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 from $37.0 million in the previous year. Net Income: Net income for 2023 was $17.7 million. Cash and Cash Equivalents: The Company ended the year with $114.5 million in cash and cash equivalents. Earnings per Share (EPS): The Company reported earnings of $4.46 per share, with a cash per share value of $29.0. CEO's Comments: Xin Liu, CEO of Nisun International, commented, "We are thrilled to report another year of outstanding financial performance, underscoring the success of our strategic initiatives and operational excellence. Our revenue growth of 65% is a testament to our robust supply chain solutions.  We have made significant strides in expanding our supply chain capabilities,  diversifying into other agricultural products. These efforts have positioned us well for sustained growth and profitability." Mr. Liu continued, "Despite our strong financial performance, substantial cash reserves of $29.0 per share, and robust earnings, our stock trades at just over one times annual earnings by the end of June. We believe this significantly undervalues our company. The Board of Directors and I are actively considering strategic alternatives to unlock shareholder value and better align our market valuation with the intrinsic value of our company. Our strong cash position and ongoing growth initiatives provide a solid foundation for these efforts." Operational Highlights: Supply Chain Trading and Solutions: Nisun International continues to enhance its supply chain trading and financing solutions capabilities, leveraging state-of-the-art technology to streamline operations and reduce costs. The Company successfully managed the daily supply of 3.6 to 6 million eggs to major online platforms across key regions. Geographical Expansion: The Company's supply chain operations now span multiple regions, enabling delivery of a diverse range of products. This extensive network ensures seamless operations and strengthens Nisun's market presence. Diversification: Nisun has expanded its supply chain solutions to include other agricultural products, positioning the Company for substantial growth in the agricultural sector. Looking Ahead: Mr. Liu added, "Our commitment to innovation and excellence remains unwavering as we continue to drive growth and create value for our shareholders. The strategic expansion of our supply chain solution  will enable us to meet the evolving needs of our customers and capitalize on new market opportunities. We are excited about the future and confident in our ability to achieve even greater success." Investor Relations: For more information, please visit the Investor Relations section of Nisun International's  website at: www.nisun-international.com. About Nisun International: Nisun International Enterprise Development Group Co., Ltd (NASDAQ:NISN) is a technology-driven, integrated supply chain solutions provider focused on transforming the corporate finance industry. Leveraging its industry experience, Nisun is dedicated to providing professional supply chain solutions to Chinese and foreign enterprises and financial institutions. Through its subsidiaries, Nisun provides users with professional solutions for technology supply chain management, technology asset routing, and digital transformation of tech and finance institutions, enabling the industry to strengthen and grow. At the same time, Nisun continues to deepen the field of industry segmentation through industrial and financial integration. Focusing on industry-finance linkages, Nisun aims to serve the upstream and downstream of the industrial supply chain while also assisting with supply-side sub-sector reform. Cautionary Note Regarding Forward-Looking Statements This press release contains information about Nisun's view of its future expectations, plans and prospects that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Nisun encourages you to review other factors that may affect its future results in Nisun's registration statement and in its other filings with the Securities and Exchange Commission. Nisun assumes no obligation to update or revise its forward-looking statements as a result of new information, future events or otherwise, except as expressly required by applicable law. For more information, please contact: Nisun International Enterprise Development Group Co., Ltd Investor Relations Tel: +86 (21) 2357-0055 Email: Horizon Research Management ConsultancyMichael WeiEmail:     NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS (EXPRESSED IN US DOLLARS) December 31,2023 December 31,2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 114,454,844 $ 63,901,329 Restricted cash 197,096 3,417,244 Short-term investments 12,788,629 11,700,400 Accounts receivable, net 21,120,795 18,931,346 Advance to suppliers, net 38,602,304 46,968,549 Receivables from supply chain solutions 59,167,029 43,475,981 Inventories 30,953,583 31,609,877 Prepaid expenses and other current assets 16,018,778 10,890,083 TOTAL CURRENT ASSETS 293,303,058 230,894,809 NON-CURRENT ASSETS: Property and equipment, net 881,276 719,574 Intangible assets, net 882,828 1,795,234 Right-of-use assets, net 2,384,590 3,349,432 Equity investments 368,528 373,292 Investment in limited partnership - 14,913,539 Goodwill 17,659,983 23,814,005 Deferred tax assets, net 418,571 310,577 Long term investment - 7,249,319 TOTAL NON-CURRENT ASSETS 22,595,776 52,524,972 TOTAL ASSETS $ 315,898,834 $ 283,419,781 LIABILITIES CURRENT LIABILITIES: Accounts payable $ 45,463,753 $ 40,925,155 Short-term bank loans 1,971,859 434,959 Accrued expenses and other current liabilities 7,245,358 6,090,582 Operating lease liabilities - current 861,087 1,008,766 Payables to supply chain solutions 12,947,708 9,122,978 Advances from customers 38,153,915 21,827,387 Taxes payable 4,145,920 2,748,474 Loan from related party - 8,028,965 Liabilities of financial guarantee 22,335 - Due to related parties - current 274,652 282,724 TOTAL CURRENT LIABILITIES 111,086,587 90,469,990 Operating lease liabilities – non-current 1,643,076 2,425,597 Deferred tax liabilities 114,650 727,326 TOTAL NON-CURRENT LIABILITIES 1,757,726 3,152,923 TOTAL LIABILITIES 112,844,313 93,622,913 SHAREHOLDERS' EQUITY*: Class A common stock, $0.01 par value, 30,000,000 and 30,000,000 shares    authorized, 4,017,596 and 4,006,263 shares issued, and 3,952,198 and 3,944,075    shares outstanding as of December 31, 2023 and 2022, respectively 40,176 40,063 Class B common stock, $0.01 par value, 1,000,000 shares authorized, no shares    issued and outstanding as of December 31, 2023 and 2022 - - Treasury shares (261,592) (355,844) Additional paid-in capital 130,535,082 130,503,387 Retained earnings 68,395,637 53,214,304 Statutory reserves 11,564,250 9,167,845 Accumulated other comprehensive loss (11,474,682) (6,937,950) COMMON SHAREHOLDERS' EQUITY 198,798,871 185,631,805 Non-controlling interests 4,255,650 4,165,063 TOTAL SHAREHOLDERS' EQUITY 203,054,521 189,796,868 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 315,898,834 $ 283,419,781 * The financial statements give retroactive effect to the May 18, 2023 one-for-ten reverse share split.     NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (EXPRESSED IN US DOLLARS) For the Year Ended December 31, 2023 2022 2021    REVENUES:    Revenue generated from services:       Small and Medium Enterprise financing solutions $