SHANGHAI, July 22, 2024 /PRNewswire/ -- Nisun International Enterprise Development Group Co., Ltd (Nasdaq: NISN) ("Nisun" or the "Company"), a provider of innovative comprehensive solutions through an integration of technology, industry and finance, announced today that it has received notification from The Nasdaq Stock Market LLC confirming the Company has regained compliance with the periodic filing requirement for The Nasdaq Stock Market under Listing Rule 5250(c)(1). Nasdaq noted this matter is now clos ...

SHANGHAI, July 15, 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 a significant milestone in its grain supply chain business. The Company has secured a supply of over 50,000 tons of corn from Beidahuang Group Co., Ltd., one of China's largest agribusiness groups, in partnership with Rugao Port Group Co., Ltd., a leading port an ...

Financial Performance - Total revenue for fiscal year 2023 was $386.7 million, a 65% increase from $234.2 million in 2022[1] - Gross profit rose to $40.0 million, up from $37.0 million in the previous year[1] - Net income for 2023 was reported at $17.7 million[1] - Earnings per share (EPS) for the year was $4.46[2] - Total revenue generated from services increased to $107,977,544, up from $90,812,551, representing a growth of 19% year-over-year[14] - Total revenues reached $386,670,899, compared to $234,174,265 in the previous year, marking a significant increase of 65%[14] - Gross profit amounted to $39,985,930, an increase from $37,049,296, reflecting a growth of 5%[14] - Net income for the period was $17,703,680, slightly down from $17,780,058, indicating a decrease of 0.4%[14] - Basic and diluted earnings per common share were $4.46, compared to $4.42 in the previous year, showing a modest increase of 0.9%[14] Cash and Cash Equivalents - Cash and cash equivalents at year-end totaled $114.5 million, with a cash per share value of $29.0[2][1] - Cash flows from operating activities provided $35,499,780, a turnaround from a cash used of $(28,952,923) in the prior year[16] - The company experienced a net increase in cash and cash equivalents of $47,333,367, compared to a decrease of $(24,308,468) in the prior year[17] - Cash and cash equivalents from continuing operations increased to $114,651,940 from $67,318,573, representing a growth of 70%[18] - Total cash, cash equivalents, and restricted cash amounted to $114,651,940, up from $67,318,573, indicating a 70% increase[18] - Cash and cash equivalents alone rose to $114,454,844 from $63,901,329, reflecting an increase of about 79%[18] Liabilities and Assets - Total assets increased to $315.9 million in 2023 from $283.4 million in 2022[12] - Total liabilities rose to $112.8 million in 2023, compared to $93.6 million in 2022[12] - Lease liabilities arising from obtaining right-of-use assets were recorded at $295,220, compared to $4,070,163 previously[18] Supply Chain and Operations - The company successfully managed the daily supply of 3.6 to 6 million eggs to major online platforms across key regions[4] - Nisun International's supply chain operations now span multiple regions, enhancing market presence[4] - The company has diversified its supply chain solutions to include other agricultural products, positioning for growth in the agricultural sector[4] Cash Flow Activities - Net cash provided by investing activities was $19,815,569, compared to $17,837,501 in the previous year, indicating an increase of 11%[16] - The company reported a net cash used in financing activities of $(6,747,302), an improvement from $(8,344,324) in the previous year[16] Other Financial Metrics - Goodwill impairment loss was recorded at $(5,488,816), significantly higher than $(777,329) in the previous year, indicating increased challenges in asset valuation[14] - Cash paid for interest decreased to $4,530,963 from $10,385,495, a reduction of approximately 56%[18] - Restricted cash increased to $197,096 from $3,417,244, showing a significant decrease[18] - The company reported a repayment payable for business disposition of $279,037[18] - Receivable from disposal of subsidiary was noted at $289,973[18] - Issuance of shares for share-based compensation amounted to $71,175[18] - Cash paid for income taxes was not disclosed in the provided data[18]

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 fro ...

