WENZHOU, China , Feb. 1, 2023 /PRNewswire/ -- ZK International Group Co., Ltd. (ZKIN) ("ZK International" or the "Company"), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, today announced its audited financial results for the fiscal year ended September 30, 2022 .

Financial Highlights for the Fiscal Year 2022 Brass Pex Coupling

For the Fiscal Year Ended September 30,

($ millions, except per share data)

Net loss attributable to ZK

Net book value per share

Revenues increased by $2,984,419 or 3.00%, to $102,391,636 for the year ended September 30, 2022 from $99,407,217 for the year ended September 30, 2021 . The growth was primarily driven by the increased weighted average selling price ("ASP") during the fiscal year 2022 . We observed the rise of raw material prices, recovery of market demand for construction materials and the shortages of supply in the current market. Overall, we had 34.26% increase of ASP in steel strip, 29.00% increase in steel pipe, and 33.71% increase in pipe fittings during 2022 fiscal year. Gross profit increased by 17.38 % to $ 7.60 million. Gross margin was 7.42 %, compared to 6.5% for the prior fiscal year. The increase of gross profit was primarily due to increased weighted average selling prices. During the fiscal year 2022, our Chinese subsidiaries returned to profitability with net income after tax of $2.71 million . Loss from operations was $3.96 million , compared to loss from operations of $3.65 million for the prior fiscal year. The decrease of operational loss was mainly due to the one-off asset impairment cost of intangible asset and stock-based compensation incurred during 2022 fiscal year for the expenses related to our new business operations and subsidiaries. Net loss attributable to ZK International was $6.08 million , or net loss of $0.21 per share. This compared to net loss attributable to ZK International of $3.80 million , or $0.17 per share, for the prior fiscal year. Net book value per share was $2.80 as of September 30, 2022 , compared to $3.08 as of September 30, 2021 .

Mr. Jiancong Huang , Chairman of ZK International, commented, "We are pleased with our record revenue growth to break the $100 million mark while having an increased gross margin. Our financial results in 2022 were largely driven by the market recovery from the pandemic and worldwide construction material supply shortage. The Chinese government also continues to focus on improving water and gas infrastructure. Our ability to work closely with the local government and provide sophisticated piping solutions for major projects is key to our growth trajectory. We anticipate that our business will continue to grow and expand both domestically and internationally into the next fiscal year."

Mr. Huang continued, "Building on the foundation of our core steel pipe business domestically, we are excited to provide additional value to our shareholders with plans to grow our core steel pipe business internationally. Being one of the leaders in our industry has brought many other international opportunities for gas and water infrastructure needs, so it will be our goal in 2023 to seek out these international opportunities while building our sales and profitability domestically. We are confident that ZK is going to continue to provide its existing and future shareholders with a value propisition for a long time to come."

Financial Results for the Fiscal Year 2022

Revenues increased by $2,984,419 or 3.00%, to $102,391,636 for the year ended September 30, 2022 from $99,407,217 for the year ended September 30, 2021 . The increase in revenues was primarily driven by the following factors:

1) During the fiscal year 2022, we observed an increase of raw materials, especially the price of nikel which is an important component of stainless steel. To minimize the impact the rise of raw material price, we increased our weighted average selling price ("ASP") during the fiscal year 2022.

2) During 2022 fiscal year, the average selling price of electrolytic nickel decreased by 0.33% from RMB 114,092 per ton in fiscal year 2021 to RMB 113,716 in fiscal year 2022; the average selling price of steel strip increased by 34.26% from RMB 15.12 per kilogram in fiscal year 2021 to RMB 20.3 in fiscal year 2022; the average selling price of steel pipe increased by 29.00% from RMB 108.73 per piece in fiscal year 2021 to RMB 140.26 in fiscal year 2022; the average selling price of pipe fittings increased by 33.71% from RMB 16.94 each in fiscal year 2021 to RMB 22.65 in fiscal year 2022.

