ZK International Group Co., Ltd. Announces Record Revenues of $102.39 Million, and saw Gross Profit Increase by 17.38% to $7.60 Million for the Fiscal Year 2022

Rhea-AI Summary

ZK International Group Co., Ltd. (ZKIN) reported financial results for the fiscal year ending September 30, 2022, showing a revenue increase of 3.00% to $102.39 million, driven by a significant rise in average selling prices. Gross profit rose 17.38% to $7.60 million with a gross margin of 7.42%. Despite these gains, the company reported a net loss of $6.08 million, up 60.06% from the previous year, leading to a diluted loss per share of $0.21. Operational losses grew to $3.96 million due to one-off costs. The company remains optimistic about future growth, particularly in international markets, as demand for water and gas infrastructure increases.

Positive

• Revenue increased by 3.00% to $102.39 million.
• Gross profit rose by 17.38% to $7.60 million.
• Gross margin improved to 7.42%.
• Chinese subsidiaries returned to profitability with $2.71 million net income.
• Plans for growth in international markets.

Negative

• Net loss attributable to ZK International increased by 60.06% to $6.08 million.
• Operating loss rose to $3.96 million.
• Diluted loss per share increased to $0.21.
• Sales volume of key products decreased significantly: steel strip by 62.98%, steel pipes by 25.28%, and pipe fittings by 22.16%.
• Wrote off $2.77 million from the Defi platform due to projected continuous losses.

WENZHOU, China, Feb. 1, 2023 /PRNewswire/ -- ZK International Group Co., Ltd. (ZKIN) ("ZK International" or the "Company"), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, today announced its audited financial results for the fiscal year ended September 30, 2022.

Financial Highlights for the Fiscal Year 2022

		For the Fiscal Year Ended September 30,
($ millions, except per share data)		2022				2021				% Change
Revenue		$	102.39			$	99.41				3.00	%
Gross profit		$	7.60			$	6.47				17.38	%
Gross margin			7.42	%			6.51	%			0.91 percentage points
Loss from operations		$	(3.96)			$	(3.65)				8.51	%
Operating loss margin			(3.87)	%			(3.68)	%			-0.19 percentage points
Net loss attributable to ZK
International		$	(6.08)			$	(3.80)				60.06	%
Diluted loss per share		$	(0.21)			$	(0.17)				23.53	%
Net book value per share		$	2.80			$	3.08				-9.09	%

 

• Revenues increased by $2,984,419 or 3.00%, to $102,391,636 for the year ended September 30, 2022 from $99,407,217 for the year ended September 30, 2021. The growth was primarily driven by the increased weighted average selling price ("ASP") during the fiscal year 2022. We observed the rise of raw material prices, recovery of market demand for construction materials and the shortages of supply in the current market. Overall, we had 34.26% increase of ASP in steel strip, 29.00% increase in steel pipe, and 33.71% increase in pipe fittings during 2022 fiscal year.
• Gross profit increased by 17.38% to $7.60 million. Gross margin was 7.42%, compared to 6.5% for the prior fiscal year. The increase of gross profit was primarily due to increased weighted average selling prices.
• During the fiscal year 2022, our Chinese subsidiaries returned to profitability with net income after tax of $2.71 million.
• Loss from operations was $3.96 million, compared to loss from operations of $3.65 million for the prior fiscal year. The decrease of operational loss was mainly due to the one-off asset impairment cost of intangible asset and stock-based compensation incurred during 2022 fiscal year for the expenses related to our new business operations and subsidiaries.
• Net loss attributable to ZK International was $6.08 million, or net loss of $0.21 per share. This compared to net loss attributable to ZK International of $3.80 million, or $0.17 per share, for the prior fiscal year.
• Net book value per share was $2.80 as of September 30, 2022, compared to $3.08 as of September 30, 2021.

