UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): ☐ Form 10-K ☒ Form 20-F ☐ Form 11-K ☐ Form 10-Q ☐ Form 10-D ☐ Form N-CEN ☐ Form N-CSR
| For Period Ended: December 31, 2024 | ||
| ☐ | Transition Report on Form 10-K | |
| ☐ | Transition Report on Form 20-F | |
| ☐ | Transition Report on Form 11-K | |
| ☐ | Transition Report on Form 10-Q | |
| For the Transition Period Ended: ___________ | ||
Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
PART I — REGISTRANT INFORMATION
| Sunrise New Energy Co., Ltd. |
| Full Name of Registrant |
| Former Name if Applicable |
|
Room 703, West Zone, R&D Building Zibo Science and Technology Industrial Entrepreneurship Park, No. 69 Sanying Road Zhangdian District |
| Address of Principal Executive Office (Street and Number) |
| Zibo City, Shandong Province, the PRC |
| City, State and Zip Code |
PART II — RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate.)
| (a) | The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense; | |
| ☒ | (b) | The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report of transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed date; and |
| (c) | The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable. |
PART III — NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
The compilation and review of the information required in the Form 20-F for the fiscal year ended December 31, 2024 have imposed time constraints and rendered timely filing of the Form 20-F impracticable without undue hardship and expense to the Registrant. The Registrant requires additional time to complete the Form 20-F as it is still in the process of compiling required information for the Form 20-F.
PART IV — OTHER INFORMATION
| (1) | Name and telephone number of person to contact in regard to this notification |
| Haiping Hu, Chief Executive Officer | ＋86（108）2967728 | |
| (Name) | (Area Code) (Telephone Number) |
| (2) | Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s). |
☒ Yes ☐ No
| (3) | Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? |
☒ Yes ☐ No
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
Anticipated Significant Changes in Results of Operations
Revenues increased by approximately $20 million or 44% from approximately $45 million for the year ended December 31, 2023 to approximately $65 million for the year ended December 31,2024. The increase in revenues was primarily due to the 126% increase in sales volume in 2024.
Cost of revenues increased by approximately $13 million or 23% from approximately $57 million for the year ended December 31, 2023 to approximately $71 million for the year ended December 31, 2024. The increase in cost of revenues was primarily due to the increase in sales volume.
Gross loss decreased by approximately $7 million or 53% from approximately $12 million for the year ended December 31, 2023 to approximately $6 million for the year ended December 31, 2024. The increase in gross margin was primarily due to the decrease of unit price of raw materials and decrease of manufacturing expenses in the year 2024.
Operating expenses decreased by approximately $7 million, or 40%, from $18 million for the year ended December 31, 2023 to approximately $11 million for the year ended December 31, 2024.
Net loss decreased by approximately $15 million, or 45%, from $33 million for the year ended December 31, 2023 to approximately $18 million for the year ended December 31, 2024, which was the result of the combination of the changes discussed above.
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Sunrise New Energy Co., Ltd.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: April 30, 2025 | ||
| By: | /s/ Haiping Hu | |
| Name: | Haiping Hu | |
| Title: | Chief Executive Officer |
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