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艾斯欧艾斯上涨3.24%,报2.55美元/股,总市值2296.51万美元
Jin Rong Jie· 2025-08-04 15:45
Core Insights - SOS experienced a stock price increase of 3.24% on August 4, reaching $2.55 per share, with a total market capitalization of $22.9651 million [1] - For the fiscal year ending December 31, 2024, SOS reported total revenue of $231 million, reflecting a year-over-year growth of 150.42%, while the net profit attributable to shareholders was a loss of $13.605 million, a decrease of 272.64% compared to the previous year [1] Company Overview - SOS Limited is a high-tech company focused on artificial intelligence and blockchain technologies, providing digital technology services across various sectors including rescue, healthcare, international trade, and digital asset management [1] - The company is listed on the New York Stock Exchange under the ticker symbol SOS and is headquartered in Qingdao, China [1] Product and Service Offerings - SOS has developed a SaaS platform for emergency rescue services, which includes three main product categories: Basic Cloud (medical rescue cards, automotive rescue cards, financial rescue cards, mutual aid rescue cards), Cooperative Cloud (information rescue center, intelligent big data, smart hardware and software), and Information Cloud (current news, current e-commerce) [1] - The platform aims to provide precise information security services, marketing-related data, technology, and solutions for emergency rescue service sectors such as insurance, finance, healthcare, automotive, safety, and mutual aid [1]
SOS Limited Reports 2024 Financial Results
Prnewswire· 2025-05-15 20:10
Core Insights - SOS Limited reported significant growth in commodity trading revenue, which increased to $214.3 million in FY 2024, accounting for 92.6% of total revenue, up from 74.0% in FY 2023 [3][4][8] - The company experienced a decline in cryptocurrency mining revenue, dropping to $9.3 million from $18.9 million in FY 2023, primarily due to a temporary shutdown of its Texas mining facility for upgrades [4][8] - Operating expenses rose to $28.6 million in FY 2024, a 50.6% increase from $18.99 million in FY 2023, driven by higher general and administrative costs and selling expenses [10][12][13] Revenue Breakdown - Commodity trading revenue reached $214.3 million, representing 92.6% of total revenue in FY 2024, compared to $68.4 million (74.0%) in FY 2023 [3][4] - Cryptocurrency mining revenue fell to $9.3 million (4.0%) in FY 2024 from $18.9 million (20.4%) in FY 2023 [4][5] - Hosting service revenue increased to $6.5 million (2.8%) from $2.4 million (2.6%) in FY 2023 [3][5] Cost and Expenses - Costs of revenue surged from $78.2 million in FY 2023 to $224.4 million in FY 2024, an increase of $146.2 million [9] - Selling expenses increased significantly to $2.8 million in FY 2024, a 300% rise from $0.7 million in FY 2023 [11] - General and administrative expenses rose by 64% to $18.1 million, largely due to increased depreciation of mining rigs [12] Financial Performance - The company reported an operating loss of $21.6 million in FY 2024, compared to a loss of $4.8 million in FY 2023 [13] - Basic GAAP EPS was $(0.0299) for FY 2024, slightly worse than $(0.0269) in FY 2023 [13] - Cash and cash equivalents decreased to approximately $239.5 million as of December 31, 2024, down from $279.2 million in the previous year [15] Cash Flow Analysis - Net cash used in operating activities was $(63.6) million for FY 2024, a significant decline from $9.7 million generated in FY 2023 [19] - The net cash generated from financing activities increased to $24.6 million in FY 2024, up from $17.6 million in FY 2023 [20] - The company incurred a cash outflow of $69.3 million from changes in other receivables in FY 2024, compared to $25.2 million in FY 2023 [25]
金十图示:2025年05月15日(周四)热门中概股行情一览(美股收盘)
news flash· 2025-05-15 20:09
Market Capitalization Summary - The market capitalization of various companies is highlighted, with notable figures including 145.77 billion for an unnamed company, 90.70 billion for another, and 80.05 billion for a third [2] - Companies like SOS, Miniso, and Vipshop have market capitalizations of 74.79 billion, 73.71 billion, and 64.46 billion respectively, indicating a competitive landscape [2] - The market performance shows fluctuations, with companies like TAL and Zai Lab experiencing changes of +1.57% and +0.57% respectively, while others like Luckin Coffee and Youdao faced declines [2] Performance Changes - Significant percentage changes in stock prices are noted, with TAL increasing by +1.57% and Zai Lab by +0.57%, while companies like Luckin Coffee and Youdao saw decreases of -3.15% and -3.48% respectively [2] - The performance of companies such as Huami and Mogujie also reflects a downward trend, with declines of -0.73% and -6.99% [4] Company Highlights - Companies like iQIYI and Tiger Brokers have market capitalizations of 18.30 billion and 21.14 billion respectively, with stock price changes of -3.15% and -4.04% [2] - The report indicates that companies like Lexin and Youdao have market capitalizations of 14.70 billion and 10.19 billion, with stock price changes of -3.48% and +6.83% [2] Additional Insights - The data includes smaller companies with market capitalizations below 10 billion, such as New Oxygen and Huami, which have market caps of 886.7 million and 542.6 million respectively [4] - The overall market sentiment appears mixed, with some companies showing resilience while others struggle with declines [2][4]
SOS(SOS) - 2024 Q4 - Annual Report
