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.

"The rapid growth in EVs is driving demand for graphite anode and the market is in tight supply" commented Chairman, Mr. Haiping Hu. "I am extremely proud of the accomplishments of our team. As we look ahead to 2024, our focus is on utilizing our manufacturing capacity to fulfill our customer's orders efficiently and effectively. I believe strongly in the potential of our company. We have laid a strong foundation for growth, and I am excited about what we can achieve in the years ahead. This gives us confidence for our fulfillment for the year 2024."

About Sunrise New Energy Co., Ltd

Headquartered in Zibo, Shandong Province, China, Sunrise New Energy Co., Ltd., through its joint venture, is engaged in the manufacturing and sale of graphite anode material for lithium-ion batteries. The Company's joint venture has completed the construction of a manufacturing facility with a production capacity of 50,000 tons in Guizhou Province, China. The plant runs on inexpensive electricity from renewable sources, which helps to make Sunrise New Energy a low-cost and low–environmental-impact producer of graphite anode material. Mr. Haiping Hu, the founder and CEO of the Company, is a major pioneer for the graphite anode industry in China starting from 1999. The Company's management team is also composed of experts with years of experiences and strong track-records of success in the graphite anode industry. In addition, the Company also operates a knowledge sharing platform in China. For further information, please visit the Company's website at www.sunrisenewenergy.com. The Company maintains a Twitter account (@sunrisenewener1) to keep investors up to date on the latest development of the Company.

Forward-looking statement

Certain statements in this press release regarding the Company's future expectations, plans and prospects constitute forward-looking statements as defined by Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about plans, goals, objectives, strategies, future events, expected results, assumptions and any other factual statements that have not occurred. Any words that refer to "may", "will", "want", "should", "believe", "expect", "expect", "estimate", "estimate" or similar non-factual words, shall be regarded as forward-looking statements. Due to various factors, the actual results may differ materially from the historical results or the contents expressed in these forward-looking statements. These factors include, but are not limited to, the company's strategic objectives, the company's future plans, market demand and user acceptance of the company's products or services, technological updates, economic trends, the company's reputation and brand, the impact of industry competition and bidding, relevant policies and regulations, the ups and downs of China's macroeconomic conditions, the relevant international market conditions, and other related risks and assumptions disclosed in the Company's Annual Report on Form 20-F published on the SEC's website. In view of the above and other related reasons, we urge investors to visit the SEC's website and consider other factors that may affect the Company's future operating results. The Company is under no obligation to make public amendments to changes in these forward-looking statements unless required by law.

For more information, please contact:

The Company:

IR Department

Email: [email protected]

Phone: +86 4009919228