Monitor collections on accounts receivable and conversion of backlog to revenue. The large credit loss provision signals potential cash flow stress. Two upcoming bids in H2 2026 could provide catalyst if won, but current fundamentals are deteriorating.
Price Chart
Executive Summary
CDT Environmental reported FY2025 revenue of $18.2M, down 38.8% YoY, and a net loss of $10.3M versus net income of $1.4M in 2024, driven by a $14.7M provision for credit losses and project delays. The company has a backlog of $26.8M but faces significant credit risk and macroeconomic headwinds in China.
Key Facts
- FY2025 total revenues decreased 38.8% to $18.2M from $29.8M
- Net loss of $10.3M vs net income of $1.4M in FY2024
- EPS of -$0.84 vs $0.14 in prior year
- Provision for credit losses of $14.7M vs net recovery of $6.5M prior year
- Gross profit down 32.8% to $7.6M; gross margin improved to 41.5% from 37.8%
- Backlog of three projects totaling ~$26.8M as of March 31, 2026
- Cash declined to $66,686 from $124,379
Financial Impact
Revenue decline of $11.5M and net loss swing of $11.7M YoY
Risk Factors
- Further credit losses and collectability issues from state-owned customers
- Project delays and reduced new contract wins
- Ongoing economic downturn in China impacting demand
- Limited cash runway ($66k) despite working capital of $26.4M
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001731122-26-000748 |
| Document: e7647_6k.htm | 0001731122-26-000748 |
| Document: 0001731122-26-000748-index-headers.html | 0001731122-26-000748 |
| Document: 0001731122-26-000748-index.html | 0001731122-26-000748 |
| Document: 0001731122-26-000748.txt | 0001731122-26-000748 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 25, 2026 8w ago | 3 | $0.9800 | awaiting T+60 | — | $1.04 (−6.26%) |
Jul 28, 2026 13w ago | 6-K | $0.9502 $1.14 | ▼ −19.97% | ▼ −15.62% | $1.04 (−9.59%) |
Jul 7, 2026 16w ago | 6-K | $2.02 $1.22 | ▼ −39.60% | ▼ −41.60% | $1.04 (−48.45%) |
Jul 6, 2026 16w ago | 6-K | $2.14 $1.22 | ▲ +42.99% | ▲ +44.90% | $1.04 (+51.34%) |
May 28, 2026 21w ago | 6-K | $7.13 $1.18 | ▼ −83.44% | ▼ −85.17% | $1.04 (−85.39%) |
May 15, 2026 23w ago | 6-K | $8.63 $1.22 | ▲ +85.86% | ▲ +90.71% | $1.04 (+87.93%) |
May 15, 2026 23w ago | Press Release | $8.63 $1.22 | ▲ +85.86% | ▲ +90.71% | $1.04 (+87.93%) |
Apr 3, 2026 29w ago | 3 | $8.03 $2.12 | ▼ −73.58% | ▼ −87.05% | $1.04 (−87.02%) |
Mar 11, 2026 32w ago | EFFECT | $9.50 $6.93 | ▼ −27.05% | ▼ −38.57% | $1.04 (−89.04%) |
Mar 3, 2026 33w ago | F-1 | $0.3170 $0.2850 | ▲ +10.09% | ▲ +20.18% | $1.04 (−228.49%) |
US Market Status
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