Cenntro Inc.

Listed Company

CENNCIK 0001707919NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthMotor Vehicles & Passenger Car BodiesNevadaFY ends Dec 31

Period

FY 2025

Revenue

$18.08M

Net Income

$-72.98M

Total Assets

$74.43M

Equity

$40.28M

Shares Out

87.91M

Op. Cash Flow

$-12.62M

Business

Cenntro Inc. designs, manufactures, distributes and services commercial vehicles powered by electric and hydrogen energy sources for fleet, municipal and last-mile delivery applications. Its product lineup includes Metro, Logistar, Logimax, Avantier, Teemak and Antric One series, the programmable iChassis™ platform, vehicle chargers and battery-pack capabilities. The company operates via distributed manufacturing and OEM arrangements, EV Centers, dealer networks, and a cloud-based parts distribution system, and pursues hydrogen heavy‑duty and autonomous driving technologies. Cenntro sells and assembles vehicles across global markets, notably North America, Europe, China and other Asian regions, using local assembly, vehicle kits and regional distributors.

Summary from filing dated 2025-04-01

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net revenues	18	31	10	9	9
Cost of goods sold	−20	−24	−9	−9	−7
Gross profit	−2	8	2	−513,970	2
Selling and marketing expenses	−3	−7	−4	−7	−1
General and administrative expenses	−20	−26	−33	−33	−15
Research and development expenses	−3	−5	−8	−6	−1
Provision for credit losses	−5	−393,873	0	−6	−469,702
Impairment of goodwill	0	−209,130	0	−11	0
Total operating expenses	−30	−39	−45	−55	−18
Loss from operations	−33	−32	−43	−55	−16
Interest expense, net	−452,990	−183,662	402,414	—	—
Loss from long-term investments	−60	−299,772	70,759	—	—
Change in fair value of convertible promissory notes and derivative liability	−8	7,194	—	—	—
Change in fair value of equity securities	−27	1	−3	−240,805	0
Foreign currency exchange gain, net	98,031	44,481	−941,995	—	—
Loss from acquisition in relation to the revaluation of the previously held equity interest	0	−149,872	−136,302	0	—
Loss from early termination of lease contract	−717,633	−2	0	—	—
Gain on exercise of warrants	0	900	−228,903	0	—
Loss from cross-currency swaps	−20,225	−9,463	8,664	—	—
Loss from Note Amendment	−2	0	—	—	—
Gain from disposal of Cenntro Electric CICS, S.R.L.s equity	1	0	—	—	—
Other income (expense), net	380,129	−518,150	521,709	−924,867	1
Net loss from continuing operations before taxes	−69	−34	−46	−112	−16
Income tax benefit	52,920	35,524	−8,988	0	0
Net loss from continuing operations	−69	−34	−46	—	—
Loss from discontinued operations, net of tax	−4	−11	−8	—	—
Net loss	−73	−45	−54	−112	−16
Less: net loss attributable to non-controlling interests	−40,157	−41,804	−161,430	−2	0
Net loss attributable to the Companys shareholders	−73	−45	−54	−110	−16
Foreign currency translation adjustment	3	−3	−1	−4	512,140
Unrealized holding gains and losses for available-for-sale securities	30,000	41,712	0	—	—
Total comprehensive loss	−70	−47	−56	−116	−16
Less: total comprehensive loss attributable to non-controlling interests	−36,444	−42,770	−185,997	−2	0
Total comprehensive loss to the Companys shareholders	−70	−47	−55	−114	−16
Weighted average number of shares outstanding, basic (in Shares)	836,814	514,023	30	26	175
Weighted average number of shares outstanding, diluted (in Shares)	836,814	514,023	30	26	175
Continuing operations - Basic (in Dollars per share)	−82.27	−66.28	−1.51	—	—
Continuing operations - Diluted (in Dollars per share)	−82.27	−66.28	−1.51	—	—
Discontinued operations - Basic (in Dollars per share)	−4.94	−21	−0.27	—	—
Discontinued operations - Diluted (in Dollars per share)	−4.94	−21	−0.27	—	—
Net loss per common share, Basic (in Dollars per share)	−87.21	−87.28	−1.78	−4.18	−0.09
Net loss per common share, Diluted (in Dollars per share)	−87.21	−87.28	−1.78	−4.18	−0.09

