Business
Society Pass Inc (Nasdaq: SOPA) Reports Outsized Revenue Growth and Margin Expansion for 1Q 2023 Financial Results
Recognises 358% Year on Year Revenue Growth for 1Q 2023 Gross Margin Increases to 33.5% in 1Q 2023 from 25.5% in 4Q 2022 NEW YORK, NY, May 11, 2023 (GLOBE
About this update from Society Pass Incorporated
[{"type":"text","content":" Recognises 358% Year on Year Revenue Growth for 1Q 2023 Gross Margin Increases to 33.5% in 1Q 2023 from 25.5% in 4Q 2022 NEW YORK, NY, May 11, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Society Pass Inc. (Nasdaq: SOPA) (“SoPa”), Southeast Asia (SEA)’s next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces unaudited financial results for first quarter ended 31 March 2023 and a filing of its 1Q 2023 Form 10-Q with the Securities and Exchange Commission (SEC). Click Here (on SEC website) to view 1Q 2023 Form 10-Q filing. Summary Points:• 1Q 2023 revenues grew 358% year on year (from $445,090 in 1Q 2022 to $2,042,580 in 1Q 2023). • 1Q 2023 digital advertising revenues totaled $1,283,774, up from $0 in 1Q 2022. • 1Q 2023 travel platform revenues totaled $486,707, up from $0 in 1Q 2022. • 1Q 2023 gross profit grew to $686,237 from gross loss of $14,793 in 1Q 2022. • 1Q 2023 gross margin improved to 33.5% from 1Q 2022 gross margin of -3.3%. • 1Q 2023 gross margin improved to 33.5% from 4Q 2022 gross margin of 25.5%. • While 1Q 2023 revenue grew 358%, 1Q 2023 cash operating expenses grew only 20% year on year (from $2,817,348 in 1Q 2022 to $3,385,759 in 1Q 2023). • With cash on hand of $13.7 million and book value of $15.6 million on 31 March 2023, SoPa is well capitalised for the expected roll out of the Society Pass loyalty platform in 2Q 2023 and continuing acquisitions of SEA companies in its loyalty, lifestyle, food & beverage delivery, telecommunications, digital advertising, and travel verticals for the rest of 2023. • Since inception, SoPa has onboarded approximately 3.3 million registered consumers and approximately 650,000 registered merchants/brands onto its ever-expanding next generation digital ecosystem and loyalty platform in SEA. • SoPa now operates six verticals in SEA: loyalty, lifestyle, food & beverage delivery, telecommunications, digital advertising, and travel. • SoPa currently operates in five SEA countries: Singapore, Vietnam, Indonesia, Philippines and Thailand. • SoPa currently employes approximately 250 people throughout SEA. Raynauld Liang, Society Pass Inc. Chief Financial Officer, explains, “Our outsized first quarter 2023 financial performance validates our acquisitions-focused business plan here in SEA. For 1Q 2023, we achieved year-on-year revenue growth of 358%, whil...