Clean Energy Technologies, Inc.
For the period ended Sep 30, 2025. Filed Nov 19, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 19, 2025
CETY$0.89+3.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-19.
0001641172-25-024721
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-19.
0001493152-25-024235
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 154 previous paragraphs and 155 current paragraphs.
124 unchanged; 25 reworded; 6 added; 5 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
For the nine months ended September 30, 2025, our total revenue was $1,801,769, compared to $1,944,333 for the same period in 2024. The decrease was primarily due to minimal contributions (less than 3%) from our Vermont Renewable Gas project, as the project is currently undergoing review for a Certificate of Public Good with the Public Utility Commission. We currently have an estimated $10 million backlog associated with this project.
Current report
For the nine months ended September 30, 2025, our gross profit was $1,135,315, compared to $641,575 for the same period in 2024. The increase in gross profit and margin was primarily due to the sale of higher-margin refurbished systems, which contributed more favorably to overall profitability compared to prior periods.
Current report
For the nine months ended September 30, 2025, our revenue from the Heat Recovery Solutions (HRS) segment was $805,975, compared to $158,829 for the same period in 2024. The increase was primarily driven by higher product sales and ongoing progress in our HRS pipeline. We continue to work diligently on completing engineering and design efforts, which will enable us to execute contractual agreements and close additional opportunities.
Current report
The sales cycle for these projects tends to be longer due to cost considerations and the integration complexity of our technology. We are also engaging with financial institutions to support project financing, as customers increasingly adopt Independent Power Producer (IPP) models. Additionally, general economic uncertainty and evolving federal clean-energy legislation have influenced the timing of certain project commitments.
Current report
For the nine months ended September 30, 2025, our selling, general and administrative (SG&A) expenses totaled $3,301,052, compared to $3,193,447 for the same period in 2024. The increase was primarily due to costs associated with a consulting agreement related to a potential acquisition, partially offset by lower operating and salary expenses from our China operations and a reduction in certain general and administrative costs.
Current report
for the nine months ended September 30,
Removed paragraphs (5)
Previous report
For the six months ended June 30, 2025, our total revenue was $1,028,215 compared to $1,709,151 for the same period in 2024. Our total revenue for the first half of 2025 was lower compared to the same period in 2024, primarily due to minimal contributions less than 3% from our China natural gas business.
Previous report
For the six months ended June 30, 2025, our revenue from HRS was $689,488 compared to $120,874 for the same period in 2024. We have a large pipeline of opportunities in this segment and are working diligently to complete the engineering and design, enabling us to execute contractual agreements and close these opportunities. The sales cycle for these types of opportunities is long due to cost factors and the integration of the technology. We are also working with financial institutions to assist in financing the projects as customers are increasingly moving towards Independent Power Producer models. There were also uncertainties surrounding the economy and the new, one big beautiful bill, as well as its potential impact on clean energy technologies.
Previous report
For the six months ended June 30, 2024, our gross profits totaled $952,210 marking a favorable increase compared to $429,035 recorded for the corresponding period in 2024. Gross profit margins improved due to greater contributions from CETY’s non-NG business in China, where our operations and technologies yield substantially higher margins compared to our NG segment.
Previous report
For the six months ended June 30, 2025, our SG&A expenses totaled $1,783,145, compared to $2,221,990 for the same period in 2024. This decrease was as a result lower cost of China operations, lower salaries, and lower SG& expenses.
Previous report
for the six months ended June 30,
Reworded paragraphs (25)
Previous wording
Summary of Operating Results the Six months Ended June 30, 2025 Compared to the same period in 2024
Current wording
Summary of Operating Results the Nine months Ended September 30, 2025 Compared to the same period in 2024
Previous wording
The financial statements have been prepared on a going concern basis, which contemplates continuity of operations, realization of assets and liquidation of liabilities in the normal course of business. The Company had a total stockholder’s equity of $7,755,688 and a working capital of 2,267,817 as of June 30, 2025, The company also had an accumulated deficit of $28,820,537 as of June 30, 2025 and used 1,556,984 in net cash from operating activities for the six months ended June 30, 2025. Therefore, there is substantial doubt about the ability of the Company to continue as a going concern. There can be no assurance that the Company will achieve its goals and reach profitable operations and is still dependent upon its ability (1) to obtain sufficient debt and/or equity capital and/or (2) to generate positive cash flow from operations.
