Exhibit 99.1

Bon Natural Life

Bon Natural Life Limited Announces Record-Setting Full Fiscal Year 2021 Results

Xian, China, February 2, 2021 — Bon Natural Life Limited (Nasdaq: BON) (“BON” or the “Company”), one of the leading bio-ingredient solutions providers in the natural, health and personal care industries, today announced its 2021 annual financial results for the fiscal year ended September 30, 2021.

FY 2021 Financial Highlights

*Schedule at the end of this release contain reconciliations of reported GAAP to non-GAAP metrics. See use of non-GAAP financial measures for explanations of our non-GAAP metrics.

Management Commentary

“We are pleased by the strong demand trends we’ve seen in our business and proud that we achieved double-digit sales growth and record revenue. These results speak volumes about our refined product portfolio, commitment to innovation and our position as an essential partner to our customers.” Commented Richard (Yongwei) Hu, BON’s Chairman & CEO, “In the short-term, we face unprecedented global supply-chain challenges and inflation-related increases in raw material procurement and logistics due to the protracted global pandemic, changes in trade relations and macroeconomic policies. We are confident in our team’s ability to navigate through these conditions and fully offset pressures over time as we shift our product mix towards higher end and higher margin products to increase our pricing power, improve gross margin, improve productivity, and continue to exert strong cost discipline. In addition, we are very excited about the inroad we have made to end user market with the successful rollout of our all natural human microbiome product - FeatherPure and upcoming introduction of other consumer products such as Stachyose probiotic powder to address the growing demand from natural health-conscious consumers. Last but not least, we believe that with the commissioning of our Yumen Plant later this year with 150% increase of revenue growth potential on an annualized basis, we will be able to better serve our customers both at home and abroad more efficiently, accelerate our global business expansion and create lasting long-term value for our investors.”

Bon Natural Life

Fragrance Compounds

Health Supplements (Powder Drinks)

Bioactive Food Ingredients

Selling expenses decreased by $23,189, or approximately 14.3%, from $161,719 to $138,530 in the same period of 2021, mainly attributable to cost saving achieved by switching focus to target large domestic customers through online and virtual marketing and sales promotion.

Research and development (“R&D”) expenses increased by $43,691, or approximately 21.3%, from $205,359 in fiscal year 2020 to $249,050 in fiscal year 2021. The increase was mainly due to an increase of $26,391 in material consumption and $10,647 in R&D testing and inspection related expenses.

Government subsidies received in the form of a grant and recognized as other operating income totaled $449,972 and $362,187 for the fiscal years ended September 30, 2021 and 2020, respectively.

Net income increased from $3.10 million in the fiscal year ended September 30, 2020 to $4.61 million in the same period of 2021.

Bon Natural Life

Net cash provided by operating activities during the year ended September 30, 2021 was $4.05 million compared to $2.64 million in the same period of 2020.

Basic earnings per share (“EPS”) was $0.69, compared to $0.58 for the same period in 2020.

Diluted earnings per share (“EPS”) was $0.68, compared to $0.58 for the same period in 2020.

Subsequent Events

Investor Conference Call and Webcast

A live webcast to discuss the Company’s FY 2021 financial results will be held on February 3, 2022, beginning at 9:00 a.m. EST. The webcast and accompanying slide presentation may be accessed on the Company’s IR website at https://ir.bnlus.com/events-presentations/. For those unable to listen to the live webcast, a recorded version will be available on the Company’s website after the event.

About Bon Natural Life Limited

The Company focuses on the manufacturing of personal care ingredients, such as plant extracted fragrance compounds for perfume and fragrance manufacturers, natural health supplements such as powder drinks and bioactive food ingredient products mostly used as food additives and nutritional supplements by their customers. For additional information, please visit the Company’s website at www.bnlus.com.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the natural, health and personal care market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

