Summary by Moomoo AI
Cenntro Electric reported strong financial results for Q3 2024, with net revenues increasing 190.3% to $16.7 million compared to $5.8 million in Q3 2023. Vehicle sales surged to $15.9 million, driven by higher sales volume and improved average selling price from $18,478 to $23,275. The company sold 662 ECVs during the quarter, with significant growth in the US market reaching $10.3 million in revenue.Gross profit improved to $4.0 million with a 24.2% gross margin, up from $0.7 million and 12.4% in Q3 2023. Operating expenses increased to $14.4 million from $13.3 million, primarily due to higher marketing expenses. The company maintained a solid balance sheet with $21.8 million in cash and cash equivalents as of September 30, 2024.The company continues to expand its global presence, with revenues from North America, Europe, and Asia accounting for 67.6%, 21.6%, and 10.6% respectively. Despite the growth, net loss for Q3 was $9.0 million compared to $16.1 million in the prior year period. Management remains focused on operational efficiency and expanding its product lineup while strengthening its position in key markets, particularly in North America.
