PennyStockTrader2
10月前
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.
zetatauri
1年前
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
beenhadbefore
2年前
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!
ErnieBilco
2年前
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.