CN Energy Group. Inc.

cney_ex991.htm EXHIBIT 99.1 CN ENERGY GROUP. INC. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED MARCH 31, 202 6 AND 202 5

CN ENERGY GROUP. INC. INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and September 30, 2025 F-3

Unaudited Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the Six Months Ended March 31, 2026 and 2025 F-4

Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity for the Six Months Ended March 31, 2026 and 2025 F-5

Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2026 and 2025 F-6

Notes to Unaudited Condensed Consolidated Financial Statements F-7

CN ENERGY GROUP. INC. CONDENSED CONSOLIDATED BALANCE SHEETS

4,749,572 Acquisition reversal receivable, net

33,151,699 Prepaid expenses and other current assets

3,432,353 Remaining acquisition consideration payable

2,717 Accrued expenses and other current liabilities

Class A ordinary share, no par value, unlimited number of shares authorized; 11,620,571 and 4,988,337 shares issued and outstanding as of March 31, 2026 and September 30, 2025, respectively

122,966,148 Class B ordinary share, no par value, unlimited number of shares authorized; 635,419 and 635,419 shares issued and outstanding as of March 31, 2026 and September 30, 2025, respectively

( 77,423,385 ) ( 27,879,848 ) Accumulated other comprehensive loss

Total Liabilities and Shareholders' Equity $ 67,780,162 $ 107,314,411

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CN ENERGY GROUP. INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME

Sales to third parties $ 17,691,859 $ 16,376,697 Sales to related parties

(Allowance) reversal of allowance for credit losses

( 33,151,699 ) 7,511,234 Impairment loss for advances to suppliers

( 23,889 ) - General and administrative expenses

( 802,018 ) ( 1,575,682 ) Research and development expenses

( 814,928 ) ( 279,489 ) Amortization of debt issuance costs

35,342 Total other (expenses) income, net

( 49,543,537 ) 6,928,242 Other comprehensive income (loss) :

Foreign currency translation gain (loss)

$ 6.39 Weighted average shares outstanding

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CN ENERGY GROUP. INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE SIX MONTHS ENDED MARCH 31, 202 6 AND 202 5

2,760,000 Issuance of ordinary shares for warrants exercised

6,928,242 Foreign currency translation loss

3,010,270 Issuance of ordinary shares for acquisition

( 49,543,537 ) Foreign currency translation gain

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CN ENERGY GROUP. INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Net loss $ ( 49,543,537 ) $ 6,928,242 Adjustments to reconcile net loss to net cash used in operating activities:

Reversal of credit loss allowance for accounts receivable

( 7,504,925 ) Impairment loss for advances to suppliers

125,639 Credit loss allowance for acquisition reversal receivable