Revenue volatility remains a primary concern, with the company reporting a negative 81.2% gross margin in 2025Q4 as direct costs continue to outpace top-line generation.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Sales/Revenue | 2.16M | 2.42M | 15.11M | 2.66M | 1.3M | 1.41M | 1.61M | 1.33M | 957.63K | 2.05M | 2.36M | 3.53M | 3.55M | 4.96M | 4.55M | 2.8M | 2.15M | 7.39M | 6.88M | 9.31M | 6.35M | 6.2M | 6.46M |
| Revenue Growth % | -10.85% | -83.96% | 467.49% | 104.79% | -7.51% | -12.67% | 20.95% | 39.01% | -53.23% | -13.06% | -33.35% | -0.41% | -28.49% | 9.05% | 62.5% | 30.04% | -70.88% | 7.44% | -26.08% | 46.59% | 2.36% | -3.88% | - |
| Cost of Goods Sold | 2.98M | 1.58M | 14.02M | 1.49M | 690.03K | 654.94K | 952.78K | 810.49K | 544.75K | 1.28M | 1.69M | 2.74M | 2.58M | 3.58M | 3.15M | 2M | 1.68M | 5.82M | 5.11M | 7.02M | 4.95M | 4.99M | 5.09M |
| COGS % of Revenue | 137.72% | 65.09% | 92.79% | 55.91% | 53.06% | 46.58% | 59.18% | 60.89% | 56.89% | 62.67% | 71.6% | 77.58% | 72.74% | 72.19% | 69.16% | 71.58% | 78.01% | 78.66% | 74.23% | 75.39% | 77.99% | 80.4% | 78.78% |
| Gross Profit | -815.38K | 846.55K | 1.09M | 1.17M | 610.41K | 751.07K | 657.23K | 520.68K | 412.88K | 764.32K | 668.9K | 792.36K | 967.1K | 1.38M | 1.4M | 795.66K | 473.45K | 1.58M | 1.77M | 2.29M | 1.4M | 1.22M | 1.37M |
| Gross Margin % | -37.72% | 34.91% | 7.21% | 44.09% | 46.94% | 53.42% | 40.82% | 39.11% | 43.11% | 37.33% | 28.4% | 22.42% | 27.26% | 27.81% | 30.84% | 28.42% | 21.99% | 21.34% | 25.77% | 24.61% | 22.01% | 19.6% | 21.22% |
| Gross Profit Growth % | -196.32% | -22.35% | -7.15% | 92.36% | -18.73% | 14.28% | 26.22% | 26.11% | -45.98% | 14.27% | -15.58% | -18.07% | -29.92% | -1.66% | 76.37% | 68.05% | -70% | -11.01% | -22.59% | 63.92% | 14.9% | -11.21% | - |
| Operating Expenses | 1.74M | 3.96M | 3.75M | 2.16M | 2.18M | 1.73M | 1.98M | 2.04M | 1.62M | 2.04M | 2.42M | 1.76M | 1.37M | 1.31M | 1.17M | 727.84K | 930.74K | 1.56M | 1.57M | 1.88M | 1.82M | 1.96M | 2.08M |
| OpEx % of Revenue | 80.68% | 163.3% | 24.78% | 81.25% | 167.88% | 122.86% | 123.19% | 153.58% | 168.83% | 99.7% | 102.82% | 49.71% | 38.5% | 26.37% | 25.82% | 25.99% | 43.23% | 21.09% | 22.85% | 20.14% | 28.7% | 31.66% | 32.19% |
| Selling, General & Admin | 2.94M | 3.76M | 3.31M | 1.97M | 2.01M | 1.61M | 1.7M | 2.04M | 1.62M | 2.04M | 2.42M | 1.76M | 1.37M | 1.31M | 1.17M | 727.84K | 930.74K | 1.42M | 1.43M | 1.88M | 1.82M | 1.96M | 2.08M |
| SG&A % of Revenue | 136.24% | 155.26% | 21.93% | 73.89% | 154.23% | 114.38% | 105.33% | 153.58% | 168.83% | 99.7% | 102.82% | 49.71% | 38.5% | 26.37% | 25.82% | 25.99% | 43.23% | 19.19% | 20.83% | 20.14% | 28.7% | 31.66% | 32.19% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 140.67K | 138.55K | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.9% | 2.01% | - | - | - | - |
