Tue, Nov 12, 2:46 PM (238 days ago)
Cenntro Inc. (CENN) reported significant financial changes for the quarter ending September 30, 2024, showcasing a strong recovery trajectory. Net revenues surged to $16.7 million, a 190.3% increase from $5.8 million in Q3 2023, driven primarily by vehicle sales. Gross profit improved to $4.0 million, with a gross margin of 24.2%, up from 12.4% a year prior. Operating expenses totaled $14.4 million, slightly increased from $13.3 million, reflecting higher selling and marketing costs. The net loss narrowed to $9.0 million from $16.1 million in Q3 2023. Cash flow from operations improved, with a net cash usage of $12.9 million compared to $45.6 million in the previous year, indicating enhanced operational efficiency. However, cash and equivalents fell to $21.8 million from $29.4 million year-over-year. The company anticipates continued growth in the U.S. market, bolstered by new ECV models. Risks include supply chain disruptions and legal proceedings, but management is focused on operational efficiency and expanding manufacturing capabilities.