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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 its acquisition of 14,238 BTC mining rigs with an estimated BTC Hash Power of 527P and 1,408 ETH mining rigs with Hash Power of approximately 1056G, totaling around US$20 million. This strategic move aims to enhance its cloud cryptocurrency mining operations amid rising cryptocurrency prices. The rigs are projected to generate approximately 3.5 BTC and 63 ETH daily, equating to roughly US$206,551 in daily revenue. Shipments will occur in three phases from February to April 2021.
SOS Limited (NYSE: SOS) announced a non-binding letter of intent to acquire FXK Tech Corporation, a Canadian blockchain technology provider. This acquisition aims to enhance SOS's cryptocurrency ecosystem and expand its operations into North America. The deal involves acquiring 100% of FXK for cash and Class A shares. Completion is subject to due diligence, board approval, and NYSE listing. The acquisition aligns with SOS's strategy to grow in cryptocurrency mining and security.
SOS Limited (NYSE: SOS) has announced that accredited investors will exercise warrants to purchase up to 16,125,000 ADSs at prices of $1.55 and $1.85 per ADS. This exercise is expected to generate approximately $26.6 million before expenses. Additionally, the investors will receive new unregistered warrants to purchase up to 25,800,000 ADSs at an exercise price of $2.00 per ADS, with a five-year exercise term. The proceeds will be used to support SOS's blockchain-based cryptocurrency mining and security initiatives, as well as general corporate purposes.
SOS Limited (NYSE: SOS) announced a strategic shift towards crypto mining on January 13, 2021. The company plans to invest significantly in this sector, focusing on mainstream cryptocurrencies like Bitcoin. Dr. Huazhong (Eric) Yan will lead the initiative, targeting regions with lower energy costs for mining operations. SOS aims to establish a series of cloud-based mining sites and provide related services, including DeFi and insurance for cryptocurrencies. Chairman Yandai Wang emphasized that this venture could drive substantial growth for the company.
SOS Limited (NYSE: SOS) announced a registered direct offering of approximately $25 million in American Depositary Shares (ADS) and warrants. The company will sell 13,525,000 ADSs at a price of $1.85 each, with corresponding warrants exercisable immediately. The offering is expected to close around January 12, 2021, and proceeds will be used for developing blockchain-based security technology and general corporate purposes. Maxim Group LLC is acting as the sole placement agent for this offering.
SOS Limited (NYSE: SOS) announced an employment agreement with Dr. Eric H. Yan, an expert in cryptocurrency mining and security technologies. Dr. Yan will lead SOS's new subsidiary, SOS Digital Technologies Inc., focused on applying blockchain-based security for digital assets. With seven patents in related technologies, Dr. Yan aims to establish the first digital assets insurance company and cryptocurrency bank, addressing a critical gap in the market where 20% of cryptocurrencies are lost annually. SOS continues to innovate in big data, cloud computing, and blockchain solutions.
SOS Limited (NYSE: SOS) announced a strategic partnership with Zhonglu Property and Casualty Insurance to enhance big data marketing and insurance product promotion. The collaboration aims to leverage both companies' resources, projecting to add 10-20 million members over the next five years, with an estimated sales increase of RMB 5.1 billion for each party. SOS, with a membership base of 20 million, utilizes advanced technologies including blockchain, AI, and big data analytics to transform emergency services marketing.
SOS Limited (NYSE: SOS) announced a registered direct offering to sell $4,030,000 of American Depositary Shares (ADS) and warrants. The agreement includes 2,600,000 ADSs and corresponding warrants, priced at $1.55 each, with the warrants exercisable immediately and expiring in five years. The offering, with proceeds expected to close on December 24, 2020, will be conducted under a previously effective shelf registration statement. Maxim Group LLC is the sole placement agent for this transaction.
SOS Limited (NYSE: SOS) reported preliminary estimates for its fiscal year 2020, projecting revenue of approximately $49.5 million, a staggering 451% increase from 2019. The growth is attributed to a strategic pivot from peer-to-peer lending to data mining and marketing analysis services, targeting insurance and healthcare sectors. The gross margin improved to 9%, up from 5% the previous year, with a net profit forecast of $3.1 million. For 2021, SOS anticipates 286% revenue growth and aims to acquire a national insurance brokerage to solidify its market presence.
SOS Limited (NYSE: SOS) has entered a strategic agreement with Qingdao West Coast Healthcare to enhance health management and virtual healthcare services. Founded in 2018, Qingdao Healthcare operates over 3,000 hospitals and 100 senior centers, focusing on innovative healthcare solutions and expanding public health services as part of China's Healthy China 2030 initiative. The partnership aims to leverage big data, AI, and cloud computing, potentially increasing user base by 3 million, 7 million, and 10 million by 2023, and generating an estimated revenue increase of approximately RMB 500 million, 600 million, and 900 million from 2021 to 2023.
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