Company: CNEY
Filing Date: 2025-10-29
Form Type: F-1/A
Source: 0001477932-25-007791
Chunk: 70

Company: CN ENERGY GROUP. INC.
Filing Date: 2025-10-29
Form: F-1/A
Chunk 70
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 total revenue for the fiscal years ended September 30, 2020 and 2019, respectively.

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Factors Affecting Our Results of Operations

Although the COVID-19 pandemic has been under relative control in China since May 2020, it may continue to materially adversely affect our business operations and condition and operating results for 2021, including but not limited to material negative impact on our total revenue, slower collection of accounts receivables, and additional allowance for doubtful accounts. Because of the significant uncertainties surrounding the COVID-19 pandemic, we cannot reasonably estimate the extent of the business disruption and the related financial impact at this time.

Government policies may impact our business and operating results.

We have not seen any impact of unfavorable government policies upon our business in recent years. However, our business and operating results will be affected by the overall economic growth and government policies in the PRC, and our products are currently eligible for certain favorable government tax incentive and other incentives. Unfavorable changes in government policies and these incentives could affect the demand for our products and could materially and adversely affect our results of operations. However, we will seek to make adjustments as required if and when government policies shift.

Exchange rate fluctuations may significantly impact our business and profitability.

All of our operations are in the PRC. Thus, our revenue and operating results may be impacted by exchange rate fluctuations between RMB and U.S. dollars. For the fiscal years ended September 30, 2024, 2023, and 2022, we had an unrealized foreign currency translation (loss) gain of $5.1 million, ($2.2 million), and ($6.7 million), respectively, because of changes in the exchange rates.

Results of Operations for the Six Months Ended March 31, 2025 and 2024

The following table summarizes our results of operations for the six months ended March 31, 2025 and 2024:

|                                                         |     | For the Six Months Ended March 31, |        2025 |   |     |   |        2024 |   |     | Variance |      Amount |   |     |     |        % |    |
|:--------------------------------------------------------|:----|:-----------------------------------|------------:|:--|:----|:--|------------:|:--|:----|:---------|------------:|:--|:----|:----|---------:|:---|
| Revenues                                                |     | $                                  |