| Other Operating Expenses | -1.2M | 194.78K | 432.03K | 196.1K | 177.46K | 119.2K | 287.51K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -2.56M | -3.11M | -2.66M | -989.75K | -1.57M | -976.33K | -1.33M | -1.52M | -1.2M | -1.28M | -1.75M | -964.23K | -398.87K | 71.51K | 228.72K | 67.82K | -457.29K | 18.56K | 201.1K | 415.77K | -425.13K | -747.91K | -708.05K |
| Operating Margin % | -118.4% | -128.38% | -17.57% | -37.16% | -120.94% | -69.44% | -82.37% | -114.46% | -125.71% | -62.36% | -74.42% | -27.29% | -11.24% | 1.44% | 5.03% | 2.42% | -21.24% | 0.25% | 2.92% | 4.47% | -6.69% | -12.05% | -10.97% |
| Operating Income Growth % | 17.78% | -17.23% | -168.29% | 37.07% | -61.09% | 26.38% | 12.97% | -26.57% | 5.71% | 27.15% | -81.76% | -141.74% | -657.79% | -68.73% | 237.25% | 114.83% | -2563.31% | -90.77% | -51.63% | 197.8% | 43.16% | -5.63% | - |
| EBITDA | -2.55M | -3.1M | -2.62M | -959.67K | -1.54M | -943.41K | -1.28M | -1.47M | -1.16M | -1.24M | -1.71M | -922.12K | -360.89K | 114.73K | 264.4K | 108.79K | -404.53K | 86.74K | 438.95K | 649.84K | -210.11K | -506.82K | -408.36K |
| EBITDA Margin % | -117.76% | -127.95% | -17.31% | -36.03% | -118.46% | -67.1% | -79.8% | -110.52% | -121.24% | -60.34% | -72.63% | -26.1% | -10.17% | 2.31% | 5.81% | 3.89% | -18.79% | 1.17% | 6.38% | 6.98% | -3.31% | -8.17% | -6.33% |
| EBITDA Growth % | 17.95% | -18.56% | -172.68% | 37.7% | -63.29% | 26.57% | 12.68% | -26.72% | 6.02% | 27.78% | -85.49% | -155.51% | -414.55% | -56.61% | 143.03% | 126.89% | -566.39% | -80.24% | -32.45% | 409.28% | 58.54% | -24.11% | - |
| D&A (Non-Cash Add-back) | 13.92K | 10.42K | 38.57K | 30.08K | 32.29K | 32.91K | 41.44K | 52.44K | 42.81K | 41.44K | 42.12K | 42.11K | 37.98K | 43.22K | 35.68K | 40.98K | 52.76K | 68.17K | 237.85K | 234.07K | 215.02K | 241.09K | 299.69K |
| EBIT | -2.56M | -3.22M | -3.37M | 1.29M | 1.05M | -2.11M | -1.24M | -1.41M | -1.77M | -1.38M | -2.22M | -921.94K | -407.54K | 71.51K | 242.47K | 258.71K | 60.96K | 17.98K | 201.1K | 415.77K | -425.13K | -747.91K | -708.05K |
| Net Interest Income | -3.24M | -1.2M | -2.14M | -1.13M | -769.37K | -1.33M | -1.32M | -1.4M | -1.15M | -440.53K | -385.14K | -313.25K | -307.62K | -187.88K | -136.9K | -15.34K | -33.46K | -134.57K | -152.02K | -227.47K | -156K | -445.11K | -535.91K |
| Interest Income | 58.14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.3M | 1.2M | 2.14M | 1.13M | 769.37K | 1.33M | 1.32M | 862.54K | 444.61K | 422.54K | 353.48K | 313.25K | 293.47K | 187.88K | 136.9K | 15.34K | 33.46K | 134.57K | 152.02K | 227.47K | 156K | 445.11K | 535.91K |
| Other Income/Expense | -4.25M | -1.3M | -2.85M | 1.16M | 1.85M | -2.2M | -1.1M | -1.29M | -1.01M | -422.93K | -817.32K | -270.96K | -251.78K | -187.88K | -123.14K | 175.55K | 484.79K | -135.16K | 173.8K | -264.87K | -209.77K | -169.88K | -535.91K |
| Pretax Income | -6.81M | -4.42M | -5.51M | 165.68K | 278.49K | -3.44M | -2.56M | -2.81M | -2.21M | -1.7M | -2.57M | -1.24M | -650.65K | -116.37K | 105.58K | 243.37K | 27.5K | -116.6K | 374.9K | 150.89K | -634.9K | -917.79K | -1.24M |
