Company: CNEY
Filing Date: 2025-10-29
Form Type: F-1/A
Source: 0001477932-25-007791
Chunk: 71

Company: CN ENERGY GROUP. INC.
Filing Date: 2025-10-29
Form: F-1/A
Chunk 71
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 (60.8 | )% |
| Government subsidy income                               |     |                                    |           - |   |     |   |     925,983 |   |     |          |    (925,983 | ) |     |     |   (100.0 | )% |
| Interest income                                         |     |                                    |      61,170 |   |     |   |         489 |   |     |          |      60,681 |   |     |     | 12,409.2 | %  |
| Gain on disposal of subsidiaries                        |     |                                    |     824,512 |   |     |   |           - |   |     |          |     824,512 |   |     |     |   (100.0 | )% |
| Other (expenses) income                                 |     |                                    |      35,342 |   |     |   |     116,575 |   |     |          |     (81,233 | ) |     |     |    (69.7 | )% |
| Income (loss) before income taxes                       |     |                                    |   6,928,576 |   |     |   |  (5,847,862 | ) |     |          | (12,776,438 | ) |     |     |   (218.5 | )% |
| Income tax (expenses) benefits                          |     |                                    |        (334 | ) |     |   |     222,122 |   |     |          |    (222,456 | ) |     |     |   (100.2 | )% |
| Net income (loss)                                       |     | $                                  |   6,928,242 |   |     | $ |  (5,625,740 | ) |     | $        | (12,553,982 | ) |     |     |   (223.2 | )% |

| 44 |

Revenue

Revenue for the six months ended March 31, 2025 decreased by $14.9 million, or 47.7%, to $16.4 million from $31.3 million for the same period of last year. The decrease was mainly due to a decrease in sales volume of activated carbon from 25,496 tons in 2024 to 14,744 tons in 2025.

Cost of revenues

Cost of activated carbon increased by $15.3 million,