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…
Earnings analysis · 10-Q
ENFY earnings analysis
Filed November 17, 2025 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.07
What stood out
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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.
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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.
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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.
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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.
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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).
What to watch
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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.
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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.
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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.
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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.
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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).
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.