CENNTRO ELECTRIC Reports 89.6% Year-Over-Year Increase in Revenue for FY2023 Q1

☀️Earnings Overview

CENNTRO ELECTRIC ($NASDAQ:CENN) reported a total revenue of USD 3.5 million for FY2023 Q1 (ending March 31 2023), which marks a year-over-year increase of 89.6%. Net income for the quarter was USD -11.0 million, in comparison to the prior year’s -9.3 million on July 25 2023.

Analysis

GoodWhale conducted an analysis of CENNTRO ELECTRIC‘s wellbeing and according to their Risk Rating, it is a high risk investment in terms of its financial and business aspects. Two risk warnings have been detected in the balance sheet and cashflow statement. If you are interested in learning more about these risks, become a registered user and check it out. GoodWhale’s Risk Rating provides an excellent overview of CENNTRO ELECTRIC’s potential returns. The risk warnings pinpoint any areas that could lead to a significant decrease in returns. This valuable information gives investors the ability to make better decisions when investing in CENNTRO ELECTRIC. Overall, GoodWhale gives investors the necessary tools for making informed decisions about CENNTRO ELECTRIC’s potential returns. Understanding the risks associated with CENNTRO ELECTRIC’s balance sheet and cash flow statements can help investors manage their risk better. By becoming a registered user, investors can gain access to GoodWhale’s detailed analysis of CENNTRO ELECTRIC’s wellbeing. More…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Cenntro Electric. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Cenntro Electric. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Cenntro Electric. More…

Key Ratios Snapshot

Some of the financial key ratios for Cenntro Electric are shown below. More…

Peers

The company’s products include electric cars, electric vans, electric buses, and electric charging stations. The company’s competitors include Electric Last Mile Solutions Inc, Canoo Inc, RAC Electric Vehicles Inc.

– Electric Last Mile Solutions Inc ($NASDAQ:ELMS)

Canoo Inc is a publicly traded company with a market capitalization of $390.19 million as of 2022. The company has a negative return on equity of 161.33%, meaning that it has lost money for shareholders over the last 12 months. Canoo is a designer and manufacturer of electric vehicles. The company has yet to bring a vehicle to market, but has partnerships with major automakers such as Audi and Hyundai.

– Canoo Inc ($NASDAQ:GOEV)

RAC Electric Vehicles Inc is a publicly traded company that designs, manufactures and sells electric vehicles. The company has a market capitalization of $3.63 billion as of 2022 and a return on equity of -10.56%. RAC Electric Vehicles Inc is headquartered in Los Angeles, California.

Summary

CENNTRO Electric‘s total revenue for the first quarter of FY2023 was USD 3.5 million, an impressive increase of 89.6% compared to last year. Net income for the same period was significantly lower at USD -11.0 million, however this was slightly better than the same quarter last year which reported -9.3 million. Upon review of the company’s financials, investors may conclude that while CENNTRO Electric is continuing to experience growth in terms of revenue, their costs may be outpacing their income. Further investment analysis should take into consideration the company’s cost structures, its ability to generate revenue and cash flow, and its competitive advantage in the market.