6-K
AIOS Tech Inc. (AIOS)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16Under the Securities Exchange Act of 1934
For the month of April 2025
Commission File Number: 001-37829
NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUPCO., LTD.
(Registrant’s name)
21F, 55 Loushanguan Rd.
Changning District Shanghai 200336
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.:
Form 20-F ☒ Form 40-F ☐
EXHIBIT INDEX
The following exhibit is attached.
| Exhibit | Description |
|---|---|
| 99.1 | Press release dated April 29, 2025 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Nisun International Enterprise Development Group Co., Ltd | ||
|---|---|---|
| Date: April 29, 2025 | By: | /s/ Xin Liu |
| Name: | Xin Liu | |
| Title: | Chief Executive Officer<br><br> <br>(Principal Executive Officer) and<br><br> <br>Duly Authorized Officer |
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Exhibit 99.1
Nisun International Enterprise Development Group Co., Ltd ReportsFull Year 2024 Financial Results
Highlights Positive Earnings Per Share and Substantial Cash Positionof $11.11/share Amidst Challenging Economic Environment
SHANGHAI, China, April 29, 2025 /PRNewswire/ — Nisun International Enterprise Development Group Co., Ltd (“Nisun International” or the “Company”) (NASDAQ: NISN), a technology and industry-driven financing solutions provider and an integrated supply chain solutions provider, today announced its financial results for the full year ended December 31, 2024.
Recent Achievements and Highlights (as reported in the 20-F):
| ● | Reported total revenue of $340.2 million for the year ended<br>December 31, 2024. |
|---|---|
| ● | Achieved net income of $5.9 million and positive earnings<br>per share of $1.43 for the year ended December 31, 2024, including non-cash expenses of $9.2 million related to share-based<br>compensation and $5.0 million related to provisions for bad debts. |
| --- | --- |
| ● | Maintained a substantial cash, cash equivalents, and restricted<br>cash balance of $45.0 million as of December 31, 2024. |
| --- | --- |
| ● | Continued investment in technology, talent, content, brand<br>recognition, customer base expansion, and other initiatives. |
| --- | --- |
| ● | Successfully navigated challenges posed by the economic slowdown<br>in 2024 by scaling down bulk trading volume to minimize losses. |
| --- | --- |
Management Commentary
Mr. Xin Liu, Chief Executive Officer of Nisun International, commented on the results, “The 2024 fiscal year presented a challenging operating environment, primarily due to the economic slowdown in China. This broad economic shift led to a more cautious approach from individual investors who fund SME financings, prompting SMEs themselves to reduce their corporate finance activities to minimize risk. As a provider of technology-driven customized financing solutions to SMEs, this environment directly impacted our SME financing solutions revenue, which saw a decline. Similarly, the economic slowdown and the high volatility in commodity market prices affected our supply chain trading revenues, particularly in bulk trading, where we strategically scaled down volume to manage potential losses.”
Mr. Liu continued, “Despite these headwinds affecting our financial performance in 2024, we remain focused on our long-term strategy and believe we are well-positioned for future growth. Our comprehensive technology-driven integrated supply chain financing solutions services, launched in January 2020, and our supply chain trading business, launched in July 2021 by leveraging our high-quality customer base and resources from supply chain financing solutions, are integral to our future. In the second half of 2024, we expanded our supply chain financing business into the gold industry, resulting in a $1.9 million increase in supply chain financing revenue compared to the first half of the year. We are actively building a solid pipeline of demand from our supply chain management and commodity trading customers. We believe this focus on integrated solutions will generate much higher margin technology financing solutions business in the future once investor risk appetite recovers and market conditions improve. Our substantial cash position also provides a solid foundation as we navigate the current economic climate and invest for the future.”
Full Year 2024 Financial Results Summary
For the year ended December 31, 2024, Nisun International reported total revenue of $340.2 million, a decrease of approximately 12% from $386.7 million in the prior year. The decline was primarily attributable to decreases in revenue from SME financing solutions services and supply chain trading, driven by the economic slowdown and market volatility.
Cost of revenue for the year ended December 31, 2024, was $309.3 million, down 11% from $346.7 million in 2023, primarily reflecting the reduction in supply chain trading volume.
Gross profit was $30.9 million in 2024, a decrease of 23% from $39.9 million in 2023. The decline in gross profit was mainly due to the decrease in revenue, impacting SME financing services, supply chain financing solution services, and the supply chain trading business.