Mr. Jiancong Huang, Chairman of ZK International, commented, "We are pleased with our record revenue growth to break the $100 million mark while having an increased gross margin. Our financial results in 2022 were largely driven by the market recovery from the pandemic and worldwide construction material supply shortage. The Chinese government also continues to focus on improving water and gas infrastructure. Our ability to work closely with the local government and provide sophisticated piping solutions for major projects is key to our growth trajectory. We anticipate that our business will continue to grow and expand both domestically and internationally into the next fiscal year."

Mr. Huang continued, "Building on the foundation of our core steel pipe business domestically, we are excited to provide additional value to our shareholders with plans to grow our core steel pipe business internationally.  Being one of the leaders in our industry has brought many other international opportunities for gas and water infrastructure needs, so it will be our goal in 2023 to seek out these international opportunities while building our sales and profitability domestically.  We are confident that ZK is going to continue to provide its existing and future shareholders with a value propisition for a long time to come."

Financial Results for the Fiscal Year 2022

Revenues

Revenues increased by $2,984,419 or 3.00%, to $102,391,636 for the year ended September 30, 2022 from $99,407,217 for the year ended September 30, 2021. The increase in revenues was primarily driven by the following factors:

1) During the fiscal year 2022, we observed an increase of raw materials, especially the price of nikel which is an important component of stainless steel. To minimize the impact the rise of raw material price, we increased our weighted average selling price ("ASP") during the fiscal year 2022.

2) During 2022 fiscal year, the average selling price of electrolytic nickel decreased by 0.33% from RMB 114,092 per ton in fiscal year 2021 to RMB 113,716 in fiscal year 2022; the average selling price of steel strip increased by 34.26% from RMB 15.12 per kilogram in fiscal year 2021 to RMB 20.3 in fiscal year 2022; the average selling price of steel pipe increased by 29.00% from RMB 108.73 per piece in fiscal year 2021 to RMB 140.26 in fiscal year 2022; the average selling price of pipe fittings increased by 33.71% from RMB 16.94 each in fiscal year 2021 to RMB 22.65 in fiscal year 2022.

3) Due to the rise of product prices, we had an overall decrease in sales volume. The sales volume of steel strip decreased by 62.98% from 2227.19 tons in fiscal year 2021 to 753.91 tons in fiscal year 2022; Sales of pipes decreased by 25.28% from 793,480 in fiscal year 2021 to 592,919 in fiscal year 2022; The sales volume of pipe fittings decreased by 22.16% from 9,126,002 pieces in fiscal year 2021 to 7,103,894 pieces in fiscal year 2022.

Gross Profit

Our gross profit increased by $1,124,411 or 17.38% to $7,595,599 for the year ended September 30, 2022 from $6,471,188 for the year ended September 30, 2021. Gross profit margin was 7.42% for the year ended September 30, 2022, as compared to 6.51% for the year ended September 30, 2021. The increase of gross profit was primarily due to increased weighted average selling prices which is attributable to the rise of raw material prices and market demand recovery over the construction materials and supply shortages on the current market compared to the fiscal year 2021. 

Operating Expenses

We incurred $2,380,429 in selling and marketing expenses for the fiscal year ended September 30, 2022, compared to $3,117,906 for the fiscal year ended September 30, 2021. Selling and marketing expenses decreased by $737,477, or 23.65%, during the fiscal year ended September 30, 2022 compared to the fiscal year ended September 30, 2021. This decrease is primarily due to decreases in sales payroll expenses, compensation for the sales personnel, freight expenses, and technical service fee during the year. 

We incurred $5,421,575 in general and administrative expenses for the fiscal year ended September 30, 2022, compared to $5,772,710 for the fiscal year ended September 30, 2021. General and administrative expenses decreased by $351,136, or 6.08%, for the fiscal year ended September 30, 2022 compared to the fiscal year ended September 30, 2021. The slight decrease is mainly attributable to the decreased stock-based compensation incurred during the fiscal year 2022.

