Nisun International Enterprise Development Group Co., Ltd Reports Full Year 2024 Financial Results

PR Newswire

SHANGHAI, April 29, 2025

Highlights Positive Earnings Per Share and Substantial Cash Position of $11.11/share Amidst Challenging Economic Environment

SHANGHAI, April 29, 2025 /PRNewswire/ -- Nisun International Enterprise Development Group Co., Ltd ("Nisun International" or the "Company") $(NISN)$, a technology and industry-driven financing solutions provider and an integrated supply chain solutions provider, today announced its financial results for the full year ended December 31, 2024.

Recent Achievements and Highlights (as reported in the 20-F):

   -- Reported total revenue of $340.2 million for the year ended December 31, 
      2024. 
 
   -- Achieved net income of $5.9 million and positive earnings per share of 
      $1.43 for the year ended December 31, 2024, including non-cash expenses 
      of $9.2 million related to share-based compensation and $5.0 million 
      related to provisions for bad debts. 
 
   -- Maintained a substantial cash, cash equivalents, and restricted cash 
      balance of $45.0 million as of December 31, 2024. 
 
   -- Continued investment in technology, talent, content, brand recognition, 
      customer base expansion, and other initiatives. 
 
   -- Successfully navigated challenges posed by the economic slowdown in 2024 
      by scaling down bulk trading volume to minimize losses. 

Management Commentary

Mr. Xin Liu, Chief Executive Officer of Nisun International, commented on the results, "The 2024 fiscal year presented a challenging operating environment, primarily due to the economic slowdown in China. This broad economic shift led to a more cautious approach from individual investors who fund SME financings, prompting SMEs themselves to reduce their corporate finance activities to minimize risk. As a provider of technology-driven customized financing solutions to SMEs, this environment directly impacted our SME financing solutions revenue, which saw a decline. Similarly, the economic slowdown and the high volatility in commodity market prices affected our supply chain trading revenues, particularly in bulk trading, where we strategically scaled down volume to manage potential losses."

Mr. Liu continued, "Despite these headwinds affecting our financial performance in 2024, we remain focused on our long-term strategy and believe we are well-positioned for future growth. Our comprehensive technology-driven integrated supply chain financing solutions services, launched in January 2020, and our supply chain trading business, launched in July 2021 by leveraging our high-quality customer base and resources from supply chain financing solutions, are integral to our future. In the second half of 2024, we expanded our supply chain financing business into the gold industry, resulting in a $1.9 million increase in supply chain financing revenue compared to the first half of the year. We are actively building a solid pipeline of demand from our supply chain management and commodity trading customers. We believe this focus on integrated solutions will generate much higher margin technology financing solutions business in the future once investor risk appetite recovers and market conditions improve. Our substantial cash position also provides a solid foundation as we navigate the current economic climate and invest for the future."

Full Year 2024 Financial Results Summary

For the year ended December 31, 2024, Nisun International reported total revenue of $340.2 million, a decrease of approximately 12% from $386.7 million in the prior year. The decline was primarily attributable to decreases in revenue from SME financing solutions services and supply chain trading, driven by the economic slowdown and market volatility.

Cost of revenue for the year ended December 31, 2024, was $309.3 million, down 11% from $346.7 million in 2023, primarily reflecting the reduction in supply chain trading volume.

Gross profit was $30.9 million in 2024, a decrease of 23% from $39.9 million in 2023. The decline in gross profit was mainly due to the decrease in revenue, impacting SME financing services, supply chain financing solution services, and the supply chain trading business.

Income from operations for 2024 was $3.6 million, a decrease of 81% from $18.8 million in 2023.

Net income for fiscal year 2024 was $5.9 million, compared to $17.7 million for fiscal year 2023.

Net income per share for fiscal year 2024 was $1.43, compared to $4.46 for fiscal year 2023.

As of December 31, 2024, the Company had cash, cash equivalents, and restricted cash of $45.0 million. Net cash used in operating activities was approximately $75.7 million in 2024, primarily reflecting higher advance deposits to key suppliers and other working-capital investments that position Nisun international to secure inventory and fulfill expanding customer demand. Management views this outflow as a strategic deployment of capital that lays the groundwork for future revenue growth and higher-margin opportunities as market conditions improve.

About Nisun International Enterprise Development Group Co., Ltd.