2025-05-15 20:05
PART I [ITEM 3. KEY INFORMATION](index=8&type=section&id=ITEM%203.%20KEY%20INFORMATION) This section details significant investment risks, covering operational, regulatory, and market challenges, including data mining, cryptocurrency, China operations, and ADS volatility [Enforceability of Civil Liability](index=8&type=section&id=Enforceability%20of%20Civil%20Liability) Enforcing U.S. court judgments against the company and its management is challenging due to its Cayman Islands incorporation and substantial operations in China - It may be difficult or impossible for investors to effect service of process or enforce U.S. judgments against the company and its management, as most operations, assets, and personnel are located in China[37](index=37&type=chunk) - The Cayman Islands do not have statutory enforcement of U.S. court judgments, and enforcement at common law is subject to specific conditions and may not apply to penalties under U.S. securities laws[38](index=38&type=chunk) - China does not have treaties or reciprocity with the U.S. for enforcing foreign judgments, and PRC courts may refuse enforcement if it violates basic PRC laws or public interest[39](index=39&type=chunk) [Risk Factors](index=9&type=section&id=D.%20Risk%20Factors) This section comprehensively outlines principal risks across data mining, cryptocurrency, China operations, and ADSs, including capital intensity, competition, client concentration, regulatory uncertainties, and delisting potential - The company's business is exposed to significant risks across its data mining, cryptocurrency, and China-based operations, as well as risks inherent to its publicly traded ADSs[43](index=43&type=chunk) [Risks Related to Data Mining and Analysis Business](index=11&type=section&id=Risks%20Related%20to%20Our%20Data%20Mining%20and%20Analysis%20Business) The data mining business faces risks from capital intensity, intense competition, client concentration, technological obsolescence, service failures, and security breaches - The development of data warehouses is capital-intensive, and the company may struggle to generate or obtain sufficient capital, potentially disrupting business expansion[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) - The company faces intense competition and pricing pressure, which could lead to loss of market share and decreased profitability[51](index=51&type=chunk)[52](index=52&type=chunk) Client Concentration Risk (FY 2024) | Client | Revenue (USD Million) | % of Commodity Trading Revenue | | :--- | :--- | :--- | | Qingdao Ronghe Energy Co., Ltd. | $45.9 | 21.6% | | Shangdong Changshi Property Management Co. Ltd. | $12.4 | 5.8% | | Shangdong Energy (Qingdao) Digital Technology Co, Ltd | $11.99 | 5.6% | | Qingdao West Travel and Trading Co Ltd. | $10.3 | 4.8% | - The business is exposed to risks of significant service disruptions from facility failures or security breaches, which could harm its reputation and lead to financial penalties[68](index=68&type=chunk)[71](index=71&type=chunk) [Risks Relating to Cryptocurrency Mining, Security and Insurance Business](index=16&type=section&id=Risks%20Relating%20to%20the%20Cryptocurrency%20Mining%2C%20Security%20and%20Insurance%20Business) The cryptocurrency business faces early-stage development uncertainties, reliance on power and mining machines, rapid technological changes, volatile U.S. regulatory environment, and price fluctuations of Bitcoin and Ethereum - The cryptocurrency mining, security, and insurance businesses are still under development with a limited operating history, making future prospects difficult to evaluate[80](index=80&type=chunk)[81](index=81&type=chunk) - Operations are highly dependent on stable, low-cost power and the availability of mining machines, with shortages or price hikes posing significant risks[82](index=82&type=chunk)[84](index=84&type=chunk) - The company has moved all its cryptocurrency production to the USA, making it susceptible to regulatory changes in that jurisdiction[89](index=89&type=chunk)[108](index=108&type=chunk) - The company's results are significantly impacted by the price volatility of Bitcoin and Ethereum, with sharp price decreases posing a material risk to profitability[100](index=100&type=chunk)[101](index=101&type=chunk) - As of December 31, 2024, the company holds **$17.3 million** in cash at Silkroad International Bank in Djibouti, which is not covered by a formal deposit insurance system and is subject to Djibouti's stringent foreign exchange regulations and potential currency shortages[135](index=135&type=chunk)[136](index=136&type=chunk) [Risks Related to Doing Business in China](index=25&type=section&id=Risks%20Related%20to%20Doing%20Business%20in%20China) Operating in China presents significant legal, political, and economic risks, including increasing government oversight on data security and overseas listings, potential delisting under the HFCA Act, and restrictions on cash transfers - The company faces uncertainty regarding the need for approval from the China Securities Regulatory Commission (CSRC) for its NYSE listing, which, if required and not obtained, could lead to significant penalties[137](index=137&type=chunk)[139](index=139&type=chunk) - Increased oversight by the Cyberspace Administration of China (CAC) over data security and cybersecurity could subject the company to reviews and penalties, materially affecting its business and listing status[143](index=143&type=chunk)[144](index=144&type=chunk) - The Holding Foreign Companies Accountable Act (HFCA Act) could lead to the delisting of the company's ADSs if the PCAOB is unable to inspect its auditor for two consecutive years. Although the current auditor is in Singapore and inspectable, this remains a risk if circumstances change[29](index=29&type=chunk)[160](index=160&type=chunk)[165](index=165&type=chunk) - The company relies on dividends from its PRC subsidiaries, but PRC regulations restrict the ability of these subsidiaries to transfer cash, requiring them to set aside statutory reserves and pay withholding taxes on dividends[182](index=182&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk) [Risks Related to Our ADSs](index=38&type=section&id=Risks%20Related%20to%20Our%20ADSs) ADS trading price is highly volatile due to market factors and negative sentiment, compounded by short-seller risks, a dual-class share structure limiting ADS holder influence, and less developed Cayman Islands legal protections - The trading price of the company's ADSs is highly volatile and can be influenced by broad market trends, industry factors, and negative sentiment towards U.S.-listed Chinese companies[207](index=207&type=chunk) - The company has undergone multiple ADS ratio changes, with the most recent change in November 2024 adjusting the ratio from **1 ADS representing 10 Class A ordinary shares to 1 ADS representing 150 Class A ordinary shares**[210](index=210&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk) - The dual-class voting structure, where Class B shares have **10 votes per share** compared to one vote for Class A shares, limits the ability of ADS holders to influence corporate matters[227](index=227&type=chunk) - The company does not anticipate paying dividends in the foreseeable future, meaning investors must rely on the appreciation of ADS price for any return on investment[221](index=221&type=chunk)[222](index=222&type=chunk) - As a foreign private issuer registered in the Cayman Islands, the company is exempt from certain U.S. reporting and governance requirements, and shareholder rights are governed by less-developed Cayman Islands law, making it difficult to protect interests through U.S. courts[228](index=228&type=chunk)[233](index=233&type=chunk) [ITEM 4. INFORMATION ON THE COMPANY](index=45&type=section&id=ITEM%204.%20INFORMATION%20ON%20THE%20COMPANY) This section outlines the company's history, business evolution, and current operational structure, detailing its transition from credit analytics to data mining, blockchain, and commodities trading, including the unwinding of its VIE structure and regulatory landscape [History and Development of the Company](index=45&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) The company transitioned from credit analytics to data mining and marketing services, culminating in the unwinding of its VIE structure in November 2022 - The company transitioned from a credit analytics service provider (China Risk Finance) to a data mining and targeted marketing services business in 2020 after acquiring YBT and disposing of its legacy peer-to-peer lending business[243](index=243&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk) - In November 2022, the company terminated its VIE agreements and sold S International Group Limited, unwinding its VIE structure in mainland China. The financial results of the former VIE are no longer consolidated after the closing date[246](index=246&type=chunk)[250](index=250&type=chunk)[251](index=251&type=chunk) - As of December 31, 2024, the former VIE and its subsidiaries in China accounted for **40.2% of consolidated total assets** and **93.2% of consolidated total net revenues**[254](index=254&type=chunk)[268](index=268&type=chunk) [Business Overview](index=50&type=section&id=B.%20Business%20Overview) SOS operates in blockchain-based marketing, cryptocurrency mining, and commodities trading, with FY2024 total revenues of **$231.4 million** primarily from commodities trading, and protects its business with **99 software copyrights** - The company's primary business lines are commodities trading, cryptocurrency mining, and hosting services[272](index=272&type=chunk) Revenue by Products and Services (FY 2024 vs FY 2023) | Revenue by Products and Services | FY 2024 (US$) | FY 2024 (%) | FY 2023 (US$) | FY 2023 (%) | | :--- | :--- | :--- | :--- | :--- | | Commodities Trading | 214,340 | 92.7% | 68,409 | 74.0% | | Cryptocurrency Mining | 9,258 | 4.0% | 18,898 | 20.4% | | Hosting Services | 6,507 | 2.8% | 2,365 | 2.6% | | Others | 1,320 | 0.5% | 2,744 | 3.0% | | **Total revenue -net** | **231,424** | **100%** | **92,416** | **100%** | - The company holds **99 registered software copyrights**, **2 utility model patents**, and **1 domain name** to protect its proprietary rights[282](index=282&type=chunk) [Regulation](index=52&type=section&id=Regulation) The company's blockchain and cryptocurrency operations face evolving regulations in the U.S. and China, with increasing oversight from U.S. agencies and an unclear, tightening framework in China, including restrictions on financial institutions - Blockchain and cryptocurrencies are facing increasing governmental regulation in the U.S. from agencies like the SEC and DOJ[285](index=285&type=chunk) - China's regulations treat Bitcoin as a virtual commodity but prohibit its use as a currency and forbid financial institutions from engaging in Bitcoin-related business[289](index=289&type=chunk)[291](index=291&type=chunk) - Cryptocurrency mining in China is subject to an unclear and evolving regulatory framework, with some local governments taking measures to guide the orderly exit of mining operations[295](index=295&type=chunk)[296](index=296&type=chunk) [ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS](index=54&type=section&id=ITEM%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) This section analyzes the company's financial performance, highlighting a **$231.4 million** total revenue in FY2024 driven by commodity trading, a **$16.2 million** net loss, **$239.5 million** in cash, and details R&D efforts and critical accounting estimates [Operating Results](index=59&type=section&id=A.