Cenntro Inc., a Nevada-based designer, manufacturer, and distributor of electric and hydrogen-powered commercial vehicles, reported its financial results for the year ended December 31, 2025. The company's net revenues totaled $18.1 million, a 42.2% decrease compared to $31.3 million in 2024. This decline was primarily attributed to a decrease in vehicle sales, with the average selling price dropping due to the suspension of government subsidies, impacting sales of the higher-priced LS400 model. Despite the revenue decrease, the company sold 1,309 ECVs in 2025, compared to 1,122 in the previous year, with significant sales in the European and Asian markets.
The company's cost of goods sold decreased by 13.9% to $20.4 million in 2025, from $23.7 million in 2024, mainly due to lower vehicle and spare-part sales, and a decrease in inventory write-downs, partially offset by an increase in inventory write-offs. This resulted in a gross loss of $2.3 million for 2025, compared to a gross profit of $7.6 million in 2024. Operating expenses also decreased, with selling and marketing expenses down by 65.8% to $2.5 million, and general and administrative expenses decreasing by 22.7% to $20.3 million, reflecting cost control measures and improved operational efficiency. Research and development expenses decreased by 45.5% to $2.8 million, as the company prioritized key development projects.
Cenntro's net loss from continuing operations was $68.9 million in 2025, compared to $34.1 million in 2024. The company's Adjusted EBITDA from continuing operations was a loss of $53.2 million in 2025, compared to a loss of $28.2 million in 2024. The company's net cash used in operating activities was $12.6 million in 2025, compared to $21.4 million in 2024. As of December 31, 2025, Cenntro had $4.5 million in cash and cash equivalents, and a working capital of $19.0 million.
Operationally, Cenntro continued to expand its product portfolio, including the development of a second-generation hydrogen fuel cell Class 8 semi-tractor, the BM860H. The company also refined its distribution strategy, transitioning to a distribution partner-led model in European markets and maintaining a dealer-led network supported by company-operated EV Centers in North America. On April 13, 2026, the company effected a 1-for-60 reverse stock split of its outstanding common stock to regain compliance with Nasdaq's minimum bid price requirement. The company plans to continue investing in research and development, regionalizing its manufacturing and supply chain, and expanding its product offerings to drive future growth.
About Cenntro Inc.
Cenntro Inc. designs, manufactures, and distributes electric and hydrogen-powered commercial vehicles for fleet, municipal, and last-mile delivery applications globally. Its product lineup includes modular electric trucks and utility vehicles like the Metro®, Logistar™, and Avantier™ series, supported by proprietary smart chassis technology. Operating an asset-light, distributed manufacturing model, Cenntro leverages local assembly and OEM partnerships to optimize costs and scalability, serving customers focused on sustainable, low-emission transportation solutions.
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