Society Pass Inc's (Nasdaq: SOPA) 9 Mths 2023 Financials : Revenues Increased 117% yoy; Gross Profit Margin Improved to 28.1%; Cash Operating Expenses Declined 32.6% yoy
NEW YORK, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Society Pass Incorporated (Nasdaq: SOPA) (“SoPa”), Southeast Asia (SEA)’s next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces unaudited financial results for third quarter ended 30 September 2023 and a filing of its 3Q 2023 Form 10-Q with the Securities and Exchange Commission (SEC).
Click Here (on SEC website) to view 3Q 2023 Form 10-Q filing.
• With cash on hand of $8.2 million (approximately $0.26 per share) and book value of $9.9 million (approximately $0.32 per share) as of 30 September 2023, SoPa is well capitalised for continuing acquisitions of SEA companies in its digital advertising, travel, lifestyle, telecommunications, and loyalty/fintech verticals for the rest of 2023 and 2024.
• 9 months 2023 revenues grew 117.0% year on year (from $2,994,416 in 9 months 2022 to $6,498,878 in 9 months 2023).
• 3Q 2023 revenues grew 10.7% year on year (from $2,050,264 in 3Q 2022 to $2,269,066 in 3Q 2023).
• 3Q 2023 revenues grew 3.7% quarter on quarter (from $2,187,232 in 2Q 2023 to $2,269,066 in 3Q 2023).
• 9 months 2023 gross profit grew 523.2% year on year (from $293,004 in 9 months 2022 to $1,825,960 in 9 months 2023).
• 3Q 2023 gross profit grew 82.7% year on year (from $307,935 in 3Q 2022 to $562,564 in 3Q 2023).
• 3Q 2023 gross profit declined 2.5% quarter on quarter (from $577,159 in 2Q 2023 to $562,564 in 3Q 2023).
• 9 months 2023 gross profit margin grew to 28.1% in 9 months 2023 from 9.8% in 9 months 2022.
• 3Q 2023 gross profit margin grew to 24.8% in 3Q 2023 from 15.0% in 3Q 2022.
• 3Q 2023 gross profit margin declined to 24.8% in 3Q 2023 from 26.4% in 2Q 2023.
• While 9 months 2023 revenues grew 117.0% year on year, 9-month 2023 cash operating expenses declined 32.6% year on year (from $15,275,821 in 9 months 2022 to $10,295,103 in 9 months 2023).
• While 3Q 2023 revenues grew 10.7% year on year, 3Q 2023 cash operating expenses declined 54.6% year on year (from $7,426,684 in 3Q 2022 to $3,368,443 in 3Q 2023).
• While 3Q 2023 revenues grew 3.7% quarter on quarter, 3Q 2023 cash operating expenses increased 15.1% quarter on quarter (from $2,927,505 in 2Q 2023 to $3,368,443 in 3Q 2023).
• 9 months 2023 digital advertising revenues represent 70.5% of total revenues and grew 278.0% year on year from ($1,211,428 in 9 months 2022 to $4,579,429 in 9 months 2023).
• 3Q 2023 digital advertising revenues represent 78.7% of total revenues and grew 47.3% year on year from ($1,211,428 in 3Q 2022 to $1,784,695 in 3Q 2023).
• 3Q 2023 digital advertising revenues represent 78.7% of total revenues and grew 18.1% quarter on quarter from ($1,510,960 in 2Q 2023 to $1,784,695 in 3Q 2023).
• 9 months 2023 travel revenues represent 22.1% of total revenues and grew 704.2% year on year from ($178,206 in 9 months 2022 to $1,433,133 in 9 months 2023).
• 3Q 2023 travel revenues represent 17.2% of total revenues and grew 119.1% year on year from ($178,206 in 3Q 2022 to $390,384 in 3Q 2023).
• 3Q 2023 travel revenues represent 17.2% of total revenues and declined 29.8% quarter on quarter from ($556,042 in 2Q 2023 to $390,384 in 3Q 2023).
• Since inception, SoPa has onboarded approximately 3.7 million registered consumers, approximately 650,000 registered merchants/brands and approximately 10,000 influencers onto its ever-expanding next generation digital ecosystem and loyalty platform in SEA.
• SoPa operates five verticals in SEA: digital advertising, travel, lifestyle, fintech/loyalty, and telecoms.
• SoPa operates in five SEA countries: Singapore, Vietnam, Indonesia, Philippines and Thailand.
• SoPa employs approximately +200 people throughout SEA.
Raynauld Liang, Society Pass Inc Chief Executive Officer, explains, “Our compelling revenue growth and dramatic profit margin expansion, as evidenced in the Company’s 9 months 2023 financial performance, substantiate our acquisitions-focused business plan to build the next generation digital ecosystem and fintech loyalty platform here in SEA. Despite 9 months 2023 revenues growing 117% year-on-year in the five largest economies of SEA, our 9 months 2023 cash operating expenses DECLINED by 32.6%. Just as importantly, our profit margins are materially improving on a year-to-year basis. We realized 28.1% gross profit margin in 9 months 2023, markedly improving from 9.8% in 9 months 2022.”
Mr. Liang further elaborates, “I confidently forecast profitability for our two main subsidiaries, Thoughtful Media and NusaTrip, in financial year 2023. Both subsidiaries now contribute more than 90% of SoPa’s revenues. With the Singapore launch of our SoPa Loyalty App Launch in June 2023, we are now allowing our customers to earn loyalty points through fintech/loyalty platform and our subsidiaries will translate into significant revenue generation going forward. In addition, our business plan of spinning out our main subsidiaries will generate outsized returns for our shareholders.”
About Society Pass Inc.
Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.
SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.7 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.
Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform.
For more information on Society Pass, please visit:
Website at https://www.thesocietypass.com or
LinkedIn at https://www.linkedin.com/company/societypass or
Facebook at https://www.facebook.com/thesocietypass or
Twitter at https://twitter.com/society_pass or
Instagram at https://www.instagram.com/societypass/.
Use of Non-GAAP Financial Measures
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