Income from operations for 2024 was $3.6 million, a decrease of 81% from $18.8 million in 2023.
Net income for fiscal year 2024 was $5.9 million, compared to $17.7 million for fiscal year 2023.
Net income per share for fiscal year 2024 was $1.43, compared to $4.46 for fiscal year 2023.
As of December 31, 2024, the Company had cash, cash equivalents, and restricted cash of $45.0 million. Net cash used in operating activities was approximately $75.7 million in 2024, primarily reflecting higher advance deposits to key suppliers and other working-capital investments that position Nisun international to secure inventory and fulfill expanding customer demand. Management views this outflow as a strategic deployment of capital that lays the groundwork for future revenue growth and higher-margin opportunities as market conditions improve.
About Nisun International Enterprise Development Group Co., Ltd.
Nisun International Enterprise Development Group Co., Ltd (NASDAQ: NISN) is a technology-driven, integrated supply chain solutions provider focused on transforming the corporate finance industry. Leveraging its industry experience, Nisun International is dedicated to providing professional supply chain solutions to Chinese and foreign enterprises and financial institutions. Through its subsidiaries, Nisun International provides users with professional solutions for technology supply chain management, technology asset routing, and digital transformation of tech and finance institutions, enabling the industry to strengthen and grow. At the same time, Nisun International continues to deepen the field of industry segmentation through industrial and financial integration. Focusing on industry-finance linkages, Nisun International aims to serve the upstream and downstream of the industrial supply chain while also assisting with supply-side sub-sector reform. For more information, please visit http://ir.nisun-international.com/
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Cautionary Note Regarding Forward-LookingStatements
This press release contains informationabout Nisun International’s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual resultsmay differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factorsincluding, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintainand grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introductionof new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of productsand services, marketing and other business development initiatives, competition in the industry, general government regulation, economicconditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experiencenecessary to meet the requirements of its clients, and its ability to protect its intellectual property. Nisun International encouragesyou to review other factors that may affect its future results in Nisun International’s registration statement and in its other filingswith the Securities and Exchange Commission. Nisun International assumes no obligation to update or revise its forward-looking statementsas a result of new information, future events or otherwise, except as expressly required by applicable law.
Contacts
Nisun International Enterprise DevelopmentGroup Co., Ltd
Investor Relations
Tel: +86 (21) 6266-2366
Email: ir@cnisun.com
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NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUPCO., LTD AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS
(EXPRESSED IN US DOLLARS)
| December 31,<br> 2023 | |||||
|---|---|---|---|---|---|
| ASSETS | |||||
| CURRENT ASSETS: | |||||
| Cash and cash equivalents | 45,021,759 | $ | 114,454,844 | ||
| Restricted cash | - | 197,096 | |||
| Short-term investments | 6,882,714 | 12,788,629 | |||
| Accounts receivable, net | 54,444,438 | 21,120,795 | |||
| Derivative asset | 1,996,340 | - | |||
| Advance to suppliers, net | 92,304,699 | 38,602,304 | |||
| Receivables from supply chain solutions | 23,978,130 | 59,167,029 | |||
| Inventories | 806,821 | 30,953,583 | |||
