Reported Earnings • Feb 01
Full year 2025 earnings released: US$21.46 loss per share (vs US$103 loss in FY 2024) Full year 2025 results: US$21.46 loss per share (improved from US$103 loss in FY 2024). Revenue: US$35.6m (down 30% from FY 2024). Net loss: US$11.1m (loss narrowed 21% from FY 2024). New Risk • Dec 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.2m free cash flow). Earnings have declined by 69% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 15x increase in shares outstanding). Market cap is less than US$10m (US$3.68m market cap). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Announcement • Dec 02
CN Energy Group. Inc. Announces Its Wholly Owned Subsidiary, PATHENBOT Group Inc Launch of PATHENBOT Robotics Solutions Platform and Official Website CN Energy Group. Inc. announced that its wholly owned subsidiary, PATHENBOT Group Inc. has launched its robotics solutions platform and its official website. This launch represents the next step in the development of PATHENBOT's intelligent robotics initiatives. The North American intelligent automation market continues to see increased demand. PATHENBOT's mission is to provide customizable intelligent robotics products and related automation services to small and medium-sized industrial, logistics, and catering businesses in North America. PATHENBOT intends to integrate robotics, software, and artificial intelligence technologies to provide automation solutions as part of the Company's continued development. Reported Earnings • Oct 05
First half 2025 earnings released: EPS: US$13.58 (vs US$40.98 loss in 1H 2024) First half 2025 results: EPS: US$13.58 (up from US$40.98 loss in 1H 2024). Revenue: US$16.4m (down 48% from 1H 2024). Net income: US$6.93m (up US$9.88m from 1H 2024). Profit margin: 42% (up from net loss in 1H 2024). The move to profitability was driven by lower expenses. New Risk • Sep 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 73% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 52x increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Market cap is less than US$100m (US$12.4m market cap). Announcement • Feb 20
CN Energy Group. Inc. Auditor Raises 'Going Concern' Doubt CN Energy Group. Inc. filed its Annual on Feb 18, 2025 for the period ending Sep 30, 2024. In this report its auditor, Enrome LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Announcement • Feb 01
CN Energy Group. Inc. announced delayed 20-F filing On 01/31/2025, CN Energy Group. Inc. announced that they will be unable to file their next 20-F by the deadline required by the SEC. Announcement • Jan 13
Cn Energy Group. Inc. Appoints Ming Yi as Independent Member of the Board and the Chairperson of the Audit Committee CN Energy Group. Inc. disclosed on December 12, 2024, the board of directors of CN Energy Group Inc. approved the nomination of Mr. Ming Yi as an independent member of the Board and the Chairperson of the Audit Committee. On January 3, 2025, the Company entered into a director offer letter with Mr. Ming Yi, which establishes other terms and conditions governing his service to the Company. Pursuant to Offer Letter, Mr. Ming Yi will receive an annual compensation in cash of $16,000 for his services as the independent director. Announcement • Dec 04
CN Energy Group Receives Nasdaq Minimum Bid Price Requirement Extension CN Energy Group. Inc. announced that on November 26, 2024, the Company received a written notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, while the Company has not regained compliance with the minimum $1.00 bid price per share requirement (the "Minimum Bid Price Requirement"), Nasdaq has determined that the Company is eligible for an additional 180 calendar day period, or until May 27, 2025 (the "Second Compliance Period"), to regain compliance. Nasdaq's determination was based on (i) the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement, and (ii) the Company's written notice to Nasdaq of its intention to cure the deficiency during the Second Compliance Period by effecting a reverse stock split, if necessary. If at any time during the Second Compliance Period, the closing bid price of the Company's Class A ordinary shares meets or exceeds $1.00 per share for at least ten consecutive business days, Nasdaq will provide written confirmation of compliance, and this matter will be closed. The Company intends to continue to actively monitor its compliance with the Minimum Bid Price Requirement and, as appropriate, will consider available options to resolve any deficiencies and regain compliance, including the implementation of a reverse share split, if necessary. Announcement • Oct 12
