LISHUI, China,
Feb. 15,
2024 /PRNewswire/ -- CN Energy Group. Inc. (NASDAQ:
CNEY) today announced its audited financial results for the fiscal
year ended September 30, 2023
("Fiscal 2023"). CNEY reported revenue of approximately
$57.90 million for Fiscal 2023,
marking a 44.0 percent increase compared to the fiscal year ended
September 30, 2022 ("Fiscal 2022").
This increase was mainly due to an increase in the activated carbon
sales, with 40,251 tons of activated carbon sold in Fiscal 2023, up
by 39.2 percent from the previous year.
Despite the revenue increase, CNEY faced a net loss of
approximately $5.6 million, resulting
in a loss per share of $0.10 for
Fiscal 2023, compared to an earnings per share of $0.10 in Fiscal 2022. The downturn was mainly due
to an increase in administrative expenses of CNEY, which increased
by 178.1% from approximately $2.06
million in Fiscal 2022 to approximately $5.73 million in Fiscal 2023, with the
research and development expenses accounting for approximately
$1 million of this increase. In
addition, production at CNEY's factory in Northeast China decreased by 56% in Fiscal
2023 due to challenges in securing enough raw material problems, but CNEY's fixed expense
of depreciation remained at approximately $1
million.
During Fiscal 2023, CNEY's total assets grew by 32.7%, from
approximately $94.94 million as of
September 30, 2022 to approximately
$126.20 million as of September 30, 2023.
In Fiscal 2023, CNEY adjusted its marketing strategy and
expanded its sales channels to diversified sub-sectors, including
pharmaceuticals, food industries, sewage
treatment, and gas treatment for municipal solid waste
incineration power plants.
Ms. Xinyang Wang, CNEY's Chief Executive Officer, commented
on the year's performance: "Although we had a loss in Fiscal 2023,
we achieved growth in sales volume and expanded our customer base.
Looking ahead to fiscal 2024, we aim to add to our existing
customer base and expand into new markets, especially in
North America, to implement our
internationalization strategy."
About CN Energy Group. Inc.
With patented proprietary bioengineering and physiochemical
technologies, CNEY 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. CNEY'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 CNEY'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, and are based on current expectations and
projections about future events and financial trends that
CNEY 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. CNEY 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
CNEY 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
CNEY cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
refer to its filings with the U.S. Securities and Exchange
Commission, including without limitation, CNEY's registration
statements and other filings with the U.S. Securities and Exchange
Commission that set forth certain risks and uncertainties that may
have an impact on future results and directions of CNEY.
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SOURCE CN Energy Group. Inc.