Ascendiant Capital Markets: Society Pass Inc (Nasdaq: SOPA) Reports Strong 2Q 2025 Revenue Growth of 46% Year on Year; IPOs Drive SOPA Valuation

Rhea-AI Summary

Society Pass (Nasdaq: SOPA) reported 2Q 2025 revenue of $2.5M, a 46% YoY increase, and EPS of $0.10, beating prior estimates. Ascendiant raised its 2025 revenue estimate to $8.8M (from $6.2M) and 2025 EPS to $(0.42) (from $(1.04)), and raised 2026 revenue and EPS estimates. Ascendiant cited NusaTrip's August 2025 NASDAQ IPO (ticker NUTR, $17M raised) and SOPA's estimated $29M cash versus a market cap of ~$5M to argue shares may be undervalued. Ascendiant keeps a BUY rating and raises its 12‑month price target to $18.

Positive

• Revenue +46% YoY in 2Q 2025 to $2.5M
• Reported EPS $0.10 in 2Q 2025, beating estimates
• Cash estimated $29M vs market cap ~$5M (liquidity premium)
• 12‑month price target $18 (Ascendiant BUY)

Negative

• 2025 adjusted EPS $(0.42) (company still loss-making on annual basis)
• Commercialization challenges for main products remain unresolved
• Valuation dependent on NusaTrip stake and comparable IPO outcomes

Insights

Equity Analyst

Strong 2Q 2025 revenue and EPS upside; cash from a recent IPO creates a large valuation gap versus market cap.

Society Pass (SOPA) reported $2.5 million in 2Q 2025 revenue, a 46% year‑on‑year increase and EPS of $0.10, beating prior estimates. The research note raises SOPA’s 2025 revenue and EPS estimates to $8.8 million and $(0.42), and 2026 revenue to $10.0 million with EPS $(0.47), reflecting a materially more positive near‑term earnings trajectory.

Ascendiant highlights a structural valuation disconnect: SOPA’s market cap sits near $5 million while cash is estimated at $29 million, helped by $17 million from the NusaTrip IPO. NusaTrip trades around $8.00 per share and SOPA’s stake implies an approximate asset value near $100 million, creating a potential catalyst if that value is recognized.

Risks center on the company’s remaining commercialization hurdles and reliance on portfolio companies’ public valuations; these risks remain explicitly acknowledged. Key monitorable items include the completion and valuation of the Thoughtful Media IPO expected by end of 2025, the reported cash level of $29 million, and Ascendiant’s 12 months price target of $18. The facts support a positive near‑term impact but hinge on realization of portfolio liquidity and operational progress.

NEW YORK, Oct. 06, 2025 (GLOBE NEWSWIRE) -- Ascendiant Capital Markets LLC (“Ascendiant”) issues equity research report on Society Pass Inc. (Nasdaq: SOPA) (the “Company”), Southeast Asia’s (SEA) next generation e-commerce ecosystem.

Click Here (on Society Pass website) or here (on Ascendiant Capital Markets website) to view the full Ascendiant Capital Markets Equity Research Report.

Summary Points:

• Strong 2Q 2025 Revenue Growth: SOPA reported its 2Q 2025 revenues totaling $2.5 million, representing a 46% year-on-year growth, compared to previous estimates of $1.5 million.
• 2Q 2025 Profitability: SOPA earnings per share was $0.10, compared to estimates of $(0.24).
• Adjusting estimates: Ascendiant is raising its 2025 estimates for revenue to $8.8 million, from $6.2 million, and for EPS to $(0.42) from $(1.04). It is also raising its 2026 estimates for revenue to $10.0 million, from $9.0 million, and for EPS to $(0.47) from $(0.63).
• 1 IPO completed, another one should soon: In August 2025, NusaTrip went IPO on NASDAQ with the ticker NUTR and raised $17 million. Ascendiant expects Thoughtful Media to complete the IPO by the end of 2025 with its valuation to be comparable to NusaTrip.
• Company trading well below cash value: SOPA’s market capitalization is only approximately $5 million while it has an estimated $29 million in cash ($17 million from NusaTrip’s IPO), implying its shares and business are significantly undervalued.
• Company trading well below NusaTrip value: NusaTrip is currently trading at approximately $8.00 per share (or double its IPO price). Ascendiant estimates that SOPA owns approximately 12 million shares (or about 75% ownership) so its estimated value of NusaTrip is approximately $100 million. This represents a huge discount and disconnect from SOPA’s current trading price and should be a huge catalyst to drive SOPA shares much higher.
• Positive High Risks versus High Rewards: Overall, concerns are outweighed by growth prospects and valuation. Society Pass’s main products still have long commercialization challenges ahead, but we believe the ~billion dollars market potential presents high rewards for the risks.
• Current valuation attractive: Ascendiant maintains its BUY rating, but raises its 12-month price target to $18 from $15, based on a NPV analysis, representing significant upside from the current share price. It believes this valuation appropriately balances out the company’s high risks with its high growth prospects and large upside opportunities.

About Society Pass Inc.
Founded in 2018 as an e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 3 interconnected verticals (digital media, travel, and lifestyle). Society Pass leverages technology to tailor a more personalized experience for customers in the purchase journey and to transform the entire retail value chain in SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

For more information on Society Pass, please visit:

Website at https://www.thesocietypass.com or

LinkedIn at https://www.linkedin.com/company/societypass or

Facebook at https://www.facebook.com/thesocietypass or

X at https://twitter.com/society_pass or

Instagram at https://www.instagram.com/societypass/.

Cautionary Note Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the completion and timing of closing of the offering and the intended use of the proceeds. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Society Pass Incorporated’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including the trading price and volatility of Society Pass Incorporated’s common stock and risks relating to Society Pass Incorporated’s business and the satisfaction of closing conditions in the underwriting agreement related to the offering.

Media Contact:
Raynuald LIANG
Chief Executive Officer
ray@thesocietypass.com

FAQ

What were Society Pass (SOPA) 2Q 2025 results for revenue and EPS?

SOPA reported 2Q 2025 revenue $2.5M (up 46% YoY) and EPS $0.10.

How did Ascendiant change SOPA 2025 guidance on October 6, 2025?

Ascendiant raised 2025 revenue to $8.8M (from $6.2M) and 2025 EPS to $(0.42).

Why does Ascendiant say SOPA may be undervalued on October 6, 2025?

Ascendiant cites SOPA's estimated $29M cash (including $17M from NusaTrip IPO) versus a market cap of ~$5M.

What impact did NusaTrip's August 2025 IPO have on SOPA's valuation?

NusaTrip IPO (ticker NUTR, raised $17M) increased estimated value of SOPA's stake, which Ascendiant views as a catalyst.

What is Ascendiant's 12‑month price target for SOPA as of October 6, 2025?

Ascendiant set a $18 12‑month price target and maintained a BUY rating.

What are the main risks to SOPA shareholders noted on October 6, 2025?

Key risks include ongoing commercialization challenges and reliance on subsidiary IPO valuations.