SOS Limited Reports 2023 Interim Financial Results.

NEW YORK: SOS Limited ("SOS" or the "Company") (NYSE: SOS) today reports its 2023 Interim financial results from operations.

Six months ended June 30, 2023 compared to June 30, 2022

Revenue

As at June 30, 2023, SOS focuses on four product and service lines including Commodity Trading, Cryptocurrency Mining, Hosting Service and Others. Commodity Trading contributes 90.5% of the total revenue, 0.8% from cryptocurrency mining, 2.9% from Hosting Service and 5.8% from Others, (i.e. legacy data mining).

Revenue by products and service

Revenue by products and service

Six months ended

June 30, 2023

Product and service

$ "000"

Percentage

Commodity Trading

37,815

90.5

%

Cryptocurrency mining

350

0.8

%

Hosting Service

1,225

2.9

%

Others

2,416

5.8

%

Total revenue -net

$

41,806

100

%

Revenue by products and service

Six months ended

June 30, 2022

Product and service

$ "000"

Percentage

Commodity Trading

84,348

99.5

%

Cryptocurrency Mining

305

0.4

%

Hosting Service

102

0.1

%

Others

25

-

%

Total revenue -net

$

84,780

100

%

Net revenue was $41.8 million, down 50.7% to $84.8 million period-on-period. The decline in revenues can be primarily attributed to an economic downturn within China and disposal of our data mining operation. We are experiencing weak demand from small businesses and grain & food factories - both key markets for our commodity products. Internationally, we are witnessing a surge in commodity and energy prices, consequently commodity trading dropped 55.2% from $84.4 million the same period of last year to $37.8 million for six months ended June 30, 2023. Additionally, in November 2022, our primary data-mining service line was disposed off, for regulatory reason, resulting in a reduced operational footprint and a corresponding decrease in revenue. However, revenue from hosting service in US jumped up 12 times from $0.10 million to $1.2 million period-on-period. As the Company continues to expand its business development, US hosting service is seeing result and growth is underway.

Unaudited Condensed Consolidated Statements of Comprehensive Loss

(US$ thousands, except share data and per share data, or otherwise notes)

Six months ended

30-Jun-22

30-Jun-23

$"000"

$"000"

Revenue

132,710

41,835

Business taxes and surcharges

(45)

(29)

Net revenue

132,665

41,806

Operating costs

(120,294)

(41,716)

Gross profit

12,371

90

Gross profit ratio

9.3

%

0.2

%

Revenue and service by products

Revenue by products and service

Six months ended

June 30, 2023

Six...