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This has to be the most boring stock ever ...
In the end for me, CENN was a loser (about $6 grand) even with the ok trading that I did, but when something tanks from $4 when I started to ease in to a low of ten cents, I consider myself lucky on this trade based on how much I had in at various points, including writing options. I certainly didnt think it would come down as far as it did to a dime (pre-split), $1 post split, wow, what an absolute mess this has become. I dont know if the company will recover, and I dont think I would use this as a trading vehicle even at this price or lower. They burned $110M over first 9 months of 2023 which is a lot of $ with revenues of $5m. Theyre also in process of trying to redomicile to the US. I would stay away for now except for a quick well-timed trade.
Ya...that's crazy. Restructuring fee..BS
They do another RS , Fn eTurd chg $38 again
Silly little Peter Wang thinks this will sustain $1. 🤣🤣🤣 -_-
Short it back to zero
Harpoon this fish ! Man I liked this fish for long time :(
Justin davis rice wang and peter lil wang ran off with shareholder money. End of story.
Going to run up river $$$$$$$let your line out $$$$$$$
Lil Peter Wang putting the screws to shareholders. Someone should call dicktater Xi pingpong and let him know about this.
https://ir.cenntroauto.com/node/8466/html#tWYM
especially to page no. 9 referring to the time table - and page 87 - "historically Cenntro had not retained a sufficient number of professionals with an appropriate level of accounting knowledge, training and experience to appropriately analyse, record and disclose accounting matters under U.S. GAAP.
that sounds not very trustworthy as of my understanding for a well managed Co.
Third Quarter 2023 Financial and Operating Highlights:
Net revenue of $5.8 million increased 175% year over year;
Sales volume increased by 326% year over year and 27% sequentially quarter over quarter to 298 vehicles;
Average selling price (“ASP”) increased 15.7% year over year to approximately $19,200; and
Adjusted EBITDA for the quarter is a loss of $12.1 million compared to a loss of $12.0 million for Q3 2022.
Peter Z. Wang, Chief Executive Officer explained, “Our sales momentum in the third quarter continued to ramp up as distribution expanded from the second quarter of 2023. Consequentially, we have sold 298 vehicles in Q3 2023 compared to 235 vehicles in Q2 2023 and 70 in Q3 2022. More importantly, to date the demand for some of our newly launched vehicle models in Europe such as the LS260® has outpaced our estimates. We have also experienced positive sales momentum for our iChassis, having sold 103 units in Q3, though these 103 units are not inclusive of the number of vehicles sold because iChassis is not considered a complete vehicle. We continue to build our sales momentum in 2023 from quarter to quarter to improve the effectiveness of our sales process, including having streamlined our North American sales team structure during Q3 2023.
Cenntro Electric Group Announces Third Quarter 2023 Unaudited Financial Results
What is the actual O/S now ? I have 305M but I'm sure it's a lot higher than that
Piece of dog crap
I voted my shares this morning. AGAINST THE ENTIRE SLATE - If these clowns can't provide share growth without a Reverse Split they shouldn't be directors.
VOTE AGAINST THE ENTIRE SLATE TO SHOW YOUR DISPLEASURE WITH THE CURRENT DIRECTION OF THE COMPANY.
I read that , I mean about change of materials in respect of SP and possible R/S which is the intention now. Imho not to urge that this time as there is another 6 month month confirmed by the SEC what I noted. https://www.stockwatch.com/News/Item/U-b20230717990623-U!CENN-20230717/U/CENN
$CENN - Up 7% Pre-Market/ Current Price $0.46
Files Annual Report on Form 10-K and Regains Compliance with Nasdaq Filing Requirement | 07/14
Announces New Assembly Plant in Ontario, California | 07/11
$CENN news https://www.sec.gov/Archives/edgar/data/1707919/000114036123033784/ny20009671x2_pre14a.htm
anyone here to follow the audit and share some relevant information?
Would be great as I cannot follow that. Thanks
$CENN: Now at 0.37
Bullish technicals on the 10min chart
GO $CENN
$CENN: Watch her here now...... now at $0.33
THis one can really go
GO $CENN
Not a chance
RS COMING
So, I guess good faith accounting ain't so good? I bet the get the boot off Nas.....
