Moderators: StockLogistics
Search This Board: 
Created: 01/14/2022 09:51:53 AM - Followers: 52 - Board type: Free - Posts Today: 0
"
4:30p ET 9/13/2022 - BusinessWire
Cenntro Electric Group Announces First Half 2022 Unaudited Financial Results
 

--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.

"

Previous earnings report:
 
"4:36p ET 4/25/2022 - Benzinga
Cenntro Electric Group FY21 Sales $8.6M, Up 57.1% YoY

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

  • The number of commercial vehicles soldwas 918 units, an increase of 29.8% from 707 units sold in 2020.
    Net revenue was $8.6 million, an increase of 57.1% from $5.5 million in 2020.
    Gross margin was 17.5%, up 7.1 percentage points from 10.4% in 2020.
    Cash and cash equivalents were $261.1 million as of December 31, 2021, compared with $4.5 million as of December 31, 2020.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved."

PlusOneCoin Top Posts Free PlusOneCoin
No plusone'd posts yet. Be the first!
Post Subject
#545
OIL is 85 due to inflation prospects. ADVFN_abullman 09/23/2022 09:39:18 PM
#544
Closed below lower bollinger band again yesterday, oil StockLogistics 09/23/2022 08:13:01 AM
#543
Supply chain issues in EV industry are being StockLogistics 09/22/2022 10:33:28 AM
#542
A Rail strike would and should increase interest StockLogistics 09/15/2022 01:22:49 AM
#541
They appear to have more than enough cash StockLogistics 09/14/2022 08:01:36 AM
#540
Numbers look good, no gaps: StockLogistics 09/14/2022 07:59:41 AM
#539
This can be a turning point higher here StockLogistics 09/12/2022 01:12:03 AM
#538
I see this trash is still trash gattes12 09/06/2022 02:25:22 PM
#537
“The Logistar 100 will make its world premiere StockLogistics 09/06/2022 03:26:58 AM
#536
9/17/22 is one month consolidation completion could be StockLogistics 09/02/2022 07:36:08 AM
#535
GOOD CALL BBANBOB 08/31/2022 09:49:23 AM
#534
The long awaited close at 1.29 is here StockLogistics 08/31/2022 08:10:53 AM
#533
Nothing to say.....piece of crap like always Tom turtles 08/30/2022 03:32:54 PM
#532
STILL CRICKETS BBANBOB 08/25/2022 10:16:17 AM
#531
LONGGGGGGGGG WAY from my pps avg of $12.69 though BBANBOB 08/25/2022 09:09:17 AM
#530
CENN $3 TARGET PRICE WOOHOOOOOO weedtrader420 08/25/2022 08:48:45 AM
#529
WHY ALL THE CRICKETS BBANBOB 08/24/2022 10:48:49 AM
#528
Nice looking rides in their latest PR BBANBOB 08/24/2022 10:12:40 AM
#527
Glorified golf carts. loanshark007 08/24/2022 12:02:49 AM
#526
Almost to gap fill 1.29, probably will set StockLogistics 08/20/2022 11:47:52 AM
#524
Was always a turd, no one wants their Wayne R 08/13/2022 07:03:51 AM
#523
CENN...what a turd...Even when the markets up big... Tom turtles 08/12/2022 05:36:21 PM
#522
$1 crap stock with a shitty CEO.... Tom turtles 08/08/2022 05:21:08 AM
#521
Their subsidiaries are mostly in Asia StockLogistics 08/06/2022 08:03:22 PM
#520
This is interesting, not sure if this link Wayne R 08/06/2022 06:57:48 AM
#519
“13. Offering and Sales Amounts StockLogistics 08/05/2022 08:45:34 PM
#518
Millions put into the stock of another company StockLogistics 08/02/2022 02:01:19 PM
#517
It was 1/4 billion from day one. That MD3 08/02/2022 12:50:51 PM
#516
Too many shares already...1/4 billion O/S already and Tom turtles 08/02/2022 05:57:59 AM
#515
I'll set my gap at .50 cents. Once Tom turtles 08/02/2022 05:10:16 AM
#514
Of course they want to fill the gap StockLogistics 07/27/2022 08:53:33 PM
#513
Market up huge....Cenn down of course Tom turtles 07/27/2022 03:21:34 PM
#512
1.29 gap fill, then news for increase StockLogistics 07/26/2022 09:53:14 PM
#511
Ya right.....this is the biggest piece of shit Tom turtles 07/25/2022 08:01:27 AM
#510
DOUBLE UP Coming SOON Here Too. Bolando 07/19/2022 11:27:55 AM
#509
Sorry, you are correct. It is a JOHNNIEBG 07/18/2022 09:03:41 AM
#508
You seem to be posting on the wrong MD3 07/17/2022 09:20:37 PM
#507
Providing an update on trading of CENN. After PennyStockTrader2 07/17/2022 04:55:40 PM
#506
I call all the OTC penny stocks sub-penny. JOHNNIEBG 07/13/2022 08:29:59 PM
#505
That is how I play these OTC sub Wayne R 07/13/2022 07:25:37 PM
#504
Nothing in particular. My charts just show JOHNNIEBG 07/12/2022 12:45:49 PM
#503
anything going on with this? MouseKat 07/12/2022 09:13:21 AM
#502
Gee, the board seems kind of quiet.... JOHNNIEBG 07/08/2022 07:40:38 PM
#501
What a Ride its been , RollerCoaster-Say what” TaperT2 07/05/2022 10:38:18 AM
#500
DID they take em???????????????????? BBANBOB 07/03/2022 09:42:23 AM
#499
Ya...put up 60,000 on the ASK after hours Tom turtles 06/29/2022 06:17:09 PM
#498
How's it how's it hanging Bob Tom turtles 06/29/2022 03:09:51 PM
#497
Lol MD3 06/21/2022 09:50:26 AM
#496
Well at least you are fully aware of BBANBOB 06/21/2022 08:24:37 AM
#495
Still money to be made MD3 06/17/2022 07:29:13 AM
Post Subject