53.66% and 141.14% Increase in Gross Profit and Net Income from Continuing Operations for Full Year 2023 Compared to Full Year 2022, RespectivelyRimawari-kun Members Reached 279,029 as of December 31, 2023, a 17.7% Increase from 2022Rimawari-kun Platform Gross Merchandise Value Surpasses 5 Billion Yen as of December 31, 2023   TOKYO, May 16, 2024 (GLOBE NEWSWIRE) -- SYLA Technologies Co., Ltd. (NASDAQ:SYT) ("SYLA" or "the Company"), operator of the largest membership real estate crowd-funding platform in Japan, Rimawari-kun, reported its financial results for the full year ended December 31, 2023. Full Year 2023 Operational Highlights: Awarded the Excellent business Award for ZEH-M Oriented Certification and Integration of Energy-Saving Technology for its SYFORME MOTOMACHI-CHUKAGAI brand condominium Sold the SYFORME SUMIYOSHI II brand condominium Announced gain on sales of investment securities, resulting in a profit of 96 million yen As of May 8, 2024, ietty membership surpassed 400,000, a 100,000 increase in membership since March 2024 Subsidiary SYLA Solar announced issuance of series 1 unsecured bonds of ¥50 million and announced comprehensive business alliance with LIVE THE CREATIVE Inc. Announced growth strategy centered on mergers and acquisitions Announced FY2024 financial guidance and upward revision of FY2023 year-end dividend to ¥180 Per Share Entered into capital and business alliance and became largest shareholder of RIBERESUTE CORPORATION Sold four SYFORME brand condominiums to a private fund managed by BlackRock's real estate business Rimawari-kun platform gross merchandise value surpasses ¥5 billion Announced business collaboration with a private fund managed by BlackRock's real estate business Announced definitive agreement for a business transfer from ietty, Inc. Began the sale of SYFORME NAKANO condominium units for investors Initiated Employee Stock Purchase Plan Sold a condominium development site in Shimo-Meguro, Tokyo Announced Interim Dividend of ¥70 Per Share Authorized ¥200.0 Million ($1,385,000) ADS Repurchase Program Rimawari-kun ranked as the top real estate crowdfunding platform in Japan for two consecutive years Management Commentary"This past year was a pivotal one full of advancement for SYLA across our various business sectors," said Chairman, Founder, and CEO Hiroyuki Sugimoto. "We achieved record highs in our real estate development and sales, real estate crowdfunding, asset management, solar power businesses, and we achieved significant increases in both gross profit and net income." "Throughout the latter half of the year, the company strategically pursued acquisitions to bolster our real estate development and sales, and crowdfunding businesses. The acquisition of ietty, becoming the largest shareholder and forming a strategic business alliance with RIBERESUTE, and the supply of properties to BlackRock are all strategic moves that have positioned SYLA for significant growth in 2024 and beyond. The favorable Japanese macroeconomic environment, characterized by low interest rate policies, increased inbound investments, and population growth in the central Tokyo area are all factors that position our top-line growth." "Looking ahead, I would like to reiterate and emphasize our growth strategy centered around M&A. The successes of the past year on this front have strengthened our confidence in maximizing the potential of ventures that have synergies with our company. We anticipate reasonable, short-term integration costs which we believe will yield substantial returns for our shareholders in the medium to long-term. With a robust balance sheet and ample cash reserves, we are well positioned to explore and execute on this initiative." Full Year 2023 Financial Results:Results compare the full year ended December 31, 2023, to the full year ended December 31, 2022, unless otherwise indicated. Results below are for SYLA Technologies Co., Ltd. on a consolidated basis. Revenues increased 3.12% to ¥22,743,410 thousand (US $161.4 million) for the year ended December 31, 2023 from ¥22,055,785 thousand for the year ended December 31, 2022. The increase was mainly attributable to an increase in land sales due to a sale of large development sites, offset by a decrease in total real estate sales due to the number of units sold decreased from 588 units in full year 2022 to 446 units in full year 