Regulatory Environment - Nisun International operates primarily through its PRC subsidiaries and contractual arrangements with consolidated affiliated entities due to restrictions on foreign investment in certain sectors in China[15]. - The company consolidates its Variable Interest Entities (VIEs) under U.S. GAAP, treating them as its consolidated entities for financial reporting purposes[16]. - All PRC subsidiaries and consolidated affiliated entities have obtained necessary licenses, including Business Licenses and Internet Content Provision (ICP) Licenses, but uncertainties remain regarding compliance with PRC regulations[21]. - The Data Security Law, effective September 1, 2021, imposes significant obligations on entities regarding data security and privacy, with potential fines of up to RMB 10 million for violations[22]. - The company is subject to new regulations regarding overseas listings and securities offerings, which may require permissions from the China Securities Regulatory Commission (CSRC) and cybersecurity reviews[26]. - The Measures for Cybersecurity Review, effective February 15, 2022, authorize reviews of companies with personal data of over one million users, but the company does not believe it falls under this requirement[24]. - The Personal Information Protection Law, effective November 1, 2021, establishes rules for personal information processing, which the company must comply with to avoid legal liabilities[25]. - The company faces uncertainties regarding the interpretation and enforcement of new regulations, which could impact its ability to conduct business and raise capital[26]. - The company must report information concerning foreign debts to the National Development and Reform Commission (NDRC) within ten working days following the completion of offshore bond settlements[27]. - The Measures for Security Assessment of Cross-Border Data Transfer, effective September 1, 2022, require data processors to apply for security assessments under certain conditions, adding regulatory complexity[28]. - The PCAOB's report on December 16, 2021, indicated that it was unable to inspect or investigate registered public accounting firms headquartered in mainland China and Hong Kong[31]. - If the PCAOB is unable to inspect the auditor for two consecutive years, the common shares may be prohibited from trading on national exchanges under the HFCAA[30]. - The company has not received any inquiries or objections from PRC authorities regarding its securities offerings as of the date of the report[29]. - The company is subject to evolving regulatory requirements in China, which may adversely affect its business and financial condition if it fails to adapt[88]. - The PRC government has indicated an intent to increase oversight over foreign investments and overseas offerings, which could hinder the company's ability to offer securities and affect their value[151]. - The company must comply with new filing procedures established by the CSRC for overseas offerings, with penalties for non-compliance including fines and operational restrictions[161]. - The recent Trial Measures and Confidentiality Provisions introduce uncertainties regarding the company's listing status and capital raising activities, which could adversely impact financial conditions[165]. - The evolving regulatory landscape in China, particularly concerning data security and privacy, may impose additional compliance burdens on the company[166]. - The Cyber Security Law mandates that personal information collected in China must be stored domestically, increasing regulatory obligations for the company[168]. - The CAC's draft measures for Internet Data Security could require cybersecurity reviews for certain activities, potentially impacting the company's capital raising efforts[169]. Financial Performance - Total revenue for the year ended December 31, 2023, was $386,670,899, with third-party revenues contributing $94,894,185 and VIEs and VIE subsidiaries (PRC) contributing $291,776,714[48]. - Total assets as of December 31, 2023, amounted to $315,898,834, with current assets of $293,303,058 and non-current assets of $22,595,776[47]. - Net income attributable to Nisun International's shareholders for the year ended December 31, 2023, was $17,577,738, reflecting a significant contribution from subsidiaries and VIEs[48]. - Total liabilities were reported at $112,844,313, with intercompany payables of $39,241,142 and other liabilities totaling $73,603,171[47]. - The company reported total costs and expenses of $367,866,961 for the year ended December 31, 2023, leading to an income before income tax expenses of $23,520,827[48]. - Cash and cash equivalents as of December 31, 2023, were $114,651,940, indicating a strong liquidity position[47]. - The company had total shareholders' equity of $198,798,871 as of December 31, 2023, after accounting for elimination adjustments[47]. - The year-over-year revenue growth from 2022 to 2023 was significant, with total revenue in 2022 being $234,174,265 compared to $386,670,899 in 2023[50]. - The company reported intra-group revenues of $344,699 for the year ended December 31, 2023, which were eliminated in the consolidated total[48]. - The total non-controlling interests reported were $4,255,650, reflecting the interests outside of Nisun International's direct ownership[47]. - Total revenue for the year ended December 31, 2021, was $160,199,711[52]. - Net income attributable to Nisun International's shareholders was $30,380,361 for the year ended December 31, 2021[52]. - Total costs and expenses amounted to $122,010,801 for the year ended December 31, 2021[52]. - Income before income tax expenses was $40,776,023 for the year ended December 31, 2021[52]. Business Strategy and Market Position - The company has a limited operating history in the rapidly evolving supply chain and financial services industries, which may adversely affect future prospects[56]. - The company relies on cooperation with customers and industry partners, and failure to meet their needs could result in loss of market share[57]. - The supply chain and SME financing markets are subject to rapid changes, requiring continuous innovation and adaptation[82]. - The company commenced financial service operations in 2019 and expanded through acquisitions, indicating a growth strategy[77]. - The company faces uncertainties related to increased competition and a changing regulatory environment in China's supply chain finance