Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data CN ENERGY GROUP. INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2025
FY2025
Revenue
10.9
12.5
19.8
40.2
57.9
51
35.6
Cost of revenue
7.92
9.12
17.2
36.6
57.1
51.1
34.9
Gross profit
2.97
3.36
2.62
3.64
0.79
-0.18
0.65
Research and development
0.59
0.29
0.39
1.03
0.99
0.14
0
General and administrative
0.86
0.92
1.45
2.06
5.73
3.2
2.72
Operating expenses
1.78
1.36
-2.03
-3.18
6.97
12.3
11.6
Operating income
1.19
2
0.58
0.46
-6.18
-12.5
-11
Interest expense
0
0.16
0
0.23
0.17
Interest income
0.19
0.7
0
0
0
Other non-operating income
0.59
0.51
1.15
2.08
0.33
-1.56
-0.17
Pre-tax income
1.78
2.51
1.73
2.54
-5.85
-14
-11.1
Income tax
0.17
0.17
-0.44
-0.31
-0.22
-0.01
0
Net income
1.67
2.34
1.3
2.23
-5.63
-14
-11.1
EBITDA
2.13
2.92
1.68
1.86
-4.58
-11.1
-10.5
EPS, basic
544.07
736.09
64.01
77.26
-78.01
-103.27
-21.46
EPS, diluted
544.07
736.09
64.01
77.26
-78.01
-103.27
-21.46
Shares, basic (weighted)
0
0
0.02
0.03
0.07
0.14
0.52
Shares, diluted (weighted)
0
0
0.02
0.03
0.09
0.27
1.95
Balance sheet
FY2019
FY2021
FY2021
FY2022
FY2023
FY2025
FY2025
Cash and equivalents
1.56
1.57
0.19
18
0.2
0.32
0.39
Receivables
8.73
12.4
18.8
29
11.8
1.65
Inventory
2.81
1.12
0.78
2.66
3.33
3.64
Other current assets
0.03
0.16
0.12
0
0.86
0.74
Total current assets
14.7
48.9
74.2
72.4
61.5
65.8
Property, plant and equipment
14.3
14.3
14.5
13.8
2.01
0.88
Lease right-of-use assets
0.1
0.31
0.2
0.12
0.06
Intangible assets
0.17
0.07
0.01
0
0
Long-term investments
0
0
40.6
Other non-current assets
0
28.4
28.5
Total assets
31.4
69
94.9
126
98.4
107
Accounts payable
4.83
1.78
7.49
12.6
0.54
0.15
Accrued liabilities
0.41
0.1
0.23
0.47
0.03
0.01
Deferred revenue
0.12
0.11
0.1
0.08
0
Short-term debt
1.61
0.26
0.02
0.55
0
Total current liabilities
7.7
5.64
30.5
22.4
1.45
4.73
Long-term debt
0.02
0.42
0.03
0
Lease liabilities
0.07
0.03
0.02
0
0
0
Total liabilities
8.32
6.28
31.2
22.6
1.45
5.34
Total debt
0.29
0.44
0.58
0
Paid-in capital
7.89
8.87
8.87
8.87
8.87
8.87
Retained earnings
0.26
0.39
2.42
-3.21
-16.7
-27.9
Other comprehensive income
-0.97
0.12
-6.53
-8.77
-3.94
-7.67
Shareholders' equity
18
23.1
62.7
63.8
104
96.9
102
Total equity
18
23.1
62.7
63.8
104
96.9
102
Total liabilities and equity
31.4
69
94.9
126
98.4
107
Shares outstanding
0
0.81
Cash flow statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2025
FY2025
Net income
1.67
2.34
1.3
2.23
-5.63
-14
-11.1
Depreciation and amortization
0.94
0.92
1.1
1.4
1.6
1.39
0.48
Deferred income tax
-0.01
-0.01
0.08
-0.01
-0.96
-0.01
0
Change in receivables
-1.29
-4.22
3.16
8.5
-11.3
10.9
-7.49
Change in inventory
0.1
-0.23
-1.83
-0.25
-2.15
-1.62
-0.06
Change in payables
-4.11
-1.06
-3.28
6.36
5.45
-4.02
-0.03
Cash from operations
0.12
-1.82
-11.6
-7.51
-30.2
-2.37
-1.97
Capital expenditures
-0.89
-0.01
-0.43
-2.49
-0.68
0
0
Acquisitions
0
0
0
0
Cash from investing
-1.19
-0.88
-27.9
2.17
-1.45
1.57
-10.4
Debt issued
0.28
0.41
0.27
0.81
0
Stock issued
0
0
0
6
Cash from financing
0.79
2.62
38
24.9
13.4
0.93
12.4
Exchange rate effect
-0.06
0.08
0.11
Net change in cash
-0.34
0.01
-1.38
17.9
-17.9
0.12
0.07
Free cash flow
-0.76
-1.83
-12
-10
-30.8
-2.37
-1.97
Interest paid
0.01
0.03
0.06
0.05
0.24
0.04
0
Income taxes paid
0.02
0.09
0.39
0.07
0.03
0
0
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.56 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
1.8%
Gross profit / revenue.
Operating margin
-30.9%
Operating income / revenue.
EBITDA margin
-29.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-31.3%
Pre-tax income / revenue.
Net margin
-31.3%
Net income / revenue.
FCF margin
-5.5%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-5.5%
Cash from operations / revenue.
Return on equity (ROE)
-11.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-10.8%
Net income / average total assets.
Return on invested capital (ROIC)
-8.8%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
0.0%
Research and development expense / revenue.
Capex / revenue
0.0%
Capital expenditures / revenue.
D&A / revenue
1.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-30.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-4.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
23.3%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit CAGR, 3y
-43.8%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
-28.1%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
5.2%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
16.9%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
34.6%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
9.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
4.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
27.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
610.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
307.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
262.3%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
13.9x
Current assets / current liabilities.
Quick ratio
0.43x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.08x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$21.46
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$21.46
Net income per basic share, as reported (split-adjusted).
Revenue per share
$18.24
Revenue / diluted weighted shares.
FCF per share
-$1.01
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.01
Cash from operations / diluted weighted shares.
Book value per share
$52.29
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.13x
Market cap / revenue.
P/B
0.05x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.05x
Market cap / tangible book value, when positive.
EV/Sales
0.12x
Enterprise value / revenue.
FCF yield
-42.9%
Free cash flow / market cap.
Earnings yield
-242.4%
Net income / market cap (the inverse of P/E).
What was CN ENERGY GROUP. INC.'s revenue in fiscal 2025?
CN ENERGY GROUP. INC. reported revenue of $35.6M for fiscal 2025, 30.2% lower than the year before.
Was CN ENERGY GROUP. INC. profitable in fiscal 2025?
No. It reported a net loss of $11.1M.
How much free cash flow did CN ENERGY GROUP. INC. generate in fiscal 2025?
Cash from operations of $2.0M minus capital expenditures of $0.0 left free cash flow of -$2.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.