SOS Limited Reports 2024 Financial Results
- SOS Limited Reports 92.6% Surge in Commodity Trading Revenue Amid Strategic Pivot
- Cryptocurrency Mining Revenue Halves as SOS Focuses on Facility Upgrades and Commodity Expansion
NEW YORK, May 15, 2025 /PRNewswire/ -- SOS Limited ("SOS" or the "Company") (NYSE: SOS) today reported its full year financial results for the twelve-months ended December 31, 2024 and that it has filed with annual report on Form 20-F for the year ended December 31, 2024 (the "Form 20-F") with the U.S. Securities and Exchange Commission (the "SEC").
In compliance with the New York Stock Exchange rules, the Form 20-F is available on the Company's website at http://www.sosyun.com/. In addition, all shareholders of the Company may request, free of charge, a hard copy of the Company's complete audited financial statements filed with the SEC. To request a hard copy of the Company's audited financial statements, or for any other inquiry in respect of this press release, please contact the Investor Relations Department of the Company, whose contact information is as follows: ir@sosyun.comÂ
Results of operations
RevenueÂ
The following table presents our revenues by revenue source and by proportion for the periods indicated (in thousands, except percentages):
FY 2024 | FY 2023 | |||||||||||
Amount | Percentage | Amount | Percentage | |||||||||
Commodity trading | 214,340 | 92.6 | % | 68,409 | 74 | % | ||||||
Cryptocurrency Mining | 9,258 | 4 | % | 18,898 | 20.4 | % | ||||||
Hosting service | 6,506 | 2.8 | % | 2,365 | 2.6 | % | ||||||
Other | 1,320 | 0.6 | % | 2,744 | 3 | % | ||||||
Total | 231,424 | 100 | % | 92,416 | 100 | % | ||||||
The company reported a significant year-over-year increase in commodity trading revenue, which soared to $214.3 million FY 2024, accounting for 92.6% of total revenue—up from 74.0% in FY 2023. This growth was fueled by robust domestic demand and the expansion of the company's product portfolio to include rubber and coal.
Conversely, cryptocurrency mining revenue declined to $9.3 million from $18.9 million in FY 2023. The dip was attributed to the temporary shutdown of the Texas mining facility for upgrades during the first half of 2024.
Revenue from other segments, primarily the legacy auto insurance business, continued to taper, reflecting $1.4 million decrease from $2.7 million in FY 2023 to $1.3 million in FY2024 —as the company progresses toward its full disposal, initiated in 2022.
As of December 31, 2024, SOS has focused on four product lines and services, including commodity trading, cryptocurrency mining, hosting service and others, constitute 92.6%, 4.0%, 2.8% and 0.6% of the total revenues, respectively.
As of December 31, 2024, the Company holds 736.75 units of BTC, reflecting an increase of 61.10 units compared to the previous year.
During the first half of 2024, the Company temporarily suspended operations to upgrade its facilities, resuming full production in July 2024.
Additionally, the Company's ETH holdings remain unchanged from the prior year at 2,924.79 units, with no additions made during the year.
The Company bought and sold commodity products such as sesame, sulfur, rubber, mung bean, asphalt and circuit modular units. The company recognizes revenue when the product has been delivered, title to the good and risk associated with it has been transferred to the customers. Revenue generated from commodity trading amounts to $21.4 million during the fiscal year of 2024 representing 92.6% of the total sales.
Costs of revenue
Revenue costs increased from $78.2 million in 2023 to $224.4 million in 2024, increase of $146.2 million. It includes the cost of goods sold for commodity trading, maintenance expenses and power supply, salaries and benefits for on-site staffs, software amortization and hardware depreciation for cryptocurrency mining rigs.
Operating expenses
The following table presents our operating expense by source and proportion for the periods indicated (in thousands, except percentages):
FY 2024 | FY 2023 | |||||||||||||||
Selling expenses | 2,774 | 10 | % | 672 | 4 | % | ||||||||||
General and administrative | 18,136 | 63 | % | 11,058 | 58 | % | ||||||||||
Share-based compensation | 7,735 | 27 | % | 7,264 | 38 | % | ||||||||||
28,645 | 18,994 | |||||||||||||||
Operating expenses increased from $18.99 million in 2024 to $28.6 million in 2024, representing a 50.6 % year-on-year increase of $9.6 million.
Selling expenses
Selling expenses were $2.8Â million for 2024, compared to $0.7Â million for 2023.
The year-on-year increase for 2024 was $2.1 million, representing a year-on-year sincrease of 300%. The increase mainly consisted of a $1.4 million increase in transportation expenses for coal.
General and administrative expenses
In 2024, G&A expenses for the year-on-year basis increased by $7.1 million, reflecting an overall of 64% increase.mainly attributable to the increase in depreciation of the Company's mining rigs of $5.9 million.Â
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