Financial Performance - Total revenues for June 2024 reached $192.54 million, a 51.7% increase from $126.94 million in June 2023[4] - Gross profit for June 2024 was $17.25 million, compared to $19.84 million in June 2023, reflecting a decrease of 12.9%[4] - Net income attributable to Nisun International's shareholders for June 2024 was $10.30 million, down from $11.32 million in June 2023, a decline of 8.9%[4] - The company reported a comprehensive income of $5.72 million for June 2024, compared to $3.14 million in June 2023, an increase of 82.3%[4] - Basic and diluted earnings per common share for June 2024 were $2.61, down from $2.87 in June 2023, a decrease of 9.1%[4] - Net income for June 2024 was $10,324,941, a decrease of 9.15% from $11,366,961 in June 2023[5] Assets and Liabilities - Total current assets decreased to $247.52 million in 2024 from $293.30 million in 2023, a reduction of 15.6%[1] - Total liabilities decreased significantly to $60.01 million in 2024 from $112.84 million in 2023, a decrease of 46.8%[1] - Cash and cash equivalents dropped to $47.86 million in 2024 from $114.45 million in 2023, a decline of 58.2%[1] - Accounts receivable increased to $31.90 million in 2024 from $21.12 million in 2023, an increase of 50.8%[1] - Retained earnings increased to $78.01 million in 2024 from $68.40 million in 2023, an increase of 14.5%[1] Cash Flow and Activities - Operating activities resulted in a net cash used of $(69,348,251) compared to a net cash provided of $57,224,015 in the same period last year[5] - Cash and cash equivalents at the end of June 2024 were $47,864,037, down from $106,637,712 in June 2023[5] - Total cash and cash equivalents and restricted cash decreased from $106,637,712 to $47,864,037 year-over-year[6] - The company reported a net cash provided by investing activities of $6,874,682, contrasting with $(7,016,381) in the previous year[5] Receivables and Payables - The company reported a significant increase in receivables from supply chain solutions, rising to $24,053,943 from $3,411,356[5] - Accounts payable increased substantially, reaching $(29,263,247) compared to $(1,839,578) in the previous year[5] Tax and Interest Expenses - The company incurred cash paid for income taxes amounting to $3,516,019, up from $1,560,580 in the prior year[6] - Cash paid for interest increased to $69,664 from $11,912 year-over-year[6] Exchange Rate Impact - The effect of exchange rate changes on cash and cash equivalents resulted in a decrease of $(2,165,168) compared to $(2,738,394) in the prior year[5]
Nisun(NISN) - 2024 Q2 - Quarterly Report