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Nisun International Reports Financial Results for Fiscal Year 2023: Nisun Achieves 65% Revenue Growth and Ends the Year with $29.0 Cash Per Share

SHANGHAI, July 12, 2024 /PRNewswire/ -- Nisun International Enterprise Development Group Co., Ltd. ("Nisun International" or the "Company") (NASDAQ: NISN), a technology and industry driven integrated supply chain solutions provider, today announced its financial results for the fiscal year ended December 31, 2023.

Financial Highlights:

  • Revenue: Total revenue for the year was $386.7 million, representing a 65% increase compared to $234.2 million in 2022.
  • Gross Profit: Gross profit increased to $40.0 million from $37.0 million in the previous year.
  • Net Income: Net income for 2023 was $17.7 million.
  • Cash and Cash Equivalents: The Company ended the year with $114.5 million in cash and cash equivalents.
  • Earnings per Share (EPS): The Company reported earnings of $4.46 per share, with a cash per share value of $29.0.

CEO's Comments:

Xin Liu, CEO of Nisun International, commented, "We are thrilled to report another year of outstanding financial performance, underscoring the success of our strategic initiatives and operational excellence. Our revenue growth of 65% is a testament to our robust supply chain solutions.  We have made significant strides in expanding our supply chain capabilities,  diversifying into other agricultural products. These efforts have positioned us well for sustained growth and profitability."

Mr. Liu continued, "Despite our strong financial performance, substantial cash reserves of $29.0 per share, and robust earnings, our stock trades at just over one times annual earnings by the end of June. We believe this significantly undervalues our company. The Board of Directors and I are actively considering strategic alternatives to unlock shareholder value and better align our market valuation with the intrinsic value of our company. Our strong cash position and ongoing growth initiatives provide a solid foundation for these efforts."

Operational Highlights:

  • Supply Chain Trading and Solutions: Nisun International continues to enhance its supply chain trading and financing solutions capabilities, leveraging state-of-the-art technology to streamline operations and reduce costs. The Company successfully managed the daily supply of 3.6 to 6 million eggs to major online platforms across key regions.
  • Geographical Expansion: The Company's supply chain operations now span multiple regions, enabling delivery of a diverse range of products. This extensive network ensures seamless operations and strengthens Nisun's market presence.
  • Diversification: Nisun has expanded its supply chain solutions to include other agricultural products, positioning the Company for substantial growth in the agricultural sector.

Looking Ahead:

Mr. Liu added, "Our commitment to innovation and excellence remains unwavering as we continue to drive growth and create value for our shareholders. The strategic expansion of our supply chain solution  will enable us to meet the evolving needs of our customers and capitalize on new market opportunities. We are excited about the future and confident in our ability to achieve even greater success."

Investor Relations:

For more information, please visit the Investor Relations section of Nisun International's  website at: www.nisun-international.com.

About Nisun International:

Nisun International Enterprise Development Group Co., Ltd (NASDAQ: NISN) is a technology-driven, integrated supply chain solutions provider focused on transforming the corporate finance industry. Leveraging its industry experience, Nisun is dedicated to providing professional supply chain solutions to Chinese and foreign enterprises and financial institutions. Through its subsidiaries, Nisun provides users with professional solutions for technology supply chain management, technology asset routing, and digital transformation of tech and finance institutions, enabling the industry to strengthen and grow. At the same time, Nisun continues to deepen the field of industry segmentation through industrial and financial integration. Focusing on industry-finance linkages, Nisun aims to serve the upstream and downstream of the industrial supply chain while also assisting with supply-side sub-sector reform.

Cautionary Note Regarding Forward-Looking Statements

This press release contains information about Nisun's view of its future expectations, plans and prospects that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Nisun encourages you to review other factors that may affect its future results in Nisun's registration statement and in its other filings with the Securities and Exchange Commission. Nisun assumes no obligation to update or revise its forward-looking statements as a result of new information, future events or otherwise, except as expressly required by applicable law.