3) Due to the rise of product prices, we had an overall decrease in sales volume. The sales volume of steel strip decreased by 62.98% from 2227.19 tons in fiscal year 2021 to 753.91 tons in fiscal year 2022; Sales of pipes decreased by 25.28% from 793,480 in fiscal year 2021 to 592,919 in fiscal year 2022; The sales volume of pipe fittings decreased by 22.16% from 9,126,002 pieces in fiscal year 2021 to 7,103,894 pieces in fiscal year 2022.

Our gross profit increased by $1,124,411 or 17.38% to $7,595,599 for the year ended September 30, 2022 from $6,471,188 for the year ended September 30, 2021 . Gross profit margin was 7.42% for the year ended September 30, 2022 , as compared to 6.51% for the year ended September 30, 2021 . The increase of gross profit was primarily due to increased weighted average selling prices which is attributable to the rise of raw material prices and market demand recovery over the construction materials and supply shortages on the current market compared to the fiscal year 2021.

We incurred $2,380,429 in selling and marketing expenses for the fiscal year ended September 30, 2022 , compared to $3,117,906 for the fiscal year ended September 30, 2021 . Selling and marketing expenses decreased by $737,477 , or 23.65%, during the fiscal year ended September 30, 2022 compared to the fiscal year ended September 30, 2021 . This decrease is primarily due to decreases in sales payroll expenses, compensation for the sales personnel, freight expenses, and technical service fee during the year.

We incurred $5,421,575 in general and administrative expenses for the fiscal year ended September 30, 2022 , compared to $5,772,710 for the fiscal year ended September 30, 2021 . General and administrative expenses decreased by $351,136 , or 6.08%, for the fiscal year ended September 30, 2022 compared to the fiscal year ended September 30, 2021 . The slight decrease is mainly attributable to the decreased stock-based compensation incurred during the fiscal year 2022.

During the fiscal year ended September 30, 2021 , the Company entered into a series of consulting agreements with third-party entity and individuals to develop and implement a defi exchange platform, which is a stablecoin DEX (decentralized exchange) and liquidity mining platform, available at https://xsigma.fi. During 2022 fiscal year, the Company evalutated the recoverability of the Defi platform pursuant to ASC 360-10-35-21 and concluded that the carrying value of the Defi Exchange may not be recoverable as it projects that the platform is likely to have continuing losses and it's more likely than not this platform will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The Company wrote off the carrying value of the platform and recorded a loss of $2,771,019 . There was no asset impairment cost during the fiscal year ended September 30, 2021

We incurred $987,186 in research and development expenses for the fiscal year ended September 30, 2022 , compared to $1,234,161 for the fiscal year ended September 30, 2021 . R&D expenses decreased by $246,975 , or 20.01%, for the fiscal year ended September 30, 2022 compared to the fiscal year ended September 30, 2021 . The decrease was primarily due to the decreased research and development activities during fiscal year 2022.

As a result of the factors described above, operating loss was $3,964,610 for the fiscal year ended September 30, 2022 , compared to operating loss of $3,653,589 for the fiscal year ended September 30, 2021 , an increase of operating loss of $311,021 or approximately 8.51%.

Our interest income and expenses were $109,290 and $3,451,665 , respectively, for the fiscal year ended September 30, 2022 , compared to interest income and expenses of $13,733 and $1,196,648 , respectively, for the fiscal year ended September 30, 2021 . We also had government grant of $ 496,740 for financial support to the Company under local government's innovation incentive programs which was recorded as other income in our Statement of Operations.

Net Income (loss) and earnings (loss) per share

As a result of the factors described above, our net loss for the fiscal year ended September 30, 2022 was $6,054,266 compared to net loss of $3,802,271 for the fiscal year ended September 30, 2021 , an increase in loss of $2,251,995 or approximately 59.23%.

