Cenntro Inc (The Corporation)

NASDAQ:CENNUnited States

Apr 1, 2024

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• Cenntro Inc. Announces Fourth Quarter and Full Year 2023 Financial Results, from 5:02PM ET on Monday Apr 01, 2024 by Business Wire

  5:02PM ET on Monday Apr 01, 2024 by Business Wire
  Companies Mentioned: CENN

  --Q4 Number of Vehicles Sold Increased by 148% to 1,135 Vehicles

  --Q4 Gross Profit Margin Increased 2,500 bps to 2.3% from a loss of -22.7%

  Cenntro Inc. (NASDAQ: CENN) ("Cenntro" or "the Company"), a leading electric vehicle technology company with advanced, market-validated electric commercial vehicles, has reported its financial and operational results for the fourth quarter and full year ended December 31, 2023.

• Cenntro Inc. Announces Fourth Quarter and Full Year 2023 Financial Results, from 5:02PM ET on Monday Apr 01, 2024 by Dow Jones

  5:02PM ET on Monday Apr 01, 2024 by Dow Jones
  Companies Mentioned: CENN
  ------------------------------------- 2023 2022 ------------------ ----------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (54,360,755) $ (112,145,263) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 1,670,980 953,872 Amortization and interest of operating lease right-of-use asset 4,495,244 1,616,853 Impairment of property, plant and equipment 431,319 550,402 Impairment of intangible assets - 2,995,440 Reversal of deferred tax liabilities - (898,632) Impairment of right-of-use assets - 371,695 Impairment of goodwill - 11,111,886 Written-down of inventories 658,622 2,155,400 Provision for doubtful accounts - 5,986,308 Convertible promissory notes issuance costs - 5,589,336 (Gain) Loss on redemption of convertible promissory notes (12,507) 7,435 Loss on exercise of warrants 228,903 - Changes in fair value of convertible promissory notes and derivative liabilities (75,341) 37,774,928 Changes in fair value of equity securities 2,600,721 240,805 Foreign currency exchange loss, net 1,527,077 409,207 Share-based compensation expense 5,230,273 4,031,629 Loss (Gain) from disposal of plant and equipment 55,391 (10,334) Loss from long-term investments 1,377,760 12,651 Income from short-term investment (22,918) - Loss from acquisition of Antric Gmbh 136,302 - Deferred income taxes (15,930) - Changes in operating assets and liabilities: Accounts receivable (5,871,181) 233,570 Inventories (12,178,463) (20,483,127) Prepayment and other assets (4,624,170) (6,753,851) Amounts due from/to related parties 11,799 (1,190,573) Accounts payable 3,100,835 (2,144,725) Accrued expense and other current liabilities (1,325,504) 1,358,858 Contractual liabilities 2,516,789 633,825 Long-term payable - (700,000) Operating lease assets and liabilities (4,012,410) (1,108,721) ------------- ------------- Net cash used in operating activities (58,457,164) (69,401,126) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of equity investment (880,932) (4,256,276) Purchase of convertible note from Acton (600,000) - Purchase of wealth management products purchased from banks (4,236,740) - Purchase of land, plant and equipment (7,636,020) (3,285,072) Purchase of land use rights and property (1,114,943) (16,456,355) Acquisition of CAE's equity interests (1,924,557) (3,612,717) Payment of expense for acquisition of CAE's equity interests - (348,987) Cash acquired from acquisition of CAE - 1,118,700 Acquisition of Antric Gmbh's equity interests (1) - Cash acquired from acquisition of Antric Gmbh 1,376 - Purchase of equity securities - (30,000,000) Proceeds from disposal of property, plant and equipment 3,661 309 Loans provided to third parties - (1,323,671) Repayment of loans from related parties - 1,280,672 ------------- ------------- Net cash (used in) provided by investing activities (16,388,156) (56,883,397) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of loans to related parties - (1,726,614) Repayment of loans to third parties - (1,113,692) Repayments of bank loans (601,476) - Purchase of CAE's loan - (13,228,101) Reduction of capital - (13,930,000) Proceed from issuance of convertible promissory notes - 54,069,000 Redemption of convertible promissory notes (47,534,119) (3,727,500) Proceed from exercise of share-based awards - 14,386 Payment of expense for the reverse recapitalization - (904,843) ------------- ------------- Net cash provided by financing activities (48,135,595) 19,452,636 Effect of exchange rate changes on cash (1,543,989) (736,274) Net (decrease)increase in cash, cash equivalents and restricted cash (124,524,904) (107,568,161) Cash, cash equivalents and restricted cash at beginning of year 154,096,801 261,664,962 ------------- ------------- Cash, cash equivalents and restricted cash at end of year $ 29,571,897 $ 154,096,801 ============= ============= SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest paid $ 1,468,397 $ 369,410 Income tax paid $ 4,797 $ - SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Cashless exercise of warrants $ 2,168,185 $ 18,549,864 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 $ -
  