| Pretax Margin % | -314.99% | -182.14% | -36.45% | 6.22% | 21.42% | -244.36% | -158.76% | -211.09% | -231.28% | -83.02% | -109.13% | -34.96% | -18.34% | -2.35% | 2.32% | 8.69% | 1.28% | -1.58% | 5.45% | 1.62% | -10% | -14.79% | -19.27% |
| Income Tax | 48 | 0 | 22.17K | 18.28K | 0 | 0 | 0 | 0 | 0 | 0 | 353.48K | 0 | 293.47K | 0 | 14.64K | 0 | 0 | 0 | 0 | 0 | -800 | 800 | 800 |
| Effective Tax Rate % | -0% | 0% | -0.4% | 11.04% | 0% | 0% | 0% | 0% | 0% | 0% | -13.75% | 0% | -45.1% | 0% | 13.86% | 0% | 0% | 0% | 0% | 0% | 0.13% | -0.09% | -0.06% |
| Net Income | -6.81M | -4.42M | -5.66M | 147.4K | 297.55K | -3.44M | -3.87M | -2.81M | -2.21M | -1.7M | -2.57M | -1.24M | -650.65K | -116.37K | 90.94K | 243.37K | 27.5K | -116.6K | 374.9K | 150.89K | -634.11K | -918.59K | -1.24M |
| Net Margin % | -314.99% | -182.14% | -37.45% | 5.53% | 22.88% | -244.36% | -240.6% | -211.09% | -231.28% | -83.02% | -109.13% | -34.96% | -18.34% | -2.35% | 2% | 8.69% | 1.28% | -1.58% | 5.45% | 1.62% | -9.98% | -14.8% | -19.28% |
| Net Income Growth % | -54.17% | 21.97% | -3939.83% | -50.46% | 108.66% | 11.3% | -37.85% | -26.87% | -30.31% | 33.86% | -108.06% | -89.84% | -459.11% | -227.97% | -62.63% | 785.01% | 123.58% | -131.1% | 148.45% | 123.8% | 30.97% | 26.2% | - |
| Net Income (Continuing) | -6.81M | -4.42M | -5.53M | 147.4K | 278.49K | -3.44M | -2.56M | -2.81M | -2.21M | -1.7M | -2.57M | -1.24M | -715.15K | -116.37K | 90.94K | 243.37K | 27.5K | -116.6K | 374.9K | 150.89K | -634.11K | -918.59K | -1.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 757.22K | -19.06K | -19.06K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.55 | -1.49 | -2.25 | 0.07 | 0.20 | -3.75 | -3.60 | -3.00 | -6.60 | -7.20 | -25.95 | -28.50 | -17.55 | -3.45 | 3.00 | 6.00 | 1.50 | -21.90 | 49.95 | 31.95 | -370.95 | -442.50 | -1.95 |
| EPS Growth % | -4.03% | 33.78% | -3225% | -64% | 105.33% | -4.17% | -20% | 54.55% | 8.33% | 72.25% | 8.95% | -62.39% | -408.7% | -215% | -50% | 300% | 106.85% | -143.84% | 56.34% | 108.61% | 16.17% | -22592.31% | - |
| EPS (Basic) | -1.55 | -1.49 | -2.25 | 0.08 | 0.20 | -3.75 | -3.60 | -3.00 | -6.60 | -7.20 | -25.95 | -28.50 | -17.55 | -3.45 | 3.00 | 6.00 | 1.50 | -21.90 | 72.00 | 48.00 | -370.95 | -442.50 | -739.05 |
| Diluted Shares Outstanding | 4.39M | 2.97M | 2.56M | 2.06M | 1.5M | 1.28M | 1.07M | 922.26K | 334.27K | 237.62K | 99.31K | 43.3K | 37.07K | 33.93K | 33.68K | 33.94K | 17.66K | 5.32K | 7.45K | 4.63K | 1.71K | 2.08K | 648.63K |
| Basic Shares Outstanding | 4.39M | 2.97M | 2.56M | 1.85M | 1.5M | 1.28M | 1.07M | 922.26K | 334.27K | 237.62K | 99.31K | 43.3K | 37.07K | 33.08K | 31.72K | 30.77K | 17.66K | 5.32K | 5.17K | 3.11K | 1.71K | 2.08K | 1.68K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and operational insolvency
As evidenced by the most recent quarterly filings, CETY's revenue has experienced significant contraction, with a 25.1% year-over-year decline in 2025Q4, highlighting the inherent instability of its project-based business model and the company's inability to maintain consistent top-line growth across its diverse industrial segments.