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 International is dedicated to providing professional supply chain solutions to Chinese and foreign enterprises and financial institutions. Through its subsidiaries, Nisun International 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 International continues to deepen the field of industry segmentation through industrial and financial integration. Focusing on industry-finance linkages, Nisun International aims to serve the upstream and downstream of the industrial supply chain while also assisting with supply-side sub-sector reform. For more information, please visit http://ir.nisun-international.com/

Cautionary Note Regarding Forward-Looking Statements

This press release contains information about Nisun International's view of its future expectations, plans and prospects that constitute forward-looking statements. 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 International encourages you to review other factors that may affect its future results in Nisun International's registration statement and in its other filings with the Securities and Exchange Commission. Nisun International 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.

 
   NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND 
                            SUBSIDIARIES 
                    CONSOLIDATED BALANCE SHEETS 
                     (EXPRESSED IN US DOLLARS) 
 
                                      December 31,   December 31, 
                                           2024           2023 
                                      -------------  ------------- 
 
 ASSETS 
 CURRENT ASSETS: 
   Cash and cash equivalents          $  45,021,759  $ 114,454,844 
   Restricted cash                                -        197,096 
   Short-term investments                 6,882,714     12,788,629 
   Accounts receivable, net              54,444,438     21,120,795 
   Derivative asset                       1,996,340              - 
   Advance to suppliers, net             92,304,699     38,602,304 
   Receivables from supply chain 
    solutions                            23,978,130     59,167,029 
   Inventories                              806,821     30,953,583 
   Due from related party                     1,665              - 
   Prepaid expenses and other 
    current assets                       25,892,681     16,018,778 
                                       ------------   ------------ 
TOTAL CURRENT ASSETS                    251,329,247    293,303,058 
                                       ------------   ------------ 
 
NON-CURRENT ASSETS: 
   Property and equipment, net              358,038        881,276 
   Intangible assets, net                   205,032        882,828 
   Right-of-use assets, net               1,608,591      2,384,590 
   Equity investments                       457,417        368,528 
   Goodwill                              17,050,800     17,659,983 
   Deferred tax assets, net                 412,161        418,571 
                                       ------------   ------------ 
TOTAL NON-CURRENT ASSETS                 20,092,039     22,595,776 
                                       ------------   ------------ 
TOTAL ASSETS                          $ 271,421,286  $ 315,898,834 
                                       ============   ============ 
 
LIABILITIES 
CURRENT LIABILITIES: 
    Accounts payable                  $  34,630,781  $  45,463,753 

    Short-term bank loans                 5,274,478      1,971,859 
    Accrued expenses and other 
     current liabilities                  2,930,782      7,245,358 
   Operating lease liabilities - 
    current                                 948,561        861,087 
   Payables to supply chain 
    solutions                             4,229,793     12,947,708 
   Advances from customers                7,528,352     38,153,915 
   Taxes payable                          3,642,427      4,145,920 
   Liabilities of financial 
    guarantee                                21,725         22,335 
   Due to related parties - current         267,149        274,652 
                                       ------------   ------------ 
TOTAL CURRENT LIABILITIES                59,474,048    111,086,587 
 
NON-CURRENT LIABILITIES 
   Operating lease liabilities -- 
    non-current                             818,128      1,643,076 
   Deferred tax liabilities                       -        114,650 
                                       ------------   ------------ 
TOTAL NON-CURRENT LIABILITIES               818,128      1,757,726 
                                       ------------   ------------ 
TOTAL LIABILITIES                        60,292,176    112,844,313 
                                       ------------   ------------ 
 
SHAREHOLDERS' EQUITY*: 
   Class A common stock, $0.01 par 
    value, 30,000,000 and 
         30,000,000 shares 
    authorized, 4,725,096 and 
    4,017,596 shares       issued, 
    and 4,538,358 and 3,952,198 
    shares outstanding as of 
         December 31, 2024 and 2023, 
    respectively                             47,251         40,176 
   Class B common stock, $0.01 par 
   value, 1,000,000 shares 
        authorized, no shares 
   issued and outstanding as of 
   December 31,      2024 and 2023                -              - 
   Treasury shares                      (1,253,012)      (261,592) 
   Additional paid-in capital           139,712,207    130,535,082 
   Retained earnings                     72,517,990     68,395,637 
   Statutory reserves                    13,229,313     11,564,250 
   Accumulated other comprehensive 
    loss                               (17,491,069)   (11,474,682) 
                                       ------------   ------------ 
COMMON SHAREHOLDERS' EQUITY             206,762,680    198,798,871 
   Non-controlling interests              4,366,430      4,255,650 
                                       ------------   ------------ 
TOTAL SHAREHOLDERS' EQUITY              211,129,110    203,054,521 
                                       ------------   ------------ 
TOTAL LIABILITIES AND SHAREHOLDERS' 
 EQUITY                               $ 271,421,286  $ 315,898,834 
                                       ============   ============ 
 