%20Operating%20Results) FY2024 saw total revenue increase to **$231.4 million** driven by commodity trading, but cryptocurrency mining revenue declined, resulting in a **$21.6 million** operating loss and a **$16.2 million** net loss from continuing operations Revenue Breakdown (FY 2022-2024) | Revenue Source | FY 2024 (USD) | FY 2023 (USD) | FY 2022 (USD) | | :--- | :--- | :--- | :--- | | Commodity trading | 214,340 | 68,409 | 255,586 | | Cryptocurrency Mining | 9,258 | 18,898 | 329 | | Hosting service | 6,506 | 2,365 | - | | Other | 1,320 | 2,744 | 4,111 | | **Total** | **231,424** | **92,416** | **260,026** | Bitcoin Holdings (as of Dec 31, 2024) | | Number of bitcoins | Amount (USD) | | :--- | :--- | :--- | | Balance as of Dec 31, 2023 | 675.65 | $17,871,099 | | Receipt from mining/investment | 127.12 | $9,257,897 | | Impairment | - | ($781,003) | | **Balance as of Dec 31, 2024** | **802.77** | **$26,347,993** | Key Profitability Metrics (FY 2022-2024) | Metric | FY 2024 (USD Million) | FY 2023 (USD Million) | FY 2022 (USD Million) | | :--- | :--- | :--- | :--- | | Operating Loss | (21.6) | (4.8) | (214.5) | | Net Loss from Continuing Operations | (16.2) | (6.4) | (230.5) | [Liquidity and Capital Resources](index=63&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) The company's liquidity, primarily from cash and operations, stood at **$239.5 million** as of December 31, 2024, despite a **$63.6 million** net cash outflow from operating activities in 2024, with management deeming current resources sufficient for the next twelve months - As of December 31, 2024, the company had cash and cash equivalents of approximately **$239.5 million**[338](index=338&type=chunk) Summary of Cash Flows (FY 2022-2024) | Cash Flow Activity | 2024 (USD) | 2023 (USD) | 2022 (USD) | | :--- | :--- | :--- | :--- | | Net cash from operating activities | (63,558) | 9,708 | (72,915) | | Net cash used in investing activities | - | - | (16,030) | | Net cash generated from financing activities | 24,550 | 17,596 | 34,695 | - Net cash used in operating activities was **$63.6 million** in 2024, a significant decrease from the **$9.7 million** generated in 2023, primarily due to changes in working capital, including a **$69.3 million** outflow from other receivables[341](index=341&type=chunk)[344](index=344&type=chunk) - In June 2024, the company raised gross proceeds of approximately **$16.99 million** through a private placement with non-U.S. investors[349](index=349&type=chunk) [Research and Development, Patents and Licenses, etc.](index=65&type=section&id=C.%20Research%20and%20Development%2C%20Patents%20and%20Licenses%2C%20etc.) The company's R&D focuses on decentralized blockchain technology, insurance product promotion, and cryptocurrency mining, yielding systems for inventory management, supercomputing, and AI-driven insurance marketing - The company's R&D has produced registered intellectual property in decentralized blockchain technology, including systems for firewall, personal bio-information storage, and antivirus[351](index=351&type=chunk) - Key operational R&D achievements include a blockchain-based inventory management system for international trade and a management system for its supercomputing center[351](index=351&type=chunk) - R&D in the insurance sector focuses on systems for agent distribution, AI-powered electronic marketing, and big data management to support insurance product promotion[352](index=352&type=chunk)[354](index=354&type=chunk) [Critical Accounting Estimates](index=67&type=section&id=E.%20Critical%20Accounting%20Estimates) This section details critical accounting policies and estimates, including the accounting for discontinued operations, reclassification of business segments in FY2022, and evaluation of new accounting standards updates - The company's financial statements are prepared under U.S. GAAP and require management to make significant estimates and judgments[356](index=356&type=chunk) - The sale of S International Group Limited in October 2022 was accounted for as a discontinued operation and a related party transaction[359](index=359&type=chunk) - In fiscal year 2022, the company reclassified its business segments into four main categories: commodity trading, cryptocurrency mining, hosting service, and others[360](index=360&type=chunk) - The company completed a registered follow-on offering on March 15, 2024, raising gross proceeds of **$7.85 million** through the sale of ADSs and warrants[367](index=367&type=chunk) [ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](index=69&type=section&id=ITEM%206.