CN Energy Group. Inc. (CNEY) Cash Flow Statement
Where CNEY’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- −$2.0M
- Capital expenditures
- $3 0.0% of revenue
- Free cash flow
- −$2.0M −5.5% margin
- Returned to shareholders
- —
- Change in cash
- $73,383 cash at year-end $390,706
Cash from operations
−$2.0M
Investments (net)
−$5.7M
Acquisitions & other
−$4.8M
Net borrowing (repayment)
+$5.9M
Shares issued
+$6.0M
Other financing
+$523,200
Change in cash
$73,383
Drawn to scale: where the cash came from and how it was used. Hover for values.
CNEY operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CNEY cash flow trends, FY2017–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.7MFY2017 | −$2.0MFY2025 | — | |
| Capital expenditures | $94,721FY2017 | $3FY2025 | −72.6%/yr | |
| Free cash flow | $3.6MFY2017 | −$2.0MFY2025 | — | |
| Free cash flow margin | 264.7%FY2017 | −5.5%FY2025 | −270.3 pts | |
| Operating cash flow / net income | −1.87FY2018 | −3.37FY2022 | −1.50 | |
| Stock-based compensation | $42,650FY2018 | $1.1MFY2023 | +91.6%/yr | |
| Capex / revenue | 6.9%FY2017 | 0.0%FY2025 | −6.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CNEY cash flow by activity
OperatingInvestingFinancingChange in cash
CNEY net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CNEY cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −$11.1M | −$14.0M | −$5.6M | $2.2M | $1.3M | $2.3M | $1.7M | $1.6M | −$811,993 |
| Depreciation & amortization | $1.3M | $2.6M | $2.8M | $1.5M | $1.2M | $1.0M | $1.1M | $1.1M | $1.1M |
| Stock-based compensation | — | — | $1.1M | — | $108,108 | $56,100 | $4,130 | $42,650 | — |
| Change in working capital | −$1.1M | $454,588 | −$28.0M | −$11.5M | −$14.2M | −$5.3M | −$2.5M | −$5.7M | $3.6M |
| Other non-cash items | $9.0M | $8.6M | −$409,535 | $226,873 | −$26,545 | $31,690 | −$106,507 | −$2,318 | −$221,812 |
| Cash from operating activities | −$2.0M | −$2.4M | −$30.2M | −$7.5M | −$11.6M | −$1.8M | $148,540 | −$2.9M | $3.7M |
| Investing activities | |||||||||
| Capital expenditures | −$3 | −$2 | −$683,392 | −$3.9M | −$4.2M | −$19,356 | −$1.5M | −$1,928 | −$94,721 |
| Investments (net) | −$5.7M | $1.6M | −$1.5M | $2.2M | −$3.1M | −$875,831 | −$1.2M | $4.8M | — |
| Acquisitions & other investing | −$4.8M | $2 | $683,392 | $3.9M | −$20.7M | $19,356 | $1.5M | $1,928 | −$1.3M |
| Cash from investing activities | −$10.4M | $1.6M | −$1.5M | $2.2M | −$27.9M | −$875,831 | −$1.2M | $4.8M | −$1.4M |
| Financing activities | |||||||||
| Share repurchases & issuance (net) | — | −$430 | — | — | — | — | — | — | — |
| Net borrowing (repayment) | $5.9M | $780,541 | $4.5M | $1.4M | $360,704 | $850,729 | $790,271 | $790,271 | — |
| Shares issued | $6.0M | $0 | $8.9M | $23.5M | $41.0M | $1.8M | $0 | $0 | $0 |
| Other financing | $523,200 | $145,720 | $0 | $0 | −$3.3M | −$26,929 | $0 | $0 | −$2.2M |
| Cash from financing activities | $12.4M | $925,831 | $13.4M | $24.9M | $38.0M | $2.6M | $790,271 | $790,271 | −$2.2M |
| Summary | |||||||||
| Net change in cash | $73,383 | $121,821 | −$17.9M | $17.9M | −$1.4M | $9,700 | −$336,467 | $1.8M | $54,770 |
| Cash at end of period | $390,706 | $317,323 | $195,502 | $18.0M | $190,758 | $1.6M | $1.6M | $1.9M | $78,010 |
| Free cash flow | −$2.0M | −$2.4M | −$30.8M | −$11.4M | −$15.8M | −$1.8M | −$1.3M | −$2.9M | $3.6M |
| Free cash flow margin | −5.5% | −4.7% | −53.3% | −28.4% | −79.5% | −14.7% | −12.0% | −36.1% | 264.7% |
| Capex / revenue | 0.0% | 0.0% | 1.2% | 9.7% | 21.1% | 0.2% | 13.4% | 0.0% | 6.9% |
| Operating cash flow / net income | — | — | — | −3.37 | −8.94 | −0.78 | 0.09 | −1.87 | — |