 
 *  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 (LOSS) 
                              INCOME 
                     (EXPRESSED IN US DOLLARS) 
 
                          For the Year Ended December 31, 
                   ---------------------------------------------- 
                        2024            2023            2022 
                   --------------  --------------  -------------- 
 
REVENUES: 
Revenue 
generated from 
services: 
Small and Medium 
 Enterprise 
 financing 
 solutions         $   84,320,613  $  101,823,899  $   87,269,959 
Supply Chain 
 financing 
 solutions              5,712,543       6,153,645       3,542,592 
                    -------------   -------------   ------------- 
   Total revenue 
    generated 
    from 
    services           90,033,156     107,977,544      90,812,551 
Revenue 
generated from 
sales: 
   Supply chain 
    trading 
    business          250,186,390     278,693,355     143,361,714 
                    -------------   -------------   ------------- 
Total revenues        340,219,546     386,670,899     234,174,265 
 
COST OF REVENUE: 
Cost of revenue - 
 services            (58,819,396)    (68,154,833)    (55,472,076) 
Cost of revenue - 
 sales              (249,887,524)   (278,002,800)   (140,880,063) 
Business and 
 sales related 
 taxes                  (600,605)       (527,336)       (772,830) 
                    -------------   -------------   ------------- 
Total cost of 
 revenue            (309,307,525)   (346,684,969)   (197,124,969) 
                    -------------   -------------   ------------- 
GROSS PROFIT           30,912,021      39,985,930      37,049,296 
                    -------------   -------------   ------------- 
 
OPERATING 
EXPENSES: 
Selling expenses      (1,504,002)     (1,525,692)     (1,977,617) 
General and 
 administrative 
 expenses            (19,247,560)    (10,859,011)    (10,511,542) 
Research and 
 development 
 expenses             (1,414,437)     (1,093,457)     (1,563,718) 
Bad debt expense      (5,037,951)     (2,215,016)     (4,509,634) 
Goodwill 
 Impairment Loss        (128,577)     (5,488,816)       (777,329) 
                    -------------   -------------   ------------- 
   Total 
    operating 
    expenses         (27,332,527)    (21,181,992)    (19,339,840) 
                    -------------   -------------   ------------- 
INCOME FROM 
 OPERATIONS             3,579,494      18,803,938      17,709,456 
                    -------------   -------------   ------------- 
 
OTHER INCOME: 
Interest and 
 investment 
 income                 1,662,646       2,557,588       2,790,768 
Other income , 
 net                      320,955       2,159,301       2,021,688 
                    -------------   -------------   ------------- 
   Total other 
    income, net         1,983,601       4,716,889       4,812,456 
                    -------------   -------------   ------------- 
 
INCOME BEFORE 
 PROVISION FOR 
 INCOME TAXES           5,563,095      23,520,827      22,521,912 
 
PROVISION FOR 
 INCOME TAXES         (4,527,081)     (5,817,147)     (4,741,854) 
                    -------------   -------------   ------------- 
 
NET INCOME FROM 
 CONTINUING 
 OPERATIONS             1,036,014      17,703,680      17,780,058 
 
DISCONTINUED 
OPERATIONS: 
GAIN FROM 
 DISCONTINUED 
 OPERATIONS             4,863,777               -               - 
                    -------------   -------------   ------------- 
NET (LOSS) FROM 
 DISPOSAL OF 
   SUBSIDIARIES 
 IN DISCONTINUED 
   OPERATIONS, 
 NET OF TAX             4,863,777               -               - 
                    -------------   -------------   ------------- 
NET INCOME              5,899,791      17,703,680      17,780,058 
Net income 
 attributable to 
 non-controlling 
 interests              (112,375)       (125,942)       (159,246) 
                    -------------   -------------   ------------- 
NET INCOME - 
 Nisun 
 International's 
 shareholders      $    5,787,416  $   17,577,738  $   17,620,812 
 
