The balance sheet reflects extreme vulnerability, highlighted by $27.9 million in negative retained earnings and a collapse in net PPE to $941,100 as of 2025Q4.
| Total Current Assets | 65.77M | 61.5M | 72.45M | 74.22M | 48.89M | 14.7M | 10.01M | 12.41M | 12.61M |
| Cash & Short-Term Investments | 390.71K | 317.32K | 195.5K | 18.05M | 3.29M | 1.57M | 1.56M | 1.9M | 78.01K |
| Cash Only | 390.71K | 317.32K | 195.5K | 18.05M | 190.76K | 1.57M | 1.56M | 1.9M | 78.01K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 3.1M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 39.55M | 30.5M | 29.01M | 18.88M | 33.53M | 8.73M | 4.18M | 3.05M | 8.21M |
| Days Sales Outstanding | 405.82 | 218.46 | 182.9 | 171.41 | 616.62 | 255.32 | 140.02 | 137.59 | 2.19K |
| Inventory | 25.09M | 29.82M | 41.7M | 784.25K | 1.12M | 2.81M | 2.45M | 2.65M | 4.24M |
| Days Inventory Outstanding | 214.21 | 212.82 | 266.51 | 7.83 | 23.65 | 112.48 | 112.93 | 154.19 | 938.19 |
| Other Current Assets | 739.32K | 0 | -768 | 495.34K | 155.02K | 1.56M | 0 | 2.68M | 0 |
| Total Non-Current Assets | 41.55M | 36.86M | 53.75M | 20.73M | 20.08M | 16.74M | 14.21M | 11.94M | 13.97M |
| Property, Plant & Equipment | 941.13K | 2.14M | 42.39M | 19.92M | 19.09M | 15.32M | 12.81M | 11.25M | 13.03M |
| Fixed Asset Turnover | 37.80x | 23.86x | 1.37x | 2.02x | 1.04x | 0.81x | 0.85x | 0.72x | 0.11x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 6.21M | 6.66M | 804.25K | 952.61K | 1.02M | 801.68K | 374.55K | 0 |
| Long-Term Investments | 40.6M | 0 | 0 | 0 | 0 | -1.18M | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 28.52M | 4.7M | 0 | 0 | 1.56M | 593.22K | 314.78K | 819.77K |
| Total Assets | 107.31M | 98.36M | 126.2M | 94.94M | 68.96M | 31.44M | 24.22M | 24.35M | 26.57M |
| Asset Turnover | 0.33x | 0.52x | 0.46x | 0.42x | 0.29x | 0.40x | 0.45x | 0.33x | 0.05x |
| Asset Growth % | 9.1% | -22.06% | 32.92% | 37.67% | 119.33% | 29.81% | -0.52% | -8.38% | - |
| Total Current Liabilities | 4.73M | 1.45M | 22.52M | 30.46M | 5.64M | 7.7M | 6.23M | 7.31M | 10.52M |
| Accounts Payable | 145.44K | 535.22K | 12.57M | 7.49M | 1.78M | 4.83M | 3.95M | 6.1M | 7.72M |
| Days Payables Outstanding | 1.24 | 3.82 | 80.31 | 74.74 | 37.64 | 193.37 | 181.89 | 354.58 | 1.71K |
| Short-Term Debt | 3.43M | 0 | 7.22M | 3.73M | 1.5M | 1.61M | 277.37K | 0 | 163.38K |
| Deferred Revenue (Current) | 0 | 0 | 83.19K | 96.54K | 111.3K | 120.38K | 605K | 733.28K | 2.16M |
| Other Current Liabilities | 834.2K | 637.38K | 2.09M | 18.88M | 1.87M | 890.71K | 1.35M | 1.21M | 468.99K |
| Current Ratio | 13.90x | 42.41x | 3.22x | 2.44x | 8.66x | 1.91x | 1.61x | 1.70x | 1.20x |
| Quick Ratio | 8.60x | 21.85x | 1.37x | 2.41x | 8.47x | 1.54x | 1.21x | 1.33x | 0.80x |
| Cash Conversion Cycle | 618.78 | 427.46 | 369.1 | 104.49 | 602.64 | 174.43 | 71.07 | -62.8 | 1.41K |
| Total Non-Current Liabilities | 611.33K | 0 | 108.28K | 698.01K | 641.07K | 621.31K | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 34.27K | 421.73K | 22.03K | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 15.48K | 32.35K | 65.59K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 34.15K | 53.44K | 97.25K | -555.73K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 611.33K | 0 | 0 | 0 | 0 | 555.73K | 0 | 0 | 0 |
| Total Liabilities | 5.34M | 1.45M | 22.63M | 31.16M | 6.28M | 8.32M | 6.23M | 7.31M | 10.52M |
| Total Debt | 3.43M | 0 | 7.29M | 4.2M | 1.59M | 1.75M | 277.37K | 0 | 0 |
| Net Debt | 3.04M | -317.32K | 7.09M | -13.85M | 1.4M | 178.31K | -1.28M | -1.9M | -78.01K |
| Debt / Equity | 0.03x | - | 0.07x | 0.07x | 0.03x | 0.08x | 0.02x | - | - |
| Debt / EBITDA | - | - | - | 2.10x | 0.89x | 0.58x | 0.10x | - | - |
| Net Debt / EBITDA | - | - | - | -6.93x | 0.78x | 0.06x | -0.45x | -0.86x | -0.82x |
| Interest Coverage | -14.72x | -40.82x | -7.21x | 17.18x | - | 72.36x | 272.12x | - | - |
| Total Equity | 101.97M | 96.91M | 103.56M | 63.78M | 62.68M | 23.12M | 18M | 17.04M | 16.06M |