| Jun '26 | Dec '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$49.5M | −$18.1M | $3.5M | $6.9M | $3.5M | −$11.1M | −$5.5M | −$1.5M | −$1.5M | −$1.5M | −$727,281 | −$4.2M |
| Depreciation & amortization | $270,073 | $427,924 | $434,405 | $868,809 | $434,405 | $1.3M | $636,577 | $1.3M | $669,849 | $1.4M | $709,329 | $1.3M |
| Stock-based compensation | — | — | — | — | — | — | — | — | $550,000 | $1.1M | $550,000 | — |
| Change in working capital | −$953,992 | −$335,207 | −$549,497 | −$1.1M | −$549,497 | $58,366 | $29,183 | $1.2M | $1.2M | $6.2M | $3.1M | −$28.5M |
| Other non-cash items | $49.0M | $17.5M | −$4.1M | −$8.2M | −$4.1M | $8.0M | $4.0M | −$1.7M | −$1.3M | −$8.1M | −$4.1M | $2.1M |
| Cash from operating activities | −$1.2M | −$514,218 | −$728,659 | −$1.5M | −$728,659 | −$1.8M | −$895,986 | −$579,200 | −$289,600 | −$878,850 | −$439,425 | −$29.3M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | −$2 | $0 | −$2 | −$122 | −$122 | −$61 | −$61 | −$61 | −$673,530 | −$336,765 | −$9,862 |
| Acquisitions & other investing | −$497,099 | −$8.1M | −$1,990 | −$3,978 | −$1,868 | $1.5M | $772,376 | $24,509 | $12,500 | $229,984 | $114,992 | −$999,245 |
| Cash from investing activities | −$497,099 | −$8.1M | −$1,990 | −$3,980 | −$1,990 | $1.5M | $772,315 | $24,448 | $12,439 | −$443,546 | −$221,773 | −$1.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | −$1.1M | −$2.3M | −$1.1M | — | −$215 | −$215 | −$215 | — | — | — |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | — | — | — | $1.9M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $7.0M | $8.8M | $1.8M | $3.7M | $1.8M | $442,142 | $221,286 | $483,905 | $241,845 | $1.7M | $863,845 | $9.8M |
| Cash from financing activities | $7.0M | $8.8M | $688,289 | $1.4M | $688,289 | $442,142 | $221,071 | $483,690 | $241,630 | $1.7M | $863,845 | $11.7M |
| Summary | ||||||||||||
| Net change in cash | $5.3M | $159,259 | — | −$85,876 | $190,907 | −$126,416 | −$126,416 | −$69,086 | −$34,543 | −$480,847 | −$240,423 | −$17.4M |
| Cash at end of period | $5.7M | $390,706 | $231,447 | $231,447 | $317,323 | $317,323 | $126,416 | $126,416 | −$34,543 | $195,502 | −$240,423 | $676,349 |
| Free cash flow | −$1.2M | −$514,220 | −$728,659 | −$1.5M | −$728,659 | −$1.8M | −$895,925 | −$289,661 | −$289,661 | −$1.6M | −$776,190 | −$29.3M |
| Free cash flow margin | −7.0% | −2.7% | −8.9% | −8.9% | −8.9% | −9.1% | −9.1% | −0.9% | −1.9% | −4.4% | −4.4% | −129.2% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.9% | 1.9% | 0.0% |
| Operating cash flow / net income | — | — | −0.21 | −0.21 | −0.21 | — | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CNEY cash generation
In fiscal 2025 (ended September 30, 2025), CN Energy Group. generated -$2.0 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$2.0 million, −5.5% of revenue. Cash and equivalents rose by $0.1 million over the year.
Related: CNEY income statement, CNEY balance sheet. See the CNEY stock overview for the latest quote and news.
CNEY cash flow FAQ
What is CN Energy Group.'s free cash flow?
CN Energy Group.'s free cash flow was -$2.0 million in fiscal 2025: -$2.0 million of operating cash flow minus $0.0 million of capital expenditures It was -$2.4 million a year earlier..
How much cash does CN Energy Group. generate from operations?
CN Energy Group. generated -$2.0 million of cash from operating activities in fiscal 2025.
How much does CN Energy Group. spend on capital expenditures?
CN Energy Group. spent $0.0 million on capital expenditures in fiscal 2025, 0.0% of revenue, compared with $0.0 million the year before.