Cenntro Electric is scheduled to release its earnings today after markets close. The company, based in Freehold, New Jersey, manufactures light and medium-duty commercial electric vehicles. Founded in 2013, its shares trade deep in penny stock territory.
So far this year, CENN stock has declined 65% to $1.90.
What Happened With CENN Stock
Cenntro Electric’s stock is rising today as investors bid up the share price in expectation of strong earnings. Anticipation is running high for the earnings report as it will be the first financial data disclosed by Cenntro Electric since the company was bought last year by Naked Brand.
After markets close today, Cenntro Electric will report its full-year 2021 financial results. The data should provide a better indication to investors and analysts of Cenntro Electric’s performance and overall financial health. Investors will be better able to better assess the value of CENN stock after the earnings print.
Why It Matters
What is known about Cenntro Electric’s financials so far is that the company’s overall operating costs amounted to $4.98 million in the first half of 2021. The company also had a net loss in the first half of last year of $4.55 million.
Cash on Cenntro’s balance sheet totaled $250 million at the end of June last year, and the company reported having no debt, which is good as it helps the company’s growth plans for this year and beyond.
What’s Next for Cenntro Electric
Should Cenntro Electric report better-than-expected earnings today, it could go a long way to helping the stock recover some of the ground it has lost so far in 2022. However, investors should keep in mind that Cenntro Electric is an EV startup and a volatile penny stock. Its shares are not without risk.
On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.