During the fiscal year ended September 30, 2021, the Company entered into a series of consulting agreements with third-party entity and individuals to develop and implement a defi exchange platform, which is a stablecoin DEX (decentralized exchange) and liquidity mining platform, available at https://xsigma.fi. During 2022 fiscal year, the Company evalutated the recoverability of the Defi platform pursuant to ASC 360-10-35-21 and concluded that the carrying value of the Defi Exchange may not be recoverable as it projects that the platform is likely to have continuing losses and it's more likely than not this platform will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The Company wrote off the carrying value of the platform and recorded a loss of $2,771,019. There was no asset impairment cost during the fiscal year ended September 30, 2021

We incurred $987,186 in research and development expenses for the fiscal year ended September 30, 2022, compared to $1,234,161 for the fiscal year ended September 30, 2021. R&D expenses decreased by $246,975, or 20.01%, for the fiscal year ended September 30, 2022 compared to the fiscal year ended September 30, 2021. The decrease was primarily due to the decreased research and development activities during fiscal year 2022.

Income(loss) from Operations

As a result of the factors described above, operating loss was $3,964,610 for the fiscal year ended September 30, 2022, compared to operating loss of $3,653,589 for the fiscal year ended September 30, 2021, an increase of operating loss of $311,021 or approximately 8.51%. 

Other Income (Expenses)

Our interest income and expenses were $109,290 and $3,451,665, respectively, for the fiscal year ended September 30, 2022, compared to interest income and expenses of $13,733 and $1,196,648, respectively, for the fiscal year ended September 30, 2021. We also had government grant of $ 496,740 for financial support to the Company under local government's innovation incentive programs which was recorded as other income in our Statement of Operations.

Net Income (loss) and earnings (loss) per share

As a result of the factors described above, our net loss for the fiscal year ended September 30, 2022 was $6,054,266 compared to net loss of $3,802,271 for the fiscal year ended September 30, 2021, an increase in loss of $2,251,995 or approximately 59.23%.

After deducting for non-controlling interests, net loss attributable to ZK International was $6.08 million, or net loss of $0.21 per share, for the fiscal year 2022. This compared to net loss attributable to ZK International of $3.80 million, or $0.17 per share, for the prior fiscal year.

About ZK International Group Co., Ltd.

ZK International Group Co., Ltd. is a China-based designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products that require sophisticated water or gas pipeline systems. The Company owns 33 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee that is focused on supplying steel piping for the multi-billion dollar industries of Gas and Water sectors. ZK has supplied stainless steel pipelines for over 2,000 projects, including the Beijing National Airport, the "Water Cube", and "Bird's Nest", which were venues for the 2008 Beijing Olympics.

Emphasizing superior properties and durability of its steel piping, ZK International is providing a solution for the delivery of high quality, highly sustainable, environmentally sound drinkable water not only to the China market but also to international markets such as Europe, East Asia, and Southeast Asia.

For more information please visit www.ZKInternationalGroup.com. Additionally, please follow the Company on Twitter, Facebook, YouTube, and Weibo. For further information on the Company's SEC filings please visit www.sec.gov.

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are not guarantee of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict and many of which are beyond the control of ZK International. Actual results may differ from those projected in the forward-looking statements due to risks and uncertainties, as well as other risk factors that are included in the Company's filings with the U.S. Securities and Exchange Commission. Although ZK International believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by ZK International or any other person that their objectives or plans will be achieved. ZK International does not undertake any obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 

 