CN Energy Group Regains Compliance with Nasdaq Minimum Market Value of Publicly Held Shares Requirement CN Energy Group. Inc. announced that on October 9, 2024, Company received a written notice from Listing Qualifications Department of The Nasdaq Stock Market LLC (‘Nasdaq’) notifying the Company that it has regained compliance with the minimum market value of publicly held shares (‘MVPHS’) requirement (the ‘MVPHS Requirement’) under Nasdaq Listing Rule 5550(a)(5) (the ‘Rule’). The Company was previously notified by Nasdaq on September 6, 2024, that it was not in compliance with the MVPHS requirement because its Class A ordinary share had failed to maintain a MVPHS of $1,000,000 over the previous 30 consecutive trading days as required by the Nasdaq Capital Market under the Rule. In order to regain compliance with the Rule, the Company was required to maintain a minimum MVPHS of $1,000,000 or more for at least 10 consecutive trading days. The staff of Nasdaq has determined that for the last 10 consecutive business days, from September 25 through October 8, 2024, the Company's MVPHS has been $1,000,000 or greater. Accordingly, the Company has regained compliance with the Rule. Reported Earnings • Oct 03
First half 2024 earnings released: US$1.64 loss per share (vs US$2.80 loss in 1H 2023) First half 2024 results: US$1.64 loss per share (improved from US$2.80 loss in 1H 2023). Revenue: US$31.3m (up 38% from 1H 2023). Net loss: US$2.96m (loss narrowed 29% from 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 13 percentage points per year, which is a significant difference in performance. New Risk • Oct 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$2.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$2.1m free cash flow). Share price has been highly volatile over the past 3 months (48% average daily change). Earnings have declined by 70% per year over the past 5 years. Market cap is less than US$10m (US$2.03m market cap). Minor Risk Shareholders have been diluted in the past year (33% increase in shares outstanding). Announcement • Sep 13
CN Energy Group Receives Nasdaq Notifications Regarding Minimum Market Value of Publicly Held Shares Requirement CN Energy Group. Inc. announced that on September 6, 2024, the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (‘Nasdaq’) notifying the Company that it is currently not in compliance with certain requirements under the relevant Nasdaq Listing Rules. The letter (the ‘MVPHS Deficiency Letter’) notified the Company that, for the preceding 30 consecutive business days of the MVPHS Deficiency Letter, the Company's Class A Ordinary Shares (the ‘Class A Shares’) did not meet the minimum $1,000,000 Market Value of Publicly Held Shares (‘MVPHS’) requirement for continued listing on Nasdaq pursuant to Nasdaq Listing Rules 5550(a)(5) (the ‘MVPHS Requirement’). This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. The MVPHS Deficiency Letter has no immediate effect on the listing of the Company's Class A Shares, which will continue to trade uninterrupted on Nasdaq under the ticker symbol ‘CNEY.’ Pursuant to Nasdaq Listing Rule 5810(c)(3)(D), the Company has an initial compliance period of 180 calendar days, or until March 5, 2025 (the ‘Compliance Date’), to regain compliance with the MVPHS Requirement. If at any time the MVPHS for the Class A Shares is at least $1,000,000 for a minimum of ten consecutive business days, the Staff will provide the Company with written confirmation of compliance with such requirements, as applicable. In the event the Company does not regain compliance with the above requirements prior to the expiration of the compliance period, it will receive written notification that its securities are subject to delisting. Alternatively, the Company may apply to transfer the Company's securities to The Nasdaq Capital Market. The Company intends to monitor the MVPHS of the Class A Shares and may, if appropriate, consider available options to regain compliance with the MVPHS requirement. New Risk • Sep 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 57% per year over the past 5 years. Market cap is less than US$10m (US$771.5k market cap). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (33% increase in shares outstanding). Announcement • Feb 27
CN Energy Group Provides Earnings Guidance for its First Three Months of Fiscal Year 2024 CN Energy Group provided earnings guidance for its first three months of fiscal year 2024. The company expected revenue to be $21.0 million to $22.0 million and net loss to be $1.0 million to $0.8 million. Announcement • Feb 16
CN Energy Group. Inc. Appoints Steven Berman as Chief Executive Officer CN Energy Group. Inc. announced the appointment of Steven Berman as its new Chief Executive Officer, effective immediately. This appointment follows a comprehensive global search. The company believed Mr. Berman will bring a wealth of experience to the Company as the Chief Executive Officer, with over 28 years of leadership expertise in customer service, finance, sales and innovative technology. Mr. Berman is the founder of Berman Electronic Enterprises LLC (BE Enterprises) and has been operating BE Enterprises for the past 15 years. Before his tenure in the semiconductor industry, Berman was an investment banker at some of North America's leading investment firms including Citigroup and Dreyfus, a division of Mellon Investments Corporation. Mr. Berman will lead CN Energy in its continued development, manufacturing, and distribution of wood-based activated carbon on a global scale, with a focus on the US Markets. Mr. Berman aims to expand the Company's horizon into the semiconductor distribution industry, fostering a dual business model that combines being a global distributor of electronic components with manufacturing of wood-based activated carbon. Although the expansion into semiconductor distribution anticipates potential acquisitions, no such targets have been identified to date. This vision includes both focus on technology and AI powered semiconductor chip distribution, alongside being a key manufacturer and distributor of activated carbon for pharmaceutical manufacturing, water purification, environmental protection and food and beverage production. Announcement • Feb 14