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Bon Natural Life

BON NATURAL LIFE LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

		September 30
		2021				2020
ASSETS
CURRENT ASSETS
Cash		$	1,903,867			$	53,106
Short-term investments			1,703,314				-
Accounts receivable, net			6,152,807				5,771,008
Inventories, net			1,596,492				1,016,442
Advance to suppliers, net			4,094,312				3,491,145
Deferred initial public offering costs			-				510,079
Acquisition deposit			1,000,000				-
Prepaid expenses and other current assets			98,960				7,434
TOTAL CURRENT ASSETS			16,549,752				10,840,214
Property, plant and equipment, net			19,228,642				14,171,963
Intangible assets, net			411,056				140,993
Right-of-use lease assets, net			201,007				-
Deferred tax assets, net			22,342				49,059
TOTAL ASSETS		$	36,412,799			$	25,202,229
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term loans		$	41,381			$	1,289,081
Current portion of long-term loans			448,005				1,227,346
Third party loans			-				690,327
Accounts payable			380,385				1,288,629
Due to related parties			245,104				2,322,990
Taxes payable			5,052,018				4,402,625
Deferred revenue			1,096,101				385,978
Accrued expenses and other current liabilities			41,711				56,604
Finance lease liabilities, current			161,286				33,389
Operating lease liability, current			62,871				-
TOTAL CURRENT LIABILITIES		$	7,528,862			$	11,696,969
Long-term loans			2,173,532				2,482,251
Finance lease liabilities, noncurrent			28,953				-
Operating lease liability, noncurrent			146,703				-
TOTAL LIABILITIES			9,878,050				14,179,220
COMMITMENTS AND CONTINGENCIES
EQUITY
Ordinary shares, $0.0001 par value, 500,000,000 shares authorized, 8,330,000 and 5,800,000 shares issued and outstanding as of September 30, 2021 and 2020, respectively		$	833			$	580
Additional paid in capital			15,540,433				5,251,205
Statutory reserve			1,050,721				579,922
Retained earnings			9,192,676				5,072,672
Accumulated other comprehensive income (loss)			222,221				(388,102	)
TOTAL BON NATURAL LIFE LIMITED SHAREHOLDERS’ EQUITY			26,006,884				10,516,277
Non-controlling interest			527,865				506,732
Total equity			26,534,749				11,023,009
TOTAL LIABILITIES AND EQUITY		$	36,412,799			$	25,202,229

 

 

 

Bon Natural Life

 

BON NATURAL LIFE LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

 

		For the Years Ended September 30,
		2021				2020				2019
REVENUE		$	25,494,564			$	18,219,959			$	16,396,018
COST OF REVENUE			(18,382,637	)			(13,017,646	)			(11,113,922	)
GROSS PROFIT			7,111,927				5,202,313				5,282,096
OPERATING EXPENSES
Selling expenses			(138,530	)			(161,719	)			(273,841	)
General and administrative expenses			(1,323,726	)			(1,367,070	)			(1,310,215	)
Research and development expenses			(249,050	)			(205,359	)			(522,867	)
Total operating expenses			(1,711,306	)			(1,734,148	)			(2,106,923	)
INCOME FROM OPERATIONS			5,400,621				3,468,165				3,175,173
OTHER INCOME (EXPENSES)
Interest income			3,207				714				2,271
Interest expense			(417,266	)			(329,102	)			(333,190	)
Unrealized foreign transaction exchange gain (loss)			(45,124	)			(248	)			5,281
Gain on disposal of fixed assets			-				20,150				-
Government subsidies			449,972				362,187				140,295
Income from short-term investments			565				-				-
Other income			38,409				132,713				-
Total other income (expenses), net			29,763				186,414				(185,343	)
INCOME BEFORE INCOME TAX PROVISION			5,430,384				3,654,579				2,989,830
INCOME TAX PROVISION			(820,931	)			(556,262	)			(427,194	)
NET INCOME			4,609,453				3,098,317				2,562,636
Less: net income (loss) attributable to non-controlling interest			18,650				71,644				(11,167	)
NET INCOME ATTRIBUTABLE TO BON NATURAL LIFE LIMITED		$	4,590,803			$	3,026,673			$	2,573,803
OTHER COMPREHENSIVE INCOME (LOSS)
Total foreign currency translation adjustment			612,806				450,234				(281,699	)
TOTAL COMPREHENSIVE INCOME			5,222,259				3,548,551				2,280,937
Less: comprehensive income (loss) attributable to non-controlling interest			21,133				81,737				(10,969	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO BON NATURAL LIFE LIMITED		$	5,201,126			$	3,466,814			$	2,291,906
EARNINGS PER SHARE
Basic		$	0.69			$	0.58			$	0.50
Diluted		$	0.68			$	0.58			$	0.50
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic			6,615,833				5,210,649				5,166,667
Diluted			6,706,235				5,210,649				5,166,667

 

 

 

Bon Natural Life

 