After deducting for non-controlling interests, net loss attributable to ZK International was $6.08 million , or net loss of $0.21 per share, for the fiscal year 2022. This compared to net loss attributable to ZK International of $3.80 million , or $0.17 per share, for the prior fiscal year.

About ZK International Group Co., Ltd.

ZK International Group Co., Ltd. is a China -based designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products that require sophisticated water or gas pipeline systems. The Company owns 33 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee that is focused on supplying steel piping for the multi-billion dollar industries of Gas and Water sectors. ZK has supplied stainless steel pipelines for over 2,000 projects, including the Beijing National Airport, the "Water Cube", and "Bird's Nest", which were venues for the 2008 Beijing Olympics.

Emphasizing superior properties and durability of its steel piping, ZK International is providing a solution for the delivery of high quality, highly sustainable, environmentally sound drinkable water not only to the China market but also to international markets such as Europe , East Asia , and Southeast Asia .

For more information please visit www.ZKInternationalGroup.com. Additionally, please follow the Company on Twitter, Facebook, YouTube, and Weibo. For further information on the Company's SEC filings please visit www.sec.gov.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are not guarantee of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict and many of which are beyond the control of ZK International. Actual results may differ from those projected in the forward-looking statements due to risks and uncertainties, as well as other risk factors that are included in the Company's filings with the U.S. Securities and Exchange Commission. Although ZK International believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by ZK International or any other person that their objectives or plans will be achieved. ZK International does not undertake any obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

ZK INTERNATIONAL GROUP CO., LTD CONSOLIDATED BALANCE SHEETS (IN U.S. DOLLARS) As of September 30, 2022 2021 Assets Current assets Cash and cash equivalents $ 7,515,147 $ 13,525,298 Restricted cash 101,992 77,906 Short-term Investment 915,616 2,560,760 Accounts receivable, net of allowance for doubtful accounts of $255,322 and $2,221,870, respectively 28,362,933 27,124,959 Notes receivable 49,611 — Other receivables and prepayments 2,360,539 2,158,120 Inventories 21,141,501 20,689,252 Advance to suppliers 6,322,592 12,567,368 Total current assets 66,769,931 78,703,663 Property, plant and equipment, net 7,124,587 8,004,855 Right-of use asset 30,998 54,166 Intangible assets, net 11,415,451 8,749,987 Deferred tax assets 320,164 353,460 Long-term deposit — 12,472,847 Long-term prepayment 10,447,395 — Long-term accounts receivable 7,522,188 — Long-term investment 25,292,866 25,323,323 TOTAL ASSETS $ 128,923,580 $ 133,662,301 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 10,066,758 $ 2,159,731 Accrued expenses and other current liabilities 6,949,772 6,875,769 Lease liability - current portion 10,754 26,332 Accrued payroll and welfare 1,880,377 1,853,019 Advance from customers 1,758,800 5,666,214 Due to related parties 2,052,403 1,072,335 Convertible debentures 3,352,311 2,823,364 Short-term bank borrowings 16,257,820 21,394,761 Other borrowing - short term portion - 283,758 Notes payables 702,889 — Income tax payable 817,059 2,354,832 Total current liabilities 43,848,943 44,510,115 Lease liability - long term portion 10,256 27,834 TOTAL LIABILITIES $ 43,859,199 $ 44,537,949 Equity Common stock, no par value, 50,000,000 shares authorized, 30,392,940 and 28,918,177 shares issued and outstanding, respectively Additional paid-in capital 70,872,765 63,374,085 Statutory surplus reserve 3,176,556 2,914,602 Subscription receivable (125,000) (125,000) Retained earnings 13,394,137 19,737,504 Accumulated other comprehensive income (loss) (2,640,753) 2,898,594 Total equity attributable to ZK International Group Co., Ltd. 84,677,705 88,799,785 Equity attributable to non-controlling interests 386,676 324,567 Total equity 85,064,381 89,124,352 TOTAL LIABILITIES AND EQUITY $ 128,923,580 $ 133,662,301 The accompanying notes are an integral part of these consolidated financial statements.