Current wording
The financial statements have been prepared on a going concern basis, which contemplates continuity of operations, realization of assets and liquidation of liabilities in the normal course of business. The Company had a total stockholder’s equity of $7,095,133 and a working capital deficit of 1,523,862 as of September 30, 2025, The company also had an accumulated deficit of $30,922,858 as of September 30, 2025 and used 6,218,085 in net cash from operating activities for the nine months ended September 30, 2025. Therefore, there is substantial doubt about the ability of the Company to continue as a going concern. There can be no assurance that the Company will achieve its goals and reach profitable operations and is still dependent upon its ability (1) to obtain sufficient debt and/or equity capital and/or (2) to generate positive cash flow from operations.
Previous wording
For the six months ended June 30, 2025, our operating expense was $830,935 compared to $1,792,955 for the same period in 2024. The decrease in expenses was primarily driven by lower salary costs from our China operations and a reduction in for general and administration expenses, which were elevated in the prior period due to costs associated with our S-3 registration.
Current wording
For the nine months ended September 30, 2025, our operating expenses were $3,301,052, compared to $3,193,447 for the same period in 2024. The increase in expenses was primarily due to costs associated with a consulting agreement related to a potential acquisition, partially offset by lower reduction in general and administrative costs.
Previous wording
For the six months ended June 30, 2025, we had a net loss of $1,420,021 compared to $2,251,278 for the same period in 2024. The improvement was largely attributable to reduced salary expenses in our China operations, lower legal and accounting costs, and stronger margins generated by our U.S.-based businesses.
Current wording
For the nine months ended September 30, 2025, we recorded a net loss of $3,522,342, compared to $3,550,669 for the same period in 2024. The net loss remained relatively steady year-over-year, reflecting reduced salary expenses, lower general, legal and accounting costs, and improved margins from our U.S.-based business activities.
Previous wording
For the quarter ended June 30, 2025, stockholders’ equity increased to $7,755,688, compared to $2,938,502 as of December 31, 2024, primarily due to higher increase from investments.
Current wording
For the quarter ended September 30, 2025, stockholders’ equity increased to $7,095,133, compared to $2,938,502 as of December 31, 2024, primarily due to higher increase from investments.
Previous wording
Management believes this 4-segment strategy has created many operational synergies and cross-selling opportunities across different markets. The growth in the non-China operations in the six months ended of 2025 vs. same period in 2024 was a result of this strategy. CETY believes that it will continue to deliver growth on these segments this year. The main macro factor benefiting us is the global commitment to push renewable energy to the forefront from governments across the world. Another catalyst that will potentially help our Company, is a continuously improving our global supply chain and lowering our cost.
Current wording
Management believes this 4-segment strategy has created many operational synergies and cross-selling opportunities across different markets. The growth in the non-China operations in the nine months ended of 2025 vs. same period in 2024 was a result of this strategy. CETY believes that it will continue to deliver growth on these segments this year. The main macro factor benefiting us is the global commitment to push renewable energy to the forefront from governments across the world. Another catalyst that will potentially help our Company, is a continuously improving our global supply chain and lowering our cost.
Previous wording
Results of the Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024
Current wording
Results of the Nine Months Ended September 30, 2025, Compared to the Nine Months Ended September 30, 2024
Previous wording
For the six months ended June 30, 2025, our total revenue was $1,028,215 compared to 1,709,151 for the same period in 2024. The lower revenue was contributed to primarily due to minimal contributions from our China natural gas business.
Current wording
For the nine months ended September 30, 2025, our total revenue was $1,801,769 compared to 1,944,333 for the same period in 2024. The lower revenue was contributed to primarily due to minimal contributions from our China natural gas business.
Previous wording
For the six months ended June 30, 2025, our gross profit from CETY Renewables was For the six months ended June 30, 2025, revenue from the CETY Renewables segment was $331,597, compared to $ 359,307 for the same period in 2024. This segment is expected to remain relatively stable until construction activities commence later this year.
Current wording
For the nine months ended September 30, 2025, revenue from the CETY Renewables segment was $409,699, compared to $ 590,985 for the same period in 2024. This segment is expected to remain relatively stable until construction activities commence later this year.
Previous wording
For the six months ended June 30, 2025, CETY reported 0 revenue from its Engineering and Manufacturing segments, compared to $9,341 for the same period in 2024. This segment is still in its early stages and much of the related activity is currently being integrated into the HRS and CETY Renewables segments. However, with a developing pipeline of opportunities, CETY expects to see gradual revenue growth from this segment over the coming quarters.