BON NATURAL LIFE LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

		For the Years Ended September 30,
		2021				2020				2019
Cash flows from operating activities
Net income		$	4,609,453			$	3,098,317			$	2,562,636
Adjustments to reconcile net income to cash provided by operating activities
Allowance for doubtful accounts			2,948				22,137				34,328
Depreciation and amortization			228,547				230,597				226,633
Inventory reserve (recovery)			(312,532	)			29,539				-
Deferred income tax			29,109				(7,751	)			(5,149	)
Amortization of operating lease right-of-use assets			58,147				-
Amortization of stock options			44,910				-				-
Unrealized foreign currency exchange loss (gain)			45,124				248				(5,281	)
Gain on disposal of property and equipment			-				(20,150	)			-
Changes in operating assets and liabilities:
Accounts receivable			(89,543	)			(284,546	)			(2,912,222	)
Inventories			(209,011	)			1,636,321				6,681,972
Advance to suppliers, net			(399,262	)			(3,021,739	)			168,868
Prepaid expenses and other current assets			2,642				72,116				173,609
Accounts payable			(969,414	)			(1,982,205	)			(78,356	)
Operating lease liabilities			(49,648	)			-				-
Taxes payable			410,716				2,662,542				1,538,662
Deferred revenue			684,030				161,045				(1,223,824	)
Accrued expenses and other current liabilities			(33,092	)			46,605				(57,053	)
Net cash provided by operating activities			4,053,124				2,643,076				7,104,823
Cash flows from investing activities
Purchase of short-term investments			(2,159,920	)			-				-
Proceeds upon redemption of short-term investments			470,082				-				-
Purchase of property and equipment			(51,878	)			(31,885	)			(213,634	)
Capital expenditures on construction-in-progress			(4,432,941	)			(4,301,103	)			(6,861,257	)
Purchase of intangible assets			(269,088	)			-				-
Refund (payment) of acquisition deposit			(1,000,000	)			1,329,945				(1,355,067	)
Net cash used in investing activities			(7,443,745	)			(3,003,043	)			(8,429,958	)
Cash flows from financing activities
Net proceeds from issuance of Ordinary Shares in initial public offerings			11,271,480				-				-
Proceeds from short-term loans			1,257,225				2,033,570				4,008,293
Proceeds from long-term loans			1,245,871				319,342				-
Repayment of short-term loans			(2,563,433	)			(2,872,778	)			(4,514,482	)
Repayment of long-term loans			(2,522,101	)			-				-
Proceeds from (repayment of) borrowings from related parties			(2,262,378	)			1,067,808				543,976
Proceeds from (repayment of) third party loans			(721,484	)			238,133				(101,793	)
Principal payment from (repayment of) finance lease			169,153				(392,030	)			432,722
Capital contribution from non-controlling interest			-				-				435,964
Payment for deferred initial public offering costs			(521,651	)			(281,553	)			-
Net cash provided by financing activities			5,352,682				112,492				804,680
Effect of changes of foreign exchange rates on cash			(111,300	)			6,810				(6,630	)
Net increase (decrease) in cash			1,850,761				(240,665	)			(527,085	)
Cash, beginning of year			53,106				293,771				820,856
Cash, end of year		$	1,903,867			$	53,106			$	293,771
Supplemental disclosure of cash flow information
Cash paid for interest expense		$	417,266			$	276,671			$	333,190
Cash paid for income tax		$	2,411			$	-			$	115,179
Supplemental disclosure of non-cash investing and financing activities
Amortization of share-based compensation for initial public offering services		$	422,221			$	211,112			$	-
Right-of-use assets obtained in exchange for operating lease obligations		$	257,564			$	-			$	-

 

 

 

Bon Natural Life

 

Bon Natural Life Limited

GAAP to Non-GAAP Reconciliation

 

The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.

 

Reconciliation of Adjusted EBITDA to Net Income

 

		30-Sep
		2021				2020
Net income		$	4,609,453			$	3,098,317
Interest expense			417,266				329,102
Income taxes			820,931				556,262
Depreciation and amortization			228,547				230,597
Non-cash item(1)			44,910				-
Adjusted EBITDA		$	6,121,107			$	4,214,278

 

(1) Non-cash item represents adjustment of stock-based compensation to reconcile net income to net cash provided by operations as presented on the Statement of Cash Flows

 

 

 

Exhibit 99.2

西安天美生物科技宣布2021财年财报创下新高

中国西安，2022年2月2日—西安天美生物科技股份有限公司（纳斯达克代码：BON）（”天美生物”或”公司”），一家在天然、健康和个人护理行业提供关键活性成分及解决方案的领先供应商，今天宣布其截至2021年9月30日的全年财务业绩。

