Greenridge Global: Positive Developments At Society Pass Inc. (Nasdaq: SOPA) Overlooked By The Market

Society Pass (Nasdaq: SOPA) highlights Greenridge Global's equity research update dated December 22, 2025.

Rhea-AI Summary

Society Pass (Nasdaq: SOPA) highlights Greenridge Global's equity research update dated December 22, 2025. Key points: NusaTrip completed an IPO raising $17,250,000 and reports strong 2025 GMV with Agoda; Thoughtful Media (TMGX) IPO plans continue; SOPA plans AI acquisitions; Greenridge models 2025 revenue $7.4M (loss $0.15/sh) and 2026 revenue $18.2M (earnings $0.16/sh). Greenridge reiterates a Buy rating and lowers its target to $25, citing SOPA's holdings and potential upside.

Positive

• NusaTrip completed IPO raising $17.25M
• NusaTrip reported >$100M quarterly GMV with Agoda
• Greenridge projects Revenue growth from $7.4M (2025) to $18.2M (2026)
• Greenridge reiterates Buy rating and sets target at $25

Negative

• Greenridge reduced target price from $45 to $25
• NusaTrip stock experienced trading halts, delaying market realization
• SOPA has 3,000,000 TMGX shares escrowed due to a 2019 court case
• SOPA posted a projected per-share loss of $0.15 (2025)

Argus Dec 23 session

+5.98% close to close Open Argus

Details

News Market Reaction – SOPA

On Dec 23, the day this news came out, SOPA closed 5.98% above the previous close.

Data tracked by StockTitan Argus for the Dec 23 session.

Key Figures

NusaTrip IPO proceeds: $17,250,000 NUTR quarterly GMV: over $100 million NUTR share price: $9.00 per share +5 more

NusaTrip IPO proceeds

$17,250,000

NUTR IPO completed August 18, 2025

NUTR quarterly GMV

over $100 million

GMV with Agoda on a quarterly basis

NUTR share price

$9.00 per share

Used to value SOPA’s NUTR stake at $126,000,000

TMG IPO raise

roughly $17,250,000

Planned Thoughtful Media Group IPO proceeds

TMG IPO price (low end)

$4.00

Possible IPO price implying $71.2M pre-money valuation

2025 revenue estimate

$7.4 million

Greenridge model for SOPA 2025 revenue

2026 revenue estimate

$18.2 million

Greenridge model for SOPA 2026 revenue

ATM and note funding

$1.88M ATM, $4.3M note

Recent financings to cover IPO-related fees for NUTR and TMGX

Historical Context

5 past events · Latest: Dec 22

5 events

1. Dec 22

   Equity research update

   24h Move

   +9.3%

   Analyst argued SOPA is undervalued based on NusaTrip valuation.

2. Dec 15

   M&A strategy

   24h Move

   -15.2%

   Company outlined M&A strategy targeting AI, travel and digital assets.

3. Dec 11

   AI strategy shift

   24h Move

   -13.2%

   Announced evolution toward acquiring AI-driven software and infrastructure.

4. Oct 06

   Earnings & research

   24h Move

   +275.9%

   Strong 2Q revenue growth and raised estimates/target from Ascendiant.

5. Sep 08

   Listing compliance

   24h Move

   +10.1%

   Maintained compliance with Nasdaq stockholders’ equity requirement.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

ipo, b2c, b2b, gmv, +3 more

7 terms

ipo financial

"NusaTrip Inc [Nasdaq: NUTR] completed its IPO on August 18, 2025, raising..."

An initial public offering (IPO) is the process by which a private company sells its shares to the public for the first time, making its ownership available on the stock market. This allows the company to raise money from a wide range of investors to fund growth or other goals. For investors, an IPO offers a chance to buy into a company early in its public journey, potentially benefiting if the company grows in value.

View in glossary

b2c technical

"NusaTrip veered from the B2C channel and refocused on B2B, partnering with..."

Business-to-consumer (B2C) describes companies that sell products or services directly to individual customers rather than to other businesses. Investors care because B2C firms’ revenues, growth and risks are driven by consumer demand, brand strength and marketing — like a shop whose success depends on foot traffic and repeat shoppers — so shifts in consumer tastes, pricing power or distribution can quickly affect sales and profitability.

b2b technical

"NusaTrip veered from the B2C channel and refocused on B2B, partnering with..."

