Welcome to our dedicated page for Sos news (Ticker: SOS), a resource for investors and traders seeking the latest updates and insights on Sos stock.
SOS Limited (SOS) generates news across several intersecting themes: commodity trading performance, cryptocurrency operations, digital infrastructure projects, capital markets activity and blockchain-based services. Company announcements describe a business that combines commodity trading in products such as mineral resin, soy bean, wheat, sesame, liquid sulfur, petrol coke, latex, rubber, coal, mung bean and asphalt with cryptocurrency mining, hosting services and blockchain-driven marketing and emergency-rescue solutions.
Recent news releases highlight SOS’s strategic pivot toward digital infrastructure, including the development of a Tier III modular data center at Longfellow Ranch in Fort Stockton, Texas. The company frames this project as part of a transition from traditional cryptocurrency mining to a broader role as a digital-infrastructure provider, with modular, prefabricated data-center capacity aimed at AI, cloud and enterprise hosting demand.
Financial results are another key news category. Semi-annual and annual updates detail the revenue mix across commodity trading, hosting services, cryptocurrency mining and other segments, emphasizing the growing contribution of commodity trading and the evolving role of mining and hosting. These releases often discuss operating costs, gross margins and cash-flow dynamics, including prepayments related to a proprietary blockchain commodity trading platform.
SOS news also covers capital-raising transactions and share-structure changes, such as registered direct offerings of American Depositary Shares, concurrent private placements of warrants, ADS ratio changes, and the termination of the deposit agreement that governs its ADS program. In addition, the company reports on strategic initiatives like its Bitcoin investment plan and a framework agreement with Lepu Sodium Power to optimize electricity use for computing and data centers.
Investors and observers can use the SOS news feed to follow developments in its commodity trading operations, cryptocurrency mining and hosting strategy, digital-infrastructure build-out, blockchain-based marketing services and corporate actions affecting its securities.
SOS Limited has announced a registered direct offering of approximately $90.1 million, selling 51.5 million American Depositary Shares (ADS) at $1.75 per share. Closing is anticipated around November 12, 2021. The funds will be utilized for business expansion in North America and general corporate purposes. Additionally, the company will reduce the exercise price of certain purchase warrants to $1.75. Maxim Group LLC serves as the sole placement agent for this offering.
SOS Limited (NYSE: SOS) announced progress on its North American supercomputing and hosting center in Wisconsin, aimed at enhancing its blockchain technology ecosystem. The center will have a total capacity of 50MW, powered by renewable sources, and is projected to achieve 1,000 PH BTC hash power. The first phase will utilize 20MW, having 6 out of 17 mobile smart data center units on-site, with the remainder arriving by December 2021. CEO Yandai Wang expressed optimism for launching services in early 2022.
SOS Limited (NYSE: SOS) has officially announced the lease of its North American headquarters located at 866 2nd Ave, New York, NY. This facility will support the company's business development and blockchain R&D efforts in North America. CEO Yandai Wang emphasized SOS's commitment to expanding its blockchain technology operations outside of mainland China. The company has been actively increasing its global presence, and this new office marks a significant step in its growth strategy.
On September 10, 2021, SOS Limited (NYSE: SOS) reported significant financial results for the six months ended June 30, 2021. Net revenue soared to $184.5 million, a staggering 17-fold increase compared to the same period in 2020. Gross profit rose sharply to $17.2 million, reflecting improved operational efficiency with a gross margin of 9.3%. Despite these gains, the company reported a GAAP net loss of $20.4 million, exacerbated by increased expenses related to legal matters and share-based compensation. Cash and cash equivalents reached $185.5 million, bolstered by financing activities.
SOS Limited (NYSE: SOS) has established a joint venture with Niagara Development LLC to initiate cryptocurrency mining operations and build a Digital Super Computing Custody Operation Center in Niagara, Wisconsin. Niagara Development will supply up to 150MW of electricity, incorporating renewable sources, while SOS will handle management and financing. This move comes as SOS shifts its bitcoin mining to the U.S. due to changing regulations in China, maintaining unaffected operations in its insurance and ethereum mining businesses. The company aims to enhance its blockchain strategy and aims for sustainable energy solutions.
SOS Limited (NYSE: SOS) announced the operational launch of 6,039 mining rigs, including 575 Ethereum rigs and 5,464 Bitcoin rigs, enhancing its mining capacity. The total expected output now stands at approximately 527 PH/s for Bitcoin and 1,456 GH/s for Ethereum, with over 90% of energy sourced from renewables. CEO Yandai Wang expressed optimism about the company's growth trajectory in the cryptocurrency sector, emphasizing sustainable practices and strategic expansion. However, the operational success hinges on various factors, including maintenance and market trends.
SOS Limited (NYSE: SOS) announced that its US and Canadian subsidiaries have obtained money services business (MSB) licenses from the U.S. Financial Crimes Enforcement Network (FinCEN) and Canada's Financial Transactions and Reports Analysis Centre (FINTRAC). These licenses enable SOS to operate as a foreign exchange dealer and a money transfer agent in the US and Canada. CEO Yandai Wang emphasized that these licenses represent a significant milestone in their blockchain technology strategy aimed at launching a digital currency exchange.
SOS Limited (NYSE: SOS) has completed the first phase of its Leibodong Mine project, delivering 575 ETH cryptocurrency mining rigs. This phase encompasses approximately 300 square meters, housing up to 1,100 rigs. The company expects a hash rate of around 400 GH once the installation is complete. CEO Yandai Wang highlighted the project's role in leveraging low-cost electricity from renewable resources in Sichuan to enhance their digital currency mining operations, supporting blockchain technology development.
SOS Limited (NYSE: SOS) reported a robust fiscal year 2020, achieving total revenue of $50.3 million, a 333.6% increase from 2019. The company's net profit soared 193.3% to $4.4 million, with gross profit increasing 513.5% to $13.0 million and gross margin at 25.8%. Insurance marketing revenue accounted for $49.2 million, a 325.2% rise. The transition from P2P to insurance marketing has positioned SOS to leverage data mining for future growth in marketing data and cryptocurrency sectors.
SOS Limited (NYSE: SOS) has announced an agreement to purchase 575 cryptocurrency ETH mining rigs, which will provide approximately 400 GH of ETH hash rate. The delivery is expected around April 30, 2021. This acquisition aligns with SOS's strategy to enhance its cryptocurrency mining capabilities during a global equipment shortage. CEO Yandai Wang expressed optimism about cryptocurrency and Ethereum, viewing this as a vital step for the company's growth in 2021 and beyond.