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LISHUI, China, Feb. 16, 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.
