SOS Limited Reports 2023 Interim Financial Results

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PR Newswire

NEW YORK, Sept. 28, 2023

Revenues decline due to legacy business disposal and economic slow down

GAAP net loss narrows to $11.0 million, compared to a net loss of $14.3 million in the first half of 2022

U.S. Hosting Service Growth underway

Cash balance slightly increased from $247.4 million to $249.9 million

NEW YORK, Sept. 28, 2023 /PRNewswire/ -- SOS Limited ("SOS" or the "Company") (NYSE: SOS) today reports its 2023 Interim financial results from operations.

Six months ended June 30, 2023 compared to June 30, 2022

Revenue

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Kurse

SOS Ltd. ADR

1,15 $

0,00%

As at June 30, 2023, SOS focuses on four product and service lines including Commodity Trading, Cryptocurrency Mining, Hosting Service and Others. Commodity Trading contributes 90.5% of the total revenue, 0.8% from cryptocurrency mining, 2.9% from Hosting Service and 5.8% from Others, (i.e. legacy data mining).

Revenue by products and service

Revenue by products and service	Six months ended June 30, 2023
Product and service	$ "000"		Percentage
Commodity Trading		37,815		90.5	%
Cryptocurrency mining		350		0.8	%
Hosting Service		1,225		2.9	%
Others		2,416		5.8	%
Total revenue -net	$	41,806		100	%

Revenue by products and service	Six months ended June 30, 2022
Product and service	$ "000"		Percentage
Commodity Trading		84,348		99.5	%
Cryptocurrency Mining		305		0.4	%
Hosting Service		102		0.1	%
Others		25		-	%
Total revenue -net	$	84,780		100	%

Net revenue was $41.8 million, down 50.7% to $84.8 million period-on-period. The decline in revenues can be primarily attributed to an economic downturn within China and disposal of our data mining operation. We are experiencing weak demand from small businesses and grain & food factories - both key markets for our commodity products. Internationally, we are witnessing a surge in commodity and energy prices, consequently commodity trading dropped 55.2% from $84.4 million the same period of last year to $37.8 million for six months ended June 30, 2023. Additionally, in November 2022, our primary data-mining service line was disposed off, for regulatory reason, resulting in a reduced operational footprint and a corresponding decrease in revenue. However, revenue from hosting service in US jumped up 12 times from $0.10 million to $1.2 million period-on-period. As the Company continues to expand its business development, US hosting service is seeing result and growth is underway.

Unaudited Condensed Consolidated Statements of Comprehensive Loss
(US$ thousands, except share data and per share data, or otherwise notes)

	Six months ended
	30-Jun-22			30-Jun-23
	$"000"			$"000"
Revenue		132,710			41,835
Business taxes and surcharges		(45)			(29)
Net revenue		132,665			41,806
Operating costs		(120,294)			(41,716)
Gross profit		12,371			90
Gross profit ratio		9.3	%		0.2	%

Revenue and service by products

Revenue by products and service

Six months ended
June 30, 2023

Six months ended
June 30, 2022

Product and service

$ "000"

Percentage

$ "000"

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