Business-to-business (B2B) describes companies that sell products or services to other businesses rather than to individual consumers. For investors, B2B models often mean larger, repeatable contracts and revenue tied to corporate budgets, which can produce steadier, more predictable cash flow; think of a parts supplier selling regular batches to a factory rather than a shop selling single items to walk-in customers, so customer concentration and contract length matter.

gmv financial

"which has led to significant growth... including over $100 million in GMV with Agoda..."

Gross merchandise value (GMV) is the total dollar value of all goods and services sold through a platform or marketplace over a given period, measured before deducting fees, returns, or discounts. Investors watch GMV to gauge the raw size and growth of customer activity—like counting every ticket sold at a concert before subtracting organizer costs—while remembering it is not the same as revenue or profit.

atm offering financial

"through small private placements, and more recently, a $1.88 million ATM offering..."

An at-the-market offering is a way for a company to sell new shares of its stock directly into the stock market over time, usually through a designated sales program. This approach allows the company to raise funds gradually as needed, similar to adding small amounts of fuel to a car rather than filling the tank all at once. For investors, it can influence the company's stock price and provide insights into its financing plans.

convertible note financial

"and a $4.3 million convertible note, with funds going to cover IPO-related fees..."

A convertible note is a type of loan that a company gets from investors, which can later be turned into company shares instead of being paid back in cash. It matters because it helps startups raise money quickly without setting a fixed value for the company right away, making it easier to grow and attract investors.

pre-money valuation financial

"At a possible $4.00 IPO price... TMG would have a pre-money valuation of $71.2 million."

Pre-money valuation is the estimated worth of a company before it receives any new investment. It can be thought of as the company's value right before adding fresh money, similar to valuing a house before a renovation. This figure helps investors understand how much of the company they will own after investing and how their investment impacts the company's overall value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

NEW YORK, Dec. 23, 2025 (GLOBE NEWSWIRE) -- Society Pass Incorporated (Nasdaq: SOPA) (“SOPA” or the “Company”), Southeast Asia’s (SEA) next generation e-commerce ecosystem, today highlights a recent equity research report on Society Pass Inc. from Greenridge Global LLC (“Greenridge”) as published on December 22, 2025.

Click Here (on Society Pass website) to view the full Greenridge Global Equity Research Report.

Summary Points from Greenridge’s Report:
• NusaTrip Completes IPO & Forges Ahead with Growth Plans: NusaTrip Inc [Nasdaq: NUTR] completed its IPO on August 18, 2025, raising a total of $17,250,000. Over the last two years, NusaTrip veered from the B2C channel and refocused on B2B, partnering with Agoda and other OTAs on flights and deepening relationships with airline carriers around SEA. This was done while redeveloping its software to enable it to be the low-cost provider with the biggest supply on SEA routes, which has led to significant growth over the course of 2025, including over $100 million in GMV with Agoda on a quarterly basis. This top and bottom-line growth should only accelerate after it connects with Agoda for hotels, and expands its higher margin ancillary products and services, like seat selection and travel insurance. As it continues to build its airline and hotel relationships, Greenridge expects NusaTrip to eventually move into the higher margin B2C space. NUTR is currently priced at $9.00 per share, giving a value to SOPA of $126,000,000, based on the 14.0 million shares it holds. Unfortunately, NUTR’s stock seems to have been swept up in the trading halts that have hit other recently listed companies, with the key difference being that those companies had been doing little in terms of press releases, conference presentations, and investor outreach. Greenridge expects the halt to be lifted in the near future.

• TMG Set For IPO: Thoughtful Media Group Inc’s [Nasdaq: TMGX] IPO has been in the works for some time, but appears to have been slowed by the shutdown and delays with Nasdaq, which seems to be the case for many listings. The underlying business has undergone changes, with the MCN business in decline. TMG is focusing on maintaining its MCN business by expanding into other channels, like Facebook and TikTok, while offering more incentives and perks to content creators. More importantly, the much higher margin Premium business has become the focus of TMG, and should see increased demand around SEA from recent marketing efforts and from business coming via NusaTrip and its partners. Of the roughly $17,250,000 being raised in the IPO, TMG plans to use the funds for M&A and market expansion opportunities. At a possible $4.00 IPO price (the low end of the range), TMG would have a pre-money valuation of $71.2 million. SOPA has had to escrow 3,000,000 shares of TMG relating to a court case filed in 2019 over a stock warrant. From a valuation standpoint, to be conservative, Greenridge believes SOPA’s 13,000,000 shares of TMG could be valued at $52,000,000.

