Company: CNEY
Filing Date: 2025-10-29
Form Type: F-1/A
Source: 0001477932-25-007791
Chunk: 102

Company: CN ENERGY GROUP. INC.
Filing Date: 2025-10-29
Form: F-1/A
Chunk 102
---
 biomass electricity to any other state-owned or other entity.

Following the cessation of production in the Greater Khingan Range, and Reorganization and asset divestiture in September 2024, the factories of our operating entities will no longer produce activated carbon and biomass power through the combined heat and power process. The operating entities will focus on the deep processing and activation of activated carbon.

The operating entities generate revenue primarily from selling activated carbon.

For the fiscal years ended September 30, 2024, 2023, and 2022, the operating entities sold 43,989, 40,251, and 28,911 tons of activated carbon and nil, 421,440, and 2,721,000 KWh of biomass electricity, respectively. For the same years, the total revenue was approximately $51.0 million, $57.9 million, and $40.2 million, and the results of operation were at a net loss of $14.0 million, net loss of $5.6 million, and net income of $2.2 million, respectively. For the same years, the revenue derived from Activated Carbon Production accounted for 100%, 99.9%, and 99.3% of the total revenue, respectively; the revenue derived from Biomass Electricity Production accounted for nil, 0.1%, and 0.4% of the total revenue, respectively; and the revenue derived from technical services accounted for nil, nil, and 0.3% of the total revenue, respectively.

| 61 |

Corporate History and Structure

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.

On April 8, 2022, we formed Zhoushan Xinyue, a PRC limited liability company. Zhoushan Xinyue is a wholly owned subsidiary of Hangzhou Forasen.

On April 13, 2022, we formed Ningbo Nadoutong, a PRC limited liability company. Ningbo Nadoutong is a wholly owned subsidiary of CN Energy Development.

On October 11, 2022, we formed Zhejiang Yongfeng New Material, a PRC limited liability company. Zhejiang Yongfeng New Material is a wholly owned subsidiary of Hangzhou Forasen.

On November 11, 2022,