industry[78]. - The company does not intend to pay dividends for the foreseeable future, which may affect shareholder returns[75]. - The company has experienced significant growth since 2019 through acquisitions and diversification of service solutions, requiring substantial demands on capital and operating resources[93]. - The company derives a substantial portion of its revenues from partnerships with industry partners, including state-owned enterprises and financial institutions[110]. - The company has made strategic investments and acquisitions, such as establishing a subsidiary in Tai'an and acquiring Nami Cayman, to support the growth of its SME financing solution services[103]. - The company faces intense competition in the SME financing industry, which could negatively impact its ability to generate revenue and maintain market share[105]. - The company has incurred losses in the past and may continue to do so due to ongoing investments in technology and customer base expansion[99]. - The company is dependent on its ability to manage growth effectively; failure to do so could disrupt operations and impair revenue generation[92]. - The company has modified its business models in response to regulatory changes, which may affect its operational strategies and financial results[95]. - The company emphasizes the importance of cybersecurity and data protection, as breaches could materially affect its reputation and financial condition[111]. - Negative publicity and allegations against the company could harm its brand and reputation, impacting its ability to attract and retain customers[116]. Customer Dependency and Revenue Volatility - For the year ended December 31, 2023, four customers accounted for 28%, 19%, 15%, and 11% of the Group's total revenue from the financial services business[118]. - Two customers accounted for 44% and 12% of the Group's total revenue from its supply chain trading business for the year ended December 31, 2023[118]. - As of December 31, 2023, three customers represented approximately 23%, 19%, and 16% of the total accounts receivable balance[118]. - The company relies on individual orders from major customers, with no long-term contracts in place, leading to potential revenue volatility[119]. Capital and Funding Challenges - Supply chain solutions services are capital-driven operations, requiring sufficient capital and funding sources to support customer services[120]. - The company must continue investing in new solution products and market expansion to remain competitive, which carries risks such as cost overruns and delays[121]. - The company is heavily dependent on senior management and key personnel for operations and product development, with intense competition for qualified personnel[124][126]. - Loans to PRC subsidiaries are subject to statutory limits and must be registered with the State Administration of Foreign Exchange (SAFE)[196]. - Recent regulatory changes have made it easier for foreign-invested enterprises (FIEs) to convert foreign exchange to RMB, with a temporary conversion limit set at 100%[196]. - Capital contributions to PRC subsidiaries require approval from the Ministry of Commerce (MOFCOM), which may not be obtained in a timely manner[200]. - PRC regulations may limit the ability to inject capital into PRC subsidiaries or restrict profit distribution, potentially affecting operational flexibility[202]. - The company must ensure compliance with SAFE regulations regarding offshore investments to avoid fines and operational restrictions[205]. - Governmental control of currency conversion may impact the ability to remit dividends or satisfy foreign currency obligations, affecting overall financial health[212]. Economic and Political Risks - Adverse changes in the political climate and economic policies of the PRC government could materially affect the company's competitive position and growth[145]. - The PRC legal system presents uncertainties that could materially affect the company's financial condition and operations, potentially leading to a significant decline in share value[147]. - The company operates through subsidiaries in China, which are subject to PRC laws and regulations governing foreign investments, particularly for wholly foreign-owned enterprises[148]. - Recent PRC regulations have enhanced protections for foreign investments, but the legal framework remains incomplete, leading to uncertainties in enforcement and interpretation[149]. - The classification of an enterprise as a "non-domestically incorporated resident enterprise" could result in unfavorable tax consequences, including a 25% tax rate on worldwide income[188]. - Nisun International does not have a primary controlling shareholder in the PRC, thus it believes the PRC tax residency notice is not applicable to it[189]. - If deemed a "resident enterprise" by PRC tax authorities, Nisun International could face a 25% enterprise income tax on worldwide taxable income, including potential future non-China source income[191]. - Currently, Nisun International does not have any non-China source income, minimizing immediate tax implications[191]. - PRC regulations may delay or prevent the company from using proceeds from securities offerings to fund PRC subsidiaries, adversely affecting liquidity and business expansion[194]. Currency and Exchange Rate Risks - Fluctuations in exchange rates, particularly the RMB against the U.S. dollar, can adversely affect the company's revenues and financial condition[213]. - A significant revaluation of the RMB may impact the value of dividends payable on shares in U.S. dollar terms[213]. - The appreciation of the RMB against the U.S. dollar would negatively affect the RMB amount received from conversions for operations[213]. - Conversely, appreciation of the U.S. dollar against the RMB would reduce the U.S. dollar amount available for dividends and other business purposes[213]. - Changes in the RMB's value may influence the cost of imports and exports, affecting price competitiveness against foreign products[213]. - Since July 2005, the RMB is no longer pegged to the U.S. dollar, allowing for potential significant fluctuations in value[214]. - The People's Bank of China (PBOC) intervenes in the foreign exchange market to prevent short-term fluctuations, but medium to long-term changes are possible[214]. - Future lifting of restrictions on RMB exchange rate fluctuations may occur, leading to less intervention by PRC authorities[214].

