CNEY // CN Energy Group Inc. (Class A)

Materials • Major Chemicals

$0.48 ▲ +0.00 (+0.50%)

MKT CAP: $2.7M • VOL: 40.0K

52W L $0 52W H $3

PIOTROSKI

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CNEY // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

CNEY // CN Energy Group Inc. (Class A)

GROSS MARGIN

1.8%

OP MARGIN

-30.9%

ROIC %

—

MKT CAP

$2.7M

UPSTREAM INPUTS ──► CNEY OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
CNEY ★	CN Energy Group Inc. (Class A)	$0.48	$2.7M	1.8%	-30.9%	—	—	-30.2%	SUBJECT ISSUER
LIN	Linde plc	$503.15	$231.94B	—	26.3%	13.1%	18.5x	+3.0%	CNEY VS LIN <GO>
SCCO	Southern Copper Corporation	$191.75	$161.89B	60.1%	52.2%	41.0%	20.2x	+17.4%	CNEY VS SCCO <GO>
NEM	Newmont Corporation	$111.80	$116.18B	—	38.1%	21.8%	11.9x	+21.3%	CNEY VS NEM <GO>
RIO	Rio Tinto Plc	$83.25	$104.57B	—	13.9%	9.9%	21.0x	+1.1%	CNEY VS RIO <GO>
FCX	Freeport-McMoRan Inc.	$66.14	$94.98B	26.1%	25.9%	21.5%	13.4x	+0.1%	CNEY VS FCX <GO>