Sunrise New Energy, a Leading EV Battery Material Manufacturer, Announced 18.16% Revenue Growth for the Year of 2023

• Revenues grew to $45.1 million in the year 2023, an increase of 18.16%
• Patent number grew to 27 in the year 2023, an increase of 145.45%
• Company expects revenues of $62.5 million for the year 2024, an increase of 38.58%
• Company expects to shrink its net loss attributable to the ordinary shareholders in 2024

ZIBO, China, May 23, 2024 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise”, the “Company”, “we” or “our”) (NASDAQ: EPOW), announced that its net revenues increased by $7 million, or 18.16%, from $38.1 million for the year ended December 31, 2022, to $45.1 million for the year ended December 31, 2023. Revenues from graphite anode material sales business accounted for 98.52% and 98.57% of net revenues for the years ended December 31, 2023 and 2022, respectively. The Company had supplied products to 23 customers for 12,513 tons for the year ended December 31, 2023, as compared to 16 customers for 6,225 tons for year ended December 31, 2022.

Sunrise continuously invested in research and development to remain competitive in graphite anode material business. Patent number increased by 16, or 145.45%, from 11 as of December 31, 2022, to 27 as of December 31, 2023. Research and development expenses increased by $139,200 or 13.21%, from $1,053,882 for the year ended December 31, 2022 to $1,193,082 for the year ended December 31, 2023.

Sunrise’s growth is being driven by the performance of its lithium battery graphite anode manufacturing business with the manufacturing plant located in Guizhou Province, China. The plant is now producing 30,000 metric tons of graphite anode a year, which has an approximate value of $66.7 million based on recent orders. Company expects revenues of $62.5 million for the year ending December 31, 2024, an increase of 38.58%, compared to $45.1 million for the year ended December 31, 2023.

Sunrise reported a net loss attributable to the ordinary shareholders of $24.2 million for the year ended December 31, 2023, compared to a loss of $22.6 million for the year ended December 31, 2022. The increased net loss attributable to the ordinary shareholders was attributable to the decrease in the sales prices of graphite anode material brought by market competition and industrial manufacturing capacity surplus. Notably, the Company believed that the net loss attributable to the ordinary shareholders had begun to shrink sequentially in the year 2024 as the industry began to recover due to the diminishment of outdated manufacturing capacity of the competitors and transformation strategy of the Company on the development of energy storage products.