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; Handycart.vn, a leading online restaurant delivery
service based in Vietnam; Mangan.ph, a leading local restaurant
delivery service in Philippines, and More Media, a Indonesia-based
design and branding agency.
• SoPa now operates six verticals in SEA,
namely, loyalty, lifestyle, food and beverage delivery,
telecommunications, digital advertising, and travel.
• SoPa currently operates in five SEA countries,
namely, Singapore, Vietnam, Indonesia, Philippines and
Thailand.
• SoPa currently employs approximately 250
people throughout SEA countries.
Raynauld Liang, Society Pass Inc Chief Financial
Officer, explains, “Our compelling fourth quarter 2022 and full
year 2022 financial results validate our acquisitions-focused
business plan here in SEA. For 4Q 2022 and full year 2022, we
achieved year on year revenue growth of 530% and 984%,
respectively. By comparison, for 4Q 2022 and full year 2022, we
recognised year on year cash operating expense growth of only 128%
and 323%, respectively. In other words, despite growing at
breakneck pace in the five largest economies of SEA, our revenues
are growing much faster than our expenses. We focused on
dramatically improving our gross margins, whilst generating
outsized revenue growth in our lifestyle, digital advertising and
travel businesses.
“For 2023, the company’s management continues to
focus on substantially improving our operating margins by driving
cost efficiencies across our SoPa ecosystem and increasing revenues
in our six verticals via organic growth and acquisitions. As a
result, our management team forecasts achieving profitability in 2H
2023, which is a year earlier than our prior forecasts of 2H
2024.”
About Society Pass Inc.
Founded in 2018 as a data-driven loyalty,
fintech and e-commerce ecosystem in the fast-growing markets of
Vietnam, Indonesia, Philippines, Singapore and Thailand, which
account for more than 80% of the SEA population, and with offices
located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and
Singapore, Society Pass Incorporated (Nasdaq: SOPA)
is an acquisition-focused holding company operating 6
interconnected verticals (loyalty, digital media, travel, telecoms,
lifestyle, and F&B), which seamlessly connects millions of
registered consumers and hundreds of thousands of registered
merchants/brands across multiple product and service categories
throughout SEA.
Society Pass completed an initial public
offering and began trading on the Nasdaq under the ticker SOPA in
November 2021. SOPA shares were added to the Russell 2000 index in
December 2021.
SoPa acquires fast growing e-commerce companies
and expands its user base across a robust product and service
ecosystem. SoPa integrates these complementary businesses through
its signature Society Pass fintech platform and circulation of its
universal loyalty points or Society Points, which has entered beta
testing and is expected to launch broadly at the beginning of 2023.
Society Pass loyalty program members earn and redeem Society Points
and receive personalised promotions based on SoPa’s data
capabilities and understanding of consumer shopping behaviour. SoPa
has amassed more than 3.3 million registered consumers and over
205,000 registered merchants and brands. It has invested 2+ years
building proprietary IT architecture to effectively scale and
support its consumers, merchants, and acquisitions.
Society Pass leverages technology to tailor a
more personalised experience for customers in the purchase journey
and to transform the entire retail value chain in SEA. SoPa
operates 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; Leflair.com, Vietnam’s leading lifestyle e-commerce
platform; Pushkart.ph, a popular grocery delivery company in
Philippines; Handycart.vn, a leading online restaurant delivery
service based in Vietnam; and Mangan.ph, a leading local restaurant
delivery service in Philippines.
For more information on Society Pass, please
visit:
Website at https://www.thesocietypass.com or
LinkedIn at
https://www.linkedin.com/company/societypass or
Facebook at
https://www.facebook.com/thesocietypass or
Twitter at https://twitter.com/society_pass
or
Instagram at
https://www.instagram.com/societypass/.
Use of Non-GAAP Financial Measures
In addition to financial information prepared in
accordance with U.S. GAAP, this document also contains certain
non-GAAP financial measures based on management’s view of
performance including cash operating expenses. Management uses such
measures internally for planning and forecasting purposes and to
measure the performance of the Company. We believe these adjusted
financial measures provide useful and meaningful information to us
and investors because they enhance investors’ understanding of the
continuing operating performance of our business and facilitate the
comparison of performance between past and future periods. These
adjusted financial measures are non-GAAP measures and should be
considered in addition to, but not as a substitute for, the
information prepared in accordance with U.S. GAAP. When preparing
these supplemental non-GAAP financial measures we typically exclude
certain GAAP items that management does not consider to be normal,
recurring non-cash operating expenses
Years ended December
31
2022
2021
Total operating
expenses
$
(35,123,029)
$ (34,021,405)Amortisation and
depreciation
3,307,832
3,210,448Goodwill Impairment
3,499,881
200,000 Stock-based
compensation for services
8,299,566
25,889,909Cash Operating
Expenses
$
20,015,750
$ 4,721,048
Cautionary Note Concerning Forward-Looking
StatementsThis press release may include “forward-looking
statements,” within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. All statements other than statements of
historical fact included in this press release are forward-looking
statements. When used in this press release, words such as
“anticipate”, “believe”, “estimate”, “expect”, “intend” and similar
expressions, as they relate to us or our management team, identify
forward-looking statements. Such forward-looking statements are
based on the beliefs of management, as well as assumptions made by,
and information currently available to, the Company’s management.
Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors
detailed in the Company’s filings with the SEC. All subsequent
written or oral forward-looking statements attributable to us or
persons acting on our behalf are qualified in their entirety by
this paragraph. Forward-looking statements are subject to numerous
conditions, many of which are beyond the control of the Company,
including those set forth in the Risk Factors section of the
Company’s registration statement and prospectus relating to the
Company’s initial public offering filed with the SEC. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
Media Contacts:PRecious
Communicationssopa@preciouscomms.com
Society Pass (NASDAQ:SOPA)
Historical Stock Chart
From Aug 2023 to Sep 2023
Society Pass (NASDAQ:SOPA)
Historical Stock Chart
From Sep 2022 to Sep 2023