| Due from related party | 1,665 | - | |||
| Prepaid expenses and other current assets | 25,892,681 | 16,018,778 | |||
| TOTAL CURRENT ASSETS | 251,329,247 | 293,303,058 | |||
| NON-CURRENT ASSETS: | |||||
| Property and equipment, net | 358,038 | 881,276 | |||
| Intangible assets, net | 205,032 | 882,828 | |||
| Right-of-use assets, net | 1,608,591 | 2,384,590 | |||
| Equity investments | 457,417 | 368,528 | |||
| Goodwill | 17,050,800 | 17,659,983 | |||
| Deferred tax assets, net | 412,161 | 418,571 | |||
| TOTAL NON-CURRENT ASSETS | 20,092,039 | 22,595,776 | |||
| TOTAL ASSETS | 271,421,286 | $ | 315,898,834 | ||
| LIABILITIES | |||||
| CURRENT LIABILITIES: | |||||
| Accounts payable | 34,630,781 | $ | 45,463,753 | ||
| Short-term bank loans | 5,274,478 | 1,971,859 | |||
| Accrued expenses and other current liabilities | 2,930,782 | 7,245,358 | |||
| Operating lease liabilities - current | 948,561 | 861,087 | |||
| Payables to supply chain solutions | 4,229,793 | 12,947,708 | |||
| Advances from customers | 7,528,352 | 38,153,915 | |||
| Taxes payable | 3,642,427 | 4,145,920 | |||
| Liabilities of financial guarantee | 21,725 | 22,335 | |||
| Due to related parties - current | 267,149 | 274,652 | |||
| TOTAL CURRENT LIABILITIES | 59,474,048 | 111,086,587 | |||
| NON-CURRENT LIABILITIES | |||||
| Operating lease liabilities – non-current | 818,128 | 1,643,076 | |||
| Deferred tax liabilities | - | 114,650 | |||
| TOTAL NON-CURRENT LIABILITIES | 818,128 | 1,757,726 | |||
| TOTAL LIABILITIES | 60,292,176 | 112,844,313 | |||
| SHAREHOLDERS’ EQUITY*: | |||||
| Class A common stock, 0.01 par value, 30,000,000 and 30,000,000 shares authorized, 4,725,096 and 4,017,596 shares issued, and 4,538,358 and 3,952,198 shares outstanding as of December 31, 2024 and 2023, respectively | 47,251 | 40,176 | |||
| Class B common stock, 0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and 2023 | - | - | |||
| Treasury shares | (1,253,012 | ) | (261,592 | ) | |
| Additional paid-in capital | 139,712,207 | 130,535,082 | |||
| Retained earnings | 72,517,990 | 68,395,637 | |||
| Statutory reserves | 13,229,313 | 11,564,250 | |||
| Accumulated other comprehensive loss | (17,491,069 | ) | (11,474,682 | ) | |
| COMMON SHAREHOLDERS’ EQUITY | 206,762,680 | 198,798,871 | |||
| Non-controlling interests | 4,366,430 | 4,255,650 | |||
| TOTAL SHAREHOLDERS’ EQUITY | 211,129,110 | 203,054,521 | |||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 271,421,286 | $ | 315,898,834 |
All values are in US Dollars.
| * | The financial statements give retroactive effect to the May 18, 2023 one-for-ten reverse share split. |
|---|
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NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUPCO., LTD AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE(LOSS) INCOME
(EXPRESSED IN US DOLLARS)
| For the Year Ended December 31, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2022 | |||||||
| REVENUES: | |||||||||
| Revenue generated from services: | |||||||||
| Small and Medium Enterprise financing solutions | $ | 84,320,613 | $ | 101,823,899 | $ | 87,269,959 | |||
| Supply Chain financing solutions | 5,712,543 | 6,153,645 | 3,542,592 | ||||||
| Total revenue generated from services | 90,033,156 | 107,977,544 | 90,812,551 | ||||||
| Revenue generated from sales: | |||||||||
| Supply chain trading business | 250,186,390 | 278,693,355 | 143,361,714 | ||||||
| Total revenues | 340,219,546 | 386,670,899 | 234,174,265 | ||||||
| COST OF REVENUE: | |||||||||
| Cost of revenue - services | (58,819,396 | ) | (68,154,833 | ) | (55,472,076 | ) | |||
| Cost of revenue - sales | (249,887,524 | ) | (278,002,800 | ) | (140,880,063 | ) | |||
| Business and sales related taxes | (600,605 | ) | (527,336 | ) | (772,830 | ) | |||
| Total cost of revenue | (309,307,525 | ) | (346,684,969 | ) | (197,124,969 | ) | |||
| GROSS PROFIT | 30,912,021 | 39,985,930 | 37,049,296 | ||||||
| OPERATING EXPENSES: | |||||||||
| Selling expenses | (1,504,002 | ) | (1,525,692 | ) | (1,977,617 | ) | |||