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Nisun (NASDAQ:NISN) stock is taking off on Monday after the technology-driven integrated supply chain solutions company announced a breakthrough in its egg business.Nisun has reported that its egg business now has a supply of 20 million eggs on a daily basis. The company notes this comes from its joint procurement model of 3.6 million to 6 million eggs daily alongside its centralized and agency procurement of 3.8 million eggs and supply and marketing cooperatives system models of 10 million eggs.Nisun notes ...

SHANGHAI, June 7, 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 that it has achieved a significant breakthrough in its egg business following the Company stepping into the egg industry.The Company has stablished a strong business presence with a daily supply capacity of over 20 million eggs, since its entrance into the industry ...

Revenue and Income - Total revenues for the six months ended June 30, 2023, were $126,943,808, representing an increase of 7.9% compared to $118,047,910 for the same period in 2022[5]. - Net income attributable to shareholders for the six months ended June 30, 2023, was $11,319,387, a decrease of 20.1% from $14,171,433 in the same period of 2022[5]. - The company reported a gross profit of $19,841,416 for the six months ended June 30, 2023, down from $21,576,719 in the same period of 2022, a decline of 8.0%[5]. - Basic and diluted earnings per common share for the six months ended June 30, 2023, were $2.87, down from $3.60 in the same period of 2022, a decrease of 19.7%[5]. - Net income from continuing operations for June 2023 was $11,366,961, a decrease from $14,651,008 in June 2022, representing a decline of approximately 22.5%[8]. Cash and Assets - Cash and cash equivalents increased to $105,994,692 as of June 30, 2023, up from $63,901,329 as of December 31, 2022, reflecting a growth of 65.8%[2]. - Cash and cash equivalents at the end of June 2023 totaled $106,637,712, up from $91,793,258 at the end of June 2022, reflecting an increase of approximately 16.2%[9]. - Total current assets reached $288,155,530 as of June 30, 2023, compared to $230,894,809 as of December 31, 2022, indicating an increase of 24.9%[2]. - The company’s total non-current assets decreased to $31,825,889 as of June 30, 2023, from $52,524,972 as of December 31, 2022, a decline of 39.4%[2]. - The company’s total shareholders' equity increased to $192,914,925 as of June 30, 2023, compared to $189,796,868 as of December 31, 2022, reflecting a growth of 1.1%[3]. Liabilities and Expenses - Total liabilities increased to $127,066,494 as of June 30, 2023, from $93,622,913 as of December 31, 2022, marking a rise of 35.6%[2]. - Research and development expenses for the six months ended June 30, 2023, were $351,200, a decrease of 57.9% compared to $834,195 in the same period of 2022[5]. - Total depreciation and amortization for June 2023 was $1,294,166, significantly higher than $639,002 in June 2022, reflecting increased asset utilization[8]. Cash Flow Activities - Net cash provided by operating activities from continuing operations was $57,224,015 in June 2023, compared to a net cash used of $(30,063,383) in June 2022, indicating a significant turnaround[8]. - Net cash used in investing activities from continuing operations was $(7,016,381) in June 2023, a decrease from $24,141,221 in June 2022, indicating a shift in investment strategy[8]. - The company reported a net cash used in financing activities of $(8,150,101) in June 2023, compared to $9,628,342 in June 2022, indicating a change in financing approach[9]. Accounts and Tax - Accounts receivable increased to $(11,089,756) in June 2023 from $(4,310,119) in June 2022, indicating a potential increase in credit sales or collection issues[8]. - Cash paid for income taxes was $1,560,580 in June 2023, compared to $8,163,616 in June 2022, indicating a decrease in tax liabilities[9]. - The company experienced a loss from investments of $(7,296) in June 2023, compared to a gain of $218,929 in June 2022, highlighting a shift in investment performance[8]. - Proceeds from the sale of short-term investments amounted to $53,004,461 in June 2023, compared to $49,210,720 in June 2022, showing an increase of approximately 3.6%[8].

Exhibit 99.1 1 Nisun International Reports Financial Results for Fiscal Year 2022 SHANGHAI, China, August 8, 2023 /PRNewswire/ -- Nisun International Enterprise Development Group Co., Ltd ("Nisun" or the "Company") (Nasdaq: NISN), a provider of innovative comprehensive solutions through an integration of technology, industry, and finance, today announced its financial results for the fiscal year ended December 31, 2022. Mr. Xiaoyun Huang, Chief Executive Officer of Nisun, commented, "We are pleased to end f ...