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	4	13	29	154	261
Restricted cash, current	154,422	273,291	196,170	130,024	595,548
Short-term investment	0	5,505	4	0	—
Accounts receivable, net	1	3	2	565,398	2
Inventories, net	22	24	29	32	8
Prepayment and other current assets	15	18	19	16	8
Amounts due from related parties, current	37,705	11,729	287,439	366,936	—
Assets held for sale, current	3	8	20	—	—
Total current assets	46	66	105	203	281
Long-term time deposit	0	700,000	0	—	—
Long-term investments	4	4	5	5	329,197
Investment in equity securities	0	27	223,494	0	—
Property, plant and equipment, net	16	17	20	15	1
Intangible assets, net	6	6	7	5	3,313
Right-of-use assets	2	10	20	8	2
Other non-current assets, net	1	2	2	2	2
Total non-current assets	29	67	81	65	10
Total Assets	74	133	186	268	291
Accounts payable	6	5	5	3	4
Short-term loans and current portion of long-term loans	1	249,614	0	—	—
Accrued expenses and other current liabilities	8	4	3	5	4
Contractual liabilities	3	4	2	2	2
Operating lease liabilities, current	1	3	4	1	839,330
Convertible promissory notes	4	10	10	57	0
Deferred government grant, current	110,378	100,060	108,717	26,533	0
Amounts due to a related party	889,675	26,226	10,468	716,372	—
Liabilities held for sale, current	2	2	4	—	—
Total current liabilities	27	29	29	70	26
Long-term loans	1	362,386	0	—	—
Deferred tax liabilities	142,312	171,558	228,086	0	—
Deferred government grant, non-current	2	2	2	497,484	0
Derivative liability - investor warrant	0	12	12	14	0
Derivative liability - placement agent warrant	3	3	3	3	0
Operating lease liabilities, non-current	841,449	8	16	7	489,997
Total non-current liabilities	7	25	34	26	1
Total Liabilities	34	55	64	96	28
Commitments and contingencies	—	—	—	—	—
Common stock ($0.0001 par value; 1,465,214 and 514,444 shares issued and outstanding as of December 31, 2025 and 2024, respectively)	147	51	0	0	0
Additional paid in capital	438	406	—	—	—
Accumulated deficit	−392	−319	−274	−220	−110
Accumulated other comprehensive loss	−6	−9	−6	−5	−1
Total equity attributable to shareholders	40	78	122	172	264
Non-controlling interests	97,809	122,212	−4,240	−477,135	0
Total Equity	40	78	122	172	264
Total Liabilities and Equity	74	133	186	268	291

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	2	2	2	953,872	632,256
Amortization of operating lease right-of-use asset	2	5	4	2	636,921
Written-down of inventories	3	6	658,622	2	1
Provision for credit losses	6	393,873	—	—	—
Changes in fair value of convertible promissory notes and derivative liabilities	8	−7,194	—	—	—
Changes in fair value of equity securities	27	−1	3	240,805	0
Foreign currency exchange loss, net	−58,488	1	—	—	—
Share-based compensation expense	3	3	5	4	1
(Gain) loss from disposal of plant and equipment	−38,306	248,472	55,391	−10,334	−55,087
Loss from long-term investments	97,854	293,658	1	—	—
Loss on inventory write-off	3	0	—	—	—
Income from short-term investment	20,225	−89,992	−22,918	0	—
Loss from acquisition of Hezhe	0	149,872	—	—	—
Deferred income taxes	−49,955	−47,851	−15,931	0	—
Accounts receivable	57,458	1	−6	233,570	−2
Inventories	118,307	8	−12	−20	−5
Prepayment and other assets	4	−195,403	−5	−7	−3
Other non-current assets	310,865	0	—	—	—
Amounts due from/to related parties	87,481	289,221	11,799	−1	−128,640
Accounts payable	259,355	1,027	3	−2	−128,508
Accrued expense and other current liabilities	2	−2	−1	1	1
Contractual liabilities	−689,727	491,082	3	633,825	286,499
Operating lease liabilities	−639,698	−4	−4	−1	−903,096
Net cash used in operating activities	−13	−21	−58	−69	−21
Purchase of short-term investment	0	−4	−4	—	—
Purchase of long-term time deposit	0	−700,000	0	—	—
Net of cash decrease from disposal of Cenntro Electric CICS, S.R.L.	−10,723	0	—	—	—
Proceeds from maturities of short-term investment	0	8	0	—	—
Purchase of plant and equipment	−756,326	−846,115	−1	−16	0
Loans provided to third parties	−504,145	0	—	—	—
Repayment of loans from third parties	183,387	0	—	—	—
Loans provided to related parties	−27,826	0	—	0	−232,529
Repayment of loans from related parties	27,826	0	0	1	1
Net of cash acquired of 60% of Hezhes equity interests	0	−355,400	0	—	—
Cash dividend received	0	55,573	—	0	465,941
Proceeds from disposal of property, plant and equipment	221,140	79,475	3,661	309	75,934
Redemption of equity securities investment	0	2	—	—	—
Net cash (used in) provided by investing activities	−866,667	4	−16	−57	7
Proceeds from bank loans	3	662,836	0	0	53,619
Repayments of bank loans	−809,810	−50,836	−601,476	0	—
Loans proceed from third parties	2	708,832	0	—	—
Repayment of loans from third parties	−388,266	−90,000	0	−1	−4
Loans proceed from related parties	1	0	—	0	5
Repayment of loans to related parties	−160,000	0	0	−2	−6
Net cash provided by financing activities	5	1	−48	19	271
Effect of exchange rate changes on cash, cash equivalents and restricted cash	315,023	−551,480	−2	—	—
Net decrease in cash, cash equivalents and restricted cash	−8	−17	−125	−108	257
Interest paid	26,019	577,442	1	369,410	−830,837
Cashless exercise of warrants	12	49,076	2	19	0
Conversion of convertible bonds into shares	17	0	15	0	—
Acquisition of EEE Truck Solutions Group Inc.s shares with electric vehicles	693,780	0	—	—	—

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