CN Energy Announces Preliminary Q1 Report; Stock Drops 3%

(RTTNews) - CN Energy Group. Inc. (CNEY), Monday announced its preliminary financial report for the first quarter, amid strong demand for the company's recyclable activated carbon and renewable energy.

The company expects loss of $0.8 million to $1 million, and revenue of $21 to $22 million for the period.

Steven Berman, president and CEO of CN Energy Group, commented, "We will continue to review and diligently work towards reducing the cost of goods sold to improve our margins and increase our net income for the current fiscal year".

Following the announcement, CN Energy's stock is slipping 3.36 percent, to $1.44 during the pre-market trading on the Nasdaq.