2021财年财务亮点

*本新闻稿末尾的附表包含财报的GAAP和非GAAP指标的调整。关于我们非GAAP指标的调整，请参见非GAAP财务指标的解释。

管理层讨论

“我们对公司业务的强劲需求的趋势感到高兴，并且对公司实现了两位数的销售增长和创下新高的收入感到自豪。这些结果充分的说明了我们强大的产品力、持续创新能力、以及我们作为客户重要合作伙伴的价值。” 天美生物公司董事长兼CEO胡永卫先生表示，”在短期内，因为全球疫情的久拖不决、全球贸易关系和宏观经融政策的变化，我们面临着前所未有的全球供应链挑战以及通货膨胀相关的原材料和物流相关成本的增加，但我相信我们团队完全有能力应对这些困境和压力。并且我们将”转为危机”，以此为契机推动公司的产品组合转向更技术含量和更高利润的产品系列，以增加我们的定价能力，获取更高的利润率；同时我们将提升优化产能，并实施强而有力的成本控制措施。值得一提的是，我们以人体微生物为靶标的终端系列产品2021年取得了显著进展，随着我们全天然个人护理产品-羽淳的成功推出，以及水苏糖益生菌粉等其他一系列产品陆续上市，在强大产品力和巨大市场需求的驱动下，我们对自己在终端用户市场快速取得的进展有充分的信心。最后一点，随着今年玉门工厂的完成投产，将能带来150%的收入增长，也使得我们能更高效地服务来自国内外的客户，加速我们的全球业务扩张计划，并为我们的投资者创造持久的长期价值。”

2021财年产品（按类别）与上年相比增长总结：

香料原料

膳食补充剂（固体饮料）

生物活性食品原料

销售费用从161,719美元减少到2021年同期的138,530美元，减少了23,189美元，或约14.3%。减少的原因是公司通过网络营销和销售推广，将重点转向国内大型客户，从而实现成本节约。

研究和开发费用从2020财年的205,359美元增长至249,050美元，增长了43,691美元，或约21.3%。增长的主要原因是研究材料的消耗增长了26,391美元以及研发测试和检验相关的费用增长了10,647美元。

政府补贴以补贴形式获得并确认为其他营业收入，在截至2021年9月30日和2020年9月30日的财年里，总额分别为446,910美元和332,418美元。

净利润从截止至2020年9月30日财年的310万美元增长至2021年同期的461万美元

经营活动产生的净现金在截止至2021年9月30日的财年期间为405万美元，2020年同期为264万美元。

每股基本收益（”EPS”）为0.69美元，2020年同期为0.58美元。

稀释后每股收益（”EPS”）为0.68美元，2020年同期为0.58美元。

报告期后事件

投资者电话会议和网络直播

讨论公司2021年财年财务业绩的网络直播将于2022年2月3日美国东部时间上午9:00开始。网络直播和相关PPT的获取可以访问公司的投资者网站 https://ir.bnlus.com/events-presentations/。对于无法观看网络直播的人，在活动结束后公司将在网站上提供录制版本。

西安天美生物有限公司

西安天美生物专注于膳食营养补充剂的生物活性成分的生产，如为食品制造商提供天然益生元；个人护理成分的生产，如为香水香料制造商提供从植物来源的香料原料，天然复配膳食补充剂生产，如固体饮料。欲了解更多信息，请访问公司网站：www.bnlus.com.

安全港声明

本新闻稿包含了1995年《私人证券诉讼改革法案》中的前瞻性声明。前瞻性声明包括了有关公司计划、目标、战略、未来事件或业绩的声明，以及其他假设和不包含历史事件的声明。当公司使用诸如”可能”、”将”、”打算”、”应该”、”相信”、”期望”、”预期”、”计划”、”估计”等或其他类似的表达方式，并不与历史事件有关，就是在做前瞻性声明。前瞻性声明不是对公司未来业绩的保证，涉及风险和不确定性，可能会导致实际结果与前瞻性声明中讨论的公司预期有实质性的差异。这些陈述受不确定性和风险因素的印象，包括但不限于：公司的目标和战略、公司的未来业务发展、公司产品和服务的需求、技术的变化、经济状况、中国天然健康和个人护理行业的发展及公司希望发展的其他国际市场、声誉和品牌、竞争和定价的影响、政府法规、中国及公司希望发展的其他国际市场的经济和商业状况的变动，以及与上述任何情况相关的假设和公司提交给SEC报告中所陈述的其他风 险。因此，我们提醒投资者不要过分依赖本新闻稿中的前瞻性陈述。公司向SEC提交的文件中讨论了其他因素，这些文件可在www.sec.gov上查阅。公司不承担公开修订本声明日期之后出现的事件或情况的前瞻性声明的义务。

更多信息，请联系：