%20DIRECTORS%20%2C%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) This section details the company's leadership, compensation, and board structure, including key executives, **$2.38 million** in cash compensation for directors and officers in FY2024, equity incentive plans, and a workforce of **65 full-time employees** as of December 31, 2024 - The company's key executive officers are Yandai Wang (CEO and Chairman) and Li Sing Leung (CFO and Director)[373](index=373&type=chunk)[374](index=374&type=chunk)[375](index=375&type=chunk) - In fiscal year 2024, aggregate cash compensation for directors and executive officers was approximately **$2.38 million**, supplemented by **10,051,000 restricted share units**[381](index=381&type=chunk) - The company has adopted a 2023 Equity Incentive Plan with a maximum of **445,000,000 Class A ordinary shares** authorized for issuance[386](index=386&type=chunk)[388](index=388&type=chunk) - The Board of Directors has an Audit Committee, a Compensation Committee, and a Nominating and Corporate Governance Committee, each composed of independent directors[397](index=397&type=chunk)[398](index=398&type=chunk)[399](index=399&type=chunk) - The number of full-time employees decreased from **181** as of December 31, 2023, to **65** as of December 31, 2024[404](index=404&type=chunk) [ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](index=75&type=section&id=ITEM%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) This section details beneficial ownership of ordinary shares by directors, executive officers, and major shareholders, highlighting CEO Yandai Wang's **16.58% voting power** and the collective **16.749% voting power** of all directors and executive officers, along with related party transactions Beneficial Ownership of Directors and Executive Officers | Name | Position | % of total ordinary shares | % of aggregate voting power | | :--- | :--- | :--- | :--- | | Yandai Wang | CEO & Chairman | 2.38% | 16.58% | | Li Sing Leung | CFO & Director | 0.004% | 0.02% | | Russell Krauss | Director | 0.01% | 0.009% | | Douglas L. Brown | Independent Director | 0.15% | 0.1% | | Wenbin Wu | Independent Director | 0.004% | 0.02% | | Ronggang (Jonathan) Zhang | Independent Director | 0.004% | 0.02% | | **All directors and executive officers as a group (6 persons)** | | **2.552%** | **16.749%** | - The company's dual-class share structure grants holders of Class B ordinary shares **10 votes per share**, giving them significant voting power relative to their equity ownership[414](index=414&type=chunk) [ITEM 8. FINANCIAL INFORMATION](index=76&type=section&id=ITEM%208.%20FINANCIAL%20INFORMATION) This section details consolidated financial statements and significant legal proceedings, including a **$5 million** class-action settlement, an ongoing lawsuit regarding the P2P business, a **$13 million** settlement from Thor Miner, and the company's policy of not paying future cash dividends - A 2021 securities class action lawsuit was settled in 2022 with a **$5 million** payment by the company, which admitted no wrongdoing[420](index=420&type=chunk)[421](index=421&type=chunk)[422](index=422&type=chunk) - The company is currently a defendant in a lawsuit filed in November 2023 related to the disposal of its legacy P2P business, with claims including breach of contract and fraudulent inducement. The company believes the claims have no merit[423](index=423&type=chunk)[424](index=424&type=chunk) - A lawsuit against Thor Miner was settled in December 2022, with the company's subsidiary receiving a **$13 million** settlement payment[425](index=425&type=chunk)[426](index=426&type=chunk) - The company has never paid cash dividends and does not intend to in the foreseeable future, retaining earnings to fund business development and growth[429](index=429&type=chunk)[430](index=430&type=chunk) [ITEM 10. ADDITIONAL INFORMATION](index=78&type=section&id=ITEM%2010.%20ADDITIONAL%20INFORMATION) This section details the company's Cayman Islands corporate structure, including its dual-class share system and increased authorized capital, along with material tax considerations for shareholders in the Cayman Islands, PRC, and U.S., including potential PFIC classification - The company has a dual-class share structure: Class A ordinary shares (**1 vote per share**) and Class B ordinary shares (**10 votes per share**). Class B shares are convertible into Class A shares[441](index=441&type=chunk)[445](index=445&type=chunk)[447](index=447&type=chunk) - On August 15, 2024, shareholders approved an increase in authorized share capital to **US$50,000,000**, divided into **9 billion Class A shares** and **1 billion Class B shares**[442](index=442&type=chunk) - The Cayman Islands does not levy taxes on profits, income, or gains, and there are no withholding taxes on dividends[504](index=504&type=chunk) - The company could be considered a PRC resident enterprise for tax purposes if its "de facto management" is in China, which would subject it to a **25% tax** on worldwide income and potential withholding taxes on dividends paid to foreign shareholders[507](index=507&type=chunk)[510](index=510&type=chunk) - There is a risk that the company could be classified as a Passive Foreign Investment Company (PFIC) for U.S. federal income tax purposes, which could result in adverse tax consequences for U.S. shareholders[223](index=223&type=chunk)[523](index=523&type=chunk)[524](index=524&type=chunk) [ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=92&type=section&id=ITEM%2011.