CN Energy Group. Inc. to Report Second Half, 2024 Results on Feb 15, 2024 CN Energy Group. Inc. announced that they will report second half, 2024 results on Feb 15, 2024 Announcement • Feb 01
CN Energy Group. Inc. announced delayed 20-F filing On 01/31/2024, CN Energy Group. Inc. announced that they will be unable to file their next 20-F by the deadline required by the SEC. New Risk • Jan 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 350% a day. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (350% average daily change). Earnings have declined by 32% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (40% increase in shares outstanding). Market cap is less than US$100m (US$92.6m market cap). Announcement • Jan 06
CN Energy Group. Inc. Announces Nasdaq Delisting Notification and Intends to Appeal CN Energy Group. Inc. (the "Company") announced that it received a letter from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") on December 29, 2023. This letter stated that, because the Company's securities had a closing bid price of $0.10 or less for ten consecutive trading days as of the letter date, unless the Company timely requested a hearing before a Hearings Panel (the "Panel") to appeal Nasdaq's delisting determination, trading of the Company's securities will be suspended at the opening of business on January 9, 2024, and a Form 25-NSE will be filed with the U.S. Securities and Exchange Commission to remove the Company's securities from listing and registration on Nasdaq, according to Listing Rule 5810(c)(3)(A)(iii). As previously disclosed, the Company received a deficiency letter from the Staff on January 13, 2023, indicating non-compliance with the minimum bid price requirement under Nasdaq Listing Rule 5450(a)(1) (the "Bid Price Rule") for continued listing on Nasdaq. On July 13, 2023, Nasdaq granted the Company an additional 180-day period, ending on January 8, 2024, to regain compliance with the Bid Price Rule. On January 5, 2024, the Company submitted a request for a hearing before the Panel to appeal the Staff's determination pursuant to the procedures set in the Nasdaq Listing Rules, and such hearing request will stay the suspension of the trading of the Company's securities and the filing of the Form 25-NSE pending the Panel's decision. There can be no assurance as to the success or outcome of the appeal. Reported Earnings • Sep 02
First half 2023 earnings released: US$0.093 loss per share (vs US$0.049 profit in 1H 2022) First half 2023 results: US$0.093 loss per share (down from US$0.049 profit in 1H 2022). Revenue: US$22.7m (up 66% from 1H 2022). Net loss: US$4.17m (down US$5.17m from profit in 1H 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in the US. Announcement • Aug 12
CN Energy Group. Inc., Annual General Meeting, Sep 15, 2023 CN Energy Group. Inc., Annual General Meeting, Sep 15, 2023, at 09:00 US Eastern Standard Time. Location: Dikai Yinzuo, Room 1804-1, No. 29 Jiefang East Road Jianggan District, Hangzhou City Zhejiang Province China Agenda: To consider to re-elect each of the five directors named in the proxy statement as a director of the company to hold office until the next annual general meeting or until his/her respective successor is elected and duly qualified; to consider to ratify the appointment of enrome llp as the company’s independent registered public accounting firm for the fiscal year ending September 30, 2023; and to consider to adopt the 2023 share incentive plan of the company. New Risk • Jul 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 2.5% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Shareholders have been substantially diluted in the past year (129% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Market cap is less than US$100m (US$10.4m market cap). Announcement • Jul 25
CN Energy Receives Nasdaq Minimum Bid Price Requirement Extension CN Energy Group. Inc. ("CNEY" or the "Company") announced that on July 13, 2023, it received notification from The Nasdaq Stock Market LLC ("NASDAQ"), confirming that the Company had been granted an additional 180 calendar day period, or until January 8, 2024, to regain compliance under NASDAQ's minimum bid price requirement. To regain compliance, the bid price for the Company's Class A ordinary shares will need to close at $1.00 or more for a minimum of 10 consecutive business days by January 8, 2024. The current notification from NASDAQ has no immediate effect on the Company's business operations or the listing or trading of the Company's Class A ordinary shares, which will continue to trade on the NASDAQ Capital Market under the symbol "CNEY." The Company intends to monitor the closing bid price of its Class A ordinary shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse share split of its outstanding ordinary shares, to meet the minimum bid price requirement. New Risk • Jul 11
