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

Core Viewpoint - Sunrise New Energy Co., Ltd. reported significant growth in revenues and patent numbers in 2023, with expectations for continued revenue growth in 2024 driven by the demand for graphite anode materials in the lithium battery market [1][2][3]. Financial Performance - Revenues increased to $45.1 million in 2023, marking an 18.16% rise from $38.1 million in 2022 [1][3]. - The company anticipates revenues of $62.5 million for 2024, representing a projected increase of 38.58% compared to 2023 [1][2]. - The net loss attributable to ordinary shareholders was $24.2 million in 2023, up from a loss of $22.6 million in 2022, attributed to competitive pricing pressures [3]. Research and Development - The number of patents increased by 16, or 145.45%, from 11 in 2022 to 27 in 2023, reflecting the company's commitment to R&D [2]. - Research and development expenses rose by $139,200, or 13.21%, from $1,053,882 in 2022 to $1,193,082 in 2023 [2]. Production Capacity and Market Demand - The manufacturing plant in Guizhou Province has a production capacity of 30,000 metric tons of graphite anode per year, valued at approximately $66.7 million based on recent orders [2]. - The company is positioned to benefit from the growing demand for graphite anodes driven by the rapid growth in electric vehicles (EVs) [4]. Strategic Outlook - The company aims to reduce its net loss in 2024 as the industry recovers from outdated manufacturing capacity and focuses on energy storage product development [3]. - The management expresses confidence in the company's growth potential and plans to utilize manufacturing capacity effectively to meet customer orders [4].