CNEY Released Its Audited Financial Results for Fiscal Year 2023

Financial Performance - CN Energy Group, Inc. (CNEY) reported revenue of approximately $57.90 million for Fiscal 2023, a 44.0% increase compared to Fiscal 2022 [1] - The increase in revenue was primarily driven by a rise in activated carbon sales, with 40,251 tons sold in Fiscal 2023, reflecting a 39.2% increase from the previous year [1] - Despite the revenue growth, CNEY faced a net loss of approximately $5.6 million, resulting in a loss per share of $0.10 for Fiscal 2023, compared to earnings per share of $0.10 in Fiscal 2022 [2] - Administrative expenses surged by 178.1%, increasing from approximately $2.06 million in Fiscal 2022 to approximately $5.73 million in Fiscal 2023, with research and development expenses accounting for about $1 million of this increase [2] - 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 [2] Strategic Initiatives - CNEY adjusted its marketing strategy and expanded sales channels into diversified sub-sectors, including pharmaceuticals, food industries, sewage treatment, and gas treatment for municipal solid waste incineration power plants [3] - The CEO of CNEY, Ms. Xinyang Wang, emphasized the company's focus on growth in sales volume and customer base, with plans to expand into new markets, particularly in North America, as part of its internationalization strategy [3] Company Overview - CNEY specializes in producing high-quality recyclable activated carbon and renewable energy from abandoned forest and agricultural residues, utilizing patented bioengineering and physiochemical technologies [4] - The company's products and services are widely used by food and beverage producers, industrial and pharmaceutical manufacturers, and environmental protection enterprises [4]