LISHUI, China, Feb. 15, 2024 /PRNewswire/ — CN Energy Group. Inc. (NASDAQ:CNEY) today announced its audited financial results for the fiscal year ended September 30, 2023 (“Fiscal 2023”). CNEY reported revenue of approximately $57.90 million for Fiscal 2023, marking a 44.0 percent increase compared to the fiscal year ended September 30, 2022 (“Fiscal 2022”). This increase was mainly due to an increase in the activated carbon sales, with 40,251 tons of activated carbon sold in Fiscal 2023, up by 39.2 percent from the previous year.
Despite the revenue increase, CNEY faced a net loss of approximately $5.6 million, resulting in a loss per share of $0.10 for Fiscal 2023, compared to an earnings per share of $0.10 in Fiscal 2022. The downturn was mainly due to an increase in administrative expenses of CNEY, which increased by 178.1% from approximately $2.06 million in Fiscal 2022 to approximately $5.73 million in Fiscal 2023, with the research and development expenses accounting for approximately $1 million of this increase. In addition, production at CNEY’s factory in Northeast …
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