Cenntro Inc.

What they do

Cenntro develops and sells electric commercial vehicles (ECVs) under model series including Metro, Logistar, iChassis, Avantier, Teemak and Bison Motor, with production and delivery underway globally apart from Logimax. It uses an asset-light, distributed manufacturing model: it builds semi-knockdown vehicle kits in China for Metro, Teemak and iChassis and has them locally assembled in the U.S. and Europe, while also selling fully assembled vehicles. The company also sells ECV spare parts, outsourced batteries and technical/homologation services to channel partners, and is developing a programmable 'smart' chassis (iChassis) for third-party autonomous driving applications.

Revenue drivers

• Vehicle sales — Primary revenue source: sales of Metro (including vehicle kits), Logistar 100/200/210/260/450, Antric, Avantier, Teemak, Clubcar, Neibor 150 and a 1-ton Electric Flatbed Truck; these generated the bulk of 2025 revenue of $18.1 million.
• Spare parts — Sales of ECV spare-parts related to Metro vehicles, a support revenue line tied to the installed vehicle base.
• Other sales — Includes sales of inventory of outsourced ECV batteries and service charges to channel partners for technical development and vehicle homologation or certification.
• iChassis platform — A programmable 'smart' chassis sold to third parties who integrate their own control software for autonomous driving commercial vehicle applications; management expects increased sales from iChassis in late 2026.

Recent performance

Annual revenue rose from $10.4M in 2023 to $31.3M in 2024 before falling to $18.1M in 2025, alongside a 2025 net loss of $73.0M. Quarterly revenue was $4.6M in Q3 2025, $5.0M in Q4 2025, $1.2M in Q1 2026 and $6.2M in Q2 2026. Operating cash flow has been negative every year shown, though the outflow narrowed from $21.4M in 2024 to $12.6M in 2025. At June 30, 2026, total assets were $68.4M, total liabilities $34.4M, shareholder equity $33.9M and cash $4.3M.

Strategy

Cenntro is pursuing an asset-light, distributed manufacturing model, building vehicle kits in China and assembling them locally in the U.S. and Europe to require less capital than a vertically integrated automaker. It has begun making its own battery packs and preparing battery cell production, and is building vehicle distribution, service networks and cloud-based parts distribution. In Europe it returned to a distributor-focused model in 2024 after testing an EV center approach via the acquired German manufacturer CAE; in North America it uses a hybrid of direct sales and distributor partnerships. Management expects to begin generating revenue from Bison Motor hydrogen-powered heavy-duty vehicles in late 2026 and increased iChassis sales.

Risks

• Limited operating history — Cenntro began pilot production of the Metro in 2018 and had only $18.1M of revenue in 2025, so it has limited experience with high-volume ECV manufacturing and limited history to evaluate the business.
• Persistent losses and cash burn — Net losses were $44.9M in 2024 and $73.0M in 2025, and operating cash flow was negative $12.6M in 2025, requiring external financing.
• Liquidity — Cash and equivalents were only $4.3M at June 30, 2026 against $34.4M of total liabilities, and the company has repeatedly sold unregistered equity in 2026.
• Execution on new models and regions — The company must ramp U.S. and EU assembly facilities, maintain its network of assembly and channel partners, and deliver planned hydrogen heavy-duty vehicles and iChassis volumes, which it has not yet done at scale.

Outlook

Management says it expects to start generating revenue in late 2026 from Bison Motor hydrogen-powered heavy-duty vehicles and from increased iChassis sales. It also expects research and development and selling and marketing expenses to increase as it adds ECV models and expands dealership and service networks. The company frames battery cost declines cited from BNEF as improving ECV economics over the long term. No specific revenue or earnings guidance is given in the excerpts.