Society Pass Inc (Nasdaq: SOPA) Reports Stellar 2Q 2022 and 1H 2022 Financial Results, Recognises 5,669% Year on Year Revenue Growth from 2Q 2021 and 5,360% Year on Year Revenue Growth from 1H 2021

Rhea-AI Summary

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.

Positive

• Q2 2022 revenues increased 5,669% to $445,090.
• 1H 2022 revenues grew 5,360% to $944,152.
• Cash on hand of $28.0 million supports further growth and acquisitions.
• Onboarded 2.1 million registered consumers and over 6,700 merchants.

Negative

• None.

Summary Points:

• Second quarter 2022 unaudited revenues grew 5,669% year on year (from $7,783 for second quarter ended 30 June 2021 to $445,090 for second quarter ended 30 June 2022).

• 1st half 2022 unaudited revenues grew 5,360% year on year (from $17,289 for 1st half ended 30 June 2021 to $944,152 for 1st half ended 30 June 2022).

• With cash on hand of $28.0 million on 30 June 2022, SoPa is well capitalised for roll out of Society Pass loyalty platform and continuing acquisitions of Southeast Asia (“SEA”) companies in lifestyle, food & beverage, digital media, and travel verticals for the rest of 2022.

• Since inception, SoPa has onboarded 2.1 million registered consumers and over 6,700 registered merchants/brands onto its ever-expanding platform.

• SoPa launched the beta version of its Society Pass loyalty platform in 2Q 2022, which drives customer acquisition and retention for merchants across SEA.

NEW YORK, NY, Aug. 04, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Society Pass Inc. (Nasdaq: SOPA) (“SoPa”), SEA’s leading loyalty  and  ecommerce  ecosystem, today announced that unaudited second quarter 2022 revenues grew 5,669% year on year (from $7,783 for second quarter ended 30 June 2021 to $445,090 for second quarter ended 30 June 2022).

Unaudited first half 2022 revenues grew 5,360% year on year (from $17,289 for 1st half ended 30 June 2021 to $944,152 for 1st half ended 30 June 2022).

Reporting cash on hand of $28.0 million on 30 June 2022, SoPa is well capitalised for roll out of the Society Pass loyalty platform and continuing acquisitions of Southeast Asia (“SEA”) companies in lifestyle, food & beverage, digital media, and travel verticals for the rest of 2022.

Since inception, SoPa has amassed over 2.1 million registered consumers and over 6,700 registered merchants/brands onto its ever-expanding next generation digital ecosystem.

Society Pass expects to file its 2Q 2022 Form 10-Q with the Securities and Exchange Commission later this month. During the second quarter 2022, the Company completed the acquisition of Singapore-based Gorilla Networks onto the SoPa platform, opened the Manila office, and launched the beta version of its Society Pass loyalty points platform.

Remarking on Society Pass’ stellar 2Q 2022 financial performance, Society Pass Founder, Chairman and CEO, Dennis Nguyen, explains, “Our continuing robust year-on-year sales expansion substantiates our acquisitions focused operating model. Nine months after relaunch back onto the Vietnam market, Leflair continues to generate strong revenues, whilst our food and beverage (“F&B”) Pushkart and Handycart brands are establishing solid footholds in their respective markets. The acquisition of Gorilla Networks allows us to incorporate Gorilla’s blockchain and Web3 capabilities onto the SoPa ecosystem and enable the new meta-economy for all our portfolio companies. We are poised to achieve new highs in 3Q 2022 as we integrate our next generation loyalty platform onto the rest of our ecosystem as well as opportunistically acquire market leading companies in the lifestyle, F&B, travel, and digital advertising verticals.”

About Society Pass

As a loyalty and data marketing ecosystem in Singapore, Vietnam, Philippines, and Thailand and with offices located in Singapore, Hanoi, Ho Chi Minh City, Manila, Angeles and Bangkok, SoPa is an acquisition-focused e-commerce holding company operating 7 interconnected verticals (loyalty, merchant software, lifestyle, F&B, telecoms, digital media, and travel), which seamlessly connects millions of consumers and thousands of merchants across multiple product and service categories throughout SEA.

SoPa’s business model focuses on analysing user data through its Society Pass loyalty platform and circulation of its universal loyalty points or Society Points. The Society Pass loyalty platform drives customer acquisition and retention for merchants. Since its inception, SoPa has amassed over 2.1 million registered consumers and over 6,700 registered merchants/brands onto 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 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. SoPa operates #HOTTAB Biz and #HOTTAB POS – a Vietnam-based POS, CRM and analytics technology solutions provider for small and medium-sized enterprises, 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, Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator, Thoughtful Media Group, a Bangkok-based, a social commerce-focused, premium digital video multi-platform network, and Mangan, the leading local restaurant delivery service in Philippines.

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

Media Contacts:
PRecious Communications
sopa@preciouscomms.com

FAQ

What were Society Pass Inc.'s revenues for Q2 2022?

Society Pass Inc. reported Q2 2022 revenues of $445,090, a 5,669% increase year-on-year.

How much cash did Society Pass Inc. have as of June 30, 2022?

As of June 30, 2022, Society Pass Inc. reported cash on hand of $28.0 million.

What is the growth percentage of Society Pass Inc. revenues for the first half of 2022?

For the first half of 2022, Society Pass Inc. experienced a revenue growth of 5,360%, totaling $944,152.

How many registered consumers does Society Pass Inc. have?

Society Pass Inc. has onboarded over 2.1 million registered consumers.

What new platform did Society Pass Inc. launch in Q2 2022?

Society Pass Inc. launched the beta version of its Society Pass loyalty platform in Q2 2022.