approximately $12.5 million as of December 31, 2024, compared with $28.8 million as of December 31, 2023.

Adjusted EBITDA

Adjusted EBITDA was approximately ($28.2) million in the year ended December 31, 2024, compared with Adjusted EBITDA of $(39.3) million in the year ended December 31, 2023.

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

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Net loss from continuing operations

 

$

(34,112,925

)

 

$

(46,070,000

)

Interest expense, net

 

 

183,662

 

 

 

(402,415

)

Income tax expense

 

 

(35,524

)

 

 

8,988

 

Depreciation and amortization

 

 

2,010,863

 

 

 

1,670,979

 

Share-based compensation expense

 

 

3,370,634

 

 

 

5,230,273

 

Impairment of goodwill

 

 

209,130

 

 

 

 

Loss on redemption of convertible promissory notes

 

 

 

 

 

(12,507

)

Loss on exercise of warrants

 

 

(900

)

 

 

228,903

 

Change in fair value of convertible promissory notes and derivative liability

 

 

(7,194

)

 

 

(75,341

)

Loss from acquisition in relation to the revaluation of the previously held equity interest

 

 

149,872

 

 

 

136,302

 

Adjusted EBITDA from continuing operations

 

$

(28,232,382

)

 

$

(39,284,818

)

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: www.cenntroauto.com.

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, 2024 and which may be viewed at www.sec.gov.

CENNTRO INC.

CONSOLIDATED BALANCE SHEETS

(Expressed in U.S. dollars, except for the number of shares)

 

December 31,
2024

December 31,
2023

ASSETS

Current assets:

Cash and cash equivalents

$

12,547,168

$

28,792,055

Restricted cash, current

273,291

196,170

Short-term investment

 

5,505

 

 

4,236,588

 

Accounts receivable, net

 

3,281,865

 

 

2,499,244

 

Inventories

 

24,012,504

 

 

29,180,670

 

Prepayment and other current assets

 

18,075,415

 

 

19,317,804

 

Amounts due from related parties - current

 

11,729

 

 

287,439

 

Assets held for sale, current

 

7,708,969

 

 

20,417,469

 

Total current assets

 

65,916,446

 

 

104,927,439

 

 

 

 

 

 

 

 

Non-current assets:

 

 

 

 

 

 

Long-term time deposit

 

700,000

 

 

-

 

Long-term investments

 

3,710,663

 

 

4,596,552

 

Investment in equity securities

 

26,604,319

 

 

26,158,474

 

Property, plant and equipment, net

 

17,401,006

 

 

20,401,521

 

Goodwill

 

-

 

 

223,494

 

Intangible assets, net

 

6,225,302

 

 

6,872,011

 

Right-of-use assets

 

9,948,831

 

 

19,653,920

 

Other non-current assets, net

 

2,059,747

 

 

2,169,928

 

Assets held for sale, non-current

 

-

 

 

534,651

 

Total non-current assets

 

66,649,868

 

 

80,610,551

 

 

 

 

 

 

 

 

Total Assets

$

132,566,314

 

$

185,537,990

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

$

5,135,710

 

$

4,881,573

 

Short-term loans and current portion of long-term loans

 

249,614

 

 

-

 

Accrued expenses and other current liabilities

 

3,647,503

 

 

3,303,285

 

Contractual liabilities

 

4,121,305

 

 

2,448,501

 

Operating lease liabilities, current

 

3,426,067

 

 

4,194,136

 

Convertible promissory notes

 

9,952,000

 

 

9,956,000

 

Contingent liabilities

 

-

 

 

26,669

 

Deferred government grant, current

 

100,060

 

 

108,717

 

Amounts due to related parties

 

26,226

 

 

10,468

 

Liabilities held for sale, current

 

2,455,539

 

 

4,369,887

 

Total current liabilities

 

29,114,024

 

 

29,299,236

 

 

 

 

 

 

 

 

Non-current liabilities:

 

 

 

 

 

 

Long-term loans

 

362,386

 

 

-

 