OTHER 
COMPREHENSIVE 
INCOME (LOSS) 
Foreign currency 
 translation 
 loss                 (6,017,982)     (4,536,797)    (12,576,380) 
                    -------------   -------------   ------------- 
COMPREHENSIVE 
 (LOSS) INCOME          (230,566)      13,040,941       5,044,432 
Comprehensive 
 loss 
 attributable to 
 non-controlling 
 interests                  1,595              65           6,231 
                    -------------   -------------   ------------- 
COMPREHENSIVE 
 (LOSS) INCOME     $    (228,971)  $   13,041,006  $    5,050,663 
                    =============   =============   ============= 
 
BASIC AND 
DILUTED EARNINGS 
PER COMMON 
SHARE: 
NET EARNINGS PER 
 COMMON SHARE      $         1.43  $         4.46  $         4.42 
                    =============   =============   ============= 
 
Weighted average 
 number of shares 
 outstanding- 
 basic and 
 diluted*               4,053,108       3,943,793       3,986,359 
                    =============   =============   ============= 
 
 
*  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 
                   CONDENSED STATEMENTS OF CASH FLOWS 
          FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 and 2022 
                       (EXPRESSED IN US DOLLARS) 
 
                              2024            2023           2022 
                          -------------  --------------  ------------- 
 
 CASH FLOWS FROM 
 OPERATING ACTIVITIES: 
Net income                $   5,899,791  $   17,703,680  $  17,780,058 
  Adjustments to 
  reconcile net income 
  to net cash 
      provided by (used 
  in) operating 
  activities: 
    Depreciation and 
     amortization             1,719,709       2,238,222      2,113,732 
    Stock-based 
     compensation                     -               -        125,630 
    Shares issued for 
     compensation             9,184,200          31,808        185,000 
    Bad debt expense          5,037,951       2,215,016      4,509,634 
    Impairment of 
     goodwill                   128,577       5,488,816        777,329 
    Loss on disposition 
     of property and 
     equipment                  217,351               -          1,385 
    Income from 
     investments               (36,604)       (365,359)      (541,578) 
    Deferred tax 
     (benefit) expense        (118,220)       (710,672)        271,907 
    Derivative asset          (182,232)               -              - 
    Repurchase Treasury 
     shares                      64,080               -              - 
    Changes in 
    operating assets 
    and liabilities: 
      Accounts 
       receivable          (34,574,649)     (3,086,600)    (2,075,274) 
      Advance to 
       suppliers, net      (56,157,685)       7,282,068   (39,859,386) 
      Prepaid expenses 
       and other current 

       assets               (8,653,076)     (5,511,142)    (4,734,501) 
      Receivables from 
       supply chain 
       solutions             33,997,219    (18,651,357)     11,372,841 
      Inventories            29,767,783       (246,818)   (25,530,993) 
      Accounts payable     (11,218,937)       5,722,300      7,693,011 
      Advance from 
       customers           (35,241,476)      16,986,750     19,085,377 
      Taxes payable           (395,174)       1,478,316    (5,574,048) 
      Other payables        (5,604,548)       3,232,387              - 
      Payable to supply 
       chain solutions      (9,165,567)       4,096,141   (15,198,883) 
      Operating lease 
       liabilities            (730,895)       (834,381)      (855,242) 
      Accrued expenses 
       and other current 
       liabilities              374,477     (1,569,395)      1,501,078 
                           ------------   -------------   ------------ 
NET CASH (USED IN) 
 PROVIDED BY   OPERATING 
 ACTIVITIES                (75,687,925)      35,499,780   (28,952,923) 
                           ------------   -------------   ------------ 
 
