Sos Limited Stock Price, News & Analysis

SOS (NYSE: SOS) has announced a strategic framework agreement with Lepu Sodium Power (Shanghai) Technology Co., to optimize electricity usage in SOS's computing and data centers. The partnership focuses on green energy solutions, leveraging Lepu's expertise in photovoltaic cells, energy storage technologies, and sodium-ion battery materials.

SOS, specializing in blockchain technology, operates international blockchain-powered digital trade platforms and supercomputing data centers. The company provides services in big data, cloud computing, IoT, and digital solutions. Under the agreement, both companies will establish a long-term partnership based on mutual trust and equality, sharing resources while maintaining confidentiality to maximize mutual benefits.

SOS (NYSE: SOS) announced the filing of its 2023 annual report (Form 20-F) with the SEC on May 15, 2024. In compliance with NYSE rules, the report is accessible on the company's website at sosyun.com. Shareholders can request free hard copies of the complete audited financial statements by contacting the company's Investor Relations Department at ir@sosyun.com.

SOS has announced plans to invest $50 million in Bitcoin purchases as part of its strategic expansion in blockchain and cryptocurrency operations. The decision comes as Bitcoin trades around $93,000 per coin, with projections suggesting it may exceed $100,000 by year-end. The company plans to implement various quantitative trading strategies, including investing, trading, and arbitrage, to maximize returns while managing market volatility. The initiative aligns with favorable U.S. policy developments and growing institutional support for digital assets. Chairman and CEO Yandai Wang cited robust Bitcoin market performance and positive developments like Bitcoin-related ETF options as key factors supporting this investment decision.

SOS (NYSE: SOS) announced plans to change its American Depositary Shares (ADS) ratio from 1:10 to 1:150 Class A ordinary shares, effective around November 19, 2024. This change will function as a one-for-fifteen reverse ADS split. ADS holders in The Depository Trust Company and Direct Registration System will have their ADSs automatically exchanged, with fractional shares being sold and proceeds distributed to holders. The company's Class A ordinary shares remain unchanged, and SOS will continue trading on NYSE under the symbol 'SOS'. While the ADS price is expected to increase proportionally, the company provides no guarantees.

SOS reported its semi-annual financial results for the six months ended June 30, 2024. Net revenue increased by 47.1% to $60.5 million, primarily due to higher sales of natural rubber. The company's revenue breakdown was: 91.7% from Commodities Trading, 7.8% from Hosting Services, and 0.5% from Others. Gross profit ratio improved from 0.2% to 4.0%. However, GAAP net loss increased slightly to $10.9 million from $10.7 million in the same period last year. Operating costs rose by 39.3% to $58.1 million, while general and administrative expenses increased by 54.3% to $14.5 million. The company's cash and cash equivalents stood at $246.7 million, a decrease of $3.2 million from the previous year. SOS raised $24.79 million through share issuance during the period.

SOS (NYSE: SOS) has received a non-compliance letter from the New York Stock Exchange (NYSE) due to the trading price of its American depositary shares (ADSs) falling below $1.00 over a consecutive 30 trading-day period. The company has a six-month cure period to bring its share price and average share price back above $1.00 to regain compliance.

SOS can regain compliance if, on the last trading day of any calendar month during the cure period, it has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the preceding 30 trading days. If compliance is not achieved by the end of the cure period, the NYSE may initiate suspension and delisting procedures. The notice does not immediately impact the listing of SOS's ADSs on the NYSE.

SOS (NYSE: SOS) reported significant changes in its financial performance for the year ending December 31, 2023. Revenue decreased from $260 million in 2022 to $92.4 million in 2023, driven by a recession in China's economy. However, cryptocurrency mining revenue surged from $0.33 million to $18.9 million due to a substantial increase in BTC prices. Operating loss narrowed to $4.8 million from $215 million in the previous year. Operating expenses decreased from $204 million to $18.9 million, primarily due to reduced G&A expenses and impairments. Cash and cash equivalents increased to $280 million. Despite a decline in commodity trading revenue, SOS saw improved cash flows, turning a $72.9 million deficit in 2022 to a positive $9.7 million in 2023.