For more information, please contact:

Nisun International Enterprise Development Group Co., Ltd

Investor Relations
Tel: +86 (21) 2357-0055
Email: ir@cnisun.com 

Horizon Research Management Consultancy
Michael Wei
Email: hwey@horizonconsultancy.co 

 

 

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(EXPRESSED IN US DOLLARS)




December 31,
2023



December 31,
2022









ASSETS







CURRENT ASSETS:







Cash and cash equivalents


$

114,454,844



$

63,901,329


Restricted cash



197,096




3,417,244


Short-term investments



12,788,629




11,700,400


Accounts receivable, net



21,120,795




18,931,346


Advance to suppliers, net



38,602,304




46,968,549


Receivables from supply chain solutions



59,167,029




43,475,981


Inventories



30,953,583




31,609,877


Prepaid expenses and other current assets



16,018,778




10,890,083


TOTAL CURRENT ASSETS



293,303,058




230,894,809











NON-CURRENT ASSETS:









Property and equipment, net



881,276




719,574


Intangible assets, net



882,828




1,795,234


Right-of-use assets, net



2,384,590




3,349,432


Equity investments



368,528




373,292


Investment in limited partnership



-




14,913,539


Goodwill



17,659,983




23,814,005


Deferred tax assets, net



418,571




310,577


Long term investment



-




7,249,319


TOTAL NON-CURRENT ASSETS



22,595,776




52,524,972


TOTAL ASSETS


$

315,898,834



$

283,419,781











LIABILITIES









CURRENT LIABILITIES:









Accounts payable


$

45,463,753



$

40,925,155


Short-term bank loans



1,971,859




434,959


Accrued expenses and other current liabilities



7,245,358




6,090,582


Operating lease liabilities - current



861,087




1,008,766


Payables to supply chain solutions



12,947,708




9,122,978


Advances from customers



38,153,915




21,827,387


Taxes payable



4,145,920




2,748,474


Loan from related party



-




8,028,965


Liabilities of financial guarantee



22,335




-


Due to related parties - current



274,652




282,724


TOTAL CURRENT LIABILITIES



111,086,587




90,469,990











Operating lease liabilities – non-current



1,643,076




2,425,597


Deferred tax liabilities



114,650




727,326


TOTAL NON-CURRENT LIABILITIES



1,757,726




3,152,923


TOTAL LIABILITIES



112,844,313




93,622,913











SHAREHOLDERS' EQUITY*:









Class A common stock, $0.01 par value, 30,000,000 and 30,000,000 shares

   authorized, 4,017,596 and 4,006,263 shares issued, and 3,952,198 and 3,944,075

   shares outstanding as of December 31, 2023 and 2022, respectively



40,176




40,063


Class B common stock, $0.01 par value, 1,000,000 shares authorized, no shares

   issued and outstanding as of December 31, 2023 and 2022



-




-


Treasury shares



(261,592)




(355,844)


Additional paid-in capital



130,535,082




130,503,387


Retained earnings



68,395,637




53,214,304


Statutory reserves



11,564,250




9,167,845


Accumulated other comprehensive loss



(11,474,682)




(6,937,950)


COMMON SHAREHOLDERS' EQUITY



198,798,871




185,631,805


Non-controlling interests



4,255,650




4,165,063


TOTAL SHAREHOLDERS' EQUITY



203,054,521




189,796,868


TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY


$

315,898,834



$

283,419,781



* The financial statements give retroactive effect to the May 18, 2023 one-for-ten reverse share split.

