SOS Limited Reports 2025 Financial Results
Rhea-AI Summary
SOS (NYSE:SOS) reported FY 2025 revenue of $154.3 million, down from $231.4 million in 2024. Commodity trading contributed 93.9% of revenue, hosting services 4.9%, and cryptocurrency mining 0% after operations were shut down.
Operating loss widened to $98.6 million, net loss reached $97.3 million, and cash and equivalents fell to $3.2 million from $228.1 million, driven by $246.5 million net cash used in operating activities and large increases in allowances and impairments.
AI-generated analysis. Not financial advice.
Positive
- Cost of revenue decreased from $224.4 million in 2024 to $149.9 million in 2025
- Hosting service revenue grew from $6.5 million in 2024 to $7.5 million in 2025
- Net cash generated from financing activities totaled $15.8 million in 2025 from share issuance
Negative
- Total revenue declined from $231.4 million in 2024 to $154.3 million in 2025
- Operating loss increased from $21.6 million in 2024 to $98.6 million in 2025
- General and administrative expenses rose from $18.1 million to $84.8 million in 2025
- Net loss expanded from $13.6 million in 2024 to $97.3 million in 2025
- Net cash used in operating activities increased to $246.5 million from $72.9 million
- Cash and cash equivalents decreased from $228.1 million to $3.2 million at year-end 2025
Key Figures
Market Reality Check
Peers on Argus
Pre-news scanner data flagged peers like SLNH and COHN moving up while the target was flagged down. Other crypto-exposed peers show mixed moves, pointing to stock-specific dynamics rather than a unified sector trend.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Sep 26 | Semi-annual earnings | Negative | +3.6% | H1 2025 revenue growth but rising losses and sharply lower cash. |
| May 15 | Annual earnings | Negative | +1.4% | FY2024 revenue rebound alongside larger operating loss and lower cash. |
| Sep 24 | Semi-annual earnings | Neutral | +4.9% | H1 2024 revenue and margin improvement offset by continued net loss. |
| May 15 | Annual earnings | Positive | +0.0% | FY2023 showed sharply lower operating loss and higher cash despite revenue drop. |
Earnings releases have often been accompanied by continued losses and cash drawdowns, yet price reactions around these reports have generally been modest and sometimes positive despite deteriorating fundamentals.
Over the last few earnings cycles, SOS moved from a $260M revenue base in 2022 to $92.4M in 2023, then back up to $231.4M in 2024, driven largely by commodity trading. Losses persisted, with a $21.6M operating loss in 2024 and a $14.2M GAAP net loss in H1 2025. Cash fell sharply from $280M in 2023 to $4.2M by H1 2025 after a large prepayment. Today’s FY2025 report extends this theme of volatile revenue, significant impairments, and shrinking liquidity.
Historical Comparison
In the past year, SOS released 4 earnings updates with an average move of 2.47%. Those reports mixed revenue swings, sustained losses, and cash erosion, a pattern echoed in the latest FY2025 results.
Earnings updates trace a shift from 2023 loss reduction with strong cash, to 2024 revenue recovery but bigger losses, then 2025 semi-annual and full-year results marked by heavy impairments and steep cash declines.
Regulatory & Risk Context
An effective Form F-3/A shelf filed on 2025-06-25 allows SOS to issue up to $500 million of various securities and registers 484,281,240 Class A shares for potential resale. With at least one 424B5 usage noted, the company retains capacity to raise additional equity or other securities, which can be a source of financing but also future dilution risk.
Market Pulse Summary
This announcement details FY2025 results marked by lower revenue of $154.3M, a significantly larger operating loss of $98.6M, and cash falling to $3.2M. The company exited mining to focus on hosting, but recorded substantial impairments and heavy operating cash outflows of $246.5M. It also maintains an effective $500M shelf to raise capital. Investors may track revenue mix, cash movements in receivables, impairment trends, and any future securities offerings stemming from the shelf.
Key Terms
form 20-f regulatory
gaap financial
eps financial
btc financial
eth financial
pipe financial
warrant financial
AI-generated analysis. Not financial advice.
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 2025 | FY 2024 | |||||||||||||||
Amount | Percentage | Amount | Percentage | |||||||||||||
Commodity trading | 144,974 | 93.9 | % | 214,340 | 92.6 | % | ||||||||||
Cryptocurrency Mining | - | - | % | 9,258 | 4 | % | ||||||||||
Hosting service | 7,501 | 4.9 | % | 6,506 | 2.8 | % | ||||||||||
Other | 1,815 | 1.2 | % | 1,320 | 0.6 | % | ||||||||||
Total | 154,290 | 100 | % | 231,424 | 100 | % | ||||||||||
The company reported a significant decrease in commodity trading revenue, which dropped to
Cryptocurrency mining revenue declined to
As of December 31, 2025, SOS has focused on four product lines and services, including commodity trading, cryptocurrency mining, hosting service and others, constitute
As of December 31, 2025, the Company holds 802.77 units of BTC which were carried forward from FY 2024. During FY 2025, the Company Shut down its entire crypto-currency mining business to re-focus its resource on hosting business, hence there were no BTC production during FY 2025.
The Company's ETH holdings 2,924.79 units carried forward from FY 2024, 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 decreased from
Operating expenses
The following table presents our operating expense by source and proportion for the periods indicated (in thousands, except percentages):
FY 2025 | FY 2024 | |||||||||||||||
Selling | 5,278 | 5 | % | 2,774 | 10 | % | ||||||||||
General and administrative | 88,407 | 88 | % | 18,136 | 63 | % | ||||||||||
Share-based compensation | 7,170 | 17 | % | 7,735 | 27 | % | ||||||||||
100,855 | 28,645 | |||||||||||||||
Operating expenses increased from
Selling expenses
In both 2025 and 2024, the year-on-year increase was primarily driven by a
General and administrative expenses
General and administrative expenses were
The year-on-year increase for 2025 was
Share-based compensation expenses
Share-based compensation expenses decreased from
GAAP Operating Loss and EPS
The Company had an 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, 2025, 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, | |||||||
2025 | 2024 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net loss | $ | (97,319) | $ | (13,605) | ||||
Net loss from continuing operation | (97,319) | (13,606) | ||||||
Net gain from discontinued operation | - | 1 | ||||||
Adjustments for: | ||||||||
Depreciation of property, plant and equipment | 8,706 | 10,904 | ||||||
Depreciation of right-of-use assets | 2 | 377 | ||||||
Share-based compensation | 7,170 | 7,735 | ||||||
Accretion of finance leases | - | 6 | ||||||
Allowance for credit losses - accounts receivable | 1,554 | 196 | ||||||
Allowance for credit losses - other receivables | 51,178 | (1,044) | ||||||
Impairment of intangible assets | 6,723 | 781 | ||||||
Impairment of mining equipment | 5,861 | - | ||||||
Impairment of fixed assets | 1,025 | - | ||||||
Inventory impairment | 5,579 | 2,571 | ||||||
Adjustments, total | 87,798 | 21,526 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (2,082) | (2,017) | ||||||
Investment securities | 7,371 | (9,353) | ||||||
Other receivables | (211,290) | (69,267) | ||||||
Amount due from related parties | (29,637) | 29,745 | ||||||
Inventories | 3,450 | (5,283) | ||||||
Intangible assets | - | (9,258) | ||||||
Accrued liabilities | (4,674) | 6,306 | ||||||
Tax (recoverable)/payable | (35) | (452) | ||||||
Accounts payable | 6,836 | (24,229) | ||||||
Other payables | (7,904) | 4,352 | ||||||
Amount due to related parties | 1,000 | (999) | ||||||
Lease liabilities | 2 | (377) | ||||||
Net cash generated from/(used in) operating activities from continuing operations | (246,484) | (72,911) | ||||||
Net cash generating from discontinued operating activities | - | 1 | ||||||
Net cash generated from/(used in) operating activities | (246,484) | (72,910) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchases of property, plant and equipment | (38) | - | ||||||
Net cash used in investing activities from continuing operations | (38) | - | ||||||
Net cash used in investing activities from discontinued operation | - | - | ||||||
Net cash used in investing activities | (38) | - | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Repayment of principle portion of lease liabilities | 2 | (288) | ||||||
Proceed from share issuance, net of issuance costs | 15,788 | 24,838 | ||||||
Net cash generated from financing activities | 15,790 | 24,550 | ||||||
EFFECT OF EXCHANGE RATES ON CASH | 5,833 | (2,685) | ||||||
NET CHANGES IN CASH AND CASH EQUIVALENTS | (224,899) | (51,046) | ||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 228,131 | 279,177 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 3,232 | $ | 228,131 | ||||
LESS: CASH AND CASH EQUIVALENTS, FROM THE DISCONTINUED OPERATIONS | $ | - | $ | - | ||||
The Years Ended December 31, 2025 and 2024
Net cash used in operating activities was
- A cash outflow of
$211.3 million $69.3 million - A cash outflow of
$2.1 million $2.9 million
Net Cash Used in Investing Activities
Years Ended December 31, 2025 and 2024
The net cash used in investing activities was
Net Cash Generated from Financing Activities
Years Ended December 31, 2025 and 2024
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