| Equity Growth % | 5.22% | -6.42% | 62.37% | 1.76% | 171.13% | 28.46% | 5.61% | 6.13% | - |
| Book Value per Share | 196.38 | 485.05 | 1436.01 | 2208.53 | 3093.27 | 1733.90 | 1349.70 | 1278.05 | 1043.32 |
| Total Shareholders' Equity | 101.97M | 96.91M | 103.56M | 63.78M | 62.68M | 23.12M | 18M | 17.04M | 16.06M |
| Common Stock | 128.65M | 108.72M | 106.15M | 58.51M | 52.98M | 14.01M | 14.01M | 14.01M | 14.01M |
| Retained Earnings | -27.88M | -16.74M | -3.21M | 2.42M | 394.56K | 259.51K | -1.96M | -3.62M | -5.19M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -7.66M | -3.93M | -8.24M | -6.01M | 438.37K | -837.28K | -1.94M | -1.23M | -653.95K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and insolvency
As reported in recent financial filings, CNEY's total assets have fluctuated significantly, dropping from a peak of $137.2 million in 2023Q2 to $107.3 million by 2025Q4, reflecting a broader trend of asset base instability that mirrors the company's ongoing struggle to maintain operational scale.
The decline in total assets, coupled with persistent negative retained earnings of $27.9 million, suggests that the company is consuming its capital base to fund ongoing operational deficits. This trajectory indicates a weakening financial position that may limit the firm's ability to pivot or invest in future growth initiatives.
Based on the most recent quarterly data, CNEY's cash position has dwindled to a precarious $390,706, a figure that appears insufficient to support the company's operational requirements given the historical volatility in working capital and the persistent negative cash flow profile observed in recent periods.
While the reported current ratio of 13.90 might superficially suggest liquidity, this metric is likely distorted by the composition of current assets and does not reflect the immediate cash availability required for survival. Investors should monitor the company's ability to secure external financing, as the current cash buffer provides minimal protection against operational shocks.
According to the latest balance sheet, the company's net property, plant, and equipment (PPE) has collapsed from $46.0 million in 2023Q4 to just $941,100 in 2025Q4, signaling a massive reduction in the physical asset base that previously supported its biomass and carbon production operations.
This sharp reduction in PPE suggests either significant asset impairments or a strategic divestment that may impair the company's future production capacity. The lack of goodwill on the balance sheet as of 2025Q4 further indicates that previous acquisition-related value has been fully written down, leaving a leaner but potentially less capable asset structure.
Financial statements reveal that the company's equity base of $102.0 million is heavily burdened by accumulated losses, as evidenced by the $27.9 million in negative retained earnings, which suggests that the book value of equity may not accurately reflect the firm's true economic worth.
The reliance on equity to maintain the balance sheet while operating at a loss warrants further investigation into potential future dilution risks. Investors should be wary that the headline equity figure may be masking underlying financial distress, as the company lacks the earnings power to replenish its capital base organically.
Quick answers to the most common questions about buying CNEY stock.
As of 2025, CN Energy Group. Inc. (CNEY) had total assets of $107.3M including $65.8M in current assets.
CN Energy Group. Inc. (CNEY) carries total debt of $3.4M, offset by $0.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
CN Energy Group. Inc. (CNEY) has total shareholders' equity (book value) of $102.0M ($196.38 book value per share). Book value represents the net worth of the company belonging to common stock holders.
CN Energy Group. Inc. (CNEY) reported a current ratio of 13.90x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.