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Cenntro Inc. (CENN-0.83%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net revenues of $31.3 million for 2024, a significant increase from $10.4 million in 2023, primarily driven by vehicle sales growth in the U.S. market.
Cost of goods sold increased to $23.7 million from $8.8 million in 2023, attributed to higher vehicle sales and inventory write-downs.
Operating expenses totaled $39.4 million, with general and administrative expenses decreasing to $26.3 million from $33.0 million in the previous year.
Net loss from continuing operations was $34.1 million, compared to $46.1 million in 2023.
Cenntro's strategic focus includes expanding its electric commercial vehicle offerings and establishing local assembly facilities in the U.S. to meet anticipated demand.
The company continues to invest in research and development, with expenses amounting to $5.2 million in 2024.
Cenntro's financial strategy involves leveraging its asset-light manufacturing model and developing local distribution channels.
The filing also outlines risks related to supply chain disruptions, regulatory compliance, and market competition.
Cenntro's management is addressing previously identified material weaknesses in internal controls over financial reporting.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cenntro Inc. annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.