CENNHIGH SIGNALFINANCIAL10-K

CENN experienced substantial financial deterioration with revenue declining meaningfully, net losses significantly expanding, and cash position substantially reduced.

The company's operating performance declined across multiple key metrics, with revenue falling substantially while net losses expanded significantly year-over-year. The sharp reduction in cash reserves from $12.5M to $4.5M, combined with continued negative operating cash flows, raises concerns about the company's ability to fund operations and growth initiatives.

Comparing 2026-04-15 vs 2025-04-01View on EDGAR →
FINANCIAL ANALYSIS

CENN's financial position weakened considerably with revenue declining meaningfully to $18.1M while net losses expanded substantially to $73.0M. The company's cash position dropped significantly to $4.5M despite reduced capital expenditures, though operating cash flow improved modestly to -$12.6M. The overall balance sheet contracted notably with total assets declining to $74.4M and stockholders' equity falling to $40.3M, reflecting the challenging operating environment and cash consumption.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-88.9%
$7.6M→$846K

Capex reduced 88.9% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Cash & Equivalents
Balance Sheet
-64.3%
$12.5M→$4.5M

Cash declined 64.3% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Net Income
P&L
-62.7%
-$44.9M→-$73.0M

Net income declined 62.7% — review whether driven by operations, interest costs, or non-recurring items.

Accounts Receivable
Balance Sheet
-61%
$3.3M→$1.3M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Stockholders Equity
Balance Sheet
-48.2%
$77.8M→$40.3M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

R&D Expense
P&L
-45.5%
$5.2M→$2.8M

R&D spending cut 45.5% — could signal cost discipline or concerning reduction in innovation investment.

Total Assets
Balance Sheet
-43.9%
$132.6M→$74.4M

Total assets contracted 43.9% — asset sales, write-downs, or balance sheet optimization underway.

Revenue
P&L
-42.2%
$31.3M→$18.1M

Revenue declined 42.2% — significant demand weakness or market share loss warrants investigation.

Operating Cash Flow
Cash Flow
+40.9%
-$21.4M→-$12.6M

Operating cash flow surged 40.9% — exceptional cash generation, highest quality earnings signal.

Total Liabilities
Balance Sheet
-37.6%
$54.6M→$34.0M

Liabilities reduced 37.6% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-04-15
PRIOR — 2025-04-01
ADDED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
As of April 10, 2026 (prior to the reverse stock split effected on April 13, 2026), there were 87,912,831 of the registrant s common stock, par value $0.0001 per share, issued and outstanding.
The aggregate market value of the voting securities held by non-affiliates of the registrant as of the last business day of the registrant s most recently completed third fiscal quarter, September 30, 2025, was approximately $ 30,343,050 based upon the closing sale price of $0.5845.
OTHER PERTINENT INFORMATION This Annual Report contains our audited consolidated financial statements and related notes as of December 31, 2025 and 2024 and for the fiscal years ended December 31, 2025, and 2024 ( Audited Financial Statements ).
Our consolidated financial statements as of December 31, 2025 and for the years ended December 31, 2025, and 2024, included in this Annual Report, are the consolidated financial statements of Cenntro and present periods prior to the Redomicile (as defined below).
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REMOVED
As of March 27, 2025, there were 30,866,614 of the registrant s common stock, par value $0.0001 per share, issued and outstanding.
The aggregate market value of the voting securities held by non-affiliates of the registrant as of the last business day of the registrant s most recently completed second fiscal quarter, June 30, 2024, was approximately $ 61,050,733 based upon the closing sale price of $1.49.
OTHER PERTINENT INFORMATION This Annual Report contains our audited consolidated and combined financial statements and related notes as of December 31, 2024 and 2023 and for the fiscal years ended December 31, 2024, and 2023 ( Audited Financial Statements ).
Prior to the Redomiciliation and during the fiscal years ended December 31, 2023, and 2022, the Company was subject to the Australian Corporations Act 2001 (Cth) ( Corporations Act ), which requires financial statements be prepared in accordance with Australian Accounting Standards ( AASB ), equivalent to International Financial Reporting Standards ( IFRS ) and audited in accordance with Australian Auditing Standards ( ASAs ).
The financial information in this Annual Report (including the information in the Audited Financial Statements) are not financial statements for the purposes of the Corporations Act and is considered non-IFRS financial information under the Australian Securities and Investment Commission s Regulatory Guide 230: Disclosing non-IFRS financial information.
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