Earnings ·
CN Energy reports $49.5M loss as revenue rises to $17.7M; acquires Blessing Logistics for $2.0M
CNEYCN Energy Group. Inc.
CN Energy Group Inc. reported a net loss of $49.5 million for the six months ended March 31, 2026, compared to net income of $6.9 million in the prior year period. The deterioration was driven by a $33.2 million reversal of credit loss allowance related to an acquisition reversal receivable and a $14.3 million impairment loss on advances to suppliers. Revenue increased 8.2% to $17.7 million, supported by higher average selling prices for activated carbon and new robotics solutions sales from the Pathenbot subsidiary. The company also completed the acquisition of Blessing Logistics Ltd., a Canadian trading entity, for $2.0 million paid via the issuance of 2,857,143 Class A ordinary shares at $0.70 per share. Additionally, CN Energy issued 3,775,091 shares to redeem convertible notes and raised $7.0 million in net proceeds from a secured promissory note bearing 7% interest. The company operates in the manufacturing of wood-based activated carbon and robotics solutions.