The company's core industrial presence has deteriorated significantly, evidenced by a 2025Q4 gross margin of -39.9% and a revenue contraction to $19.2 million.
| Sales/Revenue | 35.57M | 50.96M | 57.9M | 40.21M | 19.85M | 12.48M | 10.89M | 8.09M | 1.37M |
| Revenue Growth % | -30.19% | -11.99% | 44.01% | 102.58% | 59.08% | 14.53% | 34.62% | 490.41% | - |
| Cost of Goods Sold | 42.75M | 51.14M | 57.11M | 36.56M | 17.23M | 9.12M | 7.92M | 6.27M | 1.65M |
| COGS % of Revenue | 120.17% | 100.36% | 98.64% | 90.94% | 86.82% | 73.08% | 72.71% | 77.54% | 120.27% |
| Gross Profit | -7.17M | -181.11K | 788.65K | 3.64M | 2.62M | 3.36M | 2.97M | 1.82M | -277.81K |
| Gross Margin % | -20.17% | -0.36% | 1.36% | 9.06% | 13.18% | 26.92% | 27.29% | 22.46% | -20.27% |
| Gross Profit Growth % | -3861.17% | -122.96% | -78.34% | 39.17% | -22.11% | 13.02% | 63.54% | 754.21% | - |
| Operating Expenses | 3.8M | 12.31M | 6.97M | 3.18M | 953.89K | 884.63K | 1.2M | 107.15K | 741.83K |
| OpEx % of Revenue | 10.69% | 24.15% | 12.03% | 7.91% | 4.81% | 7.09% | 10.98% | 1.32% | 54.13% |
| Selling, General & Admin | 4.1M | 3.2M | 5.78M | -2.15M | 1.65M | 1.07M | 1.19M | 718.45K | 699.89K |
| SG&A % of Revenue | 11.52% | 6.27% | 9.99% | -5.35% | 8.3% | 8.56% | 10.93% | 8.88% | 51.07% |
| Research & Development | 1.28K | 135.15K | 988.56K | -1.03M | 385.52K | 287.3K | 593.99K | 43.72K | 41.94K |
| R&D % of Revenue | 0% | 0.27% | 1.71% | -2.57% | 1.94% | 2.3% | 5.45% | 0.54% | 3.06% |
| Other Operating Expenses | -297.93K | 8.98M | 195.36K | 6.36M | -1.08M | -470.87K | -587.96K | -35.06K | 0 |
| Operating Income | -10.98M | -12.49M | -6.18M | 459.83K | 583.38K | 2M | 1.78M | 1.06M | -1.02M |
| Operating Margin % | -30.85% | -24.51% | -10.67% | 1.14% | 2.94% | 16.06% | 16.37% | 13.04% | -74.4% |
| Operating Income Growth % | 12.12% | -102.13% | -1443.63% | -21.18% | -70.88% | 12.37% | 68.98% | 203.5% | - |
| EBITDA | -9.68M | -9.88M | -3.42M | 2M | 1.8M | 3.03M | 2.83M | 2.2M | 95.27K |
| EBITDA Margin % | -27.21% | -19.38% | -5.9% | 4.97% | 9.06% | 24.3% | 25.98% | 27.15% | 6.95% |
| EBITDA Growth % | 2% | -188.89% | -271.14% | 11.14% | -40.71% | 7.11% | 28.86% | 2205.72% | - |
| D&A (Non-Cash Add-back) | 1.3M | 2.61M | 2.76M | 1.54M | 1.21M | 1.03M | 1.05M | 1.14M | 1.11M |
| EBIT | -10.43M | -13.71M | -5.14M | 2.7M | 1.73M | 2M | 1.78M | 1.06M | -925.11K |
| Net Interest Income | -706.14K | -335.57K | -712K | 545.65K | 191.23K | -27.69K | -6.55K | 0 | 0 |
| Interest Income | 2.57K | 388 | 489 | 702.87K | 191.23K | 0 | 0 | 0 | 437 |
| Interest Expense | 708.71K | 335.96K | 712.49K | 157.22K | 0 | 27.69K | 6.55K | 0 | 0 |
| Other Income/Expense | -166.2K | -1.56M | 330.56K | 2.08M | 1.15M | 511.2K | 588.72K | 619.97K | 94.53K |
| Pretax Income | -11.14M | -14.05M | -5.85M | 2.54M | 1.73M | 2.51M | 1.78M | 1.68M | -925.11K |
| Pretax Margin % | -31.32% | -27.57% | -10.1% | 6.33% | 8.74% | 20.16% | 16.31% | 20.7% | -67.5% |
| Income Tax | 378 | -8.93K | -222.12K | 314.27K | 437.35K | 170.12K | 108.81K | 112.63K | -113.11K |
| Effective Tax Rate % | -0% | 0.06% | 3.8% | 12.35% | 25.23% | 6.76% | 6.12% | 6.72% | 12.23% |
| Net Income | -11.14M | -14.04M | -5.63M | 2.23M | 1.3M | 2.34M | 1.67M | 1.56M | -811.99K |
| Net Margin % | -31.32% | -27.55% | -9.72% | 5.55% | 6.53% | 18.79% | 15.31% | 19.31% | -59.25% |
| Net Income Growth % | 20.65% | -149.58% | -352.31% | 72% | -44.71% | 40.59% | 6.73% | 292.44% | - |
| Net Income (Continuing) | -11.14M | -14.04M | -5.63M | 2.23M | 1.3M | 2.34M | 1.67M | 1.56M | -811.99K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -21.46 | -103.27 | -78.01 | 77.21 | 15.86 | 175.86 | 125.09 | 117.20 | -52.76 |
| EPS Growth % | 79.22% | -32.38% | -201.04% | 386.82% | -90.98% | 40.59% | 6.73% | 322.14% | - |
