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SOS Limited (NYSE: SOS) is a multifaceted company leveraging the power of big data to provide innovative marketing solutions while actively participating in blockchain and cryptocurrency operations, as well as commodity trading. Founded with the vision of harnessing advanced technologies, SOS has diversified its product offerings across four main areas: commodity trading, insurance marketing, cryptocurrency mining, and other services. The company operates through three key segments: Commodity trading, Cryptocurrency mining, and Others.
Commodity Trading: The backbone of SOS's revenue, generating 90.5% of its total income, involves trading in major commodities such as mineral resin, soybeans, wheat, sesame, liquid sulfur, petrol coke, and latex. Facing a significant demand dip due to economic challenges in China, the company continues to navigate through global price surges in commodities and energy.
Cryptocurrency Operations: SOS has expanded swiftly within the realm of blockchain and cryptocurrency. The company has deployed over 8,000 mining rigs and entered into hosting agreements, bolstering its monthly revenues. Despite a volatile market, it continues to mine Bitcoin and Ethereum, capitalizing on price increases and improving operational efficiencies.
Recent Developments:
- In August 2023, SOS launched over 5,000 mining rigs in Texas and entered a Hosting Agreement with BITMAIN, enhancing its North American presence.
- In January 2024, the company added 1,500 super-computing mining rigs in Texas and secured a hosting contract with Grand Flourish Inc.
- March 2024 saw SOS's North American operations producing 29.434 BTC and generating $5 million in hosting revenues.
Financial Highlights: The company's financial landscape has seen fluctuations with a notable decline in revenue from $260 million in 2022 to $92.4 million in 2023, primarily due to the recession in China and disposal of its data mining operations. However, revenue from cryptocurrency mining surged from $0.33 million to $18.9 million during the same period, underscoring the company's strategic pivot.
Future Outlook: With a robust cash reserve of $279.2 million as of December 31, 2023, SOS plans to continue its growth trajectory by investing in cloud cryptocurrency mining, security, and insurance, alongside maintaining a strong foothold in commodity trading. As the company pushes through its North American growth strategy, it aims for an increased operational footprint and sustained revenue growth.
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SOS Limited (NYSE: SOS) announced a registered direct offering of approximately $20 million worth of American Depositary Shares (ADS) at a price of $0.56 per ADS, which represents a total of 35,750,000 ADSs. The offering is expected to close around April 4, 2022. Funds will be used to enhance business operations in North America and for general corporate purposes. The exercise price of previously issued purchase warrants will also be reduced to $0.56 per share, effective at closing.
SOS Limited (NYSE: SOS) received a letter from the NYSE on January 14, 2022, indicating non-compliance due to its American depositary shares (ADSs) trading below $1.00 for 30 consecutive trading days. The company has six months to regain compliance by achieving a closing price of at least $1.00. The notice does not immediately impact the trading of SOS's ADSs, which will continue to be listed on the NYSE during the cure period. SOS offers blockchain-based marketing solutions and operates in various sectors including emergency services.
SOS Limited has announced a registered direct offering of approximately $90.1 million, selling 51.5 million American Depositary Shares (ADS) at $1.75 per share. Closing is anticipated around November 12, 2021. The funds will be utilized for business expansion in North America and general corporate purposes. Additionally, the company will reduce the exercise price of certain purchase warrants to $1.75. Maxim Group LLC serves as the sole placement agent for this offering.
SOS Limited (NYSE: SOS) announced progress on its North American supercomputing and hosting center in Wisconsin, aimed at enhancing its blockchain technology ecosystem. The center will have a total capacity of 50MW, powered by renewable sources, and is projected to achieve 1,000 PH BTC hash power. The first phase will utilize 20MW, having 6 out of 17 mobile smart data center units on-site, with the remainder arriving by December 2021. CEO Yandai Wang expressed optimism for launching services in early 2022.
SOS Limited (NYSE: SOS) has officially announced the lease of its North American headquarters located at 866 2nd Ave, New York, NY. This facility will support the company's business development and blockchain R&D efforts in North America. CEO Yandai Wang emphasized SOS's commitment to expanding its blockchain technology operations outside of mainland China. The company has been actively increasing its global presence, and this new office marks a significant step in its growth strategy.
On September 10, 2021, SOS Limited (NYSE: SOS) reported significant financial results for the six months ended June 30, 2021. Net revenue soared to $184.5 million, a staggering 17-fold increase compared to the same period in 2020. Gross profit rose sharply to $17.2 million, reflecting improved operational efficiency with a gross margin of 9.3%. Despite these gains, the company reported a GAAP net loss of $20.4 million, exacerbated by increased expenses related to legal matters and share-based compensation. Cash and cash equivalents reached $185.5 million, bolstered by financing activities.
SOS Limited (NYSE: SOS) has established a joint venture with Niagara Development LLC to initiate cryptocurrency mining operations and build a Digital Super Computing Custody Operation Center in Niagara, Wisconsin. Niagara Development will supply up to 150MW of electricity, incorporating renewable sources, while SOS will handle management and financing. This move comes as SOS shifts its bitcoin mining to the U.S. due to changing regulations in China, maintaining unaffected operations in its insurance and ethereum mining businesses. The company aims to enhance its blockchain strategy and aims for sustainable energy solutions.
SOS Limited (NYSE: SOS) announced the operational launch of 6,039 mining rigs, including 575 Ethereum rigs and 5,464 Bitcoin rigs, enhancing its mining capacity. The total expected output now stands at approximately 527 PH/s for Bitcoin and 1,456 GH/s for Ethereum, with over 90% of energy sourced from renewables. CEO Yandai Wang expressed optimism about the company's growth trajectory in the cryptocurrency sector, emphasizing sustainable practices and strategic expansion. However, the operational success hinges on various factors, including maintenance and market trends.
SOS Limited (NYSE: SOS) announced that its US and Canadian subsidiaries have obtained money services business (MSB) licenses from the U.S. Financial Crimes Enforcement Network (FinCEN) and Canada's Financial Transactions and Reports Analysis Centre (FINTRAC). These licenses enable SOS to operate as a foreign exchange dealer and a money transfer agent in the US and Canada. CEO Yandai Wang emphasized that these licenses represent a significant milestone in their blockchain technology strategy aimed at launching a digital currency exchange.
SOS Limited (NYSE: SOS) has completed the first phase of its Leibodong Mine project, delivering 575 ETH cryptocurrency mining rigs. This phase encompasses approximately 300 square meters, housing up to 1,100 rigs. The company expects a hash rate of around 400 GH once the installation is complete. CEO Yandai Wang highlighted the project's role in leveraging low-cost electricity from renewable resources in Sichuan to enhance their digital currency mining operations, supporting blockchain technology development.
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