| General and administrative expenses | (19,247,560 | ) | (10,859,011 | ) | (10,511,542 | ) | |||
| Research and development expenses | (1,414,437 | ) | (1,093,457 | ) | (1,563,718 | ) | |||
| Bad debt expense | (5,037,951 | ) | (2,215,016 | ) | (4,509,634 | ) | |||
| Goodwill Impairment Loss | (128,577 | ) | (5,488,816 | ) | (777,329 | ) | |||
| Total operating expenses | (27,332,527 | ) | (21,181,992 | ) | (19,339,840 | ) | |||
| INCOME FROM OPERATIONS | 3,579,494 | 18,803,938 | 17,709,456 | ||||||
| OTHER INCOME: | |||||||||
| Interest and investment income | 1,662,646 | 2,557,588 | 2,790,768 | ||||||
| Other income, net | 320,955 | 2,159,301 | 2,021,688 | ||||||
| Total other income, net | 1,983,601 | 4,716,889 | 4,812,456 | ||||||
| INCOME BEFORE PROVISION FOR INCOME TAXES | 5,563,095 | 23,520,827 | 22,521,912 | ||||||
| PROVISION FOR INCOME TAXES | (4,527,081 | ) | (5,817,147 | ) | (4,741,854 | ) | |||
| NET INCOME FROM CONTINUING OPERATIONS | 1,036,014 | 17,703,680 | 17,780,058 | ||||||
| DISCONTINUED OPERATIONS: | |||||||||
| GAIN FROM DISCONTINUED OPERATIONS | 4,863,777 | - | - | ||||||
| NET (LOSS) FROM DISPOSAL OF SUBSIDIARIES IN DISCONTINUED OPERATIONS, NET OF TAX | 4,863,777 | - | - | ||||||
| NET INCOME | 5,899,791 | 17,703,680 | 17,780,058 | ||||||
| Net income attributable to non-controlling interests | (112,375 | ) | (125,942 | ) | (159,246 | ) | |||
| NET INCOME - Nisun International’s shareholders | $ | 5,787,416 | $ | 17,577,738 | $ | 17,620,812 | |||
| OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||
| Foreign currency translation loss | (6,017,982 | ) | (4,536,797 | ) | (12,576,380 | ) | |||
| COMPREHENSIVE (LOSS) INCOME | (230,566 | ) | 13,040,941 | 5,044,432 | |||||
| Comprehensive loss attributable to non-controlling interests | 1,595 | 65 | 6,231 | ||||||
| COMPREHENSIVE (LOSS) INCOME | $ | (228,971 | ) | $ | 13,041,006 | $ | 5,050,663 | ||
| BASIC AND DILUTED EARNINGS PER COMMON SHARE: | |||||||||
| NET EARNINGS PER COMMON SHARE | $ | 1.43 | $ | 4.46 | $ | 4.42 | |||
| Weighted average number of shares outstanding-basic and diluted* | 4,053,108 | 3,943,793 | 3,986,359 | ||||||
| * | The financial statements give retroactive effect to the May 18, 2023 one-for-ten reverse share split. | ||||||||
| --- | --- |
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NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUPCO., LTD AND SUBSIDIARIES
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2024, 2023and 2022
(EXPRESSED IN US DOLLARS)
| 2024 | 2023 | 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
| Net income | $ | 5,899,791 | $ | 17,703,680 | $ | 17,780,058 | |||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||
| Depreciation and amortization | 1,719,709 | 2,238,222 | 2,113,732 | ||||||
| Stock-based compensation | - | - | 125,630 | ||||||
| Shares issued for compensation | 9,184,200 | 31,808 | 185,000 | ||||||
| Bad debt expense | 5,037,951 | 2,215,016 | 4,509,634 | ||||||
| Impairment of goodwill | 128,577 | 5,488,816 | 777,329 | ||||||
| Loss on disposition of property and equipment | 217,351 | - | 1,385 | ||||||
| Income from investments | (36,604 | ) | (365,359 | ) | (541,578 | ) | |||
| Deferred tax (benefit) expense | (118,220 | ) | (710,672 | ) | 271,907 | ||||
| Derivative asset | (182,232 | ) | - | - | |||||
| Repurchase Treasury shares | 64,080 | - | - | ||||||
| Changes in operating assets and liabilities: | |||||||||
| Accounts receivable | (34,574,649 | ) | (3,086,600 | ) | (2,075,274 | ) | |||
| Advance to suppliers, net | (56,157,685 | ) | 7,282,068 | (39,859,386 | ) | ||||
| Prepaid expenses and other current assets | (8,653,076 | ) | (5,511,142 | ) | (4,734,501 | ) | |||
| Receivables from supply chain solutions | 33,997,219 | (18,651,357 | ) | 11,372,841 | |||||
| Inventories | 29,767,783 | (246,818 | ) | (25,530,993 | ) | ||||
| Accounts payable | (11,218,937 | ) | 5,722,300 | 7,693,011 | |||||
| Advance from customers | (35,241,476 | ) | 16,986,750 | 19,085,377 | |||||
| Taxes payable | (395,174 | ) | 1,478,316 | (5,574,048 | ) | ||||
