Cenntro Inc. CENN
We are an emerging designer, manufacturer, distributor, and service provider of commercial vehicles powered by either electricity or hydrogen energy sources. Our commercial vehicles are designed to
serve a variety of fleet and municipal organizations in support of city services, last-mile delivery and other commercial applications. As of December 31, 2025, we have developed six series of commercial vehicle models, Metro®, Logistar™,
iChassis™, Avantier™, Teemak™, Bison Motor™ and Antric One. We have successfully begun to produce and deliver these models into the global markets, apart from Logimax™.
We have also developed and introduced iChassis™ platform that consists of a programmable "smart" chassis that is currently used by third parties and integrated with their controlling software for
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.1M | $31.3M | $10.4M | $8.9M | $8.6M | $5.5M | $3.6M | — | — |
| Cost of revenue | $20.4M | $23.7M | $8.8M | $9.5M | $7.1M | $4.9M | $3.7M | — | — |
| Gross profit | -$2.3M | $7.6M | $1.6M | -$514.0K | $1.5M | $570.2K | -$123.9K | — | — |
| R&D | $2.8M | $5.2M | $7.7M | $6.4M | $1.5M | $1.4M | $2.1M | — | — |
| SG&A | $20.3M | $26.3M | $33.0M | $32.8M | $15.0M | $8.7M | $11.0M | — | — |
| Total operating expenses | $30.2M | $39.4M | $44.9M | $54.7M | $18.0M | $11.2M | $17.7M | — | — |
| Operating income | -$32.5M | -$31.8M | -$43.2M | -$55.2M | -$16.5M | -$10.6M | -$17.8M | — | — |
| Interest expense | — | — | $402.4K | $844.2K | $1.1M | $1.4M | $1.1M | — | — |
| Pre-tax income | -$68.9M | -$34.1M | -$46.1M | -$112.1M | -$16.4M | -$5.2M | -$19.5M | — | — |
| Income tax | $52.9K | $35.5K | $9.0K | $0 | $0 | $0 | $0 | — | — |
| Net income | -$73.0M | -$44.9M | -$54.2M | -$110.1M | -$16.4M | -$5.2M | -$19.5M | — | — |
| EPS, basic | -87.21 | -87.28 | -1.78 | -4.18 | -0.09 | -0.03 | -0.11 | — | — |
| EPS, diluted | -87.21 | -87.28 | -1.78 | -4.18 | -0.09 | -0.03 | -0.11 | — | — |
| Shares, diluted (wtd. avg.) | $836.8K | $514.0K | $30.4M | $26.3M | $175.1M | $174.9M | $174.9M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.5M | $12.5M | $29.6M | $154.1M | $261.7M | $4.5M | $1.2M | $3.2M | — |
| Short-term investments | $0 | $5.5K | $4.2M | $0 | — | — | — | — | — |
| Receivables | $1.3M | $3.3M | $2.5M | $565.4K | $2.0M | $463.3K | — | — | — |
| Inventory | $21.9M | $24.0M | $29.2M | $31.8M | $8.1M | $4.2M | — | — | — |
| Total current assets | $45.6M | $65.9M | $104.9M | $203.0M | $281.1M | $20.1M | — | — | — |
| Property, plant and equipment | $15.9M | $17.4M | $20.4M | $15.0M | $1.3M | $1.0M | — | — | — |
| Goodwill | $0 | $26.6M | $223.5K | $0 | — | — | — | — | — |
| Other intangibles | $6.1M | $6.2M | $6.9M | $4.6M | $3.3K | $45.4K | — | — | — |
| Total assets | $74.4M | $132.6M | $185.5M | $267.8M | $291.4M | $22.8M | — | — | — |
| Accounts payable | $5.5M | $5.1M | $4.9M | $3.4M | $3.7M | $3.7M | — | — | — |
| Short-term debt | $1.3M | $249.6K | $0 | — | — | — | — | — | — |
| Total current liabilities | $26.7M | $29.1M | $29.3M | $70.2M | $26.4M | $14.5M | — | — | — |
| Long-term debt | $1.2M | $362.4K | $0 | — | — | — | — | — | — |
| Total liabilities | $34.0M | $54.6M | $63.7M | $96.0M | $27.6M | $14.9M | — | — | — |
| Retained earnings | -$391.9M | -$318.9M | -$274.0M | -$219.8M | -$109.7M | -$93.3M | — | — | — |
| Total equity | $40.3M | $77.8M | $121.9M | $171.9M | $263.8M | $7.9M | $8.4M | $22.4M | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$12.6M | -$21.4M | -$58.5M | -$69.4M | -$21.5M | -$7.9M | -$4.7M | — | — |
| Depreciation and amortisation | $1.8M | $1.6M | $1.5M | $907.7K | $589.6K | $1.4M | $1.5M | — | — |
| Stock-based compensation | $2.8M | $3.4M | $5.2M | $4.0M | $1.1M | $3.4M | $4.9M | — | — |
| Capital expenditure | — | $846.1K | $7.6M | $3.3M | $756.3K | $77.0K | $56.3K | — | — |
| Investing cash flow | -$866.7K | $4.1M | -$16.4M | -$56.9M | $7.2M | $26.5M | $1.5M | — | — |
| Financing cash flow | $4.9M | $1.2M | -$48.1M | $19.5M | $271.2M | -$15.5M | $1.2M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-014773.
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