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section addresses the company's market risk exposure, primarily foreign exchange risk due to RMB/USD fluctuations without hedging, and minimal interest rate risk given no outstanding long-term debt - The company is exposed to foreign exchange risk as its revenues and expenses are mostly denominated in RMB, while its reporting currency is the U.S. dollar. Fluctuations in the RMB/USD exchange rate can impact reported financial results[543](index=543&type=chunk) - The company does not currently engage in any hedging transactions to reduce its exposure to foreign currency exchange risk[543](index=543&type=chunk) - Interest rate risk is not considered significant as the company's operations are not directly sensitive to interest rate fluctuations and it has no long-term debt outstanding[545](index=545&type=chunk) [ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](index=93&type=section&id=ITEM%2012.%20DESCRIPTION%20OF%20SECURITIES%20OTHER%20THAN%20EQUITY%20SECURITIES) This section details fees and charges applicable to ADS holders, including issuance, cancellation, and distribution fees, typically up to **U.S. 5¢ per ADS**, along with other charges like taxes and currency conversion expenses ADS Holder Fees | Service | Fees | | :--- | :--- | | Issuance of ADSs | Up to U.S. 5¢ per ADS issued | | Cancellation of ADSs | Up to U.S. 5¢ per ADS cancelled | | Distribution of cash dividends or other cash distributions | Up to U.S. 5¢ per ADS held | | Distribution of ADSs (stock dividends, etc.) | Up to U.S. 5¢ per ADS held | | Distribution of other securities | Up to U.S. 5¢ per ADS held | | ADS Services | Up to U.S. 5¢ per ADS held on the record date | - ADS holders are also responsible for paying other charges, including taxes, registration fees, currency conversion expenses, and other fees incurred by the depositary bank[551](index=551&type=chunk) PART II [ITEM 15. CONTROLS AND PROCEDURES](index=95&type=section&id=ITEM%2015.%20CONTROLS%20AND%20PROCEDURES) Management concluded that as of December 31, 2024, disclosure controls and internal control over financial reporting were ineffective due to six material weaknesses, including lack of U.S. GAAP expertise and inadequate transaction controls, with a remediation plan underway - Management concluded that as of December 31, 2024, the company's disclosure controls and procedures and internal control over financial reporting were not effective[559](index=559&type=chunk)[560](index=560&type=chunk) - Six material weaknesses were identified, including: (i) lack of U.S. GAAP/SEC expertise, (ii) insufficient closing policies, (iii) inadequate controls for non-routine transactions, (iv) deficiencies in loan management, and (v) improper sales recognition in commodity trading[562](index=562&type=chunk)[564](index=564&type=chunk) - The company has developed a remediation plan that includes hiring more qualified accounting staff, implementing training programs, establishing an internal audit function, and improving control processes for financial closing and significant transactions[565](index=565&type=chunk)[566](index=566&type=chunk) [ITEM 16. Corporate Governance and Other Disclosures](index=97&type=section&id=ITEM%2016.%20Corporate%20Governance%20and%20Other%20Disclosures) This section covers corporate governance, including the audit committee financial expert, code of ethics, **$300,000** in FY2024 audit fees, adherence to Cayman Islands governance practices as a foreign private issuer, an insider trading policy, and a board-overseen cybersecurity risk management framework - The Board of Directors has designated Mr. Wenbin Wu as the audit committee financial expert[569](index=569&type=chunk) Principal Accountant Fees (Audit Alliance LLP) | Fee Category | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Audit fees | $300,000 | $300,000 | $350,000 | | **Total** | **$300,000** | **$300,000** | **$350,000** | - The company has adopted an insider trading policy that prohibits trading on material nonpublic information and tipping[582](index=582&type=chunk)[583](index=583&type=chunk)[584](index=584&type=chunk) - A comprehensive cybersecurity risk management framework has been implemented, with oversight from the board of directors and daily management led by the CEO, to protect company assets and data[588](index=588&type=chunk)[590](index=590&type=chunk)[592](index=592&type=chunk) PART III [ITEM 18. FINANCIAL STATEMENTS](index=100&type=section&id=ITEM%2018.%20FINANCIAL%20STATEMENTS) This section presents the company's audited consolidated financial statements for FY2024 and FY2023, with an unqualified audit opinion from Audit Alliance LLP, highlighting critical audit matters related to CECL on receivables and inventory impairment - The independent registered public accounting firm, Audit Alliance LLP, issued an unqualified audit opinion on the consolidated financial statements for the years ended December 31, 2024 and 2023[597](index=597&type=chunk) - Critical audit matters identified were the allowance for current expected credit losses (CECL) on accounts and other receivables, and the impairment of inventories, due to the significant management judgment and estimation uncertainty involved[601](index=601&type=chunk)[602](index=602&type=chunk)[606](index=606&type=chunk) Consolidated Balance Sheet Summary (As of Dec 31) | (US$ thousands) | 2024 | 2023 | | :--- | :--- | :--- | | **Total Assets** | **482,354** | **483,892** | | Cash and cash equivalents | 237,484 | 279,177 | | Other receivables, net | 150,281 | 79,970 | | **Total Liabilities** | **46,664** | **61,519** | | **Total Shareholders' Equity** | **435,690** | **422,373** | Consolidated Statement of Profit Summary (For the Year Ended Dec 31) | (US$ thousands) | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | **Revenues** | **231,424** | **92,416** | **260,026** | | **Gross Profit/(Loss)** | **7,041** | **14,182** | **(10,571)** | | **(Loss) from Operations** | **(21,604)** | **(4,812)** | **(214,545)** | | **Net Loss Attributable to SOS Limited** | **(13,605)** | **(3,651)** | **(229,447)** | | **Loss Per Share (Basic)** | **(0.0299)** | **(0.0269)** | **(2.9564)** | [ITEM 19. EXHIBITS](index=143&type=section&id=ITEM%2019.