EPOW Announces Revenue Growth of 1,718% for First 3 Months of 2023, Chairman Purchases Stock

Rhea-AI Summary

Sunrise New Energy Co., Ltd. (NASDAQ: EPOW) reported a remarkable revenue increase of 1,718% in Q1 2023, reaching $8 million compared to $440,000 in the same period of 2022. The company produced and shipped over 1,350 metric tons of graphite anode during this quarter. Additionally, Chairman Haiping Hu acquired 20,000 shares of EPOW at an average price of $2.78, expressing confidence in the company's future despite its current stock performance. Sunrise is set to provide a detailed financial update for H1 2023 by June 30. The company focuses on manufacturing graphite anode materials for lithium-ion batteries and is developing a new manufacturing plant powered by renewable energy sources in Guizhou Province, China.

Positive

• Q1 2023 revenues increased by 1,718% to $8 million.
• Production and shipment of over 1,350 metric tons of graphite anode.
• Chairman acquired 20,000 shares at $2.78, indicating confidence in the stock.
• Secured purchase orders worth $700 million.

Negative

• Chairman noted that despite positive accomplishments, the stock has not performed well.

ZIBO, China, April 14, 2023 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today announced that the revenues for the first 3 months of 2023, ending March 31st, reached $8 million compared to $440,000 in the first 3 months of 2022, an increase of 1,718%. During the first 3 months of 2023 the company produced and shipped over 1,350 metric tons of graphite anode.

The Company also announced that its Chairman, Mr. Haiping Hu has recently acquired 20,000 shares of EPOW stock at an average of $2.78.

“The team at Sunrise has executed quickly emerged as a leading manufacturer of graphite anode,” said Sunrise New Energy’s Chairman Mr. Haiping Hu. “Yet despite all the positive accomplishments, including the results announced today and the closing of purchase orders worth $700 million, the stock has languished. I am acquiring shares because I feel that the stock is dramatically undervalued and that the future is very bright for the company. I plan to acquire more shares in the future as well.”

Sunrise currently reports financial results semi-annually and as such looks forward to a more detailed financial update for investors when it reports its first-half 2023 results for the period ending on June 30, 2023.

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 www.sunrisenewenergy.com. 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
Phone: +86 4009919228

FAQ

What were Sunrise New Energy's revenues for Q1 2023?

Sunrise New Energy reported revenues of $8 million for Q1 2023.

How much did Sunrise New Energy's revenues increase compared to Q1 2022?

Revenues increased by 1,718% compared to $440,000 in Q1 2022.

What did the Chairman of Sunrise New Energy purchase recently?

Chairman Haiping Hu acquired 20,000 shares of EPOW stock at an average price of $2.78.

What is the significance of the $700 million purchase orders announced by Sunrise New Energy?

The purchase orders worth $700 million indicate strong demand for the company's graphite anode products.

When will Sunrise New Energy report its first-half results for 2023?

Sunrise New Energy plans to report its first-half 2023 results by June 30, 2023.