Overview
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- TickerCNEY on Nasdaq1
- IndustryIndustrial Organic Chemicals1
- HeadquartersLishui City, China1
- Incorporated inVirgin Islands, British3
- Business addressBuilding 2-B, Room 206, No. 268 Shiniu Road, Liandu District, Lishui City, F4 3230103
- Filer categoryNon-accelerated filer, Emerging growth company3
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On March 31, 2022, we established a wholly owned subsidiary, CN Energy USA Inc., as a corporation pursuant to the laws of the State of Delaware. CN Energy currently holds 100% of the equity interests in CN Energy USA Inc.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
1.8%Gross margin2
-30.9%Operating margin2
-31.3%Net margin2
-30.2%Revenue growth, 20252
-10.9%Return on equity2
-$2.0MFree cash flow2
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue98¢$34.9M
- Research and development0¢$1.3K
- Other costs1¢$477.7K
- Interest0¢$168.2K
- Income tax0¢$378
Out of $35.6M in revenue.2 The company lost money this year.
Financial statements
No quarterly figures reported.
Every line of the income statement as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-09-30 | 2024-09-30 | 2023-09-30 |
|---|---|---|---|
| Revenues | $35.6M | $51.0M | $57.9M |
| Cost of revenues | -$34.9M | -$51.1M | -$57.1M |
| Gross profit (loss) | $647.6K | -$181.1K | $788.6K |
| Allowance for credit losses | -$8.9M | -$9.0M | -$195.4K |
| Selling expenses | $0 | $0 | -$53.0K |
| General and administrative expenses | -$2.7M | -$3.2M | -$5.7M |
| Research and development expenses | -$1.3K | -$135.1K | -$988.6K |
| Total operating expenses | -$11.6M | -$12.3M | -$7.0M |
| Loss from operations | -$11.0M | -$12.5M | -$6.2M |
| Interest expense | -$168.2K | -$336.0K | -$712.5K |
| Amortization of debt issuance costs | -$540.5K | $0 | $0 |
| Government subsidy income | $0 | $81.9K | $926.0K |
| Interest income | $2.6K | $388 | $489 |
| Gain (loss) on disposal of subsidiaries | $815.7K | -$1.3M | $0 |
| Share of net loss from equity investee | -$308.7K | $0 | $0 |
| Other income (expenses) | $33.0K | -$17.2K | $116.6K |
| Total other (expenses) income, net | -$166.2K | -$1.6M | $330.6K |
| Loss before income taxes | -$11.1M | -$14.0M | -$5.8M |
| Income tax (expenses) benefits | -$378 | $8.9K | $222.1K |
| Net loss | -$11.1M | -$14.0M | -$5.6M |
| Net loss | -$11.1M | -$14.0M | -$5.6M |
| Foreign currency translation (loss) gain | -$3.7M | $4.8M | -$2.2M |
| Comprehensive loss. | -$14.9M | -$9.2M | -$7.9M |
| Basic | -$21.46 | -$103.27 | -$78.01 |
| Diluted | -$21.46 | -$103.27 | -$78.01 |
| Basic | 519.3K shares | 136.0K shares | 72.1K shares |
| Diluted | 2.0M shares | 274.5K shares | 90.7K shares |
No quarter-by-quarter statement was filed.
