Society Pass Inc (Nasdaq: SOPA) Reports 1Q 2022 Financial Results, Sees 4,582% Year on Year Revenue Growth and Cash on Hand Growth of 33% from Year 2021

Rhea-AI Summary

Society Pass Incorporated (SOPA) reported a remarkable 4,582% year-on-year revenue growth for Q1 2022, reaching $445,090. Cash reserves also increased by over 33% to $31 million. The company has expanded its ecosystem with over 1.6 million registered consumers and 5,500 merchants following the acquisition of Pushkart and Handycart. Society Pass plans to launch its loyalty points platform and pursue further acquisitions in Southeast Asia's food & beverage, travel, and telecom sectors in Q2 2022.

Positive

• Q1 2022 revenue increased 4,582% to $445,090.
• Cash reserves rose over 33% to $31 million.
• Acquisitions of Pushkart and Handycart enhanced ecosystem with 1.6 million consumers and 5,500 merchants.
• Plans to launch loyalty platform expected to boost user engagement.
• Strategic focus on expanding into food, beverage delivery, travel, and telecom sectors.

Negative

• None.

• First quarter 2022 revenues grew 4,582% year on year (from $9,506 for first quarter ended 31 March 2021 to $445,090 for first quarter ended 31 March 2022).
• Cash on hand grew over 33% from $23.3 million on 31 December 2021 to $31.0 million on 31 March 2022.
• With the closed acquisitions of the Pushkart and Handycart business units, SoPa has now amassed over 1.6 million registered consumers and 5,500 registered merchants/brands onto its ever expanding ecosystem.
• SoPa is well capitalized for planned acquisitions of food & beverage delivery, travel, digital advertising and telecoms verticals in the VIP+T (Vietnam, Indonesia, Philippines and Thailand) countries of Southeast Asia (SEA) in 2Q 2022.
• SoPa expects to launch the beta version of its Society Pass loyalty points platform in 2Q 2022, which SoPa believes will help substantially increase online users and merchants across SEA.

SINGAPORE, May 09, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Society Pass Incorporated (Nasdaq: SOPA) (“SoPa” or the “Company”), Southeast Asia’s leading loyalty and ecommerce ecosystem, today announced that first quarter 2022 revenues grew 4,582% year on year (from $9,506 for first quarter ended 31 March 2021 to $445,090 for first quarter ended 31 March 2022). The Company also reported cash on hand grew over 33% from $23.3 million on 31 December 2021 to $31.0 million on 31 March 2022.

With the closed acquisitions of the Pushkart and Handycart business units, SoPa has amassed over 1.6 million registered consumers and 5,500 registered merchants/brands onto its ever expanding ecosystem.

Society Pass expects to file its 1Q 2022 Form 10-Q with the Securities and Exchange Commission later this month. During the first quarter 2022, the Company completed the corporate restructuring of its subsidiary Leflair’s Vietnam operations into Leflair  Group, an integrated lifestyle retail ecosystem to capture Southeast Asia’s fast growing 100B+ USD retail market, as well as the integration of its recent food and beverage delivery acquisitions, Pushkart and Handycart, onto the SoPa ecosystem.

Commenting on Society Pass’ strong business growth and future plans, Dennis Nguyen, Founder, Chairman and CEO of Society Pass, said, “Our robust revenue growth validates our acquisitions focused operating model. Leflair continues to be our main revenue contributor as we gear up our latest acquisitions Pushkart and Handycart to become leaders in their respective markets. As a result of our corporate restructuring process, Leflair Group is now set to become Southeast Asia’s next lifestyle retail super distributor nexus, evolving from a  single discounted platform to a lifestyle retail ecosystem. We are poised to achieve new highs in 2022 as we build out our next generation loyalty platform as well as opportunistically acquire market leading companies in the food & beverage delivery, travel, digital advertising and telecoms verticals.”

The Company plans to launch Society Pass loyalty platform in 2Q 2022, which it expects to drive customer retention for merchants. In addition,  SoPa plans to make additional acquisitions in 2Q 2022 that will generate increased revenues and optimise cost efficiencies as part of the expanding SoPa ecosystem.

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 Southeast Asia. Through the acquisitions of market-leading companies and partnerships with visionary entrepreneurs in six distinct B2C e-commerce verticals: lifestyle, food & beverage delivery, travel, digital marketing, telecoms and food and beverage ordering, the Company meets SEA’s growing demand for better and more convenient online services.

About Society Pass

As a loyalty and data marketing ecosystem, Society Pass operates multiple e-commerce platforms across its key markets in SEA. Its business model focuses on collecting user data through the expected launch of its Society Pass loyalty platform and circulation of its universal loyalty points, which seamlessly connects consumers and merchants across multiple product and service categories to foster organic loyalty. Since its inception, SoPa has amassed over 1.6 million registered consumers and over 5,500 registered merchants/brands on its platform. It has invested 2+ years building proprietary IT architecture with cutting edge components to effectively scale and support its consumers, merchants, and acquisitions. 

Society Pass provides merchants with #HOTTAB Biz and #HOTTAB POS – a specialized POS technology solution, a comprehensive system for payment, loyal customer management, user profile analytics, and convenient financial support packages for small and medium-sized enterprises. 

In addition, SoPa operates Leflair.com, Vietnam’s leading lifestyle e-commerce platform, Pushkart.ph, a popular grocery delivery company in Philippines, and Handycart.vn, a leading online restaurant delivery service based in Hanoi, Vietnam.

For more information, please check out: http://thesocietypass.com/.

Forward-Looking Statements

The information contained herein may contain “forward‐looking statements.” Forward‐looking statements reflect the current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. Such statements include, but are not limited to, statements contained in this press release relating to the view of management of the Company concerning its business strategy, future operating results and liquidity and capital resources outlook. Forward‐looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company’s actual results may differ materially from those contemplated by the forward‐looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward‐looking statements. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward‐looking statements to conform these statements to actual results.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com

FAQ

What is Society Pass's revenue growth for Q1 2022?

Society Pass reported a revenue growth of 4,582% for Q1 2022, totaling $445,090.

How much cash does Society Pass have as of March 31, 2022?

Society Pass has cash reserves of $31 million as of March 31, 2022, reflecting an increase of over 33% from the previous quarter.

What acquisitions did Society Pass complete recently?

Society Pass recently acquired Pushkart and Handycart, expanding its ecosystem to over 1.6 million registered consumers and 5,500 merchants.

What are Society Pass's plans for the loyalty platform?

Society Pass plans to launch its loyalty points platform in Q2 2022, aiming to increase online engagement for users and merchants.

What sectors is Society Pass looking to expand into?

Society Pass is focusing on expanding into food & beverage delivery, travel, digital advertising, and telecom sectors in Southeast Asia.