The erratic revenue performance suggests that the company's transition toward clean energy solutions has not yet achieved the scale necessary to offset the decline in its legacy manufacturing business. Investors should monitor whether the current revenue volatility is a function of project delays or a broader loss of market share in the competitive waste-heat recovery space.
Based on reported financial statements, CETY's gross margin profile has deteriorated significantly, reaching a negative 81.2% in 2025Q4, which indicates that the direct costs associated with its industrial projects are currently exceeding the revenue generated, creating a fundamental challenge to the company's long-term economic sustainability.
This margin compression suggests that the company is struggling with severe under-absorption of manufacturing overhead or is failing to price its Clean Cycle technology effectively against larger, more efficient competitors. Without a clear path to positive gross margins, the current business model appears to be value-destructive rather than a platform for future growth.
According to recent SEC filings, CETY continues to operate with a high fixed-cost structure that fails to scale, as evidenced by an operating margin of -81.2% in 2025Q4, demonstrating that SG&A expenses remain disproportionately high relative to the company's shrinking revenue base and limited operational output.
The inability to achieve operating leverage suggests that the company's administrative and overhead costs are not aligned with its current project pipeline. This misalignment warrants further investigation into whether management can implement sufficient cost-discipline measures to prevent further erosion of the company's limited cash reserves.
Based on the provided income statement data, CETY's net income remains consistently negative, with a net loss of $3.1 million in 2025Q4, indicating that the company's bottom-line performance is heavily burdened by operational inefficiencies and a lack of non-operating income to offset core business losses.
The reliance on stock-based compensation, while relatively small, adds a layer of complexity to the earnings quality, as it dilutes shareholders without a corresponding improvement in profitability. Investors should be wary of the persistent net losses, which suggest that the company's current financial structure is not yet capable of generating sustainable shareholder value.
As reported in financial statements, CETY's cash position of approximately $602,461, when weighed against its recurring quarterly net losses, suggests a precarious liquidity profile that may necessitate dilutive financing or further reliance on related-party support to maintain ongoing operations in the near term.
Short-sellers would likely focus on the company's inability to reach gross margin neutrality and the potential for a liquidity crisis if project conversion rates do not improve immediately. The lack of a clear path to self-funding operations makes the company highly vulnerable to any further macro-economic headwinds or project-specific failures.
Quick answers to the most common questions about buying CETY stock.
For fiscal year 2025, Clean Energy Technologies, Inc. (CETY) reported total revenue of $2.2M. This represents a 66.5% decline compared to $6.5M in 2003.
Clean Energy Technologies, Inc. (CETY) reported a net loss of $6.8M for the fiscal year ending 2025.
Clean Energy Technologies, Inc. (CETY) reported an operating income of $-2.6M, resulting in an operating profit margin of -118.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Clean Energy Technologies, Inc. (CETY) generated $-0.8M in gross profit for the year, representing a gross profit margin of -37.7%. This demonstrates the company's core pricing power and production efficiency.