| EPS (Basic) | -21.46 | -70.27 | -78.01 | 77.21 | 15.86 | 175.86 | 125.09 | 117.20 | -52.76 |
| Diluted Shares Outstanding | 519.26K | 199.8K | 72.12K | 28.88K | 20.26K | 13.33K | 13.33K | 13.33K | 15.39K |
| Basic Shares Outstanding | 519.26K | 199.8K | 72.12K | 28.88K | 20.26K | 13.33K | 13.33K | 13.33K | 15.39K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Imminent liquidity and insolvency risk
As indicated by the most recent quarterly filings, CNEY experienced a 2.4% year-over-year revenue decline, continuing a trend of volatility that saw top-line figures drop from $35.2 million in 2023Q4 to $19.2 million in 2025Q4, signaling a significant erosion of the company's core industrial market presence.
The persistent downward trajectory in revenue suggests that the company is struggling to maintain its competitive position within the Chinese biomass and activated carbon sectors. This decline appears to be more than cyclical, potentially reflecting a fundamental loss of market share or an inability to secure consistent purchase orders in a tightening industrial environment.
According to the latest financial data, the company reported a gross margin of -39.9% in 2025Q4, a stark deterioration from the 12.1% levels observed in 2021Q4, which suggests that the current cost of production significantly exceeds the market value of the company's output.
The collapse into deeply negative gross margins implies that the company's dual-output model is failing to achieve the necessary economies of scale or cost-efficiency. Investors should monitor whether this represents a permanent impairment of the business model, as the inability to cover direct production costs typically precedes a cessation of operations.
Based on reported figures, the company's operating margin plummeted to -46.9% in 2025Q4, demonstrating that SG&A expenses are not being adequately absorbed by the shrinking revenue base, thereby exacerbating the firm's overall financial distress and limiting any potential for operational scaling.
The lack of operating leverage suggests that the company's fixed cost structure is too heavy for its current throughput levels. Without a significant increase in volume or a drastic reduction in overhead, the company appears unable to reach an inflection point where operating income could turn positive.
Financial statements reveal a critical liquidity position with cash reserves insufficient to support ongoing operations, as evidenced by the consistent net losses and the absence of meaningful capital buffers, which warrants extreme caution regarding the company's ability to continue as a going concern.
While some might argue that local government ties could provide a lifeline, the current financial data provides no evidence of such support. The combination of negative margins and a lack of cash suggests that the company is highly vulnerable to any further disruption in its supply chain or regulatory environment.
Quick answers to the most common questions about buying CNEY stock.
For fiscal year 2025, CN Energy Group. Inc. (CNEY) reported total revenue of $35.6M. This represents a 2495.5% increase compared to $1.4M in 2017.
CN Energy Group. Inc. (CNEY) reported a net loss of $11.1M for the fiscal year ending 2025.
CN Energy Group. Inc. (CNEY) reported an operating income of $-11.0M, resulting in an operating profit margin of -30.9%. This margin reflects the operational efficiency of the business before interest and taxes.
CN Energy Group. Inc. (CNEY) generated $-7.2M in gross profit for the year, representing a gross profit margin of -20.2%. This demonstrates the company's core pricing power and production efficiency.