| Other payables | (5,604,548 | ) | 3,232,387 | - | |||||
| Payable to supply chain solutions | (9,165,567 | ) | 4,096,141 | (15,198,883 | ) | ||||
| Operating lease liabilities | (730,895 | ) | (834,381 | ) | (855,242 | ) | |||
| Accrued expenses and other current liabilities | 374,477 | (1,569,395 | ) | 1,501,078 | |||||
| NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (75,687,925 | ) | 35,499,780 | (28,952,923 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
| Acquisition of property and equipment | (26,677 | ) | (503,957 | ) | (652,585 | ) | |||
| Purchase of intangible assets | (4,326 | ) | (44,029 | ) | (74,710 | ) | |||
| Cash paid in connection with acquisition, net of cash received | - | - | (530,322 | ) | |||||
| Proceeds from sale of short-term investments | 44,830,237 | 103,458,984 | 78,595,280 | ||||||
| Proceeds from sale of Derivative asset | 487,609 | - | - | ||||||
| Proceeds from sale of Long-term investment | - | 7,061,233 | - | ||||||
| Proceeds from investment in debt securities | - | 14,366,013 | - | ||||||
| Proceeds from disposal of property and equipment | 159,086 | - | - | ||||||
| Purchase of short-term investments | (39,050,962 | ) | (104,365,028 | ) | (51,567,746 | ) | |||
| Purchase of Derivative asset | (1,735,531 | ) | - | - | |||||
| Purchase of Long-term investments | - | - | (7,430,511 | ) | |||||
| Purchase of equity investees | (125,074 | ) | - | - | |||||
| Sale of a business, net of cash and cash equivalents sold | 434,174 | 71,514 | - | ||||||
| Repayments from loans to third parties | 2,516,772 | - | - | ||||||
| Loans to third parties | (1,474,264 | ) | (229,161 | ) | (501,905 | ) | |||
| NET CASH PROVIDED BY INVESTING ACTIVITIES | 6,011,044 | 19,815,569 | 17,837,501 | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
| Proceeds from short-term bank loans | 5,350,399 | 1,553,471 | 445,831 | ||||||
| Proceeds from third-party loans | - | 1,977,145 | 36,770,626 | ||||||
| Repayment of short-term bank loans | (2,116,345 | ) | (29,961 | ) | (1,239,983 | ) | |||
| Repayment of third-party loans | (2,918,399 | ) | (2,277,954 | ) | (41,491,973 | ) | |||
| Proceeds from related parties | - | - | (10,097 | ) | |||||
| Repayment of loan from related parties | - | (8,028,965 | ) | (2,500,000 | ) | ||||
| Purchase of treasury shares | (1,055,500 | ) | 94,252 | (355,844 | ) | ||||
| Capital contribution from non-controlling interest | - | (35,290 | ) | 37,116 | |||||
| NET CASH USED IN FINANCING ACTIVITIES | (739,845 | ) | (6,747,302 | ) | (8,344,324 | ) | |||
| EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTS | 786,545 | (1,234,680 | ) | (4,848,722 | ) | ||||
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (69,630,181 | ) | 47,333,367 | (24,308,468 | ) | ||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH FROM CONTINUING OPERATIONS-BEGINNING | 114,651,940 | 67,318,573 | 91,627,041 | ||||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH FROM CONTINUING OPERATIONS-ENDING | $ | 45,021,759 | $ | 114,651,940 | $ | 67,318,573 | |||
| SUPPLEMENTAL CASH FLOW DISCLOSURES: | |||||||||
| Cash paid for income taxes | $ | 5,673,350 | $ | 4,530,963 | $ | 10,385,495 | |||
| Cash paid for interest | $ | 170,745 | $ | 29,961 | $ | 496,932 | |||
| SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: | |||||||||
| Repayment payable for business disposition | - | 279,037 | - | ||||||
| Receivable from disposal of subsidiary | $ | - | $ | - | $ | 289,973 | |||
| Lease liabilities arising from obtaining right-of-use assets | 402,209 | 295,220 | 4,070,163 | ||||||
| Issuance of shares for share-based compensation | $ | 700,000 | $ | - | $ | - | |||
| CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS ARE COMPRISED OF THE FOLLOWING: | |||||||||
| Cash and cash equivalents | $ | 45,021,759 | $ | 114,454,844 | $ | 63,901,329 | |||
| Restricted cash | - | 197,096 | 3,417,244 | ||||||
| Total cash, cash equivalents and restricted cash | $ | 45,021,759 | $ | 114,651,940 | $ | 67,318,573 |
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