ZK INTERNATIONAL GROUP CO., LTD
CONSOLIDATED BALANCE SHEETS
(IN U.S. DOLLARS)
		As of September 30,
		2022			2021
Assets
Current assets
Cash and cash equivalents		$	7,515,147		$	13,525,298
Restricted cash			101,992			77,906
Short-term Investment			915,616			2,560,760
Accounts receivable, net of allowance for doubtful accounts of $255,322 and $2,221,870, respectively			28,362,933			27,124,959
Notes receivable			49,611			—
Other receivables and prepayments			2,360,539			2,158,120
Inventories			21,141,501			20,689,252
Advance to suppliers			6,322,592			12,567,368
Total current assets			66,769,931			78,703,663
Property, plant and equipment, net			7,124,587			8,004,855
Right-of use asset			30,998			54,166
Intangible assets, net			11,415,451			8,749,987
Deferred tax assets			320,164			353,460
Long-term deposit			—			12,472,847
Long-term prepayment			10,447,395			—
Long-term accounts receivable			7,522,188			—
Long-term investment			25,292,866			25,323,323
TOTAL ASSETS		$	128,923,580		$	133,662,301
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	10,066,758		$	2,159,731
Accrued expenses and other current liabilities			6,949,772			6,875,769
Lease liability - current portion			10,754			26,332
Accrued payroll and welfare			1,880,377			1,853,019
Advance from customers			1,758,800			5,666,214
Due to related parties			2,052,403			1,072,335
Convertible debentures			3,352,311			2,823,364
Short-term bank borrowings			16,257,820			21,394,761
Other borrowing - short term portion			-			283,758
Notes payables			702,889			—
Income tax payable			817,059			2,354,832
Total current liabilities			43,848,943			44,510,115
Lease liability - long term portion			10,256			27,834
TOTAL LIABILITIES		$	43,859,199		$	44,537,949
Equity
Common stock, no par value, 50,000,000 shares authorized, 30,392,940 and 28,918,177 shares issued and outstanding, respectively
Additional paid-in capital			70,872,765			63,374,085
Statutory surplus reserve			3,176,556			2,914,602
Subscription receivable			(125,000)			(125,000)
Retained earnings			13,394,137			19,737,504
Accumulated other comprehensive income (loss)			(2,640,753)			2,898,594
Total equity attributable to ZK International Group Co., Ltd.			84,677,705			88,799,785
Equity attributable to non-controlling interests			386,676			324,567
Total equity			85,064,381			89,124,352
TOTAL LIABILITIES AND EQUITY		$	128,923,580		$	133,662,301
The accompanying notes are an integral part of these consolidated financial statements.

 

 

ZK INTERNATIONAL GROUP CO., LTD
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(IN U.S. DOLLARS, EXCEPT SHARE DATA)
		For the year ended September 30,
		2022			2021			2020
Revenues		$	102,391,636		$	99,407,217		$	86,846,791
Cost of sales			(94,796,037)			(92,936,029)			(82,903,989)
Gross profit			7,595,599			6,471,188			3,942,802
Operating expenses:
Selling and marketing expenses			2,380,429			3,117,906			2,215,651
General and administrative expenses			5,421,575			5,772,710			2,482,972
Asset impairment costs			2,771,019			—			—
Research and development costs			987,186			1,234,161			1,123,555
Total operating expenses			11,560,209			10,124,777			5,822,178
Operating loss			(3,964,610)			(3,653,589)			(1,879,376)
Other income (expenses):
Interest expenses			(3,451,665)			(1,196,648)			(1,000,554)
Interest income			109,290			13,733			7,192
Gain on disposal of subsidiary, net			-			—			536,612
Income (loss) on investment			-			50,649			(256,937)
Other income (expense), net			(88,125)			431,438			327,845
Total other expenses, net			(3,430,500)			(700,828)			(385,842)
Loss before income taxes			(7,395,110)			(4,354,417)			(2,265,218)
Income tax recovery			1,340,844			552,146			1,428,202
Net loss		$	(6,054,266)		$	(3,802,271)		$	(837,016)
Net (loss) income attributable to non-   controlling interests			(27,147)			2,757			11,402
Net (loss) income attributable to ZK   International Group Co., Ltd.			(6,081,413)			(3,799,514)		$	(825,614)
Net (loss) income			(6,054,266)		$	(3,802,271)		$	(837,016)
Other comprehensive income (loss):
Foreign currency translation adjustment			(5,504,385)			2,423,439			2,319,048
Total comprehensive loss		$	(11,558,651)		$	(1,378,832)		$	1,482,032
Comprehensive loss (income) attributable to non-   controlling interests			(62,109)			(14,773)			(6,136)
Comprehensive income attributable to ZK   International Group Co., Ltd.		$	(11,620,760)		$	(1,393,605)		$	1,475,896
Basic and diluted earnings (loss) per share
Basic		$	(0.21)		$	(0.17)		$	(0.05)
Diluted			(0.21)			(0.17)			(0.05)
Weighted average number of shares   outstanding
Basic			29,305,828			21,873,594			16,558,037
Diluted			29,431,781			22,633,819			16,558,037
The accompanying notes are an integral part of these consolidated financial statements.