2023. Gross profit increased 53.66% to ¥5,537,444 thousand (US $39.3 million) for the year ended December 31, 2023 from ¥3,603,816 thousand for the year ended December 31, 2022. The increase was mainly attributable to high-margin transactions, such as the sale of land for large-scale development and the sale of one building for sale. Total operating expenses increased to ¥4,096,346 thousand (US $29.1 million) for the year ended December 31, 2023 from ¥2,825,104 thousand for the year ended December 31, 2022. The increase was mainly attributable to an increase in legal and professional expenses due to increase in IPO-related costs such as share-based payment costs and legal fees due to listing on the NASDAQ market, and an increase in salaries and welfare expenses due to increase in personnel for management system development, etc. Net income from continuing operations increased by 141.14% to ¥749,361 thousand (US $5.3 million) for the year ended December 31, 2023 from ¥310,761 thousand for the year ended December 31, 2022. The increase was mainly attributable to the significant increase in gross profit. As of December 31, 2023, SYLA Technologies Co., Ltd. had ¥4,017,311, thousand (US $28.5 million) cash and cash equivalents. Total net assets increased to ¥40,084,427 thousand ($285 million) as of December 31, 2023 from ¥29,792,974 thousand ($211 million) as of December 31, 2022. *(Conversion rate: ¥140.92 = US$1.00) Fiscal Year 2024 Guidance SYLA is providing the following guidance for fiscal year 2024:   Low (JPY) High (JPY) Fiscal Year 2024 Revenue 27.5 billion yen           30.0 billion yen Fiscal Year 2024 Income from Continuing Operations             750 million yen             1.10 billion yen About SYLA Technologies Co., Ltd.Headquartered in Tokyo, Japan, SYLA Technologies Co., Ltd. (NASDAQ:SYT) ("SYLA" or "the Company") owns and operates the largest membership real estate crowd-funding platform in Japan, Rimawari-kun, which targets individuals, corporate and institutional investors, as well as high net worth individuals. SYLA's mission is to democratize real estate investment around the world through technology and asset management through the Rimawari-kun platform. SYLA is engaged in the overall investment condominium business, including planning, development, construction, sales, rental management, building management, repair work, and the sale of properties. Additional information about the Company's products and services is available at https://syla-tech.jp/en. Cautionary Note Regarding Forward-Looking StatementsThis press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses the expected gross proceeds and the closing of the offering. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company's reports filed from time to time with the Securities and Exchange Commission ("SEC"), including, but not limited to, the risks detailed in the Company's annual report on Form 20-F, filed with the SEC on April 18, 2023. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Contact Information SYLA Technologies Investor Relations Contact:Gateway Group, Inc.John Yi and Steven 574-3860 SYLA Technologies Company Contact Takeshi Fuchiwaki Director, Chief Growth     SYLA TECHNOLOGIES CO., LTD.   CONSOLIDATED BALANCE SHEETS   (Amounts in thousands of Japanese Yen ("JPY"), except for share data)                     As of December 31,     2023     2022               ASSETS               Current assets               Cash and cash equivalents   4,017,311       2,542,795   Restricted cash   569,469       168,630   Term deposits   233,505       160,089   Short-term investments   89,482       -   Accounts receivable, net   162,690       67,776   Inventories   16,849,935       10,517,193   Prepaid expenses, net   357,104       647,534   Other current assets, net   304,271       185,350   Current assets of discontinued operations   -       10,600   Total current assets   22,583,767       14,299,967                   Non-current assets               Restricted cash, non-current   25,180       76,578   Long-term deposits   9,300       30,511   Long-term investments, net   490,437       413,805   Property, plant and equipment, net   11,889,701       10,231,057   Solar power systems, net   476,778       361,422   Intangible assets, net   133,226       194,361   Goodwill   730,776       727,701   Operating lease right-of-use assets   2,409,255