CASH FLOWS FROM 
INVESTING ACTIVITIES: 
    Acquisition of 
     property and 
     equipment                 (26,677)       (503,957)      (652,585) 
    Purchase of 
     intangible assets          (4,326)        (44,029)       (74,710) 
    Cash paid in 
     connection with 
     acquisition, net of 
           cash 
     received                         -               -      (530,322) 
    Proceeds from sale 
     of short-term 
     investments             44,830,237     103,458,984     78,595,280 
    Proceeds from sale 
     of Derivative 
     asset                      487,609               -              - 
    Proceeds from sale 
     of Long-term 
     investment                       -       7,061,233              - 
    Proceeds from 
     investment in debt 
     securities                       -      14,366,013              - 
    Proceeds from 
     disposal of 
     property and 
     equipment                  159,086               -              - 
    Purchase of 
     short-term 
     investments           (39,050,962)   (104,365,028)   (51,567,746) 
    Purchase of 
     Derivative asset       (1,735,531)               -              - 
    Purchase of 
     Long-term 
     investments                      -               -    (7,430,511) 
    Purchase of equity 
     investees                (125,074)               -              - 
    Sale of a business, 
     net of cash and 
     cash equivalents 
          sold                  434,174          71,514              - 
    Repayments from 
     loans to third 
     parties                  2,516,772               -              - 
    Loans to third 
     parties                (1,474,264)       (229,161)      (501,905) 
                           ------------   -------------   ------------ 
NET CASH PROVIDED BY 
 INVESTING   ACTIVITIES       6,011,044      19,815,569     17,837,501 
                           ------------   -------------   ------------ 
 
CASH FLOWS FROM 
FINANCING ACTIVITIES: 
   Proceeds from 
    short-term bank 
    loans                     5,350,399       1,553,471        445,831 
   Proceeds from 
    third-party loans                 -       1,977,145     36,770,626 
   Repayment of 
    short-term bank 
    loans                   (2,116,345)        (29,961)    (1,239,983) 
   Repayment of 
    third-party loans       (2,918,399)     (2,277,954)   (41,491,973) 
   Proceeds from related 
    parties                           -               -       (10,097) 
   Repayment of loan 
    from related 
    parties                           -     (8,028,965)    (2,500,000) 
   Purchase of treasury 
    shares                  (1,055,500)          94,252      (355,844) 
   Capital contribution 
    from non-controlling 
    interest                          -        (35,290)         37,116 
                           ------------   -------------   ------------ 
NET CASH USED IN 
 FINANCING ACTIVITIES         (739,845)     (6,747,302)    (8,344,324) 
                           ------------   -------------   ------------ 
 
EFFECT OF EXCHANGE RATE 
 CHANGE ON   CASH AND 
 CASH EQUIVALENTS               786,545     (1,234,680)    (4,848,722) 
                           ------------   -------------   ------------ 
NET (DECREASE) INCREASE 
 IN CASH AND   CASH 
 EQUIVALENTS               (69,630,181)      47,333,367   (24,308,468) 
                           ------------   -------------   ------------ 
 
CASH AND CASH 
 EQUIVALENTS AND 
   RESTRICTED CASH FROM 
 CONTINUING 
   OPERATIONS-BEGINNING     114,651,940      67,318,573     91,627,041 
                           ------------   -------------   ------------ 
 
CASH AND CASH 
 EQUIVALENTS AND 
   RESTRICTED CASH FROM 
 CONTINUING 
   OPERATIONS-ENDING      $  45,021,759  $  114,651,940  $  67,318,573 
                           ============   =============   ============ 
 
SUPPLEMENTAL CASH FLOW 
DISCLOSURES: 
   Cash paid for income 
    taxes                 $   5,673,350  $    4,530,963  $  10,385,495 
                           ============   =============   ============ 
   Cash paid for 
    interest              $     170,745  $       29,961  $     496,932 
                           ============   =============   ============ 
 
SUPPLEMENTAL DISCLOSURE 
OF NON-CASH 
  ACTIVITIES: 
    Repayment payable 
     for business 
     disposition                      -         279,037              - 
                           ============   =============   ============ 
    Receivable from 
     disposal of 
     subsidiary           $           -  $            -  $     289,973 
                           ============   =============   ============ 
       Lease liabilities 
        arising from 
        obtaining right- 
                of-use 
        assets                  402,209         295,220      4,070,163 
                           ============   =============   ============ 
    Issuance of shares 
     for share-based 
     compensation         $     700,000  $            -  $           - 
                           ============   =============   ============ 
 
CASH AND CASH 
EQUIVALENTS FROM 
  CONTINUING OPERATIONS 
ARE   COMPRISED OF THE 
FOLLOWING: 
Cash and cash 
 equivalents              $  45,021,759  $  114,454,844  $  63,901,329 
Restricted cash                       -         197,096      3,417,244 
                           ------------   -------------   ------------ 
Total cash, cash 
 equivalents and 
 restricted cash          $  45,021,759  $  114,651,940  $  67,318,573 
                           ============   =============   ============ 
 

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