Society Pass Inc (Nasdaq: SOPA) Reports Breakout 9 Month 2022 and 3Q 2022 Financial Results;

Rhea-AI Summary

Society Pass Incorporated (SOPA) reports impressive financial growth with revenues soaring 2,870% year-on-year for the first nine months of 2022, reaching $2,994,416. In the third quarter alone, revenues increased 2,354% year-on-year and 311% from the previous quarter, totaling $2,050,264. As of September 30, 2022, the company has $23 million in cash, supporting its expansion plans and acquisitions across Southeast Asia. The company has onboarded 3.3 million consumers and 205,000 merchants, completing three acquisitions in Q3 2022.

Positive

• Revenues increased 2,870% YoY, reaching $2,994,416 for 9 months 2022.
• 3Q 2022 revenues rose 2,354% YoY and 311% QoQ, totaling $2,050,264.
• Cash on hand reported at $23 million, supporting future growth and acquisitions.
• Three acquisitions completed in Q3 2022 to enhance market presence.

Negative

• None.

9 Months 2022 Revenues Grew 2,870% Year on Year from 9 Months 2021;

3Q 2022 Revenues Grew 2,354% Year on Year from 3Q 2021; and

3Q 2022 Revenues Grew 311% Quarter on Quarter from 2Q 2022

Summary Points:

• Nine months 2022 unaudited revenues grew 2,870% year on year (from $100,823 for nine months ended 30 September 2021 to $2,994,416 for nine months ended 30 September 2022).

• Third quarter 2022 unaudited revenues grew 2,354% year on year (from $83,534 for third quarter ended 30 Sep 2021 to $2,050,264 for third quarter ended 30 September 2022).

• Third quarter 2022 unaudited revenues grew 311% quarter on quarter (from $499,062 for second quarter ended 30 June 2022 to $2,050,264 for third quarter ended 30 September 2022).

• With cash on hand of $23 million on 30 September 2022, SoPa is well capitalised for roll out of Society Pass loyalty platform and continuing acquisitions of Southeast Asia (“SEA”) companies in loyalty, lifestyle, food & beverage delivery, telecoms, digital media, and travel verticals for the rest of 2022 and 2023.

• Since inception, SoPa has onboarded 3.3 million registered consumers and over 205,000 registered merchants/brands onto its ever-expanding next generation digital ecosystem and loyalty platform in SEA.

• SoPa completed a total of three acquisitions in 3Q 2022.

NEW YORK, NY, Nov. 15, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Society Pass Incorporated ("SoPa”) (Nasdaq: SOPA), SEA’s leading data-driven loyalty, fintech and e-commerce ecosystem, today announces a filing of its 3Q 2022 Form 10-Q with the Securities and Exchange Commission. Please see filing here.

Unaudited nine month 2022 revenues grew 2,870% year on year (from $100,823 for nine months ended 30 September 2021 to $2,994,416 for nine months ended 30 September 2022).

Unaudited third quarter 2022 revenues grew 2,354% year on year (from $83,534 for third quarter ended 30 September 2021 to $2,050,264 for third quarter ended 30 September 2022).

Unaudited third quarter 2022 revenues grew 311% quarter on quarter (from $499,062 for second quarter ended 30 June 2022 to $2,050,264 for third quarter ended 30 September 2022).

Reporting cash on hand of $23 million on 30 September 2022, SoPa is well capitalised for roll out of the Society Pass loyalty platform and continuing acquisitions of SEA companies in loyalty, lifestyle, food & beverage delivery, telecoms, digital media, and travel verticals for the rest of 2022 and 2023.

SoPa completed a total of three acquisitions in 3Q 2022, including Thoughtful Media Group (“TMG”), a Thailand-based a social commerce-focused, premium digital video multi-platform network, Mangan.ph, a Philippines-based restaurant delivery app, and a social commerce-focused, premium digital video multi-platform network, NusaTrip, a leading Indonesia-based Online Travel Agency.

With these three acquisitions, SoPa has now amassed over 3.3 million registered consumers and over 205,000 registered merchants/brands onto its ever-expanding next generation digital ecosystem and loyalty platform in SEA.

In the third quarter 2022, SoPa opened Bangkok and Jakarta offices.

Remarking on SoPa’s breakout 3Q 2022 financial performance, Society Pass CFO, Raynauld Liang, comments, “Our continuing robust year-on-year and quarter-on-quarter sales expansion confirms our momentum building, acquisitions focused operating model. We saw dramatic rise in revenues and number of registered consumers and registered merchants/brands. Leflair continues to recognise strong revenues, whilst our TMG and Nusatrip subsidiaries are generating the bulk of sales for the entire company. With the strong foundation being built, we look to achieve new highs in revenues as well as number of registered consumers and merchants in 4Q 2022 as we integrate market leading companies in the loyalty, lifestyle, food & beverage delivery, telecoms, digital media, and travel verticals.”

About Society Pass Inc

Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021. SOPA shares were added to the Russell 2000 index in December 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 3.3 million registered consumers and over 205,000 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; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Leflair.com,

Vietnam’s leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; Handycart.vn, a leading online restaurant delivery service based in Vietnam; and Mangan.ph, a leading local restaurant delivery service in Philippines.

For more information on Society Pass, please check out:

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/.

Cautionary Note Concerning Forward-Looking Statements

This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com

FAQ

What were Society Pass (SOPA) revenues for Q3 2022?

Society Pass reported Q3 2022 revenues of $2,050,264, reflecting a 2,354% year-on-year increase.

How much did Society Pass (SOPA) grow in the first nine months of 2022?

In the first nine months of 2022, Society Pass experienced revenue growth of 2,870%, reaching $2,994,416.

What is the cash position of Society Pass (SOPA) as of September 30, 2022?

As of September 30, 2022, Society Pass reported cash on hand of $23 million.

How many consumers and merchants are registered with Society Pass (SOPA)?

Society Pass has onboarded over 3.3 million registered consumers and 205,000 registered merchants.

How many acquisitions did Society Pass (SOPA) complete in Q3 2022?

Society Pass completed three acquisitions in the third quarter of 2022.