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.51m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 2.5% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Shareholders have been substantially diluted in the past year (129% increase in shares outstanding). Market cap is less than US$10m (US$9.51m market cap). Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Board Change • Apr 02
High number of new directors CEO, Secretary of the Board & Chairwoman of the Board Xinyang Wang was the last director to join the board, commencing their role in 2023. Announcement • Feb 01
CN Energy Group. Inc. has completed a Composite Units Offering in the amount of $10.000801 million. CN Energy Group. Inc. has completed a Composite Units Offering in the amount of $10.000801 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 18,183,274
Price\Range: $0.55
Discount Per Security: $0.0385 Reported Earnings • Jan 29
Full year 2022 earnings released: EPS: US$0.10 (vs US$0.021 in FY 2021) Full year 2022 results: EPS: US$0.10 (up from US$0.021 in FY 2021). Revenue: US$40.2m (up 103% from FY 2021). Net income: US$2.23m (up US$1.91m from FY 2021). Profit margin: 5.5% (up from 1.6% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to US$1.22, the stock trades at a trailing P/E ratio of 33x. Average trailing P/E is 15x in the Chemicals industry in the US. Total loss to shareholders of 27% over the past year. Announcement • Jan 18
CNEY Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency CN Energy Group. Inc. announced that it received a written notice from The NASDAQ Stock Market LLC ("Nasdaq") on January 13, 2023. The Notification Letter notifies that the Company is not in full compliance with the minimum bid price requirement set forth in Nasdaq Listing Rules for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of USD 1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's Class A ordinary shares for the 30 consecutive business days from November 30, 2022 to January 12, 2023, the Company no longer meets the minimum bid price requirement. The Notification Letter does not impact the Company's listing on the Nasdaq Capital Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until July 12, 2023, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's Class A ordinary shares must have a closing bid price of at least USD 1.00 for a minimum of 10 consecutive business days. In the event that the Company does not regain compliance by July 12, 2023, the Company may be eligible for additional time to regain compliance. The Company's business operations are not affected by the receipt of the Notification Letter. The Company intends to monitor the closing bid price of its Class A ordinary shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse share split of its outstanding Class A ordinary shares, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules. Announcement • Nov 26
CN Energy Group. Inc Upgrades Its 6G Gasification Reactors CN Energy Group. Inc. announced that its 6th-generation gasification reactors have been formally and smoothly put into full operation at its Tahe Factory, after completing all acceptance checks on design requirements and passing all tests on safety, efficiency and reliability. This is a crucial achievement of CNEY's own R&D team that started in May 2020 to revamp and optimize its 5th-generation gasification reactors. The first prototype of FLS-VI was built and installed in September 2021. This was followed by continuous on-site efforts on debugging shortcomings and enhancing performance, which lasted for 14 months of trial operations. In 2023, applications of FLS-VI gasification reactors are expected to be replicated on a large scale within CNEY's production lines. Through such technological innovations and engineering progressions, CNEY has attained multifaceted improvements and consequently reinforced its competitive strength in the market. First, the daily outputs of carbonized materials per gasification reactor have increased by five times, from 4 tons for FLS-V to 20 tons for FLS-VI. Second, reactor automation has been ameliorated and streamlined so that the total number of workers needed to produce the same targeted level of outputs can be reduced by nearly two-thirds. Third, the entire production process has become more resource-conserving and environmentally friendly. Electricity and water inputs needed to produce each ton of activated carbon have been reduced by 1.5% and by 3%. Finally, the overall conversion rate from feedstocks to final products has also been boosted, with tangible quality enrichments. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 23% share price decline to US$1.54, the stock trades at a trailing P/E ratio of 41.7x. Average trailing P/E is 15x in the Chemicals industry in the US. Total loss to shareholders of 50% over the past year. Board Change • Nov 16
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Director Wenbiao Zhang is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 15
