NEW YORK, Sept. 24, 2024 /PRNewswire/ -- SOS Limited ("SOS" or the "Company") (NYSE:SOS) today reported its semi-annual financial results for the six-months ended June 30, 2024.
Results of operations
Revenue
As of June 30, 2024, SOS focuses on three product and service lines including Commodities Trading, Hosting Service and Others. Commodities Trading contributes 91.7% of the total revenue, 7.8% from Hosting Services and 0.5% from Others, (i.e. legacy data mining which was disposed of in November 2022).
Six months endedJune 30, 2024
Revenue by Products and Services
US$
Percentage
Commodities Trading
55,466
91.7
%
Hosting Services
4,719
7.8
%
Others
329
0.5
%
Total revenue -net
$
60,514
100
%
Six months endedJune 30, 2023
Revenue by Products and Services
US$
Percentage
Commodity Trading
37,815
90.5
%
Cryptocurrency Mining
350
0.8
%
Hosting Services
1,225
2.9
%
Others
2,416
5.8
%
Total revenue -net
$
41,806
100
%
Net revenue was $60.5 million, up 47.1% from $41.8 million period-on-period. An increase in revenue is primarily due to higher sales of natural rubber, one of the key industrial materials, as the Chinese economy has continued to recover over the past six months. The ongoing recovery of the Chinese economy over the past six months has fueled increased demand for rubber products. However, no revenue from cryptocurrency mining was generated in this period in 2024, as we temporarily halted our cryptocurrency mining operations to focus on upgrading the mining site. The Company began the work in January 2024 and it is expected to be completed and be back online in October 2024.
Unaudited Condensed Consolidated Statements of Comprehensive Loss
(US$ thousands, except share data and per share data, or otherwise notes)
Six months ended
30-Jun-23
30-Jun-24
US$
US$
Revenue
41,835
60,531
Business taxes and surcharges
(29)
(17)
Net revenue
41,806
60,514
Operating costs
(41,716)
(58,083)
Gross profit
90
2,431
Gross profit ratio
0.2
%
4.0
%
Revenue and Service by Products
Six months endedJune 30, 2023
Six months endedJune 30, 2024
Revenue by Products and Services
US$
Percentage
US$
Percentage
Commodity Trading
37,815
90.5
%
55,466
91.7