No quarterly figures reported.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.2
| Period ending | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 |
|---|---|---|---|---|
| Cash and restricted cash | $390.7K | $317.3K | $195.5K | $18.0M |
| Accounts receivable, net | $1.7M | $11.8M | ||
| Inventories, net | $3.6M | $3.3M | ||
| Advances to suppliers, net | $21.4M | $26.5M | ||
| Other receivable | $0 | $18.7M | ||
| Loan to a third party | $4.7M | $0 | ||
| Acquisition reversal receivable | $33.2M | $0 | ||
| Prepaid expenses and other current assets | $739.3K | $863.7K | ||
| Total current assets | $65.8M | $61.5M | ||
| Biological assets, net | $0 | $28.5M | ||
| Long-term investments | $40.6M | $0 | $0 | |
| Land use right, net | $0 | $6.2M | ||
| Property and equipment, net | $879.2K | $2.0M | ||
| Right-of-use assets | $61.9K | $122.8K | ||
| Total non-current assets | $41.5M | $36.9M | ||
| Total Assets | $107.3M | $98.4M | ||
| Accounts payable | $145.4K | $535.2K | ||
| Convertible notes | $3.4M | $0 | ||
| Due to related parties | $0 | $611.3K | ||
| Remaining acquisition consideration payable | $715.3K | $0 | ||
| Taxes payable | $2.7K | $108 | ||
| Accrued expenses and other current liabilities | $434.9K | $303.4K | ||
| Total current liabilities | $4.7M | $1.5M | ||
| Due to related parties | $611.3K | $0 | ||
| Total non-current liability | $611.3K | $0 | ||
| Total liabilities | $5.3M | $1.5M | ||
| Additional paid-in capital | $8.9M | $8.9M | ||
| Statutory reserves | $11.4K | $15.0K | ||
| Accumulated deficits | -$27.9M | -$16.7M | ||
| Accumulated other comprehensive loss | -$7.7M | -$3.9M | ||
| Total shareholders' equity | $102.0M | $96.9M | $103.6M | $63.8M |
| Total Liabilities and Shareholders' Equity | $107.3M | $98.4M |
| Period ending | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 |
|---|---|---|---|---|
| Cash and restricted cash | $390.7K | $317.3K | $195.5K | $18.0M |
| Accounts receivable, net | $1.7M | $11.8M | ||
| Inventories, net | $3.6M | $3.3M | ||
| Advances to suppliers, net | $21.4M | $26.5M | ||
| Other receivable | $0 | $18.7M | ||
| Loan to a third party | $4.7M | $0 | ||
| Acquisition reversal receivable | $33.2M | $0 | ||
| Prepaid expenses and other current assets | $739.3K | $863.7K | ||
| Total current assets | $65.8M | $61.5M | ||
| Biological assets, net | $0 | $28.5M | ||
| Long-term investments | $40.6M | $0 | $0 | |
| Land use right, net | $0 | $6.2M | ||
| Property and equipment, net | $879.2K | $2.0M | ||
| Right-of-use assets | $61.9K | $122.8K | ||
| Total non-current assets | $41.5M | $36.9M | ||
| Total Assets | $107.3M | $98.4M | ||
| Accounts payable | $145.4K | $535.2K | ||
| Convertible notes | $3.4M | $0 | ||
| Due to related parties | $0 | $611.3K | ||
| Remaining acquisition consideration payable | $715.3K | $0 | ||
| Taxes payable | $2.7K | $108 | ||
| Accrued expenses and other current liabilities | $434.9K | $303.4K | ||
| Total current liabilities | $4.7M | $1.5M | ||
| Due to related parties | $611.3K | $0 | ||
| Total non-current liability | $611.3K | $0 | ||
| Total liabilities | $5.3M | $1.5M | ||
| Additional paid-in capital | $8.9M | $8.9M | ||
| Statutory reserves | $11.4K | $15.0K | ||
| Accumulated deficits | -$27.9M | -$16.7M | ||
| Accumulated other comprehensive loss | -$7.7M | -$3.9M | ||
| Total shareholders' equity | $102.0M | $96.9M | $103.6M | $63.8M |
| Total Liabilities and Shareholders' Equity | $107.3M | $98.4M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-09-30 | 2024-09-30 | 2023-09-30 |
|---|---|---|---|
| Net loss | -$11.1M | -$14.0M | -$5.6M |
| (Reversal of) allowance for accounts receivable | -$7.5M | $7.0M | $179.6K |
| (Reversal of) allowance for advances to suppliers | -$1.9M | $1.8M | -$207.7K |
| Allowance for other receivable | $18.2M | $0 | $0 |
| Allowance (reversal of allowance) for prepaid expenses and other current assets | $83.6K | $32.2K | -$3.6K |
| (Reversal of) allowance for inventories | -$297.9K | $107.0K | $195.4K |
| Depreciation expense | $484.0K | $1.4M | $1.6M |
| Loss on disposal of property and equipment | $0 | $0 | $536 |
| Amortization of operating lease right-of-use assets | $58.4K | $78.7K | $114.5K |
| Amortization of intangible assets and land use right | $133.2K | $211.4K | $207.3K |
| Depreciation of biological assets | $621.1K | $932.8K | $873.4K |
| (Gain) loss on disposal of subsidiaries | -$815.7K | $1.3M | $0 |
| Share of net loss from equity investee | $308.7K | $0 | $0 |