Contingent liabilities non-current

 

-

 

 

230,063

 

Deferred tax liabilities

 

171,558

 

 

228,086

 

Deferred government grant, non-current

 

1,776,957

 

 

1,929,733

 

Derivative liability - investor warrant

 

12,137,087

 

 

12,189,508

 

Derivative liability - placement agent warrant

 

3,455,829

 

 

3,456,578

 

Operating lease liabilities, non-current

 

7,588,971

 

 

16,339,619

 

Total non-current liabilities

 

25,492,788

 

 

34,373,587

 

 

 

 

 

 

 

 

Total Liabilities

$

54,606,812

 

$

63,672,823

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

Common stock (No par value; 30,866,614 and 30,828,778 shares issued and outstanding as of December 31, 2024 and 2023, respectively)

 

-

 

 

-

 

Additional paid in capital

 

405,757,103

 

 

402,337,393

 

Accumulated deficit

 

(318,890,314

)

 

(274,023,501

)

Accumulated other comprehensive loss

 

(9,029,499

)

 

(6,444,485

)

Total equity attributable to shareholders

 

77,837,290

 

 

121,869,407

 

Non-controlling interests

 

122,212

 

 

(4,240

)

Total Equity

$

77,959,502

 

$

121,865,167

 

Total Liabilities and Equity

$

132,566,314

 

$

185,537,990

 

CENNTRO INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Expressed in U.S. dollars, except for number of shares)

 

 

 

For the Years Ended December 31,

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Net revenues

 

$

31,297,393

 

 

$

10,425,659

 

Cost of goods sold

 

 

(23,688,846

)

 

 

(8,808,257

)

Gross profit

 

 

7,608,547

 

 

 

1,617,402

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

Selling and marketing expenses

 

 

(7,364,678

)

 

 

(4,175,784

)

General and administrative expenses

 

 

(26,321,333

)

 

 

(32,964,644

)

Research and development expenses

 

 

(5,160,803

)

 

 

(7,721,459

)

Provision for credit losses

 

 

(393,873

)

 

 

-

 

Impairment of goodwill

 

 

(209,130

)

 

 

-

 

Total operating expenses

 

 

(39,449,817

)

 

 

(44,861,887

)

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(31,841,270

)

 

 

(43,244,485

)

 

 

 

 

 

 

 

 

 

OTHER EXPENSE:

 

 

 

 

 

 

 

 

Interest (expense) income, net

 

 

(183,662

)

 

 

402,414

 

Gain on redemption of convertible promissory notes

 

 

-

 

 

 

12,507

 

(Loss) gain from long-term investments

 

 

(299,772

)

 

 

70,759

 

Change in fair value of convertible promissory notes and derivative liability

 

 

7,194

 

 

 

75,341

 

Change in fair value of equity securities

 

 

1,019,285

 

 

 

(2,600,721

)

Foreign currency exchange gain (loss), net

 

 

44,481

 

 

 

(941,995

)

Loss from acquisition in relation to the revaluation of the previously held equity interest

 

 

(149,872

)

 

 

(136,302

)

Loss from early termination of lease contract

 

 

(2,218,120

)

 

 

-

 

Gain (loss) on exercise of warrants

 

 

900

 

 

 

(228,903

)

(Loss) gain from cross-currency swaps

 

 

(9,463

)

 

 

8,664

 

Other (expense) income, net

 

 

(518,150

)

 

 

521,709

 

Net loss from continuing operations before taxes

 

 

(34,148,449

)

 

 

(46,061,012

)

Income tax benefit (expense)

 

 

35,524

 

 

 

(8,988

)

Net loss from continuing operations

 

 

(34,112,925

)

 

 

(46,070,000

)

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

Loss from discontinued operations, net of tax

 

 

(10,795,692

)

 

 

(8,290,755

)

 

 

 

 

 

 

 

 

 

Net loss

 

 

(44,908,617

)

 

 

(54,360,755

)

Less: net loss attributable to non-controlling interests

 

 

(41,804

)

