Sunrise New Energy, a Leading EV Battery Material Manufacturer, Preannounces 86% Revenue Growth for 1st Half of 2022 and Issues Guidance
- Revenues Grew to $10.1 Million in 1st Half 2022, an Increase of 86%
- Company Issues Guidance for 2nd Half 2022 for Revenues of $30 million, an Increase of Greater than 1,400%
- Company Expects to Achieve Positive Operating Income by Year-End
- Company Anticipates Closing Several Large Orders in the Coming Weeks
ZIBO, China, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today preannounced revenues of $10.1 million for the 6 months ended June 30, 2022, an 86% increase over the same period in 2021. Additionally, the Company issued guidance for the 2nd half of 2022 for revenues of $30 million, which would be greater than 1,400% growth over the 2nd half of 2021 and 197% growth sequentially. The Company anticipates achieving positive operating income by year-end.
Sunrise’s growth is being driven by the performance of its joint-venture lithium battery graphite anode manufacturing business with the plant located in Guizhou Province, China. The plant is now producing 1650 metric tons of graphite anode a month, which has an approximate value of $9 million based on recent orders.
Sunrise will report a loss of $5.8 million for the 1st half of 2022, which includes non-cash charges of roughly $3 million, as compared to a loss of $1.4 million for the 1st half 2021. The increased net loss was attributable to weakness in the Company’s legacy Global Internet of the People business coupled with increased General & Administrative expenses associated with the Company’s transition into the graphite anode business. Notably, the loss has begun to shrink sequentially as compared to the 2nd half of 2021 loss of $7 million as the Company aggressively cut expenses at its Global Internet of the People business for which it is currently exploring strategic alternatives. The Company anticipates announcing its full set of unaudited financial results for the first six months ended June 30, 2022, which are subject to change, by the end of October, which is within the SEC deadline.
“The rapid growth in EVs is driving demand for graphite anode and the market is in tight supply.” continued the Chairman of the Company, Mr. Haiping Hu. “I am extremely proud of the accomplishments of our team. Within a year we have built a state-of-the-art manufacturing facility that is now producing a large quantity of graphite anode and secured orders from the world’s 3 largest lithium-ion battery manufacturers. Furthermore, we anticipate closing several large orders in the coming weeks. This gives us confidence that we will meet this newly issued guidance for the 2nd half of 2022.”
About Sunrise New Energy Co., Ltd
Headquartered in Zibo, Shandong Province, China, Sunrise New Energy Co., Ltd., through its joint venture, is engaged in the manufacturing and sale of graphite anode material for lithium-ion batteries. The Company’s joint venture is constructing a 138,000 ㎡ manufacturing plant in Guizhou Province, China. The plant runs on inexpensive electricity from renewable sources, which helps to make Sunrise New Energy a low-cost and low–environmental-impact producer of graphite anode material. Mr. Haiping Hu, the founder and CEO of the Company, is a major pioneer for the graphite anode industry in China starting from 1999. The Company’s management team is also composed of experts with a cumulative decades of experiences and strong track-records of success in the graphite anode industry. In addition, the Company also operates a knowledge sharing platform business. For further information, please visit the Company’s website at . The Company also maintains a Twitter account (@sunrisenewener1) to keep investors up to date on the latest development of the Company.
Forward-looking statement
Certain statements in this press release regarding the Company's future expectations, plans and prospects constitute forward-looking statements as defined by Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about plans, goals, objectives, strategies, future events, expected results, assumptions and any other factual statements that have not occurred. Any words that refer to "may", "will", "want", "should", "believe", "expect", "expect", "estimate", "estimate" or similar non-factual words, shall be regarded as forward-looking statements. Due to various factors, the actual results may differ materially from the historical results or the contents expressed in these forward-looking statements. These factors include, but are not limited to, the Company's strategic objectives, the Company's future plans, market demand and user acceptance of the Company's products or services, technological updates, economic trends, the Company's reputation and brand, the impact of industry competition and bidding, relevant policies and regulations, the ups and downs of China's macroeconomic conditions, the international market conditions served by the Company, and other related risks and assumptions disclosed in the prospectus. In view of the above and other related reasons, we advise investors not to blindly rely on these forward-looking statements, and we urge investors to visit the SEC’s website to consult the Company's relevant documents for other factors that may affect the Company's future operating results. The Company is under no obligation to make public amendments to changes in these forward-looking statements due to specific events or reasons unless required by law.
For more information, please contact:
The Company:
IR Department
Email: IR@sunrisenewenergy.com
Tel：