Current wording
For the nine months ended September 30, 2025, CETY reported no revenue from its Engineering and Manufacturing segments, compared to $9,341 for the same period in 2024. This segment is still in its early stages and much of the related activity is currently being integrated into the HRS and CETY Renewables segments. However, with a developing pipeline of opportunities, CETY expects to see gradual revenue growth from this segment over the coming quarters.
Previous wording
For the Six months ended June 30, 2025, revenue from our natural gas (NG) business was $7,130, a decrease from $1,219,629 for the same period in 2024. This decline is primarily due to macroeconomic factors and our strategic decision to reduce focus on lower-margin business activities.
Current wording
For the nine months ended September 30, 2025, revenue from our natural gas (NG) business was $586,095, a decrease from $1,185,178 for the same period in 2024. This decline is primarily due to macroeconomic factors and our strategic decision to reduce focus on lower-margin business activities.
Previous wording
For the six months ended June 30, 2025, our gross profit was $952,210 compared to $429,035 for the same period in 2024. Gross profit margins improved due to greater contributions from CETY’s non-NG business in China, where our operations and technologies yield substantially higher margins compared to our NG segment.
Current wording
For the nine months ended September 30, 2025, our gross profit totaled $1,135,315, representing an increase from $641,575 for the same period in 2024. The improvement in gross profit and margin was primarily driven by the sale of higher-margin refurbished systems and greater contributions from CETY’s non-natural gas business in China, where our operations and technologies generate substantially higher margins compared to our NG segment.
Previous wording
For the six months ended June 30, 2025, our gross profit from Engineering and Manufacturing amounted to $0, compared to 7,806 for the same period in 2024. This segment is a recent addition to CETY’s portfolio, currently serving as a support for our ongoing internal projects. Nevertheless, it is anticipated to expand notably as CETY shifts its focus towards providing comprehensive end-to-end power generation and integrated solutions.
Current wording
For the nine months ended September 30, 2025, our gross profit from Engineering and Manufacturing amounted to $0, compared to $7,806 for the same period in 2024. This segment is a recent addition to CETY’s portfolio, currently serving as a support for our ongoing internal projects. Nevertheless, it is anticipated to expand notably as CETY shifts its focus towards providing comprehensive end-to-end power generation and integrated solutions.
Previous wording
For the six months ended June 30, 2025, our gross profit from the HRS segment was $620,374, compared to $79,889 for the same period in 2024. This significant increase in gross profit was primarily driven by higher revenues, which included equipment sales and the sale of products with lower costs, along with engineering services.
Current wording
For the nine months ended September 30, 2025, our gross profit from the Heat Recovery Solutions (HRS) segment was $715,709, compared to $83,822 for the same period in 2024. This significant increase in gross profit was primarily driven by higher revenues, including the sale of refurbished, higher-margin systems, as well as equipment and engineering service sales.
Previous wording
For the six months ended June 30, 2025, our gross profit from the CETY Renewables segment was $331,597, compared to $331,487 for the same period in 2024. The Company’s operations have remained steady as we progress toward the final stages of the permitting process.
Current wording
For the nine months ended September 30, 2025, our gross profit from the CETY Renewables segment was $407,265, compared to $549,947 for the same period in 2024. The Company’s operations have remained steady as we progress through the Certificate of Public Good (CPG) process and approach the final stages of permitting.
Previous wording
For the six months ended June 30, 2025, our gross profit from our wholly owned subsidiary, JHJ, was $239, down from $9,853 for the same period in 2024. This decrease was primarily due to minimal business activity in China, which was partly a result of our strategic decision to reduce focus on lower-margin businesses in the region.
Current wording
For the nine months ended September 30, 2025, our gross profit from our wholly owned subsidiary, JHJ, was $12,341, down from $0 for the same period in 2024. This decrease was primarily due to minimal business activity in China, which was partly a result of our strategic decision to reduce focus on lower-margin businesses in the region.
Previous wording
For the six months ended June 30, 2025, our salaries expense totaled $873,268, compared to $966,843 for the same period in 2024. The decrease was primarily due to reduced activity in our China natural gas business, while salary levels in other areas remained stable.
Current wording
For the nine months ended September 30, 2025, our salary expenses totaled $1,329,800, compared to $1,481,316 for the same period in 2024. The decrease was primarily due to reduced activity within our CETY Renewables business, while salary levels across other segments remained relatively stable.
