Enlightify's Revenue Dips 21% Amid Crypto Pivot, Narrows Losses

TL;DR

**ENFY's revenue is wilting, but their crypto pivot could be a moonshot or a bust – it's a high-stakes gamble.**

AI Summary

Enlightify Inc. (ENFY) reported a significant decrease in total revenues, falling from $95,845,788 in fiscal year 2024 to $75,284,871 in fiscal year 2025, representing a 21.45% decline. Despite this, the company narrowed its net loss from $(28,405,315) in 2024 to $(15,602,160) in 2025. Fertilizer production remains the core business, generating $65,352,572 (86.8% of total revenues) in 2025, down from $85,144,156 (88.8% of total revenues) in 2024. The company's total annual production capacity for fertilizers was 555,000 metric tons as of June 30, 2025. A key strategic shift includes the establishment of Antaeus Tech Inc. in March 2023 to mine Bitcoin in West Texas, diversifying beyond its traditional agricultural focus. The planned acquisition of Lonestar Dream, Inc. was terminated on June 13, 2025, after a mutual rescission agreement with Mr. Zhibiao Pan. The company also changed its name from China Green Agriculture, Inc. to Enlightify Inc. and its ticker symbol to ENFY on November 26, 2024. Risks include reliance on a Variable Interest Entity (VIE) structure in China, which faces regulatory uncertainty and potential enforceability issues under PRC law.

Why It Matters

Enlightify's strategic pivot into Bitcoin mining, while still heavily reliant on its declining fertilizer business, signals a high-risk, high-reward play for investors. The 21.45% revenue drop in its core agricultural segment, coupled with the termination of the Lonestar acquisition, raises questions about the stability of its traditional operations and the execution of its diversification strategy. For employees, this shift could mean a reallocation of resources and skills, particularly in the U.S. crypto operations. Customers of its fertilizer products might see continued operational focus in China, but the company's broader market position is becoming increasingly complex, competing in both agricultural and digital asset sectors.

Risk Assessment

Risk Level: high — The company faces high risk due to its significant reliance on a Variable Interest Entity (VIE) structure in the PRC, which is subject to regulatory uncertainty and potential unenforceability under PRC law, as detailed on page 4. Furthermore, the core fertilizer business saw revenues decline by 21.45% from $95,845,788 in 2024 to $75,284,871 in 2025, indicating operational challenges. The recent entry into the volatile digital asset mining business adds another layer of significant market and operational risk.

Analyst Insight

Investors should approach ENFY with extreme caution, recognizing the high-risk profile. Await further clarity on the profitability and scalability of the Bitcoin mining operations and monitor any developments regarding the PRC's regulatory stance on VIEs. Consider this a speculative play, not a core holding.

Financial Highlights

debt To Equity

N/A

revenue

$75,284,871

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

$(15,602,160)

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

-21.45%

Revenue Breakdown

Key Numbers

• $75,284,871 — Total Revenues (for fiscal year ended June 30, 2025, down from $95,845,788 in 2024)
• $(15,602,160) — Net Loss (for fiscal year ended June 30, 2025, an improvement from $(28,405,315) in 2024)
• $65,352,572 — Fertilizer Production Revenue (for fiscal year ended June 30, 2025, representing 86.8% of total revenues)
• 555,000 — Metric Tons (total annual fertilizer production capacity as of June 30, 2025)
• 639 — Regional Distributors (network covering 22 provinces, 4 autonomous regions, and 4 central government-controlled municipalities in China)
• 21.4% — Top Five Distributors' Contribution (of fertilizer revenues for fiscal year ended June 30, 2025)
• 15,769,434 — Outstanding Shares (of common stock on October 21, 2025)
• $14,312,744 — Aggregate Market Value of Non-Affiliate Common Equity (as of December 31, 2024, based on a closing price of $1.03)

Key Players & Entities

• Enlightify Inc. (company) — registrant
• ENFY (company) — ticker symbol
• Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. (company) — wholly owned subsidiary
• Beijing Gufeng Chemical Products Co., Ltd. (company) — wholly owned subsidiary
• Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. (company) — variable interest entity (VIE)
• Antaeus Tech Inc. (company) — digital assets mining subsidiary
• Mr. Zhibiao Pan (person) — former Co-Chief Executive Officer and sole shareholder of Lonestar Dream, Inc.
• Lonestar Dream, Inc. (company) — acquisition target, terminated
• NYSE (regulator) — stock exchange
• PRC (regulator) — People's Republic of China

