Business
Society Pass (Nasdaq: SOPA) Reports Compelling 4Q 2022 and FY 2022 Financial Results; Recognises 530% Year on Year Revenue Growth for 4Q 2022; Recognises 984% Year on Year Revenue Growth for FY 2022; Forecasts Path to Profitability in 2023
New York, NY, March 23, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Society Pass Inc. (Nasdaq: SOPA) (“SoPa”), Southeast Asia (SEA)’s next generation,
About this update from Society Pass Incorporated
[{"type":"text","content":"New York, NY, March 23, 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 fourth quarter ended 31 December 2021 and audited financial results for the full year ended 31 December 2022 and a filing of its 2022 Form 10-K with the Securities and Exchange Commission (SEC). Click Here (on SEC website) to view 2022 Form 10-K filing. Summary Points:• 4Q 2022 revenues grew 530% year on year (from $419,062 in 4Q 2021 to $2,641,137 in 4Q 2022). • Full year 2022 revenues grew 984% year on year (from $519,885 in full year 2021 to $5,635,553 in full year 2022). • 4Q 2022 gross profit grew to $673,969 from -$27,328 in 4Q 2021. • Full year 2022 gross profit grew to $966,973 from -$190,798 in full year 2021. • 4Q 2022 gross margin percentage improved to 25.5% from -6.5% in 4Q 2021. • Full year 2022 gross margin percentage improved to 17.2% from -36.7% in full year 2021. • Compared to 4Q 2022 revenue growth of 530%, 4Q 2022 cash operating expenses grew only 128% year on year (from $2,072,332 in 4Q 2021 to $4,739,929 in 4Q 2022). • Compared to full 2022 revenue growth of 984%, full year 2022 cash operating expenses grew only 323% year on year (from $4,721,048 in full year 2021 to $20,015,750 in full year 2022). • With cash on hand of $18.9 million and book value of $20.3 million on 31 December 2022, SoPa is well capitalised for the expected roll out of Society Pass loyalty platform in 2Q 2023 and continuing acquisitions of SEA companies in loyalty, lifestyle, food & beverage delivery, telecommunications, digital media, and travel verticals for the rest of 2023. • Since inception, SoPa has onboarded approximately 3.3 million registered consumers and approximately 205,000 registered merchants/brands onto its ever-expanding next generation digital ecosystem and loyalty platform in SEA. • SoPa completed a total of seven acquisitions in 2022, including Thoughtful Media Group, a Thailand-based, social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Pushkart.ph, a popular grocery delivery company in Philippines; Handyca...