ZK INTERNATIONAL GROUP CO., LTD

Accounts receivable, net of allowance for doubtful accounts of $255,322 and $2,221,870, respectively

Property, plant and equipment, net

Accrued expenses and other current liabilities

Lease liability - current portion

Other borrowing - short term portion

Lease liability - long term portion

Common stock, no par value, 50,000,000 shares authorized, 30,392,940 and 28,918,177 shares issued and outstanding, respectively

Accumulated other comprehensive income (loss)

Total equity attributable to ZK International Group Co., Ltd.

Equity attributable to non-controlling interests

The accompanying notes are an integral part of these consolidated financial statements.

ZK INTERNATIONAL GROUP CO., LTD CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (IN U.S. DOLLARS, EXCEPT SHARE DATA) For the year ended September 30, 2022 2021 2020 Revenues $ 102,391,636 $ 99,407,217 $ 86,846,791 Cost of sales (94,796,037) (92,936,029) (82,903,989) Gross profit 7,595,599 6,471,188 3,942,802 Operating expenses: Selling and marketing expenses 2,380,429 3,117,906 2,215,651 General and administrative expenses 5,421,575 5,772,710 2,482,972 Asset impairment costs 2,771,019 — — Research and development costs 987,186 1,234,161 1,123,555 Total operating expenses 11,560,209 10,124,777 5,822,178 Operating loss (3,964,610) (3,653,589) (1,879,376) Other income (expenses): Interest expenses (3,451,665) (1,196,648) (1,000,554) Interest income 109,290 13,733 7,192 Gain on disposal of subsidiary, net - — 536,612 Income (loss) on investment - 50,649 (256,937) Other income (expense), net (88,125) 431,438 327,845 Total other expenses, net (3,430,500) (700,828) (385,842) Loss before income taxes (7,395,110) (4,354,417) (2,265,218) Income tax recovery 1,340,844 552,146 1,428,202 Net loss $ (6,054,266) $ (3,802,271) $ (837,016) Net (loss) income attributable to non- controlling interests (27,147) 2,757 11,402 Net (loss) income attributable to ZK International Group Co., Ltd. (6,081,413) (3,799,514) $ (825,614) Net (loss) income (6,054,266) $ (3,802,271) $ (837,016) Other comprehensive income (loss): Foreign currency translation adjustment (5,504,385) 2,423,439 2,319,048 Total comprehensive loss $ (11,558,651) $ (1,378,832) $ 1,482,032 Comprehensive loss (income) attributable to non- controlling interests (62,109) (14,773) (6,136) Comprehensive income attributable to ZK International Group Co., Ltd. $ (11,620,760) $ (1,393,605) $ 1,475,896 Basic and diluted earnings (loss) per share Basic $ (0.21) $ (0.17) $ (0.05) Diluted (0.21) (0.17) (0.05) Weighted average number of shares outstanding Basic 29,305,828 21,873,594 16,558,037 Diluted 29,431,781 22,633,819 16,558,037 The accompanying notes are an integral part of these consolidated financial statements.

ZK INTERNATIONAL GROUP CO., LTD

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(IN U.S. DOLLARS, EXCEPT SHARE DATA)

For the year ended September 30,

Gain on disposal of subsidiary, net

Net (loss) income attributable to non- controlling interests

Net (loss) income attributable to ZK International Group Co., Ltd.

Comprehensive loss (income) attributable to non- controlling interests

Comprehensive income attributable to ZK International Group Co., Ltd.

Basic and diluted earnings (loss) per share

Weighted average number of shares outstanding

The accompanying notes are an integral part of these consolidated financial statements.