Previous wording
For the six months ended June 30, 2025, our travel expenses were $79,737, compared to $81,224 for the same period in 2024. This slight decrease reflects stable activity levels within our service and marketing operations.
Current wording
For the nine months ended September 30, 2025, our travel expenses were $127,312, compared to $135,964 for the same period in 2024. This slight decrease reflects stable activity levels within our service and marketing operations.
Previous wording
For the six months ended June 30, 2025, our professional fees totalled $333,319, compared to $353,065 for the same period in 2024. The decrease was primarily due to reduced legal and consulting activity, as the Six months ended 2024 included higher costs related to our S-3 registration process.
Current wording
For the nine months ended September 30, 2025, our professional fees totaled $1,073,709, compared to $484,990 for the same period in 2024. The increase was primarily due to costs associated with a consulting agreement related to a potential acquisition, partially offset by lower legal and registration-related expenses compared to the prior year, which included higher costs associated with our S-3 registration process.
Previous wording
For the six months ended June 30, 2025, our facility lease and maintenance expenses totalled $133,399, compared to $150,883 for the same period in 2024. This slight decrease reflects normal fluctuations, with no significant changes in underlying operations.
Current wording
For the nine months ended September 30, 2025, our facility lease and maintenance expenses totalled $190,944, compared to $230,798 for the same period in 2024. This slight decrease reflects normal fluctuations, with no significant changes in underlying operations.
Previous wording
For the six months ended June 30, 2025, our depreciation and amortization expense was $5,938, compared to $5,938 for the same period in 2024. There were no significant changes, as the majority of our equipment has already been fully depreciated.
Current wording
For the nine months ended September 30, 2025, our depreciation and amortization expense was $8,907, compared to $8,907 for the same period in 2024. There were no significant changes, as the majority of our equipment has already been fully depreciated.
Previous wording
The Six months ended June 30, 2025 and 2024; we had a $112,672 and $0 derivative liability. The increase in derivative liability is due to the issuance of new convertible instruments and the mark-to-market adjustment based on changes in our stock price and volatility. These fair value remeasurements are required each reporting period under ASC 815.
Current wording
For the nine months ended September 30, 2025 and 2024, we recorded derivative liabilities of $924,588 and $0, respectively. The increase in derivative liability was primarily due to the issuance of new convertible instruments and mark-to-market adjustments resulting from changes in our stock price and volatility. These fair value remeasurements are required each reporting period in accordance with ASC 815.
Previous wording
For the six months ended June 30, 2025, interest and finance fees totalled $843,859, compared to $424,743 for the same period in 2024. The increase was primarily due to two larger interim financings secured to bridge the company through the finalization of funding for the Vermont Renewable Project, aimed at addressing approximately $1.7 million in accounts receivable, and to support the completion of the S-3 registration.
Current wording
For the nine months ended September 30, 2025, interest and finance fees totaled $2,399,193, compared to $902,002 for the same period in 2024. The increase was primarily due to two larger interim financings obtained to bridge the Company through the finalization of funding for the Vermont Renewable Gas Project, address approximately $1.7 million in accounts receivable, and support the completion of the S-3 registration, as well as certain applied default amounts.
Previous wording
For the six months ended June 30, 2025, our net loss was $1,420,021, compared to a net loss of $2,251,278 for the same period in 2024. This significant decrease is primarily attributable to higher-margin revenue from the HRS segment—driven by equipment and technical sales—as well as stable contributions from CETY Renewables in support of the Vermont Renewable Gas Project. Additionally, reduced activity in the lower-margin China NG business contributed to improved overall financial performance.
Current wording
For the nine months ended September 30, 2025, our net loss was $3,522,342, compared to a net loss of $3,550,669 for the same period in 2024. The results remained relatively steady year-over-year, primarily reflecting higher-margin revenue from the Heat Recovery Solutions (HRS) segment—driven by equipment and refurbished system sales—as well as stable contributions from CETY Renewables supporting the Vermont Renewable Gas Project. Additionally, reduced activity in the lower-margin China natural gas business contributed to maintaining a stable overall financial performance.
Previous wording
Also from time to time we require upfront deposits from our customers based on the contract. As of June 30, 2025, and December 31, 2024, we had outstanding customer deposits of $82,510 and $30,061 respectively.
Current wording
Also from time to time we require upfront deposits from our customers based on the contract. As of September 30, 2025, and December 31, 2024, we had outstanding customer deposits of $197,220 and $30,061 respectively.