LISHUI, China, Aug. 28,
2023 /PRNewswire/ -- CN Energy Group. Inc. (Nasdaq:
CNEY) (the "Company"), a high-tech enterprise specializing in
cogeneration of high-quality wood-activated carbon and clean
energy, today filed its unaudited financial statements for the six
months ended March 31, 2023. The
Company reported $22.67 million in
revenue for the first six months of fiscal year 2023, an increase
of 66.1% as compared to the first six months of fiscal year 2022.
The increase was mainly due to an increase in sales volume of
activated carbon during the first half of fiscal year 2023. The
Company's net loss was $4.17 million,
resulting in a loss per share of $0.09 in the first six months of fiscal year
2023, as compared to earnings per share of $0.05 in the first six months of fiscal year
2022. The decrease was mainly due to an increase in the cost of
research and development and expenses related to the development of
new customers. The Company's expenditure on research and
development increased by 69.5% from approximately $0.34 million in the first six months of fiscal
year 2022 to approximately $0.58
million in the first six months of fiscal year 2023.
Meanwhile, total assets grew by 44.4% from approximately
$94.94 million as of March 31, 2022 to approximately $137.17 million as of March 31, 2023.
The Company expanded its customer base beyond pharmaceutical and
food industries and into sewage treatment and gas treatment in
municipal solid waste incineration power plants. These two new
customer segments resulted in an increase of 3,772 tons in sales
volume for the six-month period ended March
31, 2023,representing additional sales revenue of
approximately $6.04 million.
The Company revamped its marketing strategy by expanding sales
channels into diversified subdivided sectors with 19 customers,
which are expected to increase to 22 customers by the end of fiscal
year 2023. Additionally, the Company expanded the activated carbon
business with 10,323 tons in new customer sales for the six months
ended March 31, 2023, with sales
revenue totaling approximately $14.75
million.
Management Commentary
Ms. Xinyang Wang, Chairwoman of the Board of the Company,
said, "The adjustment in our marketing strategy has enabled us to
expand our sales channels while concurrently developing additional
customers and diversifying our customer base to reduce economic
risk. In the next stage of our business development, we plan to
further consolidate operations in our existing markets and
strengthen the development of our international business."
About CN Energy Group. Inc.
With patented proprietary bioengineering and physiochemical
technologies, the Company has pioneered and specialized in
producing high-quality recyclable activated carbon and renewable
energy from abandoned forest and agricultural residues, converting
harmful wastes into a valuable product and delivering significant
financial, economic, environmental, and ecological benefits. The
Company's products and services have been widely used by food and
beverage producers, industrial and pharmaceutical manufacturers, as
well as environmental protection enterprises. For more information,
please visit the Company's website at www.cneny.com
Forward-Looking Statements
Certain statements, other than statements of historical facts,
made in this announcement are forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties, including the further spread of the COVID-19 virus
or new variants thereof, or the occurrence of another wave of cases
and the impact it may have on the Company's operations and the
demand for the Company's products, and are based on current
expectations and projections about future events and financial
trends that the Company believes may affect its financial
conditions, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
refer to its filings with SEC, including without limitation,
Company's registration statements and other filings with the SEC
that set forth certain risks and uncertainties that may have an
impact on future results and directions of the Company.
Investor Relations Contact:
TraDigital IR
Kevin McGrath
+1-646-418-7002
kevin@tradigitalir.com
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SOURCE CN Energy Group. Inc.
