Company: CENN
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001140361-25-041657
Chunk: 104

Company: Cenntro Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part II, Item 8
Chunk 104
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714,253

                )

                100.0

                %

                $

                (17,843,769

                )

                100.0

                %

          30

        Cost of goods sold for the nine months ended September 30, 2025 was approximately $12.7 million, a decrease of approximately $5.1 million or approximately 28.7% from
          approximately $17.8 million for the nine months ended September 30, 2023.  The decrease of cost of goods sold was mainly caused by (i) the decrease in vehicle sales and spare-part sales of approximately $1.0 million and $1.7 million,
          respectively, due to the decrease of sales, (ii) the decrease of inventory write-down of approximately $2.5 million.

        Cost of goods sold for the three months ended September 30, 2025 was approximately $4.5 million, a decrease of approximately $5.5 million or approximately 55.0% from
          approximately $10.0 million for the three months ended September 30, 2024. The decrease of cost of goods sold was mainly caused by  (i) the decrease in vehicle sales and spare-part sales of approximately $3.5 million and $0.5 million,
          respectively, due to the decrease of sales, (ii) the decrease of inventory write-down of approximately $1.7 million.

        Gross Profit

        Gross Profit for the nine months ended September 30, 2025 was approximately $0.4 million, a decrease of approximately $7.6 million from approximately $8.0 million of gross loss
          for the nine months ended September 30, 2024. For the nine months ended September 30, 2025 and 2024, our overall gross margin was approximately 3.1% and 31.1%, respectively. Our gross margin of vehicle sales for the nine months ended September
          30, 2025 and 2024 was 1.2% and 33.1%, respectively. The decrease of our overall gross profit was mainly caused by the decrease in the gross profit of our vehicle sales and spare-part sales of approximately $7.5 million and $0.2 million,
          respectively, offset by the increase in the gross profit of other sales of approximately $0.1 million.

        Gross Profit for the three months ended September 30, 2025 was approximately $0.1 million