Business
Society Pass Inc (Nasdaq: SOPA) Reports 1Q 2022 Financial Results, Sees 4,582% Year on Year Revenue Growth and Cash on Hand Growth of 33% from Year 2021
First quarter 2022 revenues grew 4,582% year on year (from $9,506 for first quarter ended 31 March 2021 to $445,090 for first quarter ended 31 March 2022).
About this update from Society Pass Incorporated
[{"type":"text","content":" First quarter 2022 revenues grew 4,582% year on year (from $9,506 for first quarter ended 31 March 2021 to $445,090 for first quarter ended 31 March 2022). Cash on hand grew over 33% from $23.3 million on 31 December 2021 to $31.0 million on 31 March 2022. With the closed acquisitions of the Pushkart and Handycart business units, SoPa has now amassed over 1.6 million registered consumers and 5,500 registered merchants/brands onto its ever expanding ecosystem. SoPa is well capitalized for planned acquisitions of food & beverage delivery, travel, digital advertising and telecoms verticals in the VIP+T (Vietnam, Indonesia, Philippines and Thailand) countries of Southeast Asia (SEA) in 2Q 2022. SoPa expects to launch the beta version of its Society Pass loyalty points platform in 2Q 2022, which SoPa believes will help substantially increase online users and merchants across SEA. SINGAPORE, May 09, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Society Pass Incorporated (Nasdaq: SOPA) (“SoPa” or the “Company”), Southeast Asia’s leading loyalty and ecommerce ecosystem, today announced that first quarter 2022 revenues grew 4,582% year on year (from $9,506 for first quarter ended 31 March 2021 to $445,090 for first quarter ended 31 March 2022). The Company also reported cash on hand grew over 33% from $23.3 million on 31 December 2021 to $31.0 million on 31 March 2022. With the closed acquisitions of the Pushkart and Handycart business units, SoPa has amassed over 1.6 million registered consumers and 5,500 registered merchants/brands onto its ever expanding ecosystem. Society Pass expects to file its 1Q 2022 Form 10-Q with the Securities and Exchange Commission later this month. During the first quarter 2022, the Company completed the corporate restructuring of its subsidiary Leflair’s Vietnam operations into Leflair Group, an integrated lifestyle retail ecosystem to capture Southeast Asia’s fast growing 100B+ USD retail market, as well as the integration of its recent food and beverage delivery acquisitions, Pushkart and Handycart, onto the SoPa ecosystem. Commenting on Society Pass’ strong business growth and future plans, Dennis Nguyen, Founder, Chairman and CEO of Society Pass, said, “Our robust revenue growth validates our acquisitions focused operating model. Leflair continues to be our main revenue contributor as we gear up our lat...