Society Pass $SOPA stock exploded 45% in early trading on August 4, 2022, after the company reported insane revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... growth of 5,669%. Who knew that a ‘society pass’ on your phone could attract investment from Blackrock, Vanguard, and State Street to a small penny stock?
Society Pass $SOPA Reports Stellar 2Q 2022 and 1H 2022 Financial Results, Recognises 5,669% Year on Year Revenue Growth from 2Q 2021 and 5,360% Year on Year Revenue Growth from 1H 2021
On August 4, 2022, Society Pass Inc. announced that unaudited second quarter 2022 revenues grew 5,669% year on year (from $7,783 for the second quarter ended June 30, 2021, to $445,090 for the second quarter ended June 30, 2022).
Highlights:
- In the second quarter of 2022, unaudited revenues grew 5,669% year on year (from $7,783 for the second quarter ended June 30, 2021, to $445,090 for the second quarter ended June 30, 2022).
- 1st half of 2022, unaudited revenues grew 5,360% year on year (from $17,289 for 1st half ended June 30, 2021, to $944,152 for 1st half ended June 30, 2022).
- With cash on hand of $28.0 million on June 30, 2022, SoPa is well capitalized for roll out of Society Pass loyalty platform and continuing acquisitions of Southeast Asia (“SEA”) companies in lifestyle, food & beverage, digital media, and travel verticals for the rest of 2022.
- Since its inception, SoPa has onboarded 2.1 million registered consumers and over 6,700 registered merchants/brands onto its ever-expanding platform.
- SoPa launched the beta version of its Society Pass loyalty platform in 2Q 2022, which drives customer acquisition and retention for merchants across SEA.
Unaudited first half 2022 revenues grew 5,360% year on year (from $17,289 for 1st half ended June 30, 2021, to $944,152 for 1st half ended June 30, 2022).
Reporting cash on hand of $28.0 million on June 30, 2022, SoPa is well capitalized for roll out of the Society Pass loyalty platform and continuing acquisitions of Southeast Asia (“SEA”) companies in lifestyle, food & beverage, digital media, and travel verticals for the rest of 2022.
Since its inception, SoPa has amassed over 2.1 million registered consumers and over 6,700 registered merchants/brands onto its ever-expanding next-generation digital ecosystem.
Society Pass expects to file its 2Q 2022 Form 10-Q with the Securities and Exchange Commission later this month. During the second quarter of 2022, the company completed the acquisition of Singapore-based Gorilla Networks onto the SoPa platform, opened the Manila office, and launched the beta version of its Society Pass loyalty points platform.
Reflecting on Society Pass’s stellar 2Q 2022 financial performance, Society Pass Founder, Chairman, and CEO Dennis Nguyen explains, “Our continuing robust year-on-year sales expansion substantiates our acquisitions-focused operating model. Nine months after relaunching back onto the Vietnam market, Leflair continues to generate strong revenues. Our food and beverage (“F&B”) Pushkart and Handycart brands establish solid footholds in their respective markets. The acquisition of Gorilla Networks allows us to incorporate Gorilla’s blockchain and Web3 capabilities onto the SoPa ecosystem and enable the new meta-economy for all our portfolio companies. We are poised to achieve new highs in 3Q 2022 as we integrate our next generation loyalty platform onto the rest of our ecosystem as well as opportunistically acquire market-leading companies in the lifestyle, F&B, travel, and digital advertising verticals.”
As a loyalty and data marketing ecosystem in Singapore, Vietnam, Philippines, and Thailand and with offices located in Singapore, Hanoi, Ho Chi Minh City, Manila, Angeles, and Bangkok, SoPa is an acquisition-focused e-commerce holding company operating seven interconnected verticals (loyalty, merchant software, lifestyle, F&B, telecoms, digital media, and travel), which seamlessly connects millions of consumers and thousands of merchants across multiple product and service categories throughout SEA.
SoPa’s business model analyzes user data through its Society Pass loyalty platform and circulation of its universal loyalty points or Society Points. The Society Pass loyalty platform drives customer acquisition and retention for merchants. Since its inception, SoPa has amassed over 2.1 million registered consumers and over 6,700 registered merchants/brands onto its platform. It has invested 2+ years building proprietary IT architecture with cutting-edge components to effectively scale and support its consumers, merchants, and acquisitions.
Society Pass initiated with a Buy at Spartan Capital
On July 25, 2022, Spartan Capital analyst Barry Sine initiated coverage of Society Pass with a Buy rating and an $8 price target. The company aspires to create the next super-app in Southeast Asia. