SOS Limited Reports 2024 Financial Results
SOS Limited (NYSE: SOS) reported its FY2024 financial results, showing a significant transformation in its revenue composition. The company's total revenue reached $231.4 million, with commodity trading revenue surging 92.6% to $214.3 million. However, cryptocurrency mining revenue declined by 51% to $9.3 million due to temporary facility shutdowns for upgrades. The company reported an operating loss of $21.6 million, compared to a $4.8 million loss in 2023, and a basic EPS of $(0.0299).
As of December 31, 2024, SOS holds 736.75 BTC (up 61.10 units YoY) and 2,924.79 ETH (unchanged). Cash and equivalents decreased to $239.5 million from $279.2 million in 2023. Operating expenses increased 50.6% to $28.6 million, while revenue costs rose significantly to $224.4 million.
SOS Limited (NYSE: SOS) ha comunicato i risultati finanziari per l'anno fiscale 2024, evidenziando una trasformazione significativa nella composizione dei ricavi. Il fatturato totale ha raggiunto 231,4 milioni di dollari, con i ricavi derivanti dal trading di materie prime che sono aumentati del 92,6% arrivando a 214,3 milioni di dollari. Tuttavia, i ricavi dal mining di criptovalute sono diminuiti del 51%, attestandosi a 9,3 milioni di dollari, a causa di chiusure temporanee degli impianti per aggiornamenti. La società ha riportato una perdita operativa di 21,6 milioni di dollari, rispetto a una perdita di 4,8 milioni nel 2023, e un utile base per azione (EPS) di $(0,0299).
Al 31 dicembre 2024, SOS detiene 736,75 BTC (in aumento di 61,10 unità rispetto all'anno precedente) e 2.924,79 ETH (stabili). La liquidità e gli equivalenti sono diminuiti a 239,5 milioni di dollari dai 279,2 milioni del 2023. Le spese operative sono cresciute del 50,6% raggiungendo 28,6 milioni di dollari, mentre i costi di ricavo sono aumentati significativamente a 224,4 milioni di dollari.
SOS Limited (NYSE: SOS) presentó sus resultados financieros del año fiscal 2024, mostrando una transformación significativa en la composición de sus ingresos. Los ingresos totales alcanzaron los 231,4 millones de dólares, con ingresos por comercio de materias primas que aumentaron un 92,6% hasta 214,3 millones de dólares. Sin embargo, los ingresos por minería de criptomonedas disminuyeron un 51%, situándose en 9,3 millones de dólares debido a cierres temporales de instalaciones para actualizaciones. La compañía reportó una pérdida operativa de 21,6 millones de dólares, en comparación con una pérdida de 4,8 millones en 2023, y un EPS básico de $(0,0299).
Al 31 de diciembre de 2024, SOS posee 736,75 BTC (un aumento de 61,10 unidades interanual) y 2.924,79 ETH (sin cambios). El efectivo y equivalentes disminuyeron a 239,5 millones de dólares desde 279,2 millones en 2023. Los gastos operativos crecieron un 50,6% hasta 28,6 millones de dólares, mientras que los costos de ingresos aumentaron significativamente a 224,4 millones de dólares.
SOS Limited (NYSE: SOS)는 2024 회계연도 재무 결과를 발표하며 수익 구성에 큰 변화를 보였습니다. 회사의 총 수익은 2억 3,140만 달러에 달했으며, 원자재 거래 수익은 92.6% 급증하여 2억 1,430만 달러를 기록했습니다. 그러나 암호화폐 채굴 수익은 업그레이드를 위한 일시적 시설 중단으로 인해 51% 감소하여 930만 달러에 그쳤습니다. 회사는 영업 손실 2,160만 달러를 보고했으며, 이는 2023년 480만 달러 손실과 비교됩니다. 기본 주당순이익(EPS)은 $(0.0299)입니다.
2024년 12월 31일 기준으로 SOS는 736.75 BTC(전년 대비 61.10 단위 증가)와 2,924.79 ETH(변동 없음)를 보유하고 있습니다. 현금 및 현금성 자산은 2023년 2억 7,920만 달러에서 2억 3,950만 달러로 감소했습니다. 영업비용은 50.6% 증가하여 2,860만 달러에 이르렀고, 수익 원가는 크게 증가하여 2억 2,440만 달러를 기록했습니다.
SOS Limited (NYSE: SOS) a publié ses résultats financiers pour l'exercice 2024, montrant une transformation significative dans la composition de ses revenus. Le chiffre d'affaires total a atteint 231,4 millions de dollars, avec un revenu du commerce de matières premières en hausse de 92,6 % à 214,3 millions de dollars. Cependant, les revenus issus du minage de cryptomonnaies ont diminué de 51 %, s'établissant à 9,3 millions de dollars, en raison de fermetures temporaires des installations pour des mises à niveau. La société a enregistré une perte d'exploitation de 21,6 millions de dollars, contre une perte de 4,8 millions en 2023, et un BPA de base de $(0,0299).
Au 31 décembre 2024, SOS détient 736,75 BTC (en hausse de 61,10 unités sur un an) et 2 924,79 ETH (inchangé). La trésorerie et équivalents ont diminué à 239,5 millions de dollars contre 279,2 millions en 2023. Les charges d'exploitation ont augmenté de 50,6 % pour atteindre 28,6 millions de dollars, tandis que les coûts des revenus ont fortement augmenté à 224,4 millions de dollars.
SOS Limited (NYSE: SOS) veröffentlichte seine Finanzergebnisse für das Geschäftsjahr 2024 und zeigte dabei eine bedeutende Veränderung in der Zusammensetzung der Umsätze. Der Gesamtumsatz erreichte 231,4 Millionen US-Dollar, wobei die Umsätze aus dem Rohstoffhandel um 92,6 % auf 214,3 Millionen US-Dollar stiegen. Die Einnahmen aus dem Kryptowährungs-Mining gingen jedoch aufgrund vorübergehender Anlagenstilllegungen für Upgrades um 51 % auf 9,3 Millionen US-Dollar zurück. Das Unternehmen meldete einen operativen Verlust von 21,6 Millionen US-Dollar, verglichen mit einem Verlust von 4,8 Millionen im Jahr 2023, und einen Basis-Gewinn je Aktie (EPS) von $(0,0299).
Zum 31. Dezember 2024 hält SOS 736,75 BTC (ein Anstieg um 61,10 Einheiten im Jahresvergleich) und 2.924,79 ETH (unverändert). Zahlungsmittel und Zahlungsmitteläquivalente sanken von 279,2 Millionen US-Dollar im Jahr 2023 auf 239,5 Millionen US-Dollar. Die Betriebskosten stiegen um 50,6 % auf 28,6 Millionen US-Dollar, während die Kosten der Umsatzerlöse deutlich auf 224,4 Millionen US-Dollar anstiegen.
- Commodity trading revenue surged 213% YoY to $214.3 million
- Total revenue increased 150% YoY to $231.4 million
- Bitcoin holdings increased by 61.10 units to 736.75 BTC
- Strong cash position with $239.5 million in cash and equivalents
- Successfully raised $24.9 million through registered direct offerings
- Operating loss widened to $21.6 million from $4.8 million YoY
- Cryptocurrency mining revenue declined 51% to $9.3 million
- Cash and equivalents decreased by $39.7 million YoY
- Operating expenses increased 50.6% to $28.6 million
- Net cash used in operating activities was -$63.6 million compared to +$9.7 million in 2023
Insights
SOS shows 150% revenue growth but declining profitability amid strategic shift from crypto mining to commodity trading.
SOS Limited's 2024 financial results reveal a significant business transformation with total revenue surging to
The most striking change is the dramatic pivot toward commodity trading, which now accounts for
Despite the revenue surge, operating losses widened substantially to
Operating expenses increased
The company's crypto holdings remain modest with 736.75 BTC (up 61.10 units) and unchanged ETH holdings of 2,924.79 units. The temporary shutdown of mining operations for facility upgrades during H1 2024 partially explains the mining revenue decline, but the company clearly emphasizes commodity trading as its future focus.
The diluted EPS worsened slightly to
- SOS Limited Reports
92.6% Surge in Commodity Trading Revenue Amid Strategic Pivot - Cryptocurrency Mining Revenue Halves as SOS Focuses on Facility Upgrades and Commodity Expansion
In compliance with the New York Stock Exchange rules, the Form 20-F is available on the Company's website at http://www.sosyun.com/. In addition, all shareholders of the Company may request, free of charge, a hard copy of the Company's complete audited financial statements filed with the SEC. To request a hard copy of the Company's audited financial statements, or for any other inquiry in respect of this press release, please contact the Investor Relations Department of the Company, whose contact information is as follows: ir@sosyun.com
Results of operations
Revenue
The following table presents our revenues by revenue source and by proportion for the periods indicated (in thousands, except percentages):
FY 2024 | FY 2023 | |||||||||||
Amount | Percentage | Amount | Percentage | |||||||||
Commodity trading | 214,340 | 92.6 | % | 68,409 | 74 | % | ||||||
Cryptocurrency Mining | 9,258 | 4 | % | 18,898 | 20.4 | % | ||||||
Hosting service | 6,506 | 2.8 | % | 2,365 | 2.6 | % | ||||||
Other | 1,320 | 0.6 | % | 2,744 | 3 | % | ||||||
Total | 231,424 | 100 | % | 92,416 | 100 | % | ||||||
The company reported a significant year-over-year increase in commodity trading revenue, which soared to
Conversely, cryptocurrency mining revenue declined to
Revenue from other segments, primarily the legacy auto insurance business, continued to taper, reflecting
As of December 31, 2024, SOS has focused on four product lines and services, including commodity trading, cryptocurrency mining, hosting service and others, constitute
As of December 31, 2024, the Company holds 736.75 units of BTC, reflecting an increase of 61.10 units compared to the previous year.
During the first half of 2024, the Company temporarily suspended operations to upgrade its facilities, resuming full production in July 2024.
Additionally, the Company's ETH holdings remain unchanged from the prior year at 2,924.79 units, with no additions made during the year.
The Company bought and sold commodity products such as sesame, sulfur, rubber, mung bean, asphalt and circuit modular units. The company recognizes revenue when the product has been delivered, title to the good and risk associated with it has been transferred to the customers. Revenue generated from commodity trading amounts to
Costs of revenue
Revenue costs increased from
Operating expenses
The following table presents our operating expense by source and proportion for the periods indicated (in thousands, except percentages):
FY 2024 | FY 2023 | |||||||||||||||
Selling expenses | 2,774 | 10 | % | 672 | 4 | % | ||||||||||
General and administrative | 18,136 | 63 | % | 11,058 | 58 | % | ||||||||||
Share-based compensation | 7,735 | 27 | % | 7,264 | 38 | % | ||||||||||
28,645 | 18,994 | |||||||||||||||
Operating expenses increased from
Selling expenses
Selling expenses were
The year-on-year increase for 2024 was
General and administrative expenses
In 2024, G&A expenses for the year-on-year basis increased by
Share-based compensation expenses
Share-based compensation expenses increased from
GAAP Operating Loss and EPS
The Company had operating loss of
GAAP EPS Basic (Diluted EPS is the same as EPS Basic) was
Income Tax
The company incurred
Balance Sheet and Cash Flow
Our principal sources of liquidity are cash and cash equivalents and cash flows generated from our operations.
As of December 31, 2024, we had cash and cash equivalents of approximately
The Company believes that its cash resources are adequate to fund its current operations and short-term growth initiatives, current liquidity and capital resources are sufficient to meet anticipated working capital needs (net cash used in operating activities), commitments, capital expenditures and for at least the next twelve months. The Company may, however, require additional cash resources due to changes in business conditions and other future developments, or changes in general economic conditions.
