Business
Society Pass Inc’s (Nasdaq: SOPA) 2Q/1H 2023 Financial Results Illustrate Continuing Breakneck Revenue Growth and Exceptional Profit Margin Expansion; Confidently Forecasts Achieving Cash Profitability in 2H 2023
Recognises 348% Year on Year Revenue Growth for 1H 2023;Gross Margin Increases to 29.9% in 2Q 2023 from -1.6% in 2Q 2022 NEW YORK, NY, Aug. 10, 2023 (GLOBE
About this update from Society Pass Incorporated
[{"type":"text","content":" Recognises 348% Year on Year Revenue Growth for 1H 2023;Gross Margin Increases to 29.9% in 2Q 2023 from -1.6% in 2Q 2022 NEW YORK, NY, Aug. 10, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Society Pass Incorporated (Nasdaq: SOPA) (“SoPa”), Southeast Asia (SEA)’s next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces unaudited financial results for second quarter ended 30 June 2023 and a filing of its 2Q 2023 Form 10-Q with the Securities and Exchange Commission (SEC). Click Here (on SEC website) to view 2Q 2023 Form 10-Q filing. Summary Points: • With cash on hand of $10.8 million (approximately $0.38 per share) and book value of $12.7 million (approximately $0.45 per share) on 31 March 2023, SoPa is well capitalised for continuing acquisitions of SEA companies in its digital advertising, travel, lifestyle, telecommunications, and loyalty/fintech verticals for the rest of 2023. • 1H 2023 revenues grew 348.0% year on year (from $944,152 in 1H 2022 to $4,229,812 in 1H 2023). • 2Q 2023 revenues grew 338.3% year on year (from $499,062 in 2Q 2022 to $2,187,232 in 2Q 2023). • 2Q 2023 revenues grew 7.1% quarter on quarter (from $2,042,580 in 1Q 2023 to $2,187,232 in 2Q 2023). • 1H 2023 gross profit grew to $1,263,396 from a 1H 2022 gross loss of $14,931. • 1H 2023 gross margin improved to 29.9% from 1H 2022 gross margin of -1.6%. • 2Q 2023 gross profit grew to $577,159 from a 2Q 2022 gross loss of $138. • 2Q 2023 gross margin improved to 26.4% from 2Q 2022 gross margin of 0.0%. • While 1H 2023 revenues grew 348.0% year on year, 1H 2023 cash operating expenses declined 28.0% year on year (from $7,864,068 in 1H 2022 to $5,663,264 in 1H 2023). • While 2Q 2023 revenues grew 338.3% year on year, 2Q 2023 cash operating expenses declined 51.9% year on year (from $4,891,352 in 2Q 2022 to $2,350,345 in 2Q 2023). • While 2Q 2023 revenues grew 7.1% quarter on quarter, 2Q 2023 cash operating expenses declined 29.1% quarter on quarter (from $3,312,918 in 1Q 2023 to $2,350,345 in 2Q 2023). • 1Q 2023 digital advertising revenues represent 62.9% of total revenues and grew 17.7% quarter on quarter from ($1,283,774 in 1Q 2023 to $1,510,960 in 2Q 2023). • 1Q 2023 travel platform revenues represent 23.8% of total revenues and grew 14.2% quarter on quarter from ($486,707 in 1Q 2023 to $556,042 in 2Q 2023). • SoPa completed...