 

 

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(EXPRESSED IN US DOLLARS)




For the Year Ended December 31,




2023



2022



2021












   REVENUES:










   Revenue generated from services:










      Small and Medium Enterprise financing solutions


$

101,823,899



$

87,269,959



$

87,133,963


      Supply Chain financing solutions



6,153,645




3,542,592




4,930,289


      Other financing solutions



-




-




3,222


Total revenue generated from services



107,977,544




90,812,551




92,067,474


      Revenue generated from sales:













Supply chain trading business



278,693,355




143,361,714




68,132,237


                Total revenues



386,670,899




234,174,265




160,199,711















   COST OF REVENUE:













      Cost of revenue - services



(68,154,833)




(55,472,076)




(37,989,001)


      Cost of revenue - sales



(278,002,800)




(140,880,063)




(67,628,806)


      Business and sales related taxes



(527,336)




(772,830)




(533,760)


   GROSS PROFIT



39,985,930




37,049,296




54,048,144















   OPERATING EXPENSES:













      Selling expenses



(1,525,692)




(1,977,617)




(2,323,403)


      General and administrative expenses



(10,859,011)




(10,511,542)




(11,641,567)


      Research and development expenses



(1,093,457)




(1,563,718)




(1,599,728)


      Bad debt expense



(2,215,016)




(4,509,634)




(294,536)


      Goodwill Impairment Loss



(5,488,816)




(777,329)




-


Total operating expenses



(21,181,992)




(19,339,840)




(15,859,234)


   INCOME FROM OPERATIONS



18,803,938




17,709,456




38,188,910















   OTHER INCOME :













      Interest and investment income



2,557,588




2,790,768




2,122,903


      Other income , net



2,159,301




2,021,688




464,210


Total other income, net



4,716,889




4,812,456




2,587,113















INCOME BEFORE PROVISION FOR INCOME TAXES



23,520,827




22,521,912




40,776,023















PROVISION FOR INCOME TAXES



(5,817,147)




(4,741,854)




(10,269,501)















NET INCOME



17,703,680




17,780,058




30,506,522


Net income attributable to non-controlling interests



(125,942)




(159,246)




(126,161)


NET INCOME - Nisun International's shareholders


$

17,577,738



$

17,620,812



$

30,380,361















OTHER COMPREHENSIVE INCOME (LOSS)













      Foreign currency translation (loss) income



(4,536,797)




(12,576,380)




2,039,011


COMPREHENSIVE INCOME



13,040,941




5,044,432




32,419,372


Comprehensive loss attributable to non-controlling interests



65




6,231




2,051


COMPREHENSIVE INCOME


$

13,041,006



$

5,050,663



$

32,421,423















BASIC AND DILUTED EARNINGS PER COMMON SHARE:













NET EARNINGS PER COMMON SHARE


$

4.46



$

4.42



$

14.13















Weighted average number of shares outstanding-basic and diluted*



3,943,793




3,986,359




2,150,683



* The financial statements give retroactive effect to the May 18, 2023 one-for-ten reverse share split.

 

 

 

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 and 2021

(EXPRESSED IN US DOLLARS)




2023



2022



2021












   CASH FLOWS FROM OPERATING ACTIVITIES:










Net income


$

17,703,680



$

17,780,058



$

30,506,522


      Adjustments to reconcile net income to net cash provided by (used

           in) operating activities:













Depreciation and amortization



2,238,222




2,113,732




2,180,038


Stock-based compensation



-




125,630




498,825


Shares issued for compensation



31,808




185,000




71,175


Bad debt expense



2,215,016




4,509,634




294,536


Impairment of goodwill



5,488,816




777,329




-


Loss on disposition of property and equipment



-




1,385




190,301


Income from investments



(365,359)




(541,578)




(808,464)


Deferred tax (benefit) expense



(710,672)




271,907




275,749


Changes in operating assets and liabilities:













                Accounts receivable



(3,086,600)




(2,075,274)




(13,294,924)


                Advance to suppliers, net



7,282,068




(39,859,386)




(9,213,279)


                Prepaid expenses and other current assets



(5,511,142)




(4,734,501)




(3,464,939)


                Receivables from supply chain solutions



(18,651,357)




11,372,841




(48,202,128)


                Inventories



(246,818)




(25,530,993)




(3,931,400)


                Accounts payable



5,722,300




7,693,011




33,620,611


                Advance from customers



16,986,750




19,085,377




3,375,769


                Taxes payable



1,478,316




(5,574,048)




