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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
About this update from E-power Inc.
[{"type":"text","content":"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-EndCompany 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 ...