• Press Release: Cenntro Inc. Announces Fourth Quarter and Full Year 2023 Financial Results, from 5:02PM ET on Monday Apr 01, 2024 by Dow Jones

  5:02PM ET on Monday Apr 01, 2024 by Dow Jones
  Companies Mentioned: CENN
  ------------------------------------- 2023 2022 ------------------ ----------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (54,360,755) $ (112,145,263) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 1,670,980 953,872 Amortization and interest of operating lease right-of-use asset 4,495,244 1,616,853 Impairment of property, plant and equipment 431,319 550,402 Impairment of intangible assets - 2,995,440 Reversal of deferred tax liabilities - (898,632) Impairment of right-of-use assets - 371,695 Impairment of goodwill - 11,111,886 Written-down of inventories 658,622 2,155,400 Provision for doubtful accounts - 5,986,308 Convertible promissory notes issuance costs - 5,589,336 (Gain) Loss on redemption of convertible promissory notes (12,507) 7,435 Loss on exercise of warrants 228,903 - Changes in fair value of convertible promissory notes and derivative liabilities (75,341) 37,774,928 Changes in fair value of equity securities 2,600,721 240,805 Foreign currency exchange loss, net 1,527,077 409,207 Share-based compensation expense 5,230,273 4,031,629 Loss (Gain) from disposal of plant and equipment 55,391 (10,334) Loss from long-term investments 1,377,760 12,651 Income from short-term investment (22,918) - Loss from acquisition of Antric Gmbh 136,302 - Deferred income taxes (15,930) - Changes in operating assets and liabilities: Accounts receivable (5,871,181) 233,570 Inventories (12,178,463) (20,483,127) Prepayment and other assets (4,624,170) (6,753,851) Amounts due from/to related parties 11,799 (1,190,573) Accounts payable 3,100,835 (2,144,725) Accrued expense and other current liabilities (1,325,504) 1,358,858 Contractual liabilities 2,516,789 633,825 Long-term payable - (700,000) Operating lease assets and liabilities (4,012,410) (1,108,721) ------------- ------------- Net cash used in operating activities (58,457,164) (69,401,126) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of equity investment (880,932) (4,256,276) Purchase of convertible note from Acton (600,000) - Purchase of wealth management products purchased from banks (4,236,740) - Purchase of land, plant and equipment (7,636,020) (3,285,072) Purchase of land use rights and property (1,114,943) (16,456,355) Acquisition of CAE's equity interests (1,924,557) (3,612,717) Payment of expense for acquisition of CAE's equity interests - (348,987) Cash acquired from acquisition of CAE - 1,118,700 Acquisition of Antric Gmbh's equity interests (1) - Cash acquired from acquisition of Antric Gmbh 1,376 - Purchase of equity securities - (30,000,000) Proceeds from disposal of property, plant and equipment 3,661 309 Loans provided to third parties - (1,323,671) Repayment of loans from related parties - 1,280,672 ------------- ------------- Net cash (used in) provided by investing activities (16,388,156) (56,883,397) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of loans to related parties - (1,726,614) Repayment of loans to third parties - (1,113,692) Repayments of bank loans (601,476) - Purchase of CAE's loan - (13,228,101) Reduction of capital - (13,930,000) Proceed from issuance of convertible promissory notes - 54,069,000 Redemption of convertible promissory notes (47,534,119) (3,727,500) Proceed from exercise of share-based awards - 14,386 Payment of expense for the reverse recapitalization - (904,843) ------------- ------------- Net cash provided by financing activities (48,135,595) 19,452,636 Effect of exchange rate changes on cash (1,543,989) (736,274) Net (decrease)increase in cash, cash equivalents and restricted cash (124,524,904) (107,568,161) Cash, cash equivalents and restricted cash at beginning of year 154,096,801 261,664,962 ------------- ------------- Cash, cash equivalents and restricted cash at end of year $ 29,571,897 $ 154,096,801 ============= ============= SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest paid $ 1,468,397 $ 369,410 Income tax paid $ 4,797 $ - SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Cashless exercise of warrants $ 2,168,185 $ 18,549,864 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 $ -