QINGDAO, China, Sept. 26, 2025 /PRNewswire/ -- SOS Limited ("SOS" or the "Company") (NYSE: SOS) today reported its semi-annual financial results for the six-months ended June 30, 2025.
In compliance with the New York Stock Exchange rules, the Form 6-K 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.
Interim Financial Results from Operations
Six months ended June 30, 2025 compared to June 30, 2024
Results of operations
Revenue
As of June 30, 2025, SOS focuses on three product and service lines including Commodities Trading, Hosting Service and Others. Commodities Trading contributes 94.9% of the total revenue, 4.3% from Hosting Services and 0.8% from Others, (i.e. legacy data mining which was disposed of in November 2022).
Six months ended
30-Jun-25
-------------------------
Revenue by Products and
Services US$ Percentage
------------------------ ------------- ----------
Commodities Trading 85,011 94.9%
Hosting Services 3,850 4.3%
Others 734 0.8%
--------- ----------
Total revenue -net $ 89,595 100%
========= ==========
Six months ended
30-Jun-24
-------------------------
Revenue by Products and
Services US$ Percentage
------------------------ ------------- ----------
Commodity Trading 55,466 91.7%
Hosting Services 4,719 7.8%
Others 329 0.5%
--------- ----------
Total revenue -net $ 60,514 100%
========= ==========
Net revenue was $89.6 million, up 48.1% from $60.5 million period-on-period. An increase in revenue is primarily due to higher sales of natural rubber, one of the key industrial materials, as the Chinese economy has continued to recover over the past six months. The ongoing recovery of the Chinese economy over the past six months has fueled increased demand for rubber products. There was no output of production from cryptocurrency mining business: to optimize the use of our limited infrastructure--specifically, physical space and electrical power--the company has decided to strategically reallocate resources toward our higher-growth segment. Effective immediately, the Company shut down temporary (at least during first half of the year) the internal Bitcoin mining operations (self-mining) to prioritize and expand our third-party mining hosting services, which have demonstrated strong and increasing demand.
Unaudited Condensed Consolidated Statements of Comprehensive Loss
(US$ thousands, except share data and per share data, or otherwise
notes)
Six months ended
----------------------------------------
30-Jun-24 30-Jun-25
----------------- ---------------
US$ US$
Revenue 60,514 89,595
Operating costs (58,083) (90,904)
---------------- ---------------
Gross profit 2,431 (1,309)
---------------- ---------------
Gross profit ratio 4% (1.5)%
Revenue and Service by Products
Six months ended Six months ended
30-Jun-24 30-Jun-25
------------------- ------------------
Revenue by
Products
and
Services US$ Percentage US$ Percentage
---------- ------- ---------- ------ ----------
Commodity
Trading 55,466 91.7% 85,011 94.9%
Hosting
Services 4,719 7.8% 3,850 4.3%
Others 329 0.5% 734 0.8%
------ ---------- ------ ----------
Total 60,514 100% 89,595 100%
====== ========== ====== ==========
Costs of revenue
Operating costs were $90.9 million, up 56.5% period-on-period from $58.1 million in the six months ended June 30, 2024 which is consistent with our revenue increase. Operating costs comprised of depreciation of hardware, electricity power and depreciation from property equipment for cryptocurrency mining as well as costs of goods sold & warehouse rental for commodity trading.
Operating expenses
Selling Expenses
Selling expenses mainly relate to our commodity business and include freight-out expenses, custom clearing agency fee, warehouse rental expense, promotional expense, sales commission and payroll expenses to sales team. Selling expenses increased to $2.3 million from $2.2 million for the same period last year mainly attributable to the higher transportation costs.
General and Administrative Expenses
General and administrative expenses were $9.4 million, 35.0% down period-on-period from $14.5 million in the end of 2024. The decrease was mainly due to the fact that the mining machines have been fully impaired and no depreciation expense is recorded for them in this period.
Operating Loss
GAAP net loss was $14.2 million, compared to a net loss of $10.9 million in the six months ended of 2024, representing an increase of 30.3%. We concluded the period with a gross margin of -1.5%. This result is attributed to a sharp decline in the fair market price of our key products, rubber and petroleum coke. Specifically, we sold off a backlog of low-quality petroleum coke inventory at cost, and falling rubber spot prices caused a loss of over $1.6 million. In the face of slowing low market demand in petroleum code, our strategy has been to prioritize market share over immediate profitability for certain products. We are consciously offering competitive pricing with thin or negative margins to establish a foothold for future business expansion.
Income Tax
The Company paid $3,000 of corporate income tax for the current period as compared to NIL at the end of the six months ended June 30, 2024.
GAAP net loss attributable to ordinary shareholders was $14.2 million, as compared to a net loss of $10.9 million in the six months ended June 30, 2024.
GAAP Basic EPS was $(0. 0139) per share, as compared to $(0.0299) per share in the six months ended June 30, 2024.
Balance Sheet and Cash Flow
Unaudited Condensed Consolidated Statement of Cash Flow
(US$ thousands, except share data and per share data, or otherwise
noted)
Six months Six months
ended ended
30-Jun-24 30-Jun-25
------------- ------------
Unaudited Unaudited
------------- ------------
US$ US$
Cash Flow from Operating Activities:
Net loss (10,902) (14,216)
Less: Net income from
discontinued operation 1 -
------------ ------------
Net loss from continuing operation (10,903) (14,216)
Adjustments:
Depreciation and amortization 8,765 4,871
Share-based compensation 807 1,893
Amortization of right of use assets 281 -
Accretion of finance leases 6 -
Disposition of NCI - 6,240
Operating cash flows before
movements in working capital (1,044) (1,212)
Changes in working capital:
Inventory (155) 1,233
Accounts receivable 297 (780)
Other receivables (115,566) (250,915)
Amount due from related parties 29,739 (16)
Accrued liabilities 25,642 6,916
Accounts payable (24,016) 813
Tax payable 400 (55)
Other payables 32,588 3,650
Amount due to related parties (999) -
Lease liabilities (282) -
------------ ------------
Net cash used in operating
activities from continuing
operations (53,396) (246,366)
Net cash used in in generating
from discontinued operating
activities 1 -
------------ ------------
Net cash used in operating
activities (53,395) (246,366)
------------ ------------
Cash flows from financing
activities:
Repayment of principle portion of
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