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CNEY

CN ENERGY GROUP INC.

CNEY

CN ENERGY GROUP INC. • NASDAQ
$1.46 ▲ 5.04% (+0.07)
Market Cap $4.39 M
52w High $21.63
52w Low $1.35
Dividend Yield 0%
P/E 0.01
Volume 20.86K
Outstanding Shares 3.01M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $16.377M ▼ $1.578M ▼ $6.928M ▲ 42.305% ▲ $13.58 ▲ $-286.112K ▲
Q4-2024 $19.673M ▼ $9.413M ▲ $-11.085M ▼ -56.35% ▼ $-55.48 ▼ $-6.715M ▼
Q2-2024 $31.285M ▼ $2.788M ▲ $-2.955M ▼ -9.446% ▼ $-40.98 ▼ $-1.431M ▼
Q4-2023 $35.224M ▲ $1.038M ▼ $-1.455M ▲ -4.129% ▲ $-17.18 ▲ $-456.034K ▲
Q2-2023 $22.675M $5.161M $-4.171M -18.395% $-35 $-2.551M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $231.447K ▼ $104.153M ▲ $1.809M ▲ $102.344M ▲
Q4-2024 $317.323K ▲ $98.363M ▼ $1.45M ▼ $96.912M ▼
Q2-2024 $126.416K ▼ $118.422M ▼ $15.601M ▼ $102.82M ▼
Q4-2023 $195.502K ▼ $126.195M ▼ $22.593M ▼ $103.562M ▼
Q2-2023 $676.349K $137.177M $28.504M $108.673M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $6.928M ▲ $-1.457M ▲ $-3.98K ▼ $1.377M ▲ $0 ▲ $-1.457M ▲
Q4-2024 $-11.085M ▼ $-1.792M ▼ $1.545M ▲ $442.142K ▼ $-126.416K ▼ $-1.792M ▼
Q2-2024 $-1.478M ▼ $-579.2K ▲ $24.448K ▲ $483.69K ▼ $-69.086K ▲ $-289.661K ▲
Q4-2023 $-1.455M ▲ $-878.85K ▲ $-443.546K ▲ $1.728M ▼ $-480.847K ▲ $-1.552M ▲
Q2-2023 $-4.171M $-29.286M $-1.009M $11.705M $-17.371M $-29.296M

Revenue by Products

Product Q2-2022
Activated carbon
Activated carbon
 $10.00M ▲
Technical service
Technical service
 $0 ▲

Five-Year Company Overview

Income Statement

Income Statement CN Energy is still a very small business with only modest sales and no meaningful gross profit. In recent years, its costs have essentially matched or slightly exceeded its revenue, leading to small but persistent operating and net losses. Earnings per share have swung wildly, but this largely reflects heavy reverse stock splits rather than real swings in underlying performance. Overall, the income statement shows a company that has not yet proven it can turn its technology and contracts into durable, profitable operations.

Balance Sheet

Balance Sheet The balance sheet is light, with a small asset base and equity funding most of it. Debt is minimal, which reduces financial pressure from lenders, but cash on hand has declined compared with earlier years, limiting flexibility. The company does not appear overleveraged, but its cushion is thin: it relies on a relatively small pool of assets and equity to support the business, which makes it more vulnerable to setbacks or delays in achieving profitability.

Cash Flow

Cash Flow Cash flow from the core business has been weak and often negative, indicating the company has been consuming cash to stay operating rather than generating it. Free cash flow mirrors this pattern, as there has been little to no major investment spending to offset these operating outflows. This means the company’s growth and survival depend on carefully managing working capital and, when needed, raising external funding, rather than self-funding from strong internal cash generation.

Competitive Edge

Competitive Edge CN Energy operates in a niche corner of the global activated carbon and biomass power market, competing against much larger and better-funded players. Its edge comes from specialized, high-purity wood-based activated carbon and the ability to tailor products for demanding uses like pharmaceuticals and water treatment. Patent protection and technical know‑how help, but scale, brand recognition, and financial strength are limited. The company’s ongoing listing-compliance issues and weak financial track record underline that its competitive position is still fragile and not yet firmly established.

Innovation and R&D

Innovation and R&D The company highlights a proprietary cogeneration process, advanced gasification reactors, and dozens of patents. It has been recognized as a high‑technology enterprise in China and pursues customized solutions for customers, which are genuine innovation strengths. Plans to work with research institutions and expand biochar and activated carbon businesses in the Americas could build on this base. The key uncertainty is execution: strong technical ideas exist, but they must translate into reliable commercial contracts, better margins, and more stable cash flow for the innovation story to be fully credible.

Summary

CN Energy is a tiny, technology‑driven activated carbon and biomass player trying to carve out a specialized niche against global giants. The story is rich in patents, specialized processes, and customization capabilities, but thin in terms of scale, profits, and cash generation. Its balance sheet is lightly levered but also modest, with limited cash and a narrow buffer against setbacks. The main opportunity lies in converting its technical strengths and niche market focus into repeat, higher‑margin business, including abroad. The main risks are ongoing financial weakness, dependence on external funding, and a still‑uncertain competitive foothold, all of which introduce considerable uncertainty into its longer‑term prospects.