%20EXHIBITS) This section lists exhibits filed with the annual report, including the company's Memorandum and Articles of Association, various securities agreements, subsidiary lists, code of conduct, and CEO/CFO certifications - Key exhibits filed include the Sixth Amended and Restated Memorandum and Articles of Association[820](index=820&type=chunk) - The filing includes forms of various warrants and securities purchase agreements related to offerings in 2021, 2023, 2024, and 2025[820](index=820&type=chunk)[821](index=821&type=chunk)[822](index=822&type=chunk) - Certifications by the CEO and CFO pursuant to the Sarbanes-Oxley Act are included as exhibits[822](index=822&type=chunk)
艾斯欧艾斯上涨20.2%,报6.755美元/股,总市值2112.83万美元
Jin Rong Jie· 2025-05-12 14:09
Group 1 - The stock price of SOS increased by 20.2% on May 12, reaching $6.755 per share, with a total market capitalization of $21.1283 million [1] - For the fiscal year ending June 30, 2024, SOS reported total revenue of $60.514 million, representing a year-over-year growth of 44.75%, while the net profit attributable to shareholders was -$10.902 million, a decrease of 1.92% year-over-year [1] Group 2 - SOS is a high-tech company focused on artificial intelligence and blockchain technologies, providing digital technology services in areas such as rescue, healthcare, international trade, and digital asset management [2] - The company has developed a SaaS platform for emergency rescue services, which includes three main product categories: basic cloud, cooperative cloud, and information cloud, aimed at delivering precise information security services and solutions in various emergency rescue service sectors [2]
SOS Limited Announces Entering into Strategic Partnership Framework Agreement with Lepu Sodium Power for SOS to Optimize its Electricity Use
Prnewswire· 2025-02-11 14:00
Group 1: Strategic Partnership - SOS Limited has entered into a strategic framework agreement with Lepu Sodium Power to collaborate on green energy solutions for its computing and data centers [1][4] - The partnership aims to optimize electricity use and promote the development of collaborative plans while maintaining confidentiality [4][5] Group 2: Company Profile - SOS Limited specializes in blockchain technology, big data, cloud computing, IoT, and digital solutions, focusing on digital transformation services globally [2] - The company has developed an international blockchain-powered digital trade platform and supercomputing data service centers [2] - SOS is also involved in cryptocurrency operations, including mining and potential future expansions into security and insurance [6]
SOS Limited Announces Filing of the 2023 Annual Report on Form 20-F
Globenewswire· 2024-12-24 21:05
Company Overview - SOS Limited is an emerging provider of blockchain-based and big data-driven marketing solutions, engaged in cryptocurrency operations including mining and potential future expansions into security and insurance [5] - The company has launched commodity trading through its subsidiaries, focusing on various commodities such as mineral resin, soybean, wheat, sesame, liquid sulfur, petrol coke, and latex since April 2021 [5] Financial Reporting - On May 15, 2024, the company filed its annual report on Form 20-F for the fiscal year ending December 31, 2023, with the U.S. Securities and Exchange Commission [3]
SOS(SOS) - 2024 Q2 - Quarterly Report
2024-09-24 13:02
[Financial Statements](index=1&type=section&id=Financial%20Statements) [Consolidated Balance Sheets](index=1&type=section&id=Interim%20Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $525.0 million, driven by receivables, while liabilities rose to $94.5 million, resulting in a slight equity increase Consolidated Balance Sheet Highlights (US$ millions) | Financial Item | 31-Dec-23 (Audited) | 30-Jun-24 (Unaudited) | | :--- | :--- | :--- | | **Total Current Assets** | 455.4 | 505.5 | | **Total Assets** | 483.9 | 525.0 | | **Total Current Liabilities** | 61.5 | 94.5 | | **Total Liabilities** | 61.5 | 94.5 | | **Total Shareholders' Equity** | 422.4 | 430.5 | - **Cash and cash equivalents** decreased from **$279.2 million** to **$246.7 million**[3](index=3&type=chunk) - **Other receivables** increased significantly from **$80.0 million** to **$195.5 million**[3](index=3&type=chunk) - **Accrued liabilities** rose from **$15.2 million** to **$40.8 million**[3](index=3&type=chunk) - **Other payables** increased from **$7.5 million** to **$40.1 million**[3](index=3&type=chunk) [Consolidated Statements of Comprehensive Loss](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) Revenue grew 44.8% to $60.5 million, but increased operating expenses led to a $15.1 million loss from operations Consolidated Statements of Comprehensive Loss Highlights (US$ millions) | Performance Metric | Six months ended 30-Jun-23 | Six months ended 30-Jun-24 | | :--- | :--- | :--- | | **Net Revenue** | 41.8 | 60.5 | | **Gross Profit** | 0.09 | 2.4 | | **Gross Profit Ratio** | 0.2% | 4.0% | | **Loss from Operations** | (12.5) | (15.1) | | **Net Loss Attributable to SOS Ltd** | (10.7) | (10.9) | | **Basic and Diluted Loss Per Share** | (0.0031) | (0.0299) | - Revenue grew by **44.8%** year-over-year[6](index=6&type=chunk) - Gross profit margin improved significantly from **0.2%** to **4.0%**[6](index=6&type=chunk) - General and administrative expenses increased from **$9.4 million** to **$14.5 million**, driving the increase in total operating expenses[6](index=6&type=chunk) - The weighted average number of ordinary shares decreased drastically from **3.44 billion** to **364.2 million**, which significantly impacted the loss per share calculation[6](index=6&type=chunk) [Consolidated Statements of Equity](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Equity) Shareholders' equity increased to $430.5 million, driven by share issuance and compensation, despite net loss and FX adjustments Consolidated Statements of Equity Highlights (US$ millions) | Equity Component Change | Amount | | :--- | :--- | | **Balance, December 31, 2023** | **422.4** | | Share-based compensation | + 0.8 | | Issuance of Class A Ordinary Shares and warrant | + 24.8 | | Net loss | - 12.8 | | Foreign currency translation adjustments | - 4.7 | | **Balance, June 30, 2024** | **430.5** | - The company issued **242,095,250 Class A Ordinary Shares** and warrants during the period[9](index=9&type=chunk) - The total par value of shares increased from **$0.7 million** to **$24.5 million**, reflecting significant share issuance activity[9](index=9&type=chunk) [Consolidated Statement of Cash Flow](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flow) Operating activities resulted in a $53.4 million cash outflow, offset by $24.5 million from financing, decreasing cash to $246.7 million Consolidated Statement of Cash Flow Highlights (US$ millions) | Cash Flow Item | Six months ended 30-Jun-23 | Six months ended 30-Jun-24 | | :--- | :--- | :--- | | **Net cash used in operating activities** | (2.0) | (53.4) | | **Net cash generated from/(used in) financing activities** | (0.3) | 24.5 | | **Net decrease on cash and cash equivalents** | (2.3) | (28.8) | | **Cash and cash equivalents at end of the period** | 249.9 | 246.7 | - The primary driver for the large operating cash outflow was a **$115.6 million** negative change in 'Other receivables'[12](index=12&type=chunk) - Financing activities provided a net inflow of **$24.5 million**, primarily from the issuance of new shares (**$24.8 million** in proceeds)[12](index=12&type=chunk) - Despite a net loss of **$10.9 million**, non-cash charges like depreciation and amortization (**$8.8 million**) partially offset the loss in the operating cash flow calculation[12](index=12&type=chunk)
SOS Limited Reports 2024 semi-annual financial results
Prnewswire· 2024-09-24 12:55
Core Viewpoint - SOS Limited reported a significant increase in net revenue for the first half of 2024, primarily driven by the recovery of the Chinese economy and increased demand for natural rubber products, despite a halt in cryptocurrency mining operations [2][3][10]. Revenue Performance - Total net revenue for the six months ended June 30, 2024, was $60.5 million, representing a 47.1% increase from $41.8 million in the same period of 2023 [3][10]. - Commodities Trading accounted for 91.7% of total revenue, with $55.5 million, while Hosting Services contributed 7.8% with $4.7 million, and Others contributed 0.5% with $329,000 [2][3][6]. Operating Costs and Expenses - Operating costs rose to $58.1 million, a 39.3% increase from $41.7 million in the first half of 2023, aligning with the revenue growth [7]. - Selling expenses increased to $2.2 million from $1.1 million, primarily due to promotional activities related to the commodity business [8]. - General and administrative expenses were $14.5 million, up 54.3% from $9.4 million, largely due to $4 million in depreciation for a new subsidiary [9]. Profitability Metrics - The company reported a GAAP net loss of $10.9 million, slightly higher than the $10.7 million loss in the first half of 2023, with a gross profit margin of 4.0%, up from 0.2% the previous year [10][11]. Cash Flow Analysis - Cash and cash equivalents at the end of June 2024 were $246.7 million, down from $249.9 million a year earlier, indicating a decrease of $3.2 million [13]. - The company raised a total of $24.79 million through financing activities during the period, including $7.8 million in March and $16.99 million in June [15].
SOS Ltd. Announces Receipt of NYSE Non-compliance Letter Regarding ADS Trading Price
GlobeNewswire News Room· 2024-08-21 20:05
Core Viewpoint - SOS Limited has received a notification from the New York Stock Exchange indicating that it is below compliance standards due to the trading price of its American depositary shares (ADSs) being below $1.00 [1][2]. Compliance and Trading Standards - According to NYSE rule 802.01C, a company is considered non-compliant if the average closing price of its security is less than $1.00 over a consecutive 30 trading-day period [2]. - The company has a six-month cure period to bring its share price back above $1.00, with the possibility of regaining compliance at any time during this period if it meets the required price thresholds [2]. Current Listing Status - The notice from the NYSE does not have an immediate impact on the listing of the company's ADSs, which will continue to be traded on the NYSE during the cure period, provided that other listing requirements are met [3]. Company Overview - SOS Limited is engaged in blockchain and cryptocurrency operations, including cryptocurrency mining, and has expanded into commodity trading since April 2021 through its subsidiary SOS International Trading Co. Ltd [4]. - The major commodities traded include mineral resin, soybeans, wheat, sesame, liquid sulfur, petrol coke, and latex [4].