CN Energy Group. Inc.'s Wholly-Owned Subsidiary, Zhejiang CN Energy New Material Co., Ltd. Obtains the Permit to Directly Sell to Drinkable Water Markets CN Energy Group. Inc. announced that its wholly-owned subsidiary, Zhejiang CN Energy New Material Co. Ltd. has recently been awarded an official permit to sell its wood-based activated carbon products directly to domestic drinking water markets, after satisfying all increasingly more stringent requirements on safety and environmental protection. This is a significant milestone for CNEY to expand its business networks, reinforce its competitive strength and enhance its revenue sources. With such a permit, CNEY can now provide high-quality customized products and services under its own brand names to the vast majority of end-users, with remarkable improvements in reliability, sustainability and responsiveness, while avoiding "deadweight losses" caused by multilevel intermediaries. This supply-chain streamlining will not only generate tangible economic and ecologic benefits for general societies but will also deliver more decent returns to its shareholders. According to the World Bank, accessing to sufficient and safe drinking water is a fundamental social infrastructure and thus requires large-scale investments over decades to secure basic public health and sanitation conditions, especially in populous countries like China and during challenging times of fighting against pandemics and climate change. With rapid urbanization and income growth, the demand for treated drinking water in China has already been gigantic (valued at around USD 70 billion currently per year) and will continue to grow at a fast pace in the foreseeable future. CNEY's activated carbon products, completely made from forest wastes and agricultural residues, can be effectively utilized in a wide spectrum of industrial and residential applications, ranging from soil improvement, sewage treatment, water purification, odor absorption to impurity removal. They are indispensable in food, beverage, pharmaceutical and chemical industries. It is evident that, with its outstanding R&D capabilities and newly renovated manufacturing facilities, CNEY stands strategically ready to capture these enormous market opportunities in both urban and rural areas and to launch global sales campaigns. Announcement • Oct 08
CN Energy Group. Inc. (NasdaqCM:CNEY) entered into an agreement to acquire MZ Mining International Co., Ltd from Shenzhen Xiangfeng Trading Co., LTD for approximately $37 million. CN Energy Group. Inc. (NasdaqCM:CNEY) entered into an agreement to acquire MZ Mining International Co., Ltd from Shenzhen Xiangfeng Trading Co., LTD for $37 million on September 27, 2022. Approximately $17.7 million prepaid by the Company as an equity transfer disposition; and (iii) the Company will pay the remaining consideration of approximately $18.8 million by issuing additional Class A ordinary shares of the Company, with a restriction period of six months, to Shenzhen Xiangfeng or a designee of Shenzhen Xiangfeng.The Equity Transfer Agreement and the transactions contemplated thereby were approved and authorized by the board of directors of CN Energy Group. Inc. Reported Earnings • Sep 02
First half 2022 earnings released: EPS: US$0.049 (vs US$0.021 loss in 1H 2021) First half 2022 results: EPS: US$0.049 (up from US$0.021 loss in 1H 2021). Revenue: US$13.7m (up 77% from 1H 2021). Net income: US$1.00m (up US$1.25m from 1H 2021). Profit margin: 7.3% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Board Change • Aug 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Wenbiao Zhang is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Jul 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Wenbiao Zhang is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jul 02
CN Energy Group. Inc., Annual General Meeting, Jul 22, 2022 CN Energy Group. Inc., Annual General Meeting, Jul 22, 2022, at 10:00 US Eastern Standard Time. Location: Dikai Yinzuo, Room 1804-1 No. 29 Jiefang East Road, Jianggan District, Hangzhou City Hangzhou City Zhejiang Province China Agenda: To consider an ordinary resolution to re-elect each of the five directors named in this proxy statement as a director of the Company to hold office until the next annual general meeting or until his/her respective successor is elected and duly qualified; to consider an ordinary resolution to ratify the appointment of Friedman LLP as the Company's independent registered public accounting firm for the fiscal year ending September 30, 2022; to consider a special resolution to approve and adopt the Third Amended and Restated Memorandum and Articles of Association of the Company (the "Amended M&A") in substitution for the existing Second Amended and Restated Memorandum and Articles of Association of the Company; and to consider a special resolution to approve the Re-Designation of Shares. Announcement • Jun 07