| Deferred income taxes | $0 | -$9.0K | -$961.5K |
| Amortization of deferred revenue | $0 | -$81.9K | -$97.4K |
| Amortization of debts issuance costs | $540.5K | $0 | $277.5K |
| Issuance of ordinary shares for commitment fee | $201.3K | $0 | $0 |
| Issuance of ordinary shares for services | $0 | $0 | $1.1M |
| Interest expenses | $168.2K | $233.9K | $0 |
| Accounts receivable, net | -$7.5M | $10.9M | -$11.3M |
| Inventories, net | -$56.4K | -$1.6M | -$2.2M |
| Advances to suppliers, net | $6.5M | -$5.3M | -$21.8M |
| Prepaid expenses and other current assets | -$85.0K | -$65.1K | -$295.2K |
| Accounts payable | -$32.4K | -$4.0M | $5.4M |
| Operating lease liabilities | $0 | -$32.0K | -$16.1K |
| Taxes payable | $2.7K | $164.3K | -$508.3K |
| Accrued expenses and other current liabilities | $64.0K | -$1.3M | $2.8M |
| Net cash used in operating activities | -$2.0M | -$2.4M | -$30.2M |
| Purchase of investment | -$5.7M | $0 | $0 |
| Proceeds from disposal of subsidiaries, net of cash | -$4.5K | $1.6M | $0 |
| Loan to a third party | -$6.0M | $0 | $0 |
| Repayment from loan to a third party | $1.2M | $0 | $0 |
| Purchase of treasury shares | $0 | -$430 | $0 |
| Other receivables | $0 | $0 | -$769.9K |
| Purchase of property, plant and equipment | $0 | $0 | -$683.4K |
| Acquisition of a subsidiary, net of cash | $0 | $0 | $613 |
| Net cash (used in) provided by investing activities | -$10.4M | $1.6M | -$1.5M |
| Proceeds from issuance of ordinary shares | $6.0M | $0 | $0 |
| Proceeds from convertible notes | $5.9M | $0 | $3.0M |
| Proceeds from issuance of ordinary shares for warrants exercised | $523.2K | $145.3K | $0 |
| Proceeds from issuance of shares and warrants | $0 | $0 | $8.9M |
| Repayment of related parties loans | $0 | -$2.1K | $0 |
| Proceeds from related parties loans | $0 | $807.4K | $266.7K |
| Repayment of loans | $0 | -$24.8K | -$4.6M |
| Proceeds from loans | $0 | $0 | $5.8M |
| Net cash provided by financing activities | $12.4M | $925.8K | $13.4M |
| Effect of exchange rate changes on cash | $758 | -$1.9K | $333.7K |
| Net increase (decrease) in cash | $73.4K | $121.8K | -$17.9M |
| Cash paid for income tax | $335 | $59 | $28.8K |
| Cash paid for interest | $0 | $36.7K | $241.5K |
| Issuance of shares for acquisition | $10.0M | $0 | $18.4M |
| Issuance of ordinary shares for convertible notes redemption | $3.2M | $2.4M | $1.2M |
| Issuance of ordinary shares for services | $1.1M | ||
| Lease liabilities arising from obtaining right-of-use assets | $0 | $0 | $1.2K |
No quarter-by-quarter statement was filed.
Corporate structure
CN ENERGY GROUP. INC. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of CN ENERGY GROUP. INC.
- Streeterville Capital LLC Filed SCHEDULE 13G/A on CN ENERGY GROUP. INC., latest May 22, 2026 (4 filings since May 3, 2023)
- Yefang Zhang Filed SCHEDULE 13D on CN ENERGY GROUP. INC., latest Nov 25, 2025 (2 filings since Feb 18, 2022)
- Wayne W. Boos Filed SC 13D/A on CN ENERGY GROUP. INC., latest Apr 26, 2024 (4 filings since Aug 1, 2023)
- Lishui Yilian Enterprise Management Consulting Co., Ltd. Filed SC 13D on CN ENERGY GROUP. INC., latest Apr 20, 2022
- Kaiyu Liu Filed SC 13G on CN ENERGY GROUP. INC., latest Jan 26, 2022
- Wangfeng Yan Filed SC 13G on CN ENERGY GROUP. INC., latest Jan 26, 2022
- Yiyue Ye Filed SC 13G on CN ENERGY GROUP. INC., latest Jan 26, 2022
- CN ENERGY GROUP. INC. Lishui City, China
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What CN ENERGY GROUP. INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Construction in progress | $08 Sep 30, 2024 | $5.2M8 Sep 30, 2023 | −100.0% |
| Property and equipment, before depreciation | $2.4M2 Sep 30, 2025 | $3.1M2 Sep 30, 2024 | −22.8% |
| Accumulated depreciation | $1.5M2 Sep 30, 2025 | $1.1M2 Sep 30, 2024 | +38.0% |
| Property and equipment, net | $879.2K2 Sep 30, 2025 | $2.0M2 Sep 30, 2024 | −56.3% |
| Operating-lease assets (leased space) | $61.9K2 Sep 30, 2025 | $122.8K2 Sep 30, 2024 | −49.6% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Stakes in other companies (equity method) | $40.6M2 Sep 30, 2025 | $02 Sep 30, 2024 | |
| Long-term investments | $40.6M2 Sep 30, 2025 | $02 Sep 30, 2024 |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Intangible assets, net (excluding goodwill) | $08 Sep 30, 2024 | $3.1K8 Sep 30, 2023 | −100.0% |
Inventory
Leadership
Who has led CN ENERGY GROUP. INC., and when. Pick a name to see everywhere that person has worked.
