Nisun(US:NISN)2023-08-07 16:00Revenue Performance - Total revenue for fiscal year 2022 reached $234.2 million, a 46% increase from $160.2 million in fiscal year 2021[3] - Revenue from the supply chain trading business surged by 110% to $143.4 million, up from $68.1 million in the previous year[3] - Total revenues for 2022 reached $234.17 million, a significant increase from $160.20 million in 2021, representing a growth of approximately 46%[21] Profitability - Gross profit decreased by 31% to $37.0 million, with a gross margin of 15.8% compared to 33.7% in the prior year[7] - Gross profit for 2022 was $37.05 million, down from $54.05 million in 2021, indicating a decline of about 31.5%[21] - Net income for fiscal year 2022 was $17.8 million, down from $30.5 million in the prior year[11] - Net income for 2022 was $17.62 million, compared to $30.38 million in 2021, reflecting a decrease of approximately 42%[21] - The company reported a comprehensive income of $5.04 million in 2022, down from $32.42 million in 2021, a decrease of approximately 84.5%[21] Expenses - Operating expenses increased by 22% to $19.3 million, primarily due to higher bad debt expenses[8] - Bad debt expenses rose significantly to $4.5 million from $0.3 million in the previous year, attributed to supplier defaults during COVID outbreaks[9] - Research and development expenses for 2022 were $1.56 million, slightly down from $1.60 million in 2021[21] Cash and Liquidity - Cash, cash equivalents, and restricted cash as of December 31, 2022, totaled $67.3 million, a decrease from $91.6 million in 2021[13] - Cash and cash equivalents decreased to $63.90 million in 2022 from $91.45 million in 2021, a decline of about 30%[18] - Total cash, cash equivalents, and restricted cash at the end of the period amounted to $67,318,573, down from $91,627,041 at the beginning[25] Assets and Liabilities - Total current assets increased to $230.89 million in 2022 from $227.80 million in 2021, a slight increase of about 1.4%[18] - Total liabilities rose to $93.62 million in 2022, up from $89.38 million in 2021, an increase of approximately 4.5%[18] Future Plans - The company aims to deepen its agricultural supply chain coverage to support China's rural revitalization strategy in the second half of 2023 and beyond[2] - The company plans to continue expanding its small and medium enterprise financing solutions and supply chain trading business to drive future growth[21] Cash Flow - Net cash used in operating activities from continuing operations was $(28,952,923), a significant decrease compared to $23,857,102 in the previous year[24] - Cash flows from investing activities provided $17,837,501, contrasting with $(25,250,787) in the prior year[24] - Cash paid for income taxes was $10,385,495, compared to $5,546,082 in the previous year[25] Other Financial Metrics - The company reported a net other income of $4.8 million, an increase from $2.6 million in the prior year[10] - The weighted average number of shares outstanding increased to 3,986,359 in 2022 from 2,150,683 in 2021, reflecting a significant increase due to the reverse share split[21] - The company reported a significant increase in accounts payable, totaling $7,693,011, compared to $33,620,611 in the previous year[24] - Proceeds from short-term bank loans were $445,831, down from $784,609 in the previous year[25] - The company made a capital contribution from non-controlling interest of $37,116, compared to $751,841 in the previous year[25] - The effect of exchange rate changes on cash and cash equivalents was $(4,848,722), contrasting with a gain of $294,928 in the previous year[25]