• Entering The AI Business Via Acquisitions: Last week, the Company announced it would acquire and operate AI software and infrastructure companies in SEA, Europe and North America. The demand in this space, using the cash and listed vehicle to enter this market seems like a reasonable next step. Management has been unable to disclose its plans in greater detail, but noted in the press release that deals are expected in the next few months.

• Model Update: Greenridge’s updated model reflects corporate overhead and the financial results from SOPA’s two key operating assets, NusaTrip and Thoughtful Media. Greenridge’s new estimates call for 2025 Revenue of $7.4 million with a loss of $0.15 per share, and $0.16 per share of earnings in 2026 on Revenue of $18.2 million. Greenridge believes the Company’s potential 2026 growth is a reflection of the strong growth potential expected with NusaTrip from its flight and hotel expansion with Agoda, and should be a starting point for the potential NUTR has to expand its business.

• Operational Right-sizing & AI Integration: From a corporate standpoint, management has replaced numerous back-office jobs with AI and invested in software upgrades that are helping NusaTrip in particular grow. Greenridge visited SOPA’s office twice in the second half of 2025 and can attest that management is running a tight, cost control focused operation. The Company has seen management and Board changes, however based on meetings and conversations with CEO Ray Liang and CFO Yee Siong Tan, along with NusaTrip’s CEO Anson Neo, Greenridge is confident in the direction of the Company. SOPA has financed operations through small private placements, and more recently, a $1.88 million ATM offering and a $4.3 million convertible note, with funds going to cover IPO-related fees for NUTR and TMGX.

• Maintaining Rating & Reducing Target Price: There have been numerous updates since Greenridge’s last report, and Greenridge believes that the Company seems to be in a strong position with cash on hand after the first of its two IPOs, what looks to be a very strong NusaTrip business with a lot of blue sky ahead, and the potential for value add acquisitions in the AI space. The stock seems to be pricing none of this in as it trades below net cash. Greenridge is optimistic on the near term and long-term outlook on Society Pass and its operating assets, and as such are reiterating our Buy rating. Based on valuation, Greenridge is reducing its target price from $45.00 to $25.00 given the changes since the last update. Greenridge’s target price is based on the current market value of SOPA’s holding in NUTR shares, and 50% of the expected IPO value of its shareholding in TMGX (excluding the escrowed shares). Greenridge believes that the discount is likely due to the fact the second IPO has not yet completed.

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 personalised 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 company’s intended M&A strategies, including possible future IPOs as well as the future performance or valuation of its stock . 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, identify potential acquisition target and proposed IPO of Thoughtful Media.

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Greenridge say about Society Pass (SOPA) 2025 and 2026 financial outlook?

Greenridge projects 2025 revenue of $7.4M with a $0.15 loss per share. According to Greenridge, 2026 is modeled at $18.2M revenue and $0.16 EPS, driven largely by NusaTrip expansion and expected operational improvements.

How much did NusaTrip's IPO raise and what value does that give to SOPA's stake?

NusaTrip completed an IPO raising $17.25M and is priced at $9.00 per share. According to Greenridge, SOPA's 14.0 million NusaTrip shares imply a value of about $126,000,000 for SOPA's holding.

Why did Greenridge lower its SOPA target price to $25 while keeping a Buy rating?

Greenridge lowered the target from $45 to $25 but kept a Buy rating based on SOPA's NusaTrip and TMGX holdings. According to Greenridge, the cut reflects recent changes and incomplete realization of the second IPO value.

What is the status of Thoughtful Media (TMGX) and how does it affect SOPA (SOPA)?

Thoughtful Media's IPO remains pending with a potential $4.00 low-end price and $71.2M pre-money valuation. According to Greenridge, SOPA's 13.0 million TMGX shares are conservatively valued at $52,000,000 (excluding escrowed shares).

What corporate actions has Society Pass taken for financing and strategy in late 2025?

SOPA financed operations via small private placements, a $1.88M ATM offering and a $4.3M convertible note. According to Greenridge, management also plans AI-related acquisitions and has been implementing AI-driven cost controls.

Are there shareholder constraints or legal encumbrances affecting SOPA's holdings in TMGX?

Yes. SOPA has escrowed 3,000,000 TMGX shares tied to a 2019 court case, limiting immediate realization. According to Greenridge, the escrow reduces the near-term value SOPA can extract from its TMGX position.