 

 

(161,430

)

Net loss attributable to the Company’s shareholders

 

$

(44,866,813

)

 

$

(54,199,325

)

OTHER COMPREHENSIVE LOSS

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(2,627,692

)

 

 

(1,162,080

)

Unrealized holding gains and losses for available-for-sale securities

 

 

41,712

 

 

 

-

 

Total comprehensive loss

 

 

(47,494,597

)

 

 

(55,522,835

)

 

 

 

 

 

 

 

 

 

Less: total comprehensive loss attributable to non-controlling interests

 

 

(42,770

)

 

 

(185,997

)

Total comprehensive loss to the Company’s shareholders

 

$

(47,451,827

)

 

$

(55,336,838

)

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding, basic and diluted*

 

 

30,841,396

 

 

 

30,424,686

 

 

 

 

 

 

 

 

 

 

Loss per common share

 

 

 

 

 

 

 

 

Continuing operations - Basic and Diluted

 

 

(1.08

)

 

 

(1.51

)

Discontinued operations - Basic and Diluted

 

 

(0.37

)

 

 

(0.27

)

Net loss per common share - basic and diluted

 

 

(1.45

)

 

 

(1.78

)

CENNTRO INC.

CONSOLIDATED STATEMENTS OF CASH FLOW

(Expressed in U.S. dollars, except for number of shares)

 

 

 

For the Years Ended December 31,

 

 

 

2024

 

 

2023

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(44,908,617

)

 

$

(54,360,755

)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2,010,863

 

 

 

1,670,980

 

Amortization of operating lease right-of-use asset

 

 

4,638,315

 

 

 

4,495,244

 

Impairment of property, plant and equipment

 

 

-

 

 

 

431,319

 

Written-down of inventories

 

 

6,462,514

 

 

 

658,622

 

Provision for credit losses

 

 

393,873

 

 

 

-

 

Impairment of goodwill

 

 

209,130

 

 

 

-

 

Gain on redemption of convertible promissory notes

 

 

-

 

 

 

(12,507

)

(Gain) loss on exercise of warrants

 

 

(900

)

 

 

228,903

 

Changes in fair value of convertible promissory notes and derivative liabilities

 

 

(7,194

)

 

 

(75,341

)

Changes in fair value of equity securities

 

 

(1,019,285

)

 

 

2,600,721

 

Foreign currency exchange loss, net

 

 

1,118,313

 

 

 

1,527,077

 

Share-based compensation expense

 

 

3,370,634

 

 

 

5,230,273

 

Loss from disposal of plant and equipment

 

 

248,472

 

 

 

55,391

 

Loss from early termination of lease contract

 

 

2,218,120

 

 

 

-

 

Loss from long-term investments

 

 

293,658

 

 

 

1,377,760

 

Income from short-term investment

 

 

(89,992

)

 

 

(22,918

)

Loss from acquisition in relation to the revaluation of the previously held equity interest

 

 

149,872

 

 

 

136,302

 

Deferred income taxes

 

 

(47,851

)

 

 

(15,931

)

 

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

1,258,199

 

 

 

(5,871,181

)

Inventories

 

 

7,927,826

 

 

 

(12,178,463

)

Prepayment and other assets

 

 

(195,403

)

 

 

(4,624,168

)

Amounts due from/to related parties

 

 

289,221

 

 

 

11,799

 

Accounts payable

 

 

1,027

 

 

 

3,100,835

 

Accrued expense and other current liabilities

 

 

(1,707,980

)

 

 

(1,325,504

)

Contractual liabilities

 

 

491,082

 

 

 

2,516,789

 

Operating lease liabilities

 

 

(4,466,209

)

 

 

(4,012,410

)

Net cash used in operating activities

 

 

(21,362,312

)

 

 

(58,457,163

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchase of equity investment

 

 

-

 

 

 

(880,932

)

Purchase of convertible note from Acton

 

 

-

 

 

 

(600,000

)

Purchase of short-term investment

 

 

(4,169,142

)

 

 