ZK INTERNATIONAL GROUP CO., LTD CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED SEPTEMBER 30, 2022, 2021 AND 2020 (IN U.S. DOLLARS, EXCEPT SHARE DATA) Accumulated Additional other Non- paid-in Subscription Statutory Retained comprehensive controlling Total Shares capital Receivable surplus reserve earnings income (loss) interests equity Balance at September 30, 2019 16,558,037 18,049,630 — 2,904,699 24,372,535 (1,808,825) 299,666 43,817,705 Disposal of subsidiary 3,992 3,992 Foreign currency translation loss 2,301,510 17,538 2,319,048 Net income (825,614) (11,402) (837,016) Balance at September 30, 2020 16,558,037 18,049,630 — 2,904,699 23,546,921 492,685 309,794 45,303,729 Issuance of common stock, net of offering costs 7,080,762 24,884,560 (125,000) 24,759,560 Common stock issued in connection with conversion of convertible notes 4,374,176 11,443,067 11,443,067 Issuance of common stock related to exercise of warrants 355,202 1,345,056 1,345,056 Stock-based compensation 550,000 9,542,783 9,542,783 Unearned Compensation (1,891,011) (1,891,011) Foreign currency translations 2,405,909 17,530 2,423,439 Net income 9,903 (3,809,417) (2,757) (3,802,271) Balance at September 30, 2021 28,918,177 63,374,085 (125,000) 2,914,602 19,737,504 2,898,594 324,567 89,124,352 Stock incentive issuance 1,407,200 1,688,640 1,688,640 Stock issued in connection with conversion of convertible notes 67,563 116,781 116,781 Fair value change due to convertible notes extension 678,782 678,782 Stock-based compensation 5,603,615 5,603,615 Unearned Compensation (589,138) (589,138) Foreign currency translations (5,539,347) 34,962 (5,504,385) Net income 261,954 (6,343,367) 27,147 (6,054,266) Balance at September 30, 2022 30,392,940 70,872,765 (125,000) 3,176,556 13,394,137 (2,640,753) 386,676 85,064,381 The accompanying notes are an integral part of these consolidated financial statements.

ZK INTERNATIONAL GROUP CO., LTD

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE YEARS ENDED SEPTEMBER 30, 2022, 2021 AND 2020

(IN U.S. DOLLARS, EXCEPT SHARE DATA)

Issuance of common stock, net of offering costs

Common stock issued in connection with conversion of convertible notes

Issuance of common stock related to exercise of warrants

Stock issued in connection with conversion of convertible notes

Fair value change due to convertible notes extension

The accompanying notes are an integral part of these consolidated financial statements.

