SOS Limited Reports 2024 semi-annual financial results

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