They've had months to prepare their financials for GAAP/SEC submission. Plus wasn't Juice Box Justin from NAKD suppose to help guide them too. So, it's a total letdown to read this in an 8-K:
On March 28, 2023, the Company and Good Faith CPA Limited (“Good Faith”) entered into an engagement agreement and April 14, 2023, the Board of Directors ratified the appointment of Good Faith as the Company’s independent public accounting firm for the fiscal year ended December 31, 2022.
It's all in the name..........Good Faith...... OMG!
I dont know enough about the detail, but I do like the price down here at 36 cents for a trade
Everyone got burned on this deal except the CEO of NAKD. He even made sure his stock was registered to probably cover a short position in Canada. Who knows but everyone got burned regardless.
Cenntro booth 6110 - Act Expo
Gold Sponsor
https://www.actexpo.com/sponsors
Whitehouse / gov
Look under pic-
Unleashing private investment in Florida
https://www.whitehouse.gov/wp-content/uploads/2023/03/IIA-All-State-Fact-Sheets-Florida.pdf
Sold out of my CENN on the last run to 80 cents (much too early though) for a lifetime loss of $6 grand. Considering I started buying at $4 bucks in jan 2022 I guess I should consider myself luckier than many others, but still its disappointing to see such large downdraft for a company that is executing. I do believe in the company and what they are doing, and should it dip under 40 cents I would consider buying.
Fading some as news times out, but I expect it to go above 3.90 as deliveries are made from this USA plant.
Kudos to Cenntro!
Longs have to be very excited here. I have been waiting for this news to get back in and did so.
I think this company has a strong opportunity for Global presence in the EV industry.
Is there any Information about Contracts with customers ? Thanks
Cenntro Begins Production at New Jacksonville, Florida Assembly Facility of Electric Commercial Trucks
100,000 sq. ft. facility to Assemble LS400, Teemak and Metro Models for US Southern Region
FREEHOLD, N.J.--(BUSINESS WIRE)-- Cenntro Electric Group Limited (NASDAQ: CENN), a leading EV technology company with advanced, market-validated electric commercial vehicles, today announced the start of production of the LS400, Teemak and Metro electric commercial trucks at the Company’s new assembly facility in Jacksonville, FL.
Operations at the facility will include electric vehicle assembly, upfitting, and pre-delivery inspections. The new facility joins the recently expanded assembly facility in Howell, NJ.
Vehicles assembled at the Jacksonville facility are predominantly for the Southeastern region of the US and for the Central American region. Cenntro expects to begin delivery of vehicles assembled at the Jacksonville facility to customers next month.
“After more than 15 months of facility renovation, assembly line preparation, and local regulatory compliances, the Jacksonville facility has begun assembly,” said Peter Wang, Chairman and CEO. “The vehicles assembled in Jacksonville will meet the strong market demand for our electric commercial vehicles in the region. With the capability to accommodate the LS400, Teemak and Metro electric commercial trucks we are well positioned to capture US market share in the years ahead.
“Cenntro now has established production and assembly at 5 facilities globally, in addition to EV centers in the U.S., Poland, Germany, Spain, Morocco and the Dominican Republic to support large-scale deployment and align with its go-to-market strategy for new growth.
“It is not an easy task to set up this local assembly capability, and I have to thank our staff, the local government, construction companies, and our partners for their dedication and endless efforts especially through this tough time with the Covid pandemic and supply shortage,” concluded Wang.
The news about production beginning in Jacksonville Florida. It’s 100% true. I make deliveries to their facility there.
High interest at the open, after a holiday and with little new information. We’re building solid support at this price in line with resistance in December. I’m bullish, buying and holding for the long term.
This stock is awesome. Hope everyone got some in the .50's, I sure did... It might dip down again, but I now expect it to go over $1.00. Get ready for that next cycle. Good days are coming!!! LOL
Looks like you won't have long to wait. Good luck.
