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Cenntro Electric | 10-Q: Q3 2024 Earnings Report

SEC ·  Nov 12, 2024 22:40

Summary by Moomoo AI

Cenntro Electric, a leading electric commercial vehicle manufacturer, reported a significant increase in net revenues for the nine months ended September 30, 2024, reaching approximately $28.4 million, a 111.2% rise from the previous year's $13.5 million. This growth was driven by a substantial increase in vehicle sales, particularly in the U.S. market, which saw a rise from $0.2 million to $15.4 million. The company sold 1,082 electric commercial vehicles (ECVs) during this period, compared to 662 in the previous year. Despite the revenue growth, the company experienced a net loss of $27.4 million, attributed to increased operating expenses and cost of goods sold, including a significant inventory write-down. Cenntro Electric's gross profit margin improved to 18.6% from 15.3% year-on-year, with vehicle sales gross margin at 19.2%. The...Show More
Cenntro Electric, a leading electric commercial vehicle manufacturer, reported a significant increase in net revenues for the nine months ended September 30, 2024, reaching approximately $28.4 million, a 111.2% rise from the previous year's $13.5 million. This growth was driven by a substantial increase in vehicle sales, particularly in the U.S. market, which saw a rise from $0.2 million to $15.4 million. The company sold 1,082 electric commercial vehicles (ECVs) during this period, compared to 662 in the previous year. Despite the revenue growth, the company experienced a net loss of $27.4 million, attributed to increased operating expenses and cost of goods sold, including a significant inventory write-down. Cenntro Electric's gross profit margin improved to 18.6% from 15.3% year-on-year, with vehicle sales gross margin at 19.2%. The company's operating expenses, including selling and marketing, general and administrative, and research and development costs, totaled approximately $33.9 million. Cenntro Electric's strategic focus on the North American market and the introduction of new ECV models are expected to continue driving revenue growth. The company's liquidity position, with $21.8 million in cash and cash equivalents, is believed to be sufficient for executing its business strategy over the next twelve months, which includes rolling out new ECV models and establishing local assembly facilities in the United States.

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