Centro(US:CENN)2023-11-13 16:00Financial Performance - Net revenues for the nine months ended September 30, 2023, were approximately $13.5 million, an increase of approximately $6.3 million or 88.9% from approximately $7.1 million for the same period in 2022[179] - Net revenues for the three months ended September 30, 2023 were approximately $5.8 million, an increase of approximately $3.7 million or 174.9% from approximately $2.1 million for the same period in 2022[204] - Vehicle sales accounted for approximately $5.5 million or 95.6% of total net revenues for the three months ended September 30, 2023, with an increase of 228 units sold compared to the previous year[204] - Vehicle sales accounted for $12,732,639 of the total revenue for the nine months ended September 30, 2023, compared to $6,766,480 in the prior year, indicating an increase of approximately 88.5%[300] - Revenue from Europe for the nine months ended September 30, 2023, was $10,035,492, compared to $5,621,459 in 2022, marking an increase of approximately 78.5%[300] - Revenue from Asia reached $2,983,555 for the nine months ended September 30, 2023, up from $1,052,819 in the prior year, representing an increase of approximately 183.5%[300] - The net loss attributable to the Company's shareholders for the nine months ended September 30, 2023, was $(41,135,098), compared to $(36,803,873) in the same period of 2022, indicating an increase in net loss of approximately 11.5%[308] - Total comprehensive loss attributable to the Company's shareholders for the nine months ended September 30, 2023, was $(44,529,568), slightly down from $(44,659,288) in the same period of 2022[308] Expenses - Cost of goods sold for the nine months ended September 30, 2023, was approximately $11.4 million, an increase of approximately $4.2 million or 57.7% from approximately $7.2 million for the same period in 2022[183] - Selling and marketing expenses for the nine months ended September 30, 2023 were approximately $7.2 million, an increase of approximately $3.0 million or 69.9% from approximately $4.3 million for the same period in 2022[210] - Selling and marketing expenses for the three months ended September 30, 2023, were approximately $2.6 million, an increase of approximately $1.0 million or 60.8% from approximately $1.6 million for the same period in 2022[185] - Research and development expenses for the nine months ended September 30, 2023, were approximately $5.3 million, an increase of approximately $1.7 million or 48.1% from approximately $3.6 million for the same period in 2022[187] - General and administrative expenses for the nine months ended September 30, 2023, were approximately $25.7 million, a decrease of approximately $0.7 million or 2.8% from approximately $26.4 million for the same period in 2022[186] - General and administrative expenses for Q3 2023 were approximately $9.1 million, an increase of 45.8% from $6.2 million in Q3 2022[239] - Total operating expenses increased to $38.30 billion for the nine months ended September 30, 2023, up from $34.32 billion in the same period of 2022[308] Cash Flow and Financial Position - As of September 30, 2023, the company had approximately $44.6 million in cash and cash equivalents, a decrease from approximately $200.4 million as of September 30, 2022[224] - Working capital as of September 30, 2023 was approximately $84.0 million, down from approximately $196.0 million as of September 30, 2022, primarily due to a decrease in cash and cash equivalents[230] - Net cash used in operating activities for the nine months ended September 30, 2023 was approximately $45.6 million, compared to $47.7 million for the same period in 2022[224] - The Company incurred approximately $12.9 million in net cash used in investing activities for the nine months ended September 30, 2023, primarily due to $7.3 million in purchases of plant and equipment[288] - The company reported accounts receivable of $4,645,738 as of September 30, 2023, compared to $565,398 as of December 31, 2022, reflecting a substantial increase[275] - Contractual liabilities increased to $3,084,737 as of September 30, 2023, up from $2,388,480 as of December 31, 2022, indicating a growth of approximately 29.2%[275] - The total equity of the Company as of September 30, 2023, was $132,009,350, a decrease from $171,889,534 as of December 31, 2022[275] Losses and Impairments - The company experienced a loss from the acquisition of Antric amounting to approximately $1.3 million for the nine months ended September 30, 2023, compared to no loss for the same period in 2022[217] - A loss from the acquisition of Antric for Q3 2023 was approximately $1.3 million, compared to no loss in Q3 2022[245] - The change in fair value of equity securities resulted in a loss of approximately $1.9 million for Q3 2023, compared to a gain of $0.2 million in Q3 2022[244] - Impairment of long-term investments for the nine months ended September 30, 2023, was approximately $1.2 million, compared to no impairment in the same period of 2022[246] - The company reported a loss from operations of $(36,242,279) for the nine months ended September 30, 2023, compared to $(34,420,047) in the same period of 2022, indicating an increase in operational losses of approximately 5.3%[308] Future Outlook - The company expects general and administrative expenses to materially increase over the next two years due to growth strategy execution[163] - The company anticipates an increase in research and development expenses as it continues to invest in new ECV models and technologies[171] - The company plans to continue the rollout of new ECV models in North America and Europe, establish local assembly facilities, and expand its Changxing factory over the next twelve months[225] - The company plans to expand its technology through continued investment in research and development, focusing on vehicle development and sustainable energy innovations[257] Research and Development - The company has invested over $86.8 million in research and development since its inception in 2013, with plans to increase this expenditure in the long term[257] - Research and development expenses for the nine months ended September 30, 2023, were $(5,347,785), up from $(3,610,780) in the same period of 2022, reflecting an increase of approximately 48.1%[308]