FAQ

Risk Factors

• PRC Regulatory Uncertainty and VIE Structure [high — regulatory]: The company's operations in China rely on a Variable Interest Entity (VIE) structure, which faces significant regulatory uncertainty and potential enforceability issues under PRC law. This structure is crucial for accessing the Chinese market but exposes the company to risks if Chinese authorities change regulations or challenge the validity of these contractual arrangements.
• Dependence on Fertilizer Production [medium — operational]: Fertilizer production accounted for 86.8% of total revenues ($65,352,572) in FY2025, a decrease from FY2024. This heavy reliance on a single core business segment makes the company vulnerable to market fluctuations, competition, and supply chain disruptions within the fertilizer industry.
• Declining Revenues [medium — market]: Total revenues declined by 21.45% from $95,845,788 in FY2024 to $75,284,871 in FY2025. This significant drop indicates potential market challenges, reduced demand, or increased competition impacting the company's sales performance.
• Termination of Acquisition [low — legal]: The planned acquisition of Lonestar Dream, Inc. was terminated on June 13, 2025, due to a mutual rescission agreement. While this avoids potential integration issues, it signifies a setback in strategic growth initiatives and may indicate challenges in executing M&A strategies.
• Diversification into Bitcoin Mining [medium — operational]: The establishment of Antaeus Tech Inc. to mine Bitcoin represents a significant diversification into a highly volatile and speculative market. This new venture introduces operational complexities and market risks distinct from its core fertilizer business.
• Reliance on Distributors [low — operational]: The company relies on a network of 639 regional distributors in China. While the top five distributors accounted for only 21.4% of fertilizer revenues in FY2025, any disruption in this distribution network could impact sales and market reach.

Industry Context

Enlightify Inc. operates in the fertilizer industry, a sector critical to global agriculture but subject to cyclical demand, commodity price fluctuations, and increasing environmental regulations. The company is also venturing into the highly volatile and rapidly evolving cryptocurrency mining sector with its establishment of Antaeus Tech Inc. This dual focus presents a complex operational and market landscape.

Regulatory Implications

The company's reliance on a VIE structure in China for its agricultural business poses significant regulatory risks. Changes in Chinese law or enforcement could impact the company's ability to control its operations and realize economic benefits, potentially leading to severe financial and operational disruptions.

What Investors Should Do

1. Monitor regulatory developments in China concerning VIE structures.
2. Assess the performance and risks associated with the Bitcoin mining venture.
3. Analyze the drivers behind the significant revenue decline in FY2025.

Key Dates

• 2023-03-13: Establishment of Antaeus Tech Inc. — Marked the company's entry into the cryptocurrency mining business, diversifying from its core agricultural focus.
• 2024-11-26: Name and Ticker Symbol Change — Changed from China Green Agriculture, Inc. to Enlightify Inc. (ENFY), signaling a potential strategic shift or rebranding effort.
• 2025-06-13: Termination of Lonestar Dream, Inc. Acquisition — The acquisition was mutually rescinded, indicating a halt or change in strategic expansion plans.
• 2025-06-30: Fiscal Year End — Reporting period for the 10-K, showing a significant revenue decline but improved net loss compared to FY2024.

Glossary

Variable Interest Entity (VIE)

A legal structure used by companies to bypass foreign ownership restrictions in certain industries in China. It involves contractual arrangements that give the foreign company effective control and economic benefits of a Chinese operating company, even without direct equity ownership. (Enlightify Inc. operates through a VIE in China for its agricultural products segment, exposing it to significant regulatory risks.)

Entrusted Management Agreement

A contract where a VIE's shareholders entrust the operations and management of their business to a subsidiary of the foreign-invested company. (This is a key component of Enlightify's VIE structure, granting control and rights to profits and losses.)

Metric Ton

A unit of mass equal to 1,000 kilograms. (Used to quantify Enlightify's total annual fertilizer production capacity (555,000 metric tons).)