(4,236,740

)

Purchase of long-term time deposit

 

 

(700,000

)

 

 

-

 

Proceeds from maturities of short-term investment

 

 

8,433,719

 

 

 

-

 

Purchase of land, plant and equipment

 

 

(846,115

)

 

 

(7,636,020

)

Purchase of land use rights and property

 

 

-

 

 

 

(1,114,943

)

Acquisition of CAE’s equity interests

 

 

-

 

 

 

(1,924,557

)

Acquisition of Antric Gmbh’s equity interests

 

 

-

 

 

 

(1

)

Cash acquired from acquisition of Antric Gmbh

 

 

-

 

 

 

1,376

 

Net of cash acquired of 60% of Hezhe’s equity interests

 

 

(355,400

)

 

 

-

 

Cash dividend received from equity method investments

 

 

55,573

 

 

 

-

 

Proceeds from disposal of property, plant and equipment

 

 

79,475

 

 

 

3,661

 

Redemption and cash dividend received from the equity securities investment

 

 

1,573,441

 

 

 

-

 

Net cash provided by (used in) investing activities

 

 

4,071,551

 

 

 

(16,388,156

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from bank loans

 

 

662,836

 

 

 

-

 

Repayments of bank loans

 

 

(50,836

)

 

 

(601,476

)

Loans proceed from third parties

 

 

708,832

 

 

 

-

 

Repayment of loans from third parties

 

 

(90,000

)

 

 

-

 

Redemption of convertible promissory notes

 

 

-

 

 

 

(47,534,119

)

Net cash provided by (used in) financing activities

 

 

1,230,832

 

 

 

(48,135,595

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

(551,480

)

 

 

(1,543,990

)

 

 

 

 

 

 

 

 

 

Net decrease in cash, cash equivalents and restricted cash

 

 

(16,611,409

)

 

 

(124,524,904

)

Cash, cash equivalents and restricted cash at beginning of year

 

 

29,571,897

 

 

 

154,096,801

 

Cash, cash equivalents and restricted cash at end of year

 

$

12,960,488

 

 

$

29,571,897

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

12,547,168

 

 

 

28,792,055

 

Restricted cash

 

 

273,291

 

 

 

196,170

 

Cash, cash equivalents and restricted cash at end of year, included in the assets held for sale

 

140,029

 

 

583,672

 

Total cash, cash equivalents and restricted cash shown in the statement of cashflow

 

12,960,488

 

 

29,571,897

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

Interest paid

 

$

577,442

 

 

$

1,468,397

 

Income tax paid

 

$

-

 

 

$

4,797

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Cashless exercise of warrants

 

$

49,076

 

 

$

2,168,185

 

Non-cash capital injection to Robostreet by i-Chassis

 

$

-

 

 

$

250,000

 

Convention from debt to equity interest of HW Electro Co., Ltd.

 

$

-

 

 

$

1,000,000

 

Non-cash recognition of new leases

 

$

-

 

 

$

14,947,878

 

 

Investor Relations Contact:

Chris Tyson

MZ North America

CENN@mzgroup.us

949-491-8235

Company Contact:

PR@cenntroauto.com

IR@cenntroauto.com

Source: Cenntro Inc.

FAQ

What was Cenntro's (CENN) revenue growth in 2024?

Cenntro's net revenue grew 200.2% to $31.3 million in 2024, up from $10.4 million in 2023.

How many electric vehicles did CENN sell in 2024?

Cenntro sold 1,122 Electric Commercial Vehicles in 2024, compared to 630 vehicles in 2023.

What was CENN's gross margin in 2024?

Cenntro's overall gross margin was 24.3% in 2024, up from 15.5% in 2023.

How much did Cenntro's (CENN) US sales increase in 2024?

US sales increased to $19.3 million in 2024 from $0.4 million in 2023.

What new orders did CENN secure for early 2025 delivery?

CENN secured orders for 200 Logistar 450P vans from QEV Technologies and 500 customized Metro MR vehicles for the Japanese market.
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