5,575,502


                Other payables



3,232,387




-




2,576,570


                Payable to supply chain solutions



4,096,141




(15,198,883)




25,608,622


                Operating lease liabilities



(834,381)




(855,242)




(952,495)


                Accrued expenses and other current liabilities



(1,569,395)




1,501,078




(1,049,489)


NET CASH (USED IN) PROVIDED BY OPERATING

   ACTIVITIES



35,499,780




(28,952,923)




23,857,102















CASH FLOWS FROM INVESTING ACTIVITIES:













      Acquisition of property and equipment



(503,957)




(652,585)




(186,705)


      Purchase of intangible assets



(44,029)




(74,710)




(18,281)


      Cash (paid) received in connection with Nami acquisition



-




-




(7,007,905)


      Cash paid in connection with acquisition, net of cash received



-




(530,322)




-


      Cash received on disposal of discontinued operations



-




-




14,950,730


      Proceeds from sale of short-term investments



103,458,984




78,595,280




4,894,270


      Proceeds from sale of Long-term investment



7,061,233




-




-


      Proceeds from investment in debt securities



14,366,013




-




-


      Purchase of short-term investments



(104,365,028)




(51,567,746)




(39,526,099)


      Purchase of Long-term investments



-




(7,430,511)




-


      Collection of loans to third parties



-




-




1,643,203


      Proceeds from disposal of subsidiary



71,514




-




-


      Loans to third parties



(229,161)




(501,905)




-


NET CASH PROVIDED BY (USED IN) INVESTING

   ACTIVITIES



19,815,569




17,837,501




(25,250,787)















CASH FLOWS FROM FINANCING ACTIVITIES:













      Proceeds from short-term bank loans



1,553,471




445,831




784,609


      Proceeds from issuance of common shares and pre-funded warrants



-




-




70,794,465


      Proceeds from third-party loans



1,977,145




36,770,626




-


      Repayment of short-term bank loans



(29,961)




(1,239,983)




-


      Repayment of third-party loans



(2,277,954)




(41,491,973)




-


      Repayment to related parties



-




(10,097)




(1,803,374)


      Repayment of loan from related parties



(8,028,965)




(2,500,000)




-


      Purchase of treasury shares



94,252




(355,844)




-


      Capital contribution from non-controlling interest



(35,290)




37,116




751,841


NET CASH (USED IN) PROVIDED BY FINANCING

   ACTIVITIES



(6,747,302)




(8,344,324)




70,527,541















EFFECT OF EXCHANGE RATE CHANGE ON CASH AND

   CASH EQUIVALENTS



(1,234,680)




(4,848,722)




294,928


NET (DECREASE) INCREASE IN CASH AND CASH

   EQUIVALENTS



47,333,367




(24,308,468)




69,428,784















CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

   FROM CONTINUING OPERATIONS-BEGINNING



67,318,573




91,627,041




22,198,257















CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

   FROM CONTINUING OPERATIONS-ENDING


$

114,651,940



$

67,318,573



$

91,627,041















SUPPLEMENTAL CASH FLOW DISCLOSURES:













      Cash paid for income taxes


$

4,530,963



$

10,385,495



$

5,546,082


      Cash paid for interest


$

29,961



$

496,932



$

370,356















SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:













      Repayment payable for business disposition



279,037




-




-


      Receivable from disposal of subsidiary


$

-



$

289,973



$

-


         Lease liabilities arising from obtaining right-of-use
         assets



295,220




4,070,163




-


      Issuance of shares for share-based compensation


$

-



$

-



$

71,175















CASH AND CASH EQUIVALENTS FROM CONTINUING

   OPERATIONS ARE COMPRISED OF THE FOLLOWING:













Cash and cash equivalents


$

114,454,844



$

63,901,329



$

91,447,620


Restricted cash



197,096




3,417,244




179,421


Total cash, cash equivalents and restricted cash


$

114,651,940



$

67,318,573



$

91,627,041


 

 

Source: Nisun International Enterprise Development Group Co., Ltd
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