Business
Cenntro Electric Group Announces 2021 Year End Audited Financial Results
Net Revenue increased by 57% Number of vehicles sold increased 30% year over year Management to Host Conference Call on Monday, April 25 at 5:00 p.m. ET
About this update from Cenntro Inc.
[{"type":"text","content":"\nNet Revenue increased by 57%\n\nNumber of vehicles sold increased 30% year over year\n\nManagement to Host Conference Call on Monday, April 25 at 5:00 p.m. ET\n\n FREEHOLD, N.J.--(BUSINESS WIRE)--\nCenntro 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.\n\nFull Year 2021 Operational and Financial Highlights\n\n\nThe number of commercial vehicles sold was 918 units, an increase of 29.8% from 707 units sold in 2020.\n\n\nNet revenue was $8.6 million, an increase of 57.1% from $5.5 million in 2020.\n\n\nGross margin was 17.5%, up 7.1 percentage points from 10.4% in 2020.\n\n\nCash and cash equivalents were $261.1 million as of December 31, 2021, compared with $4.5 million as of December 31, 2020.\n\n\n“2021 was a year of significant progress for Cenntro as we successfully became a publicly traded company following our stock purchase transaction with Naked Brand Group. The transaction provided Cenntro with over $250 million of cash on hand to fund capacity expansion and to support our growth initiatives,” said Peter Wang, Chief Executive Officer.\n\n“We achieved strong operational performance in 2021, highlighted by 918 commercial electric vehicles sold, an increase of approximately 30% from the prior year. We also continue to ramp up capacity with the addition of our Jacksonville facility, and an assembly facility in Germany, and further strengthened our distribution and customer network through our strategic acquisition of a majority interest in Tropos Motors Europe GmbH,” concluded Peter Wang.\n\n“While our 2021 operating results were negatively impacted by higher material and shipping costs and shipping container shortages and supply-chain disruptions, we are pleased to have delivered revenue and gross margin improvement driven by increased vehicle sales and other service income. Notably, our revenue grew 57% year-over-year to $8.6 million in 2021 while our gross margin increased by 7.1 percentage points to 17.5%. Our 2021 results demonstrate our ability to manage our production despite the challenges arising out of the COVID-19 pandemic. In addition to scaling production, we are supporting future revenue growth with increased sales and mar...