Year-Over-Year Comparison

In fiscal year 2025, Enlightify Inc. experienced a substantial 21.45% decrease in total revenues, falling to $75,284,871 from $95,845,788 in 2024. Despite this revenue contraction, the company successfully narrowed its net loss from $(28,405,315) to $(15,602,160), indicating improved cost management or operational efficiencies. The company also initiated a significant diversification by establishing a Bitcoin mining operation, a new venture not present in the prior year's filing, while simultaneously terminating a planned acquisition.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 Par Value Per Share NYSE Securities r
• $1.03 — er 31, 2024, based on the closing price $1.03 of the Company's common stock on such d
• $65,352,572 — s. As our core business, we generated $65,352,572 and $85,144,156 in fertilizer productio
• $85,144,156 — business, we generated $65,352,572 and $85,144,156 in fertilizer production, or 86.8% and
• $75,284,871 — ne 30, 2025 and 2024, our revenues were $75,284,871 and $95,845,788, respectively; our net
• $95,845,788 — 2024, our revenues were $75,284,871 and $95,845,788, respectively; our net loss for these p
• $20,519,255 — ultaneously with a private placement of $20,519,255 on December 26, 2007. Green New Jerse
• $8,692,388 — ng provided loans of RMB 62,590,553 (or $8,692,388), and RMB 56,488,981 (or $7,831,665), r
• $7,831,665 — (or $8,692,388), and RMB 56,488,981 (or $7,831,665), respectively, to Gufeng, and received
• $2,267,835 — ceived repayments of RMB 16,329,813 (or $2,267,835), and RMB 94,880,500 (or $13,154,287),
• $13,154,287 — (or $2,267,835), and RMB 94,880,500 (or $13,154,287), respectively. For the years ended J
• $1,402,658 — ng provided loans of RMB 10,100,000 (or $1,402,658), and RMB 15,740,000 ($2,182,203) respe
• $2,182,203 — 00 (or $1,402,658), and RMB 15,740,000 ($2,182,203) respectively, to Yuxing, and received
• $138,877 — eceived repayments of RMB 1,000,000 (or $138,877), and RMB 20,838,633 (or $ 2,889,080) r
• $2,083,155 — g provided a loan of RMB 15,000,000 (or $2,083,155) and RMB 20,000,000 (or $2,772,812), re

Filing Documents

• ea0260513-10k_enlightify.htm (10-K) — 1753KB
• ea026051301ex4-3_enlightify.htm (EX-4.3) — 8KB
• ea026051301ex19-1_enlightify.htm (EX-19.1) — 32KB
• ea026051301ex21-1_enlightify.htm (EX-21.1) — 7KB
• ea026051301ex31-1_enlightify.htm (EX-31.1) — 7KB
• ea026051301ex31-2_enlightify.htm (EX-31.2) — 7KB
• ea026051301ex31-3_enlightify.htm (EX-31.3) — 7KB
• ea026051301ex32-1_enlightify.htm (EX-32.1) — 7KB
• ea026051301ex32-2_enlightify.htm (EX-32.2) — 6KB
• ea026051301ex32-3_enlightify.htm (EX-32.3) — 6KB
• ea026051301ex97-1_enlightify.htm (EX-97.1) — 34KB
• image_001.jpg (GRAPHIC) — 75KB
• image_002.jpg (GRAPHIC) — 76KB
• image_003.jpg (GRAPHIC) — 75KB
• 0001213900-25-100566.txt ( ) — 8223KB
• enfy-20250630.xsd (EX-101.SCH) — 60KB
• enfy-20250630_cal.xml (EX-101.CAL) — 68KB
• enfy-20250630_def.xml (EX-101.DEF) — 282KB
• enfy-20250630_lab.xml (EX-101.LAB) — 509KB
• enfy-20250630_pre.xml (EX-101.PRE) — 317KB
• ea0260513-10k_enlightify_htm.xml (XML) — 754KB

Business

Business 1 Item 1A. Risk Factors 22 Item 1B. Unresolved Staff Comments 42 Item 1C. Cybersecurity 42 Item 2.

