Antelope Enterprise Announces Preliminary Full Year 2023 Revenue of $70.4 Million, a Projected 65% Year-Over-Year Increase

CHENGDU, China, April 01, 2024 (GLOBE NEWSWIRE) -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) (“Antelope Enterprise” or the “Company”), which operates KylinCloud, a livestreaming ecommerce business in China with access to 800,000+ hosts and influencers, today pre-announced unaudited revenue of $70.4 million for its fiscal year ended December 31, 2023. This represents revenue growth of 65.3% compared to $42.6 million in revenue recorded for the full fiscal year of 2022. It also presents growth of 73.0% as compared to $40.7 million in revenue generated from the Company’s livestreaming ecommerce business, which represented 84.5% of total revenue generated in fiscal year 2022.

Antelope Enterprise's projected revenue for its full fiscal year 2023 exceeds the Company's full-year guidance of $64 million issued on May 25, 2023. The Company's believes that its strong financial growth highlights the power of its innovative business model that optimizes the use of social media and livestreaming to uniquely engage China's vast online consumer marketplace.

Antelope Enterprise CEO Will Zhang commented, "Our projected full year 2023 revenue clearly validates our business model and the value that we provide to both our consumer brand partners and livestreaming ecommerce influencers. The projected 85% growth in revenue from our ecommerce livestreaming business as compared to fiscal 2022 is a powerful indicator of the the growth of livestreaming ecommerce model within the ecommerce sector as well as our robust business model. Our goal going forward to implement new and creative ways to achieve corporate growth and to maximize shareholder value."

Note About Preliminary Results

The financial results presented in this release are preliminary and may change. This preliminary financial information includes calculations or figures that have been prepared internally by management. The Company's independent registered public accounting firm has not finished its audit of, and does not express an opinion with respect to, this data. There can be no assurance that the Company’s actual results for the periods presented herein will not differ from the preliminary financial results presented herein, and such changes could be material. These preliminary financial results should not be viewed as a substitute for full financial statements prepared in accordance with US GAAP and are not necessarily indicative of the results to be achieved for any future periods. This preliminary financial information could be impacted by the effects of the Company’s financial closing procedures, final adjustments, and other developments, including the ongoing audit of the Company’s consolidated financial statements.