 

 

ZK INTERNATIONAL GROUP CO., LTD
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE YEARS ENDED SEPTEMBER 30, 2022, 2021 AND 2020
(IN U.S. DOLLARS, EXCEPT SHARE DATA)
												Accumulated
				Additional								other		Non-
				paid-in		Subscription		Statutory		Retained		comprehensive		controlling		Total
		Shares		capital		Receivable		surplus reserve		earnings		income (loss)		interests		equity
Balance at   September 30,   2019		16,558,037		18,049,630		—		2,904,699		24,372,535		(1,808,825)		299,666		43,817,705
Disposal of   subsidiary														3,992		3,992
Foreign currency   translation loss												2,301,510		17,538		2,319,048
Net income										(825,614)				(11,402)		(837,016)
Balance at   September 30,   2020		16,558,037		18,049,630		—		2,904,699		23,546,921		492,685		309,794		45,303,729
Issuance of   common   stock, net of   offering costs		7,080,762		24,884,560		(125,000)										24,759,560
Common stock   issued in   connection   with   conversion of   convertible   notes		4,374,176		11,443,067												11,443,067
Issuance of   common stock   related to   exercise of   warrants		355,202		1,345,056												1,345,056
Stock-based   compensation		550,000		9,542,783												9,542,783
Unearned   Compensation				(1,891,011)												(1,891,011)
Foreign currency   translations												2,405,909		17,530		2,423,439
Net income								9,903		(3,809,417)				(2,757)		(3,802,271)
Balance at   September 30,   2021		28,918,177		63,374,085		(125,000)		2,914,602		19,737,504		2,898,594		324,567		89,124,352
Stock incentive   issuance		1,407,200		1,688,640												1,688,640
Stock issued in   connection   with   conversion of   convertible   notes		67,563		116,781												116,781
Fair value   change due to   convertible   notes   extension				678,782												678,782
Stock-based   compensation				5,603,615												5,603,615
Unearned   Compensation				(589,138)												(589,138)
Foreign currency translations												(5,539,347)		34,962		(5,504,385)
Net income								261,954		(6,343,367)				27,147		(6,054,266)
Balance at   September 30,   2022		30,392,940		70,872,765		(125,000)		3,176,556		13,394,137		(2,640,753)		386,676		85,064,381
The accompanying notes are an integral part of these consolidated financial statements.

 

 

