CNEY

MKT CAP:$2M

CN Energy Group. Inc.

Market Cap

$2M

Basic Materials·Chemicals - Specialty·🇨🇳 China·NASDAQ

Materials·Chemicals·🇨🇳·NASDAQ

Stock Price

$0.72+$0.09 (+14.77%)

Apr 24, 2026

Company Details

CN Energy Group. Inc. manufactures and supplies wood-based activated carbon in China. The company's activated carbon is used in pharmaceutical manufacturing, industrial manufacturing, water purification, environmental protection, and food a...

CEO

Wenhua Liu

IPO Date

Feb 5, 2021

Website

www.cneny.com

Key Metrics TTM

Revenue

$78M

+28.0% YoY

Net Income

-$26M

EPS (Diluted)

-$84.11

Free Cash Flow

-$5M

Revenue / Share

$13.86

Gross Margin

-8.6%

Operating Margin

-32.2%

Net Margin

-33.9%

FCF Margin

-6.8%

P/S

0.0x

P/E

—

Earnings Reports

Q4 2025

Jan 30, 2026

$19M-2.4%EPS -$3.21

Q2 2025

Mar 30, 2025

$16MEPS $9.58

Q4 2024

Sep 30, 2024

$20MEPS -$55.48

Q2 2023

Mar 29, 2023

$23M+66.1%EPS -$35.00

Q4 2022

Sep 30, 2022

$27M+119.0%EPS $19.81

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 18	$2M	-$409.2K	-$567.8K
Q4 18	$6M	$2M	$2M
Q2 19	$5M	$1M	$440.7K
Q4 19	$6M	$2M	$747.2K
Q2 20	$4M	$1M	$294.0K
Q4 20	$9M	$2M	$2M
Q4 21	$12M	$1M	$401.3K
Q2 22	$14M	$1M	-$388.6K
Q4 22	$27M	$2M	$848.4K
Q2 23	$23M	$798.8K	-$4M
Q4 24	$20M	-$353.5K	-$10M
Q2 25	$16M	$479.2K	-$1M
Q4 25	$19M	-$8M	-$10M

Valuation

Quarter	P/S	P/E
Q2 18	—	—
Q4 18	—	—
Q2 19	—	—
Q4 19	0.1x	0.7x
Q2 20	0.1x	0.6x
Q4 20	0.1x	0.6x
Q4 21	0.1x	1.1x
Q2 22	0.0x	0.4x
Q4 22	0.1x	0.8x
Q2 23	0.0x	—
Q4 24	0.1x	—
Q2 25	0.0x	—
Q4 25	0.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 18	-$1M	-$1M
Q4 18	-$1M	-$1M
Q2 19	$382.4K	-$197.3K
Q4 19	-$233.9K	-$540.8K
Q2 20	-$199.9K	-$200.3K
Q4 20	-$2M	-$2M
Q4 21	-$11M	-$10M
Q2 22	$6M	$2M
Q4 22	-$14M	-$14M
Q2 23	-$29M	-$29M
Q4 23	-$878.9K	-$2M
Q4 24	-$2M	-$2M
Q2 25	-$1M	-$1M
Q4 25	-$514.2K	-$514.2K

Capital Expenditures

Quarter	CapEx
Q2 18	$1.9K
Q4 18	$15
Q2 19	$579.7K
Q4 19	$307.0K
Q2 20	$413
Q4 20	$18.9K
Q4 21	$1M
Q2 22	$4M
Q4 22	$179.7K
Q2 23	$9.9K
Q4 23	$673.5K
Q4 24	$122
Q2 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	+118.1%	+53.6%
Q4 20	+35.8%	+46.4%
Q4 21	+154.3%	+170.9%
Q2 22	+122.9%	+161.1%
Q4 22	+573.4%	+604.4%
Q2 23	+165.7%	+296.3%
Q4 24	+62.3%	+151.1%
Q2 25	+20.0%	+24.5%
Q4 25	-27.7%	+13.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 18	$0	0.0%
Q4 18	$0	0.0%
Q2 19	$0	0.0%
Q4 19	$0	0.0%
Q2 20	$0	0.0%
Q4 20	$0	0.0%
Q4 21	$0	0.0%
Q2 22	$0	0.0%
Q4 22	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$1M	—
Q4 24	$0	0.0%
Q2 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 18	$17.0K	—	—	$141.6K
Q4 18	$26.7K	—	—	$576.8K
Q2 19	$432.4K	$192.3K	$62.6K	—
Q4 19	$161.6K	$236.6K	$103.8K	—
Q2 20	$225.8K	$235.1K	$50.4K	—
Q4 20	$61.5K	$224.9K	$23.6K	—
Q4 21	$220.8K	$776.9K	$70.0K	—
Q2 22	$347.5K	$613.4K	$13.8K	—
Q4 22	$684.9K	$416.6K	$30.8K	—
Q2 23	$589.1K	$1M	$22.0K	—
Q4 24	$1.9K	$2M	$6M	—
Q2 25	$2.1K	$2M	—	—
Q4 25	—	—	—	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 18	$2M	$0	$2M
Q2 19	$2M	$0	$2M
Q4 19	$2M	$0	$2M
Q2 20	$1M	$0	$1M
Q4 20	$2M	$0	$2M
Q2 21	$13M	$3M	$16M
Q4 21	$190.8K	$3M	$3M
Q2 22	$5M	$0	$5M
Q4 22	$18M	$0	$18M
Q2 23	$676.3K	$0	$676.3K
Q4 23	$195.5K	$0	$195.5K
Q2 24	$126.4K	$0	$126.4K
Q4 24	$317.3K	$0	$317.3K
Q2 25	$231.4K	$0	$231.4K
Q4 25	$390.7K	$0	$390.7K

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 18	15K	—	—
Q4 18	15K	0.0%	—
Q2 19	13K	-13.4%	—
Q4 19	13K	0.0%	—
Q2 20	13K	0.0%	-13.4%
Q4 20	13K	0.0%	-13.4%
Q4 21	25K	+87.1%	+87.1%
Q2 22	27K	+8.6%	+103.2%
Q4 22	31K	+13.2%	+130.0%
Q2 23	60K	+94.3%	+346.9%
Q4 24	200K	+235.3%	+700.9%
Q2 25	724K	+262.1%	+2570.8%
Q4 25	6M	+677.2%	+18237.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 18	—	—
Q4 18	—	—
Q2 19	—	—
Q4 19	—	—
Q2 20	—	—
Q4 20	—	—
Q4 21	$75.8K	160
Q2 22	$85.3K	160
Q4 22	$177.0K	150
Q2 23	$151.2K	150
Q4 24	$819.7K	24
Q2 25	$682.4K	24
Q4 25	$38	500K

Revenue / Employee