ZK INTERNATIONAL GROUP CO., LTD CONSOLIDATED STATEMENTS OF CASH FLOWS (IN U.S. DOLLARS) For the year ended September 30, 2022 2021 2020 Cash Flows from Operating Activities: Net loss $ (6,054,266) $ (3,802,271) $ (837,016) Adjustments to reconcile net income to net cash used in operating activities: Depreciation expense 672,368 568,038 438,467 Amortization expense 830,481 481,763 11,366 Right of use assets — (53,634) — Loss on disposal of fixed assets — — 7,608 Bad debt expense 227,837 92,032 — Inventory provision — — 103,942 Write-off of advance to suppliers — 108,395 100,684 Deferred tax benefits — 406,064 (406,637) Gain on accounts receivable factoring, net of discount (451,047) — — Gain on disposal of subsidiary — — (536,612) Loss on investment — — 214,114 Impairment on intangible assets 2,771,019 — — Change in unrecognized tax benefits (1,428,458) (918,038) (1,021,565) Stock compensation expense 2,674,807 1,351,082 — Interest expense of convertible notes 1,324,510 210,173 — Interest expense of financing lease — 44,458 — Changes in operating assets and liabilities: Accounts receivable (12,059,620) 5,804,654 (4,800,889) Other receivables and prepayments (260,755) 1,345,520 (793,936) Notes receivable (53,853) 201,187 206,465 Inventories (2,606,504) 2,021,789 103,123 Advance to suppliers 5,493,624 (8,297,301) 2,933,852 Accounts payable 8,803,924 (8,662,576) 5,582,787 Notes payable 762,986 (159,823) (153,824) Accrued expenses and other current liabilities 752,241 2,428,410 (484,477) Accrued payroll and welfare 219,178 211,632 140,497 Advance from customers (3,662,097) 3,162,961 (198,358) Income tax payable - (77,214) (149,386) Lease liability (28,595) 53,635 — Net cash provided (used in) operating activities (2,072,220) (3,479,064) 460,205 Cash Flows from Investing Activities: Purchases of property, plant and equipment (507,663) (114,319) (1,168,322) Proceed from disposal of property, plant and equipment — 6,281 Purchase of CIP (12,666) (47,942) — Disposal of intangible asset — — Purchases of intangible assets (1,588,107) (1,983,812) — Investment into CG Malta — (25,000,000) — Net cash used in investing activities (2,108,436) (27,146,073) (1,162,041) Cash Flows from Financing activities: Net proceeds released from (placed into) short-term investment 1,523,953 (2,228,301) — Proceeds from short-term bank borrowings 31,113,044 31,203,129 18,061,979 Repayments of short-term bank borrowings (34,501,465) (28,144,978) (17,836,445) Net proceeds received from (repaid to) related parties 1,173,516 (280,313) (133,007) Proceed from other borrowing — — 775,951 Repayment of other borrowing (279,004) (483,458) (107,195) Proceeds from stock issuances — 24,758,458 — Proceeds from convertible notes issuances — 14,071,908 — Proceeds from stock warrants exercise — 1,345,056 — Net cash provided by (used in) financing activities (969,956) 40,241,501 761,283 Effect of exchange rate changes on cash (835,453) 227,305 248,950 Net change in cash, cash equivalents and restricted cash (5,986,065) 9,843,669 308,397 Cash and cash equivalents and restricted cash at the beginning of period 13,603,204 3,759,535 3,451,138 Cash, cash equivalents and restricted cash at the end of period $ 7,617,139 $ 13,603,204 $ 3,759,535 Supplemental disclosures of cash flows information: Non-cash financing activities $ — $ — $ — Cash paid for income taxes $ 87,473 $ 37,041 $ 149,291 Cash paid for interest expenses $ 976,091 $ 338,575 $ 991,319 The accompanying notes are an integral part of these consolidated financial statements.

ZK INTERNATIONAL GROUP CO., LTD

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the year ended September 30,

Cash Flows from Operating Activities:

Adjustments to reconcile net income to net cash used in operating activities:

Loss on disposal of fixed assets

Write-off of advance to suppliers

Gain on accounts receivable factoring, net of discount

Gain on disposal of subsidiary

Change in unrecognized tax benefits

Interest expense of convertible notes

Interest expense of financing lease

Changes in operating assets and liabilities:

Accrued expenses and other current liabilities

Net cash provided (used in) operating activities

Cash Flows from Investing Activities:

Purchases of property, plant and equipment

Proceed from disposal of property, plant and equipment

Net cash used in investing activities

Cash Flows from Financing activities:

Net proceeds released from (placed into) short-term investment

Proceeds from short-term bank borrowings

Repayments of short-term bank borrowings

Net proceeds received from (repaid to) related parties

Proceeds from convertible notes issuances

Proceeds from stock warrants exercise

Net cash provided by (used in) financing activities

Effect of exchange rate changes on cash

Net change in cash, cash equivalents and restricted cash

Cash and cash equivalents and restricted cash at the beginning of period

Cash, cash equivalents and restricted cash at the end of period

Supplemental disclosures of cash flows information:

Cash paid for income taxes

Cash paid for interest expenses

The accompanying notes are an integral part of these consolidated financial statements.

Di Chen Email: super.di@live.cn

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