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]
Nisun(NISN) - 2023 Q4 - Annual Report