QINGDAO, China, Dec. 21, 2020 /PRNewswire/ -- SOS Limited
(NYSE: SOS) (the "Company" or "SOS"),
a high-tech company providing a wide range of data mining
and marketing analysis services to its corporate and individual
members in China announced today
its preliminary estimates of certain financial results for its full
fiscal year of 2020 ending December 31,
2020, and business outlook for the fiscal year of 2021.
Outstanding Revenue Growth Expected For Full Year
2020
Based on information available as of today, full year 2020
revenue is expected to be approximately $49.5 million, representing growth of 451%
compared to that of 2019. The revenue's robust growth is primarily
due to the effective execution of the Company's business
transformation strategy, which enabled us to cease our legacy peer-to-peer
lending business and focus on
providing marketing-related data for clients such as insurance
companies, financial institutions, medical institutions, healthcare
providers and other service providers in the emergency rescue
services industry. The gross margin is expected to be approximately
9%, up from 5% last year. US GAAP net profit gain is expected to be
approximately $3.1 million.
Business Outlook 2021
1. The Company expects net revenue growth of approximately
286% for full-year 2021.
2. In order to become a national provider in China, the Company will continue to pursue an
acquisition of a national insurance brokerage agency.
3. The Company is committed to enhance its rescue
infrastructure network around high-way exits to provide its members
better services.
4. To further grow the user base substantially and enhance
our healthcare service offering, management is looking to implement
the strategic cooperation partnership with Qingdao West Coast
Healthcare Development Group Co., Ltd , which is expected to
jointly promote the application and development of innovative
healthcare solutions.
SOS Chairman Yandai Wang commented, "In a year of market
uncertainty and ongoing disruptions from the pandemic, I am
incredibly proud to share our record-breaking results for the full
year of 2020. Despite the challenges, SOS delivers a solid year of
financial performance, with our core data mining and analysis
business significantly outperforming expectations in the second
half of 2020. These results reflect management's consistently
strong execution of our business plan and vision."
He continued, "With China's insurance market growing at a CAGR
of 11.4% from 2010 to 2020, as reported by the National Bureau of
Statistics of China, combined with
our strategic cooperation with Qingdao West Coast Healthcare
Development Group, we remain excited about market opportunity and
significant growth potential. Looking ahead, we expect continued
strong momentum and revenue growth."
About SOS Limited
SOS Limited, through its operating subsidiary, SOS Information
Technology Co., Ltd. ("SOS"), provides wide range of data mining
and analysis services to its corporate and individual members, such
as insurance companies, financial institutions, medical
institutions, healthcare providers and other service providers in
the emergency rescue industry by creating a SOS cloud emergency
rescue service software as a service (SaaS) platform. Its mission
is to make it easier, safer and more efficient for its clients to
obtain and process the data of their target customers. SOS
transforms digital technology into data-driven operations through
the research and development of big data, cloud computing, Internet
of Things, blockchain and artificial intelligence.
SOS has obtained a national high-tech enterprise certification
and the title of "big data star enterprise," awarded by Gui'an New
District Government. Staying on the forefront of digital technology
innovation, the Company has registered 31 software copyrights and 2
patents. For more information, please visit:
http://www.sosyun.com/
Forward-Looking Statements
Forward-Looking Statements
Certain statements made herein are "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"anticipate," "believe," "expect," "estimate," "plan," "outlook,"
and "project" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include timing
of the proposed transaction; the business plans, objectives,
expectations and intentions of the parties; SOS's estimated and future results of
operations, business strategies, competitive position, industry
environment and potential growth opportunities market acceptance of
our products; the ultimate impact of the current Coronavirus
pandemic, or any other health epidemic, on our business, our
research programs, healthcare systems or the global economy as a
whole; our intellectual property; our reliance on third party
organizations; our anticipated financial and operating results,
including anticipated sources of revenues; our assumptions
regarding the size of the available market, benefits of our product
offering, product pricing, timing of product launches; management's
expectation with respect to future acquisitions; statements
regarding our goals, intentions, plans and expectations, including
the introduction of new products and markets; and our cash needs
and financing plans and etc. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution
must be exercised in relying on forward-looking statements. SOS may
not realize its expectations, and its beliefs may not prove
correct. Due to known and unknown risks, our actual results may
differ materially from our expectations or projections. All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
Additional information concerning these and other factors that
may impact our expectations and projections can be found in our
periodic filings with the SEC, including our Annual Report on Form
20-F for the fiscal year ended December 31,
2019. SOS's SEC filings are available publicly on the SEC's
website at www.sec.gov. SOS disclaims any obligation to update the
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE SOS Limited