ZK INTERNATIONAL GROUP CO., LTD
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN U.S. DOLLARS)
		For the year ended September 30,
		2022			2021			2020
Cash Flows from Operating Activities:
Net loss		$	(6,054,266)		$	(3,802,271)		$	(837,016)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation expense			672,368			568,038			438,467
Amortization expense			830,481			481,763			11,366
Right of use assets			—			(53,634)			—
Loss on disposal of fixed assets			—			—			7,608
Bad debt expense			227,837			92,032			—
Inventory provision			—			—			103,942
Write-off of advance to suppliers			—			108,395			100,684
Deferred tax benefits			—			406,064			(406,637)
Gain on accounts receivable factoring, net of discount			(451,047)			—			—
Gain on disposal of subsidiary			—			—			(536,612)
Loss on investment			—			—			214,114
Impairment on intangible assets			2,771,019			—			—
Change in unrecognized tax benefits			(1,428,458)			(918,038)			(1,021,565)
Stock compensation expense			2,674,807			1,351,082			—
Interest expense of convertible notes			1,324,510			210,173			—
Interest expense of financing lease			—			44,458			—
Changes in operating assets and liabilities:
Accounts receivable			(12,059,620)			5,804,654			(4,800,889)
Other receivables and prepayments			(260,755)			1,345,520			(793,936)
Notes receivable			(53,853)			201,187			206,465
Inventories			(2,606,504)			2,021,789			103,123
Advance to suppliers			5,493,624			(8,297,301)			2,933,852
Accounts payable			8,803,924			(8,662,576)			5,582,787
Notes payable			762,986			(159,823)			(153,824)
Accrued expenses and other current liabilities			752,241			2,428,410			(484,477)
Accrued payroll and welfare			219,178			211,632			140,497
Advance from customers			(3,662,097)			3,162,961			(198,358)
Income tax payable			-			(77,214)			(149,386)
Lease liability			(28,595)			53,635			—
Net cash provided (used in) operating activities			(2,072,220)			(3,479,064)			460,205
Cash Flows from Investing Activities:
Purchases of property, plant and equipment			(507,663)			(114,319)			(1,168,322)
Proceed from disposal of property, plant and equipment						—			6,281
Purchase of CIP			(12,666)			(47,942)			—
Disposal of intangible asset						—			—
Purchases of intangible assets			(1,588,107)			(1,983,812)			—
Investment into CG Malta			—			(25,000,000)			—
Net cash used in investing activities			(2,108,436)			(27,146,073)			(1,162,041)
Cash Flows from Financing activities:
Net proceeds released from (placed into) short-term investment			1,523,953			(2,228,301)			—
Proceeds from short-term bank  borrowings			31,113,044			31,203,129			18,061,979
Repayments of short-term bank borrowings			(34,501,465)			(28,144,978)			(17,836,445)
Net proceeds received from (repaid to) related parties			1,173,516			(280,313)			(133,007)
Proceed from other borrowing			—			—			775,951
Repayment of other borrowing			(279,004)			(483,458)			(107,195)
Proceeds from stock issuances			—			24,758,458			—
Proceeds from convertible notes issuances			—			14,071,908			—
Proceeds from stock warrants exercise			—			1,345,056			—
Net cash provided by (used in) financing activities			(969,956)			40,241,501			761,283
Effect of exchange rate changes on cash			(835,453)			227,305			248,950
Net change in cash, cash equivalents and restricted cash			(5,986,065)			9,843,669			308,397
Cash and cash equivalents and restricted cash at the beginning of period			13,603,204			3,759,535			3,451,138
Cash, cash equivalents and restricted cash at the end of period		$	7,617,139		$	13,603,204		$	3,759,535
Supplemental disclosures of cash flows information:
Non-cash financing activities		$	—		$	—		$	—
Cash paid for income taxes		$	87,473		$	37,041		$	149,291
Cash paid for interest expenses		$	976,091		$	338,575		$	991,319
The accompanying notes are an integral part of these consolidated financial statements.

 

 

For Media Enquiries: 

Di Chen
Email: super.di@live.cn

 

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SOURCE ZK International Group Co., Ltd.

FAQ

What were ZK International's fiscal year 2022 revenue results?

ZK International reported a revenue of $102.39 million for the fiscal year 2022, a 3.00% increase from $99.41 million in 2021.

How did ZK International's net loss change in fiscal year 2022?

The net loss attributable to ZK International increased by 60.06% to $6.08 million for the fiscal year 2022.

What were the operational losses for ZK International in 2022?

ZK International reported an operating loss of $3.96 million for the fiscal year 2022.

What is ZK International's outlook for growth?

ZK International anticipates growth domestically and internationally, focusing on opportunities in water and gas infrastructure.

What is the diluted loss per share for ZK International in fiscal year 2022?

The diluted loss per share for ZK International was $0.21 for the fiscal year 2022.