CNENY(US:CNEY) Prnewswire·2024-02-26 13:30Core Insights - CN Energy Group reported preliminary revenue for the first three months of fiscal year 2024, which is approximately equal to the revenue for the first six months of fiscal year 2023 [1] - The company is focused on improving operations and cost structure, product optimization, and innovative commercial strategies to expand margins and return to profitability [1] Financial Performance - Expected revenue for the first three months of fiscal year 2024 is projected to be between $21.0 million and $22.0 million [2] - The anticipated net income (loss) for the same period is estimated to be between $(1.0 million) and $(0.8 million) [2] Strategic Initiatives - The company plans to expand its product offerings into the U.S. market for the first time and is in discussions with U.S.-based environmental companies and pharmaceutical manufacturers [2] - There is a commitment to reduce the cost of goods sold to improve margins and increase net income, alongside investments in marketing, sales initiatives, and research and development [2] Company Overview - CN Energy Group specializes in producing high-quality recyclable activated carbon and renewable energy from abandoned forest and agricultural residues [4] - The company's products are utilized by various sectors, including food and beverage producers, industrial and pharmaceutical manufacturers, and environmental protection enterprises [5]