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CN Energy Group. Inc. (NASDAQ:CNEY) (the "Company"), a high-tech enterprise specializing in cogeneration of high-quality wood-activated carbon and clean energy, today filed its unaudited financial statements for the six months ended March 31, 2023. The Company reported $22.67 million in revenue for the first six months of fiscal year 2023, an increase of 66.1% as compared to the first six months of fiscal year 2022. The increase was mainly due to an increase in sales volume of activated carbon during the first half of fiscal year 2023. The Company's net loss was $4.17 million, resulting in a loss per share of $0.09 in the first six months of fiscal year 2023, as compared to earnings per share of $0.05 in the first six months of fiscal year 2022. The decrease was mainly due to an increase in the cost of research and development and expenses related to the development of new customers. The Company's expenditure on research and development increased by 69.5% from approximately $0.34 million in the first six months of fiscal year 2022 to approximately $0.58 million in the first six months of fiscal year 2023. Meanwhile, total assets grew by 44.4% from approximately $94.94 million as of March 31, 2022 to approximately $137.17 million as of March 31, 2023.
The Company expanded its customer base beyond pharmaceutical and food industries and into sewage treatment and gas treatment in municipal solid waste incineration power plants. These two new customer segments resulted in an increase of 3,772 tons in sales volume for the six-month period ended March 31, 2023,representing additional sales revenue of approximately $6.04 million.
The Company revamped its marketing strategy by expanding sales channels into diversified subdivided sectors with 19 customers, which are expected to increase to 22 customers by the end of fiscal year 2023. Additionally, the Company expanded the activated carbon business with 10,323 tons in new customer sales for the six months ended March 31, 2023, with sales revenue totaling approximately $14.75 million.
Posted In: CNEY