CN Energy Group. Inc. Announces Management Changes On June 3, 2022, Ms. Mei Cai notified CN Energy Group. Inc. of her resignation as a director of the Company, effective June 6, 2022. Ms. Cai has advised that her resignation was due to personal reasons and not a result of any disagreement with the Company on any matter related to the operations, policies, or practices of the Company. To fill in the vacancy created by the resignation of Ms. Cai, on June 3, 2022, the Nominating and Corporate Governance Committee of the Company recommended, and the Board appointed, Mr. Wenhua Liu to serve as a director of the Company, effective June 6, 2022. Mr. Wenhua Liu, age 54, has served as the Executive Director of CN Energy Industrial Development Co. Ltd., the Company’s main operating entity in China, since April 2022. From August 2021 to March 2022, Mr. Liu served as the Chief Finance Officer (the “CFO”) of Farmmi Inc. Prior to that, from March 2015 to July 2021, Mr. Liu served as the General Manager of the financial department of Forasen Holding Group Co. Ltd. He also served as the CFO at Halumm (China) Co Ltd. from October 2010 to February 2015. Mr. Liu served as the Chief Auditor for Zhejiang Boda Plastic Technology Co. Ltd. from August 2009 to September 2010, and served as the CFO for Zhejiang Taizhou Hongda Textile Co. Ltd. from April 2004 to June 2009. From October 1997 to March 2004, Mr. Liu served as the Vice President of the subsidiaries of BC Stone Group. Mr. Liu received a bachelor’s degree in Accounting from Hunan University of Finance and Economics in 1995. On June 6, 2022, the Company and Mr. Liu entered into a director offer letter (the “Offer Letter”), pursuant to which Mr. Liu will be compensated at a rate of RMB 300,000 (approximately USD 45,100) per year, payable in cash at the end of each month. The Offer Letter contains customary confidentiality, non-solicitation, and indemnification provisions. The foregoing summary of the Offer Letter does not purport to be complete and is qualified in its entirety by reference to the Offer Letter, a copy of which is filed as Exhibit 10.1 to this Report of Foreign Private Issuer on Form 6-K. There are no family relationships between Mr. Liu and any director or executive officer of the Company. To the best knowledge of the Company, there is no understanding or arrangement between Mr. Liu and any other person pursuant to which he was appointed as a director. Board Change • Apr 28
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Wenbiao Zhang is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jan 30
CN Energy Group. Inc. announced delayed 20-F filing On 01/28/2022, CN Energy Group. Inc. announced that they will be unable to file their next 20-F by the deadline required by the SEC. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment deteriorated over the past week After last week's 21% share price decline to US$1.99, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 22x in the Chemicals industry in the US. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment deteriorated over the past week After last week's 19% share price decline to US$2.46, the stock trades at a trailing P/E ratio of 31.6x. Average trailing P/E is 22x in the Chemicals industry in the US. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment deteriorated over the past week After last week's 46% share price decline to US$5.10, the stock trades at a trailing P/E ratio of 65.5x. Average trailing P/E is 23x in the Chemicals industry in the US. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improved over the past week After last week's 16% share price gain to US$6.18, the stock trades at a trailing P/E ratio of 79.3x. Average trailing P/E is 22x in the Chemicals industry in the US. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to US$5.07, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 22x in the Chemicals industry in the US. Reported Earnings • Aug 31
First half 2021 earnings released: US$0.021 loss per share (vs US$0.052 profit in 1H 2020) The company reported a mediocre first half result with weaker earnings and weaker control over costs, although revenues improved. First half 2021 results: Revenue: US$7.72m (up 96% from 1H 2020). Net loss: US$244.4k (down 147% from profit in 1H 2020). Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improved over the past week After last week's 19% share price gain to US$5.37, the stock trades at a trailing P/E ratio of 22.9x. Average trailing P/E is 28x in the Chemicals industry in the US. Announcement • Jun 12
CN Energy Group. Inc. announced that it has received $18 million in funding On June 11, 2021, CN Energy Group. Inc. (NasdaqCM:CNEY) closed the transaction. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improved over the past week After last week's 19% share price gain to US$5.00, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 27x in the Chemicals industry in the US. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 18% share price gain to US$5.78, the stock trades at a trailing P/E ratio of 24.7x. Average trailing P/E is 27x in the Chemicals industry in the US. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment deteriorated over the past week After last week's 24% share price decline to US$5.26, the stock is trading at a trailing P/E ratio of 22.4x, down from the previous P/E ratio of 29.7x. This compares to an average P/E of 27x in the Chemicals industry in the US. Announcement • Feb 06
CN Energy Group. Inc. has completed an IPO in the amount of $20 million. CN Energy Group. Inc. has completed an IPO in the amount of $20 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 5,000,000
Price\Range: $4
Discount Per Security: $0.3