Cenntro revenue is up in 2023, but still a long way from profitability
By Luke Willetts - 22nd May 2024
USA – EV startup, Cenntro Electric Group Ltd (CENN)*, based in Freehold, New Jersey, announced its full-year financial results which included a net loss of USD 54.2 million in 2023 compared to a USD 110.1 million loss the year before (2022). Net revenue was USD 22.1 million in 2023, an increase of 147% from USD 8.9 million in 2022. The increase was primarily due to an increase in vehicle sales and spare parts sales, including the delivery of 250 autonomous delivery vans in China. The company ended 2023 with a Gross Profit of USD 2.3 million compared with a USD -0.5 million loss the previous year. Finally, the adjusted EBITDA was USD 47.6 million in 2023, compared with USD 43.2 million the year before.
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