ENFY earnings analysis
What we found in ENFY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Enlightify reported Q3 (three months ended September 30, 2025) net sales of $14,460,511, down from $17,364,939 in the prior-year quarter, but swung to net income of $1,087,797 ($0.07 basic EPS) vs. a loss of $(1,842,225) ($(0.12) EPS) a year earlier. Gross profit was $3,455,932 (gross margin ~23.9%) and operating income was $1,187,599 (operating margin ~8.2%) driven by a large reduction in operating expenses. The quarter shows improved operating profitability but continuing cash-flow weakness (net cash used in operations of $(1,318,192)) and a material going-concern / delisting risk disclosed after quarter-end.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Profitability turnaround
- Net income was $1,087,797 in Q3 2025 compared with a net loss of $(1,842,225) in Q3 2024, producing basic EPS of $0.07 versus $(0.12) a year earlier.
- Operating income recovered
- Income from operations was $1,187,599 in the quarter versus an operating loss of $(1,765,024) in Q3 2024, driven by a reduction in operating expenses to $2,268,333 from $5,751,594.
- Improved gross margin
- Gross profit was $3,455,932 on sales of $14,460,511 (gross margin ~23.9%) compared with gross profit $3,986,570 on sales of $17,364,939 (gross margin ~23.0%) in Q3 2024.
- Cash balance up slightly
- Cash and cash equivalents increased to $53,253,117 at September 30, 2025 from $52,519,418 at June 30, 2025, a $733,699 increase.
- Lower capex
- Purchase of plant, property and equipment was $12,952 in the quarter (vs. $48,239 in Q3 2024), implying very low capex intensity (capex ≈ 0.09% of sales).
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- NYSE delisting / going concern
- Note 3 discloses the Company was notified by the NYSE on October 13, 2025 of proceedings to delist and that NYSE filed a Form 25 on October 27, 2025; the filing states these conditions "raise substantial doubt" about the Company's ability to continue as a going concern.
- Negative operating cash flow
- Net cash used in operating activities was $(1,318,192) for the three months ended September 30, 2025 (improved from $(2,553,911) in Q3 2024), producing free cash flow of $(1,331,144) after $12,952 of capex.
- Short-term borrowing increased
- Short-term loans rose to $9,562,517 at September 30, 2025 from $4,720,934 at June 30, 2025, increasing near-term debt obligations by $4,841,583.
- Very large allowance for doubtful accounts
- The filing shows accounts receivable, net of allowance, of $20,678,903 as of September 30, 2025 and an allowance for doubtful accounts of $30,744,907 (June 30, 2025 allowance $30,266,093), indicating significant credit reserves relative to receivables.
- Customer deposits and working capital pressure
- Customer deposits declined to $3,441,483 at September 30, 2025 from $4,526,024 at June 30, 2025 and net working capital fell to $65,114,379 from $65,914,769 (a decrease of $800,390).
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.07
- Gross margin
- 23.9%
- Operating margin
- 8.21%
- Segment
- Jinong: $6,796,657 in Q3 2025 (down from $7,421,658 in Q3 2024)
- Segment
- Gufeng: $5,213,257 in Q3 2025 (down from $7,439,542 in Q3 2024)
- Segment
- Yuxing: $2,450,597 in Q3 2025 (up from $2,340,444 in Q3 2024)
- Segment
- Antaeus: $0 in Q3 2025 (vs. $163,295 in Q3 2024)
What they said about what is next.
The 10-Q contains forward-looking language (e.g., expectations regarding expansion of manufacturing capacity and increased revenue growth) but provides no numeric revenue or EPS guidance. Management states plans to implement cost-reduction measures and to explore alternative financing arrangements; the filing also discloses subsequent NYSE delisting proceedings which management does not intend to appeal.
The filing reads worse than the one before it.
What came before.
- 10-Q · July 10, 2025
- Enlightify reported a sharp revenue decline for the quarter: net sales of $24.79M for the three months ended March 31, 2025, down from $32.94M a year earlier, while gross profit fell to $4.96M. Management materially…
- 10-Q · November 14, 2024
- Q1 (three months ended September 30, 2024) revenue fell to $17.36M from $22.40M a year ago (‑$5.03M, ‑22.5%) while gross profit decreased to $3.99M but gross margin improved to ~23.0% from ~20.8%. The company reported a…
- 10-Q · February 9, 2024
- Q2 (three months ended December 31, 2023) revenue declined to $17.80M from $24.54M a year ago (‑$6.74M, ‑27.5%), gross profit fell to $3.33M but gross margin ticked up to ~18.7% from ~18.4%, while operating loss widened…
- 10-K · November 3, 2023
- China Green Agriculture (ENFY) describes itself as a fertilizer-focused agribusiness with humic acid and compound fertilizers as its core products and a 1,328-strong distributor network across China. FY2023 revenue from…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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