Chief executive
- Chief executive officerWenhua Liu May 20, 2026 to now9
Board members and other officers (4)
- Board memberMing Yi May 20, 2026 to now10
- Board memberPhilip Connelly May 20, 2026 to now11
- Board memberWenbiao Zhang May 20, 2026 to now12
- Board memberWenhua Liu May 20, 2026 to now9
Former names
- CN ENERGY GROUP, INC.Sep 30, 2019 to Nov 25, 20203
Timeline
- May 20, 2026New chief executive Wenhua Liu becomes CEO9
Filings
114 filings to the SEC since October 2021: 7 annual reports, 7 insider forms, 14 large holders, 86 other. The latest 20:
- Oct 13, 2026RW EDGAR
- Oct 7, 20263 EDGAR
- Sep 18, 20266-K EDGAR
- Sep 10, 202620-F/A EDGAR
- Aug 19, 20266-K EDGAR
- Jul 21, 20266-K EDGAR
- Jun 17, 20266-K EDGAR
- May 22, 2026SCHEDULE 13G/A EDGAR
- May 22, 20266-K EDGAR
- May 20, 20263 EDGAR
- May 20, 20263 EDGAR
- May 20, 20263 EDGAR
- May 20, 20263 EDGAR
- May 20, 20263 EDGAR
- May 20, 20263 EDGAR
- Apr 2, 20266-K EDGAR
- Mar 18, 2026EFFECT EDGAR
- Mar 16, 2026CORRESP EDGAR
- Mar 13, 2026F-3/A EDGAR
- Mar 9, 20266-K EDGAR
The 114 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Streeterville Capital LLCSCHEDULE 13G/A, 4 filings May 3, 2023 to May 22, 202613
- Yefang ZhangSCHEDULE 13D, 2 filings Feb 18, 2022 to Nov 25, 202514
- Wayne W. BoosSC 13D/A, 4 filings Aug 1, 2023 to Apr 26, 202415
- Lishui Yilian Enterprise Management Consulting Co., Ltd.SC 13D, 1 filing Apr 20, 202216
- Kaiyu LiuSC 13G, 1 filing Jan 26, 202217
- Wangfeng YanSC 13G, 1 filing Jan 26, 202218
- Yiyue YeSC 13G, 1 filing Jan 26, 202219
SEC filer profile
How CN ENERGY GROUP. INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARCN ENERGY GROUP. INC.1
- CIK0001780785
- Filer statusNon-accelerated filer an emerging growth company; not a shell company4
- Incorporated inBritish Virgin Islands4
- Fiscal year endsSeptember 301
- Industry code (SIC)2860 Industrial Organic Chemicals1
- SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
- Business addressBuilding 2-B, Room 206, No. 268 Shiniu Road, Liandu District, Lishui City, F4 3230101
- Phone(86) 571-875558231
- Shares outstanding4,988,337 shares as of Sep 30, 20254
- AuditorEnrome LLP, Singapore PCAOB ID 6907; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceSep 30, 20191
- Filings141 in all: 6-K (64), 3 (7), 424B5 (6), CORRESP (6), 20-F (5), F-1/A (5), SC 13G (5), UPLOAD (5)1
All 29 form types
EFFECT (3), F-3 (3), NT 20-F (3), SC 13D/A (3), 20-F/A (2), 6-K/A (2), DRS (2), DRS/A (2), DRSLTR (2), F-1 (2), F-3/A (2), RW (2), SC 13D (2), 424B4 (1), 8-A12B (1), CERT (1), FWP (1), SC 13G/A (1), SCHEDULE 13D (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)
- Latest filingsAnnual report (20-F) Jan 30, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A ordinary shares, no par value per share | CNEY | Nasdaq |
From the cover page of the 20-F filed Jan 30, 2026 (Section 12(b) of the Exchange Act).4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9SEC EDGARWenhua Liu, Chief executive officer
- 10SEC EDGARMing Yi, Board member
- 11SEC EDGARPhilip Connelly, Board member
- 12SEC EDGARWenbiao Zhang, Board member
- 13
- 14
- 15
- 16
- 17
- 18
- 19