Company: CENN
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001140361-25-030576
Chunk: 37

Company: Cenntro Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part II, Item 8
Chunk 37
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 of goods sold

            $

            (6,425,822

            )

            100.0

            %

            $

            (5,737,212

            )

            100.0

            %

            $

            (8,247,353

            )

            100.0

            %

            $

            (7,910,923

            )

            100.0

            %

      Cost of goods sold for the six months ended June 30, 2025 was approximately $8.2 million, an increase of approximately $0.3 million or approximately 4.3% from approximately
        $7.9 million for the six months ended June 30, 2024.  The increase of cost of vehicle sales was mainly caused by the increase in the cost of vehicle sales of approximately $2.5 million, offset by the decrease in the
        cost of spare-part sales and inventory write-down of approximately $1.5 million and $0.8 million, respectively.
       
      Cost of goods sold for the three months ended June 30, 2025 was approximately $6.4 million, an increase of approximately $0.7 million or approximately 12.0% from approximately
        $5.7 million for the three months ended June 30, 2024. The increase of cost of vehicle sales was mainly caused by the increase in the cost of vehicle sales of approximately $2.1 million, offset by the decrease in the cost of spare-part sales and
        inventory write-down of approximately $0.7 million and $0.8 million, respectively.

      32

Gross Profit/(Loss)

      Gross Profit for the six months ended June 30, 2025 was approximately $0.3 million, a decrease of approximately $1.4 million from approximately $1.7 million of gross profit for
        the six months ended June 30, 2024. For the six months ended June 30, 2025 and 2024, our overall gross margin was approximately 3.5% and 18.1%, respectively. Our gross margin of vehicle sales for the six months ended June 30, 2025 and 2024 was 1.3%
        and 21.4%, respectively. The decrease of our overall gross profit was caused by the decrease in the gross profit of our vehicle sales of approximately $2.3 million, offset by the decrease in the inventory write-down of approximately