Year ended | Year ended | |||||||
December 31, | December 31, | |||||||
2024 | 2023 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net loss | $ | (13,605) | $ | (3,651) | ||||
Net loss from continuing operation | (13,606) | (3,651) | ||||||
Net loss from discontinued operation | 1 | - | ||||||
Adjustments for: | ||||||||
Depreciation of property, plant and equipment | 10,904 | 4,975 | ||||||
Depreciation of right-of-use asset | 377 | 800 | ||||||
Share-based compensation | 7,735 | 7,264 | ||||||
Accretion of finance leases | 6 | 32 | ||||||
Allowance for expected credit losses - accounts receivable | 196 | 451 | ||||||
Allowance for expected credit losses - other receivables | (1,044) | 228 | ||||||
Impairment of intangible assets | 781 | 970 | ||||||
Impairment of mining equipment | - | 4,455 | ||||||
Inventory impairment | 2,571 | 194 | ||||||
Adjustments, total | 21,526 | 19,369 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (2,017) | 1,172 | ||||||
Investment securities | - | (307) | ||||||
Other receivables | (69,267) | (25,194) | ||||||
Amount due from related parties | 29,745 | 29,456 | ||||||
Inventories | (5,283) | 13,204 | ||||||
Intangible assets | (9,258) | (15,960) | ||||||
Accrued liabilities | 6,306 | (5,193) | ||||||
Tax (recoverable)/payable | (452) | 1,247 | ||||||
Accounts payable | (24,229) | (94) | ||||||
Other payables | 4,352 | (4,795) | ||||||
Amount due to related parties | (999) | 998 | ||||||
Lease liabilities | (377) | (544) | ||||||
Net cash generated from/(used in) operating activities from | (63,559) | 9,708 | ||||||
Net cash generating from discontinued operating activities | 1 | - | ||||||
Net cash generated from/(used in) operating activities | (63,558) | 9,708 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchases of property, plant and equipment | - | - | ||||||
Net cash used in investing activities from continuing operations | - | - | ||||||
Net cash used in investing activities from discontinued operation | - | |||||||
Net cash used in investing activities | - | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Repayment of principle portion of lease liabilities | (288) | (288) | ||||||
Proceed from share issuance, net of issuance costs | 24,838 | 17,884 | ||||||
Proceeds from disposal of subsidiaries | - | |||||||
Net cash generated from financing activities | 24,550 | 17,596 | ||||||
EFFECT OF EXCHANGE RATES ON CASH | (2,685) | (7,619) | ||||||
NET CHANGES IN CASH AND CASH EQUIVALENTS | (41,693) | 19,685 | ||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 279,177 | 259,492 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 237,484 | $ | 279,177 | ||||
Net Cash Provided by/(Used in) Operating Activities
The Years Ended December 31, 2024 and 2023
Net cash generated from operating activities was
- A cash outflow of
$69.3 million $25.2 million - A cash outflow of
$2 million in accounts receivable for the year ended December 31, 2024, compared with a cash inflow of$1.2 million
Cash Flow Used For Investment Activities
The net cash used in investing activities was nil for the year ended December 31, 2024 and 2023.
Financing Activities
The net cash generated from financing activities was
We have financed our operations primarily through cash flows from operations, working capital from our shareholders, and equity financing through public and private offerings of our securities. We plan to support our future operations primarily from cash generated from our operations and equity financing.
About SOS Limited
SOS is currently engaged in commodity trading and cryptocurrency mining and hosting business. Our commodity trading services are primarily delivered through our subsidiaries in
Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws, including, but not limited to, our expectations for future financial performance, business strategies or expectations for our business. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. SOS cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Words such as "may," "can," "should," "will," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target," "look" or similar expressions may identify forward-looking statements.
These forward-looking statements are based on information available as of the date of this press release and our management's current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but not are limited to, the risk factors described by SOS in its filings with the Securities and Exchange Commission ("SEC").
Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
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SOURCE SOS Limited
FAQ
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