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Society Pass Inc. (Nasdaq: SOPA) is a data-driven e-commerce ecosystem headquartered in Southeast Asia, established in 2018. The company operates across Vietnam, Indonesia, Philippines, Singapore, and Thailand, aiming to revolutionize the digital commerce space. Society Pass focuses on creating a seamless interaction between consumers and merchants through advanced AI cognitive analytics technology. This innovative approach helps in brokering transactions via a diverse range of value-enhancing and time-saving products and services, while also monetizing data for its platform partners.
The company comprises six main operating segments: Online Grocery and Food Deliveries, Digital Marketing, Online Ticketing and Reservation, Telecommunications Reseller, e-commerce, and Merchant Point of Sale (POS). Among these, the Digital Marketing segment is a significant contributor to the company’s revenue.
Society Pass has recently secured an equity line of up to $40 million to support potential public offerings of its subsidiaries. The first advance notice involved issuing 1,000,000 shares priced at $0.18 per share to Strattners FZCO, a family office arm of Strattners Bank SA. This capital infusion is pivotal for strategic growth initiatives, including potential spinouts of Thoughtful Media Group Inc. and NusaTrip Inc.
The company has also announced a 1-for-15 reverse split of its common stock effective from May 1, 2024, to maintain its listing on the Nasdaq Capital Market. This move will consolidate every fifteen issued and outstanding shares into one, thereby refining their capital structure without changing shareholders' percentage ownership.
Society Pass is committed to driving innovation across interconnected verticals such as loyalty programs, digital media, travel, telecommunications, and lifestyle services. It aims to meet the growing demand for advanced services in these sectors by partnering with visionary entrepreneurs and acquiring strategic companies.
The company has garnered positive investor sentiment, as indicated by Ascendiant Capital’s report. The report highlights strong economic expansion, urbanization, and mobile technology adoption as key growth drivers. It maintains a 'BUY' rating for Society Pass, albeit with a revised 12-month price target of $21, recognizing the company's high growth potential and strategic initiatives.
Society Pass Inc. (Nasdaq: SOPA) is an acquisition-focused eCommerce holding company operating in Southeast Asia. With over 3.3 million registered consumers and 200K merchants, the company generated $520K in sales for 2021, projecting $9.5 million in 2022 and increasing to $42.7 million in 2023. Led by a diverse executive team with 150 years of combined experience, Society Pass aims to integrate companies across six verticals, enhancing revenues through its Society Points loyalty platform. Think Equity set a 12-month price target of $6 based on its growth strategy and technological developments.
On September 16, 2022, Society Pass Incorporated (Nasdaq: SOPA) announced the filing of Form 8-K/A with the SEC, detailing the acquisition of AdActive Media CA, Inc. and Thoughtful Thailand Ltd. Through these acquisitions, Society Pass aims to enhance its data-driven loyalty and e-commerce ecosystem in Southeast Asia. The combined 1Q 2022 revenues from the acquired subsidiaries reached $1.31 million, a slight increase from $1.27 million in 1Q 2021, though losses from operations declined. These acquisitions are expected to accelerate Society Pass's expansion into new markets including Indonesia and Singapore.
Argus Research issued a favorable equity report for Society Pass Inc. (SOPA), a Southeast Asian e-commerce platform founded in 2018. SoPa targets high-growth markets like Vietnam and Indonesia, focusing on acquiring smaller companies to expand its ecosystem. With 3.3 million registered users and 205,700 merchants, SoPa's Q2 2022 revenue was approximately $500,000. Argus forecasts 2022 revenues of $7 million, rising to $30 million in 2023, and suggests a fair value of $8 per SOPA share based on anticipated growth driven by its loyalty program and acquisitions.
On August 15, 2022, Society Pass (SOPA) completed its acquisition of Nusatrip, the third largest online travel agency in Indonesia, for $620,000. This acquisition coincides with a booming Indonesian travel market, with international travel up 525% year-to-date. Nusatrip was EBITDA-positive prior to the pandemic and has significant growth potential leveraging synergies with SoPa's existing businesses. Spartan Capital notes this strategic timing allows SoPa to capitalize on a recovering travel sector. The deal positions SoPa for rapid expansion and profitability as the Indonesian market rebounds.
Society Pass Inc. (SOPA) reported significant growth in its 2Q22 revenue, reaching $445K, a sharp increase from $8K year-over-year, though below expectations of $670K. The company ended June 2022 with $28M in cash and no debt, sufficient to fund growth for two years. Maxim Group raised revenue projections, expecting $12.9M for 2022 and $54M for 2023. Despite projected adjusted EBITDA losses widening in 2022 to ($13.9M), a narrowing is anticipated in 2023 to ($2.2M). Maxim views SOPA as undervalued with compelling valuation metrics compared to peers.
Spartan Capital has released an equity research report on Society Pass (SOPA), highlighting its key revenue contributors and growth strategies. Vietnamese e-commerce platform Leflair generated 92% of total revenue, reporting a minor gross loss and a $694k operating loss. The telecom segment, following the acquisition of Gorilla Networks, produced $5.6k in data sales. Despite an operating loss of $7.6 million and negative EBITDA of $4.4 million, the company holds $28 million in cash. Recent acquisitions, costing about $1.2 million, present further growth opportunities.
Society Pass Inc (Nasdaq: SOPA) announced the acquisition of NusaTrip, a leading Online Travel Agency in Indonesia, marking its expansion into the booming Southeast Asian travel market. NusaTrip has onboarded over 1.2 million users and offers products from 500 airlines and 200,000 hotels. This acquisition will enhance Society Pass's ecosystem, integrating multiple business verticals and improving user and merchant growth strategies. The move capitalizes on the growing demand for travel in the post-pandemic landscape, driven by a rising middle class and government tourism initiatives.
Society Pass Inc. (SOPA) reported a remarkable financial performance for Q2 2022, with revenues soaring by 5,669% year-on-year, reaching $445,090, compared to $7,783 in Q2 2021. This trend continued in the first half of 2022, with revenues increasing by 5,360% to $944,152. The company has $28.0 million in cash as of June 30, 2022, enabling further growth through acquisitions in Southeast Asia. SoPa has onboarded 2.1 million registered consumers and over 6,700 merchants, and launched its beta Society Pass loyalty platform to enhance customer engagement.
Spartan Capital Securities has released an Equity Research Report on Society Pass Inc. (SOPA), projecting significant growth in revenue from $7.2 million in 2022 to $29.3 million in 2024, marking a 308% increase. The EBITDA loss is expected to narrow from $10 million in 2022 to $5.6 million by 2024. Society Pass aims to establish itself as a leading Southeast Asia super-app, operating in five countries and owning eight diverse portfolio companies across various sectors. The company has also amassed over 2.1 million registered consumers, enhancing its loyalty program's effectiveness.
Society Pass (SOPA) has acquired Mangan.ph, the leading restaurant delivery service in the Philippines. This marks SoPa's second acquisition in the country and its third in the food and beverage sector. Mangan, founded in 2017, boasts over 500,000 registered users and services from 1,200 partner restaurants, completing 800 deliveries daily. The acquisition promises to enhance SoPa’s ecosystem, growing its registered users to over 2.1 million and aiming for 800,000 by 2023.
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