Properties

Properties 43 Item 3. Legal Proceedings 45 Item 4. Mine Safety Disclosures 45 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 46 Item 6. [Reserved] 47 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 48 Item 7A. Quantitative and Qualitative Disclosures about Market Risk 56 Item 8. Financial 57 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 57 Item 9A. Controls and Procedures 58 Item 9B. Other Information 58 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevents Inspections 58 PART III Item 10. Directors, Executive Officers and Corporate Governance 59 Item 11. Executive Compensation 63 Item 12. Security 69 Item 13. Certain Relationships and Related Transactions, and Director Independence 71 Item 14. Principal Accountant Fees and Services 73 PART IV Item 15. Exhibits, Financial Statement Schedules 74 Item 16. Form 10-K Summary 74

SIGNATURES

SIGNATURES 75 EXHIBIT INDEX 76

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA F-1 i PART I Item 1. Business Enlightify Inc., a Nevada corporation (we" or "the Company"), formerly known as "China Green Agriculture Inc."), is primarily engaged in the research, development, production, and sale of various types of fertilizers and agricultural products through its wholly owned subsidiaries, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong"), and Beijing Gufeng Chemical Products Co., Ltd., ("Gufeng") in the People's Republic of China ("PRC"), all of which are engaged in fertilizer production. Also, Tianjuyuan Fertilizer Co. Ltd ("Tianjuyuan") is a subsidiary of Gufeng. In addition, we operate through variable interest entity (the "VIE"), Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Yuxing"), which is engaged in agricultural products production in PRC. Our primary business is fertilizer products, specifically humic acid-based compound fertilizer produced through Jinong; and compound fertilizer, blended fertilizer, organic compound fertilizer, slow-release fertilizers, highly concentrated water-soluble fertilizers, and mixed organic-inorganic compound fertilizer produced through Gufeng. In Yuxing, we develop and produce agricultural products such as top-grade fruits, vegetables, flowers, and colored seedlings. Besides agriculture, since March 2023, we have started to purchase digital assets mining machines and established Antaeus Tech Inc. ("Antaeus") in the State of Delaware to mine digital assets, specifically Bitcoin, in the State of Texas. Through Antaeus, we produce or "mine" digital assets Bitcoin with a focus on the blockchain ecosystem and the generation of digital assets. As our core business, we generated $65,352,572 and $85,144,156 in fertilizer production, or 86.8% and 88.8% of our total revenues for the years ended June 30, 2025 and 2024, respectively. Our total annual production capacity was 555,000 metric tons as of June 30, 2025. As of Jun

, Risk Factors-Risks Related to Doing Business in the PRC for more detailed information

Item 1A, Risk Factors-Risks Related to Doing Business in the PRC for more detailed information. 3 The Company (or its direct or indirect subsidiaries, Jinong) has a contractual relationship with the VIE, which can be described as follows: Entrusted Management Agreement Under an Entrusted Management Agreement with the shareholders of the VIE (the "Entrusted Management Agreement"), the VIE and its shareholders agree to entrust the operations and management of their businesses to a wholly owned subsidiary of the Company. According to the form of Entrusted Management Agreement, the Company subsidiary possesses the full and exclusive right to manage the VIE's operations, assets and personnel, has the right to control the VIE's cash flows through an entrusted bank account, is entitled to the VIE's net profits as a management fee, is obligated to pay all the VIE's payables and loan payments, and bears all losses of the VIE. Exclusive Technology Supply Agreement The Exclusive Technology Supply Agreement between the Company's subsidiary and the VIE provides that the Company subsidiary is the exclusive technology provider to the VIE. The VIE agrees to pay the Company subsidiary all fees payable for technology supply prior to making any payments under the Entrusted Management Agreement. Shareholder's Voting Proxy Agreement Pursuant to a Shareholder's Voting Proxy Agreement among the Company subsidiary and the shareholders of the VIE, the shareholders of the VIE irrevocably appoint the Company subsidiary as their proxy to exercise on such shareholders' behalf all of their voting rights as shareholders pursuant to PRC law and the Articles of Association of the VIE, including the appointment and election of directors of the VIE. The Company subsidiary agrees that it shall maintain a board of directors, the composition and appointment of which shall be approved by the Board of the Company. Exclusive Option Agreement Under an Exclusive Option Agreement among the

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