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--1H22 number of vehicles sold increased 23% year on year
--Management to Host Conference Call on Tuesday, September 13 at 5:30 p.m. ET
Cenntro Electric Group Limited (NASDAQ: CENN) ("Cenntro" or "the Company"), a leading EV technology company with advanced, market- validated electric commercial vehicles ("ECVs"), today announced its financial results for the first half year ended June 30, 2022.
First Half 2022 Operational and Financial Highlights
The number of commercial vehicles sold was 337 units, an increase of 23% from 273 units sold in the same period of 2021.Net revenue was $5.0 million, an increase of 105% from $2.5 million in the same period of 2021.Cash and cash equivalents were $183.0 million as of June 30, 2022, compared with $2.0 million as of June 30, 2021.
"During the first half of 2022, we continued to execute on our strategic initiatives and grow our topline despite a challenging macroeconomic environment. Sales volume of our electric commercial vehicles reached 337 units, representing an increase of 23% year-over-year. Out of that, we sold 132 units of our newly launched Logistar 200 (the "LS 200") model, which doubled our average selling price. This demonstrates our capabilities for executing our tiered product strategy while addressing various customer demands amidst global uncertainty," said Peter Wang, Chief Executive Officer.
Mr. Wang continued, "We also made progress across multiple fronts during the first half of 2022. First, we introduced three new EV products, the Logistar 100 (the "LS 100"), Logistar 260 (the "LS 260") for the European market and Logistar 400 (the "LS 400") for the North American market. We have already begun receiving pre-orders for these new products. These new vehicles come with higher price points and will continue to improve our product mix. Second, we made the strategic decision to bring advanced battery technology and production in-house, which will strengthen our supply chain. Third, we started new vehicle assembly in the U.S. and Europe as well as began building out our EV distribution and services infrastructure. These initiatives set a strong foundation to accelerate our growth. Going forward, we believe our expanded product lineup and leading technology will position us well to capture tremendous growth opportunities in the transformation of the global commercial fleet industry to zero-emission vehicles."
Edmond Cheng, Chief Financial Officer, added, "Increased vehicle sales and improved product mix helped us achieve 105% year-over-year revenue growth for the first six months of 2022. These results reflect our continuous investment in product development and partnership with the right OEMs to enhance our product offerings to meet market demand. We have also stepped up our investment in sales and marketing, infrastructure, and research & development to support our growth objectives. However, in light of the uncertain macroeconomic environment, we will remain cautious in managing our expenditures and working capital in order to preserve a strong balance sheet."
Recent Developments & First Half 2022 Business Highlights
New Vehicle Development: EPA certification for LS 400 is expected by end of September 2022 while its pilot production has started; LS 100 rolled off from production lines and received EU Type Approval; LS 260 received EU type approval and production has commenced.The LS 400 is designed primarily for urban delivery and services to cover two significant markets that include last mile delivery and vocational fleets and upfitters. The Company has showcased the LS 400 series at various key industry events and exhibitions that have led to significant interest.Cenntro's first LS 100 rolled off the production line with deliveries to Europe scheduled in the mid September with launches in the Asian, Caribbean, and South American markets to follow. The LS 100 is a versatile, compact light cargo van purpose-built to serve diverse commercial applications, especially in urban areas with high population density.The LS 260 is a new addition to the Logistar series. This new vehicle will be targeted toward a wide range of applications in the trades, couriers, express and parcel services, logistics solutions, and facility management segments, with initial deliveries to Europe scheduled in September.
The Company has opened the order books for LS100, LS 260 and LS 400 models.
Launch of Lithium Battery Project: The construction of the battery factory building was completed, and internal renovation has been progressing; Proprietary production machinery has already been tested and validated; Filing for three patents.Given the backdrop of increased battery costs and global supply chain challenges, Cenntro set up a unit, Cennatic Power Inc., to produce advanced lithium-ion batteries for its ECVs to secure and stabilize its battery supply. Bringing production of essential battery technologies and manufacturing process in-house will enable the Company to expedite the development of ECVs, reduce supply chain dependency on China, and lower battery cell costs.Launch of Vehicle Assembly in U.S. and Europe: The European assembly factory in Germany is fully functional; Pilot assembly scaled in the New Jersey facility; Florida assembly capability will be ready soon.The additional vehicle assembly in the U.S. and Europe will boost the Company's total manufacturing or assembly plants to five. Assembly strategy and capacity is on track to serve growing demands for its ECVs.Building Vehicle Distribution and Service Infrastructure: Establishing EV centers with focus on the U.S. and European markets; Developing and setting up parts distribution warehouses; Signing up distributors/dealers/value-added resellers.Cenntro is also establishing EV centers across the U.S., Poland, Germany, Spain, Morocco and Jamaica to align with its go-to-market strategy for new growth.Cenntro has initiated the transition from private label distribution to a direct B2B marketing and sales team in North America. The Company will assemble its Metro product in-house and market Metro directly to its distributors in the U.S. Cenntro has ended its channel distribution partnerships in the U.S. and will now have full control over the production and sales in order to assure product quality, reduce the overhead and boost brand awareness.
First Half 2022 Financial Results
Net Revenues
Net revenue was $5.0 million in the first half of 2022, an increase of 105% from $2.5 million in the first half of 2021. The increase was due to both a 23% growth in sales volume as well as an improvement of the average selling price ("ASP") from $7,354 in primarily selling Metro Car Kits last year to $14,400 in the improved product mix to include 132 units of the LS 200 at a much higher ASP.
Gross profit
Gross profit was $0.53 million in the first half of 2022, an increase of 18% from $0.45 million in the first half of 2021. Gross margin was 10.6% in the first half of 2022, compared with 18.3% in the first half of 2021. The change in gross margin was primarily due to both the inflation pressure on input costs such as battery and the shipping costs, especially as shipping costs of a 40-foot container to Hamburg or New York have risen to a high of $20,000 for the first half of 2022 from the average of $2,000 for the same period last year. Recently in August, the average cost of shipping the same 40-foot container has come down to $5,000.
Operating expenses
Total operating expenses were $24.7 million in the first half of 2022, compared with $5.0 million in the first half of 2021. The increase was primarily driven by headcount growth and higher legal and compliance costs to support our growth as a public company. In addition, in the first half of 2022, we also incurred non-recurring fees and expenses of approximately $6.5 million related to the compensation to certain directors for their past services to the Company and a non-recurring expense of approximately $1.8 million for compensation in 2022 related to FOH divestiture. Excluding these one-time costs, our operating expenses in the first half of 2022 would have been $16.4 million.
Net income (loss)
Net loss was $23.1 million in the first half of 2022, compared with net loss of $4.5 million in the first half of 2021.
Adjusted EBITDA(1)
Adjusted EBITDA was negative $12.9 million in the first half of 2022, compared with Adjusted EBITDA of negative $3.0 million in the first half of 2021.
Cash and cash equivalents balances
Cash and cash equivalents were $183.0 million as of June 30, 2022, compared with $2.0 million as of June 30, 2021.
First Half 2022 Results Conference Call
Cenntro Electric Group CEO Peter Wang, and CFO Edmond Cheng will host a conference call followed by a question-and-answer session on Tuesday, September 13, 2022 at 5:30 p.m. Eastern time to discuss its financial results for the six-month period ended June 30, 2022.
Please register in advance of the conference call using the link provided below. Conference access information will be provided upon registration. Participant Online Registration: https://s1.c-conf.com/diamondpass/10025106-fmsn3a1.html
The conference call will be broadcast live and available for replay at https://edge.media-server.com/mmc/p/qrrriixa and via the investor relations section of the Company's website at ir.cenntroauto.com. A replay of the conference call will be available after 9:30 p.m. Eastern timethrough September 21, 2022.
FREEHOLD, N.J.--(BUSINESS WIRE)-- Cenntro Electric Group Limited (NASDAQ:CENN) ('Cenntro' or 'the Company'), a leading EV technology company with advanced, market-validated electric commercial vehicles, today announced its financial results for the year ended December 31, 2021.
Full Year 2021 Operational and Financial Highlights
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved."
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