Nisun International Reports First Quarter 2021 Unaudited Operational Results
Nisun International Enterprise Development Group reported its unaudited operational results for Q1 2021, with net income reaching $4.4 million. Total revenue for the quarter was approximately $18.1 million, primarily driven by SME financing solutions, generating $17.5 million. The company achieved a gross profit of $8.3 million and reported earnings per share of $0.21. Operational expenses were $3.0 million. The firm remains optimistic about growth, focusing on enhancing supply chain solutions to meet client needs.
- Net income of $4.4 million for Q1 2021.
- Total revenue of $18.1 million, mainly from SME financing solutions ($17.5 million).
- Gross profit of $8.3 million and income from operations of $5.3 million.
- Earnings per share of $0.21.
- None.
SHANGHAI, July 29, 2021 /PRNewswire/ -- Nisun International Enterprise Development Group Co., Ltd ("Nisun International" or the "Company") (Nasdaq: NISN), a provider of innovative comprehensive solutions through the integration of technology, industry, and finance, today announced its unaudited results of operations for the three months ended March 31, 2021.
Mr. Xiaoyun Huang, Chairman and Chief Executive Officer of Nisun International, commented, "During the first quarter of 2021, we made significant progress on our strategic and financial goals, reaching approximately
Operational Results for the Three Months Ended March 31, 2021
The following table presents an overview of the Company's unaudited results of operations for the three months ended March 31, 2021:
For the Three March 31, 2021 | ||||
(Unaudited) | ||||
Revenue | $ | 18,138,563 | ||
Cost of revenue | 9,840,635 | |||
Gross profit | 8,297,928 | |||
Operating expenses | 3,001,520 | |||
Income from operations | 5,296,408 | |||
Other income, net | 387,016 | |||
Income before income taxes | 5,683,424 | |||
Income taxes | 1,279,476 | |||
Net income | $ | 4,403,948 | ||
Net income per common share | $ | 0.21 | ||
Weighted average number of shares outstanding | 20,555,129 | |||
Revenues
Total revenue was approximately
- Revenue generated from Small and Medium Enterprises (SME) financing solutions services was approximately
$17.5 million . The Company provides comprehensive financing solutions to SME enterprises in China seeking alternative financing solutions to bank financing. - Achieved a total supply chain transaction volume of approximately
$96.9 million for the quarter. - Revenue generated from supply chain financing solutions was
$0.7 million .
For the Three Months March 31, 2021 | ||||||||
(Unaudited) | % | |||||||
Small and Medium Enterprise financing solutions | $ | 17,485,651 | 96 | % | ||||
Supply chain financing solutions | 652,667 | 4 | % | |||||
Other financing solutions | 245 | 0 | % | |||||
Total revenue | $ | 18,138,563 | 100 | % | ||||
Cost of Revenue
The cost of revenue of
Operating Expenses
For the Three Months March 31, 2021 | ||||||||
(Unaudited) | % | |||||||
Selling expenses | $ | 1,073,562 | 36 | % | ||||
General and administrative expenses | 1,701,456 | 57 | % | |||||
Research and development expenses | 226,502 | 7 | % | |||||
Total operating expenses | $ | 3,001,520 | 100 | % | ||||
Selling expenses were comprised of advertising and marketing costs. General and administrative expenses primarily consisted of office rent and expenses, costs associated with staff and support personnel who managed the Company's business activities, and professional fees. Research and development expenses were primarily used to maintain and develop the Company's supply chain solution and other financing service Apps and platform.
Net income and net income per share
For the three months ended March 31, 2021, the Company had a net income of
The Company did not compile quarterly information for the three months ended March 31, 2020 and therefore has not presented comparative data.
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 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, by cultivating/creating an ecosystem of openness and empowerment. Nisun has built a linked platform that incorporates supply chain, banking, securities, trust, insurance, funds, state-owned enterprises, among other businesses. 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. For more information, please visit http://ir.nisun-nasdaq.com/index.html.
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. 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.
Contacts:
Nisun International Enterprise Development Group Co., Ltd
Investor Relations
Shaokang (Ken) Lu
Tel: +86 (21) 2357-0055
Email: lushaokang@cnisun.com
ICR, LLC
Tel: +1 203 682 8233
Email: nisun@icrinc.com
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SOURCE Nisun International Enterprise Development Group Co., Ltd
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