Business
Society Pass Inc’s (Nasdaq: SOPA) 9 Mths 2023 Financials : Revenues Increased 117% yoy; Gross Profit Margin Improved to 28.1%; Cash Operating Expenses Declined 32.6% yoy
NEW YORK, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Society Pass Incorporated (Nasdaq: SOPA) (“SoPa”), Southeast Asia (SEA)’s next generation, data-driven, loyalty,
About this update from Society Pass Incorporated
[{"type":"text","content":"NEW YORK, Nov. 15, 2023 (GLOBE NEWSWIRE) -- 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 third quarter ended 30 September 2023 and a filing of its 3Q 2023 Form 10-Q with the Securities and Exchange Commission (SEC). Click Here (on SEC website) to view 3Q 2023 Form 10-Q filing. Summary Points: • With cash on hand of $8.2 million (approximately $0.26 per share) and book value of $9.9 million (approximately $0.32 per share) as of 30 September 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 and 2024. • 9 months 2023 revenues grew 117.0% year on year (from $2,994,416 in 9 months 2022 to $6,498,878 in 9 months 2023). • 3Q 2023 revenues grew 10.7% year on year (from $2,050,264 in 3Q 2022 to $2,269,066 in 3Q 2023). • 3Q 2023 revenues grew 3.7% quarter on quarter (from $2,187,232 in 2Q 2023 to $2,269,066 in 3Q 2023). • 9 months 2023 gross profit grew 523.2% year on year (from $293,004 in 9 months 2022 to $1,825,960 in 9 months 2023). • 3Q 2023 gross profit grew 82.7% year on year (from $307,935 in 3Q 2022 to $562,564 in 3Q 2023). • 3Q 2023 gross profit declined 2.5% quarter on quarter (from $577,159 in 2Q 2023 to $562,564 in 3Q 2023). • 9 months 2023 gross profit margin grew to 28.1% in 9 months 2023 from 9.8% in 9 months 2022. • 3Q 2023 gross profit margin grew to 24.8% in 3Q 2023 from 15.0% in 3Q 2022. • 3Q 2023 gross profit margin declined to 24.8% in 3Q 2023 from 26.4% in 2Q 2023. • While 9 months 2023 revenues grew 117.0% year on year, 9-month 2023 cash operating expenses declined 32.6% year on year (from $15,275,821 in 9 months 2022 to $10,295,103 in 9 months 2023). • While 3Q 2023 revenues grew 10.7% year on year, 3Q 2023 cash operating expenses declined 54.6% year on year (from $7,426,684 in 3Q 2022 to $3,368,443 in 3Q 2023). • While 3Q 2023 revenues grew 3.7% quarter on quarter, 3Q 2023 cash operating expenses increased 15.1% quarter on quarter (from $2,927,505 in 2Q 2023 to $3,368,443 in 3Q 2023). • 9 months 2023 digital advertising revenues represent 70.5% of total revenues and grew 278.0% year on year from ($1,211,428 in 9 months 2022 ...