Detailed financial statements for Cenntro Electric Group Limited (CENN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Cenntro Electric Group Limited is a company focused on the creation and manufacturing of electric commercial vehicles, specifically in the light and medium-duty categories. Operating internationally, its zero-emission utility vehicles are distributed throughout Europe, North America, and Asia, serving a clientele that includes both corporate entities and government bodies.
Analysis Summary
Cenntro Electric Group Limited reported revenue of $18.1M in the most recent fiscal year, growing at a 5-year CAGR of 27.1%.
Trailing-twelve-month margins: gross margin -11.6%, operating margin -175.4%, net margin -423.9%.
At the current price of $4.32, CENN has negative trailing earnings (P/E not meaningful) and an ROE of -181.17%. Market capitalisation stands at $4M.
Balance sheet quality for CENN: current ratio of 1.7, net debt of $6.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8M | $2.9M | $76.9M | $3.6M | $5.5M | $8.6M | $8.9M | $10.4M | $31.3M | $18.1M |
| Cost of Revenue | $1.5M | $1.9M | $52.8M | $3.7M | $4.9M | $7.1M | $9.5M | $8.8M | $23.7M | $20.4M |
| Gross Profit | $364196 | $938407 | $24.1M | -$123854 | $570153 | $1.5M | -$513970 | $1.6M | $7.6M | -$2.3M |
| Research & Development | $440867 | $200674 | 0 | $2.1M | $1.4M | $1.5M | $6.4M | $7.7M | $5.2M | $2.8M |
| Selling, General & Admin | $10.6M | $6.7M | $41.7M | $11.9M | $9.5M | $16.0M | $39.3M | $37.1M | $33.7M | $22.9M |
| Operating Expenses | $11.0M | $6.9M | $41.7M | $17.7M | $11.2M | $18.0M | $51.7M | $44.9M | $39.2M | $30.2M |
| Operating Income | -$10.7M | -$6.0M | -$17.6M | -$17.8M | -$10.6M | -$16.5M | -$52.2M | -$43.2M | -$31.6M | -$32.5M |
| EBITDA | -$10.7M | -$5.7M | -$30.3M | -$16.0M | -$1.7M | -$14.1M | -$108.7M | -$39.9M | -$27.3M | -$64.4M |
| Interest Expense | $118149 | $129599 | $2.8M | $1.1M | $1.4M | $1.1M | $844231 | 0 | $183662 | $452990 |
| Pre-tax Income | -$10.8M | -$5.8M | -$34.7M | -$19.5M | -$5.2M | -$16.4M | -$112.1M | -$46.1M | -$34.1M | -$68.9M |
| Income Tax | $5 | -$52517 | -$875763 | 0 | 0 | 0 | 0 | $8988 | -$35524 | -$52920 |
| Net Income | -$10.8M | -$5.8M | -$33.8M | -$19.5M | -$5.2M | -$16.4M | -$110.1M | -$54.2M | -$44.9M | -$73.0M |
| EPS | $-367333197.00 | $-182732392.80 | $-12484408.80 | $-1143536.40 | $-12.00 | $-37.80 | $-250.80 | $-106.80 | $-87.00 | $-87.21 |
| EPS (Diluted) | $-367333197.00 | $-182732392.80 | $-12484408.80 | $-1143536.40 | $-12.00 | $-37.80 | $-250.80 | $-106.80 | $-87.00 | $-87.21 |
| Shares Outstanding (Diluted) | 0 | 0 | $3 | $17 | $435427 | $435427 | $438872 | $507078 | $514023 | $836814 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $879014 | $1.4M | $1.4M | $1.2M | $4.5M | $261.1M | $154.0M | $28.8M | $12.5M | $4.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $4.2M | 0 | 0 |
| Receivables | 0 | $1.3M | $5.6M | $2.5M | $463333 | $7.3M | $6.8M | $9.0M | $8.6M | $7.8M |
| Inventory | $2.2M | $1.6M | $14.6M | $6.6M | $4.2M | $8.1M | $31.8M | $29.2M | $24.0M | $21.9M |
| Total Current Assets | $3.6M | $4.5M | $23.1M | $11.2M | $20.1M | $281.1M | $203.0M | $104.9M | $65.9M | $45.6M |
| Property, Plant & Equipment | 0 | 0 | $2.6M | $14.9M | $1.5M | $3.0M | $23.1M | $40.1M | $27.3M | $17.8M |
| Goodwill | 0 | 0 | $1.6M | 0 | 0 | 0 | 0 | $223494 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | $15.6M | $45430 | $3313 | $4.6M | $6.9M | $6.2M | $6.1M |
| Total Assets | $3.7M | $4.6M | $52.9M | $42.2M | $22.8M | $291.4M | $267.8M | $185.5M | $132.6M | $74.4M |
| Accounts Payable | $897474 | $375252 | $16.4M | $7.2M | $3.7M | $3.7M | $3.4M | $4.9M | $5.1M | $5.5M |
| Short-term Debt | $559226 | $3450 | $14.5M | $18.9M | $6.7M | $2.2M | $57.4M | $10.1M | $10.9M | $7.7M |
| Total Current Liabilities | $2.3M | $603861 | $43.6M | $33.3M | $14.5M | $26.4M | $70.2M | $29.3M | $29.1M | $26.7M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $362386 | $1.2M |
| Total Liabilities | $2.4M | $603861 | $45.6M | $33.8M | $14.9M | $27.6M | $96.0M | $63.7M | $54.6M | $34.0M |
| Retained Earnings | -$57.2M | -$63.0M | -$84.4M | -$88.1M | -$93.3M | -$109.7M | -$219.8M | -$274.0M | -$318.9M | -$391.9M |
| Total Equity | $1.3M | $4.0M | $7.3M | $8.4M | $7.9M | $263.8M | $172.4M | $121.9M | $77.8M | $40.3M |
| Total Debt | $559226 | $3450 | $14.5M | $19.6M | $7.2M | $3.5M | $66.1M | $30.6M | $22.3M | $11.2M |
| Net Debt | -$319788 | -$1.4M | $13.2M | $18.4M | $2.6M | -$257.6M | -$87.9M | -$2.4M | $9.8M | $6.7M |
| Working Capital | $1.3M | $3.9M | -$20.4M | -$22.1M | $5.6M | $254.7M | $132.8M | $75.6M | $36.8M | $19.0M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$10.8M | -$5.8M | -$33.8M | -$19.5M | -$5.2M | -$16.4M | -$112.1M | -$54.4M | -$44.9M | -$73.0M |
| Depreciation & Amortization | $13215 | 0 | $1.6M | $2.5M | $2.0M | $1.3M | $2.6M | $6.2M | $6.6M | $4.1M |
| Stock-based Compensation | 0 | 0 | 0 | $4.9M | $3.4M | $1.1M | $4.0M | $5.2M | $3.4M | $2.8M |
| Change in Working Capital | -$45681 | -$458340 | $17.2M | $2.3M | $1.4M | -$8.6M | -$30.2M | -$22.4M | $3.6M | $5.6M |
| Operating Cash Flow | -$5.5M | -$3.9M | -$8.0M | -$4.7M | -$7.9M | -$21.5M | -$69.4M | -$58.5M | -$21.4M | -$12.6M |
| Capital Expenditure | -$7780 | 0 | -$1.9M | -$174804 | -$77012 | -$756269 | -$19.7M | -$8.8M | -$846115 | -$756324 |
| Acquisitions | 0 | 0 | $598048 | $86855 | 0 | $155903 | -$7.1M | -$2.8M | -$355400 | -$10723 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$13.9M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$5.5M | -$3.9M | -$9.9M | -$4.8M | -$8.0M | -$22.2M | -$89.1M | -$67.2M | -$22.2M | -$13.4M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +55.3% | +2590.1% | -95.4% | +52.7% | +57.1% | +4.3% | +16.6% | +200.2% | -42.2% | |
| Net Income Growth (YoY) | +46.4% | -484.4% | +42.5% | +73.5% | -217.9% | -570.4% | +50.8% | +17.2% | -62.7% | |
| EPS Growth (YoY) | +50.3% | +93.2% | +90.8% | +100.0% | -215.0% | -563.5% | +57.4% | +18.5% | -0.2% | |
| Shares Change (YoY) | +466.7% | +2561235.3% | +0.0% | +0.8% | +15.5% | +1.4% | +62.8% | |||
| FCF Growth (YoY) | +29.9% | -157.2% | +51.2% | -64.1% | -179.6% | -301.0% | +24.6% | +67.0% | +39.8% | |
| Gross Margin | 19.8% | 32.8% | 31.3% | -3.5% | 10.4% | 17.5% | -5.7% | 15.5% | 24.3% | -12.8% |
| Operating Margin | -579.7% | -209.1% | -22.9% | -497.6% | -194.8% | -191.8% | -583.9% | -414.8% | -101.1% | -180.0% |
| EBITDA Margin | -579.1% | -197.9% | -39.4% | -446.3% | -32.0% | -164.2% | -1216.0% | -382.7% | -87.3% | -356.0% |
| Net Margin | -586.2% | -202.4% | -44.0% | -544.4% | -94.6% | -191.5% | -1231.2% | -519.9% | -143.4% | -403.7% |
| FCF Margin | -299.1% | -134.9% | -12.9% | -135.5% | -145.6% | -259.2% | -996.9% | -644.6% | -71.0% | -74.0% |
| Effective Tax Rate | -0.0% | 0.9% | 2.5% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 0.1% | 0.1% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-3308743.67 | $-285010.12 | $-18.26 | $-51.06 | $-203.12 | $-132.54 | $-43.21 | $-15.98 | ||
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||
| Shares Outstanding (Basic) | 0 | 0 | $3 | $17 | $435427 | $435427 | $438872 | $507078 | $514023 | $836814 |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -181.17% |
| Return on Invested Capital | -57.11% |
| Return on Assets | -98.06% |
| Gross Margin | -11.61% |
| Operating Margin | -175.41% |
| Net Margin | -423.92% |
Financial Health
| Debt / Equity | 0.43 |
| Current Ratio | 1.65 |
| Piotroski F-Score | 1 |
| Altman Z-Score | -8.14 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -0.01 | -0.04 | -0.06 | -0.01 | -144.00 | -85.08 | -1.05 | -0.81 | -0.74 | -0.09 |
| P/B | 0.00 | 0.00 | 0.30 | 0.03 | 95.31 | 5.31 | 0.67 | 0.36 | 0.42 | 0.17 |
| P/S | 0.00 | 0.00 | 0.03 | 0.07 | 137.81 | 163.27 | 12.96 | 4.20 | 1.05 | 0.38 |
| Gross Margin | 19.8% | 32.8% | 31.3% | -3.5% | 10.4% | 17.5% | -5.7% | 15.5% | 24.3% | -12.8% |
| Operating Margin | -579.7% | -209.1% | -22.9% | -497.6% | -194.8% | -191.8% | -583.9% | -414.8% | -101.1% | -180.0% |
| Net Margin | -586.2% | -202.4% | -44.0% | -544.4% | -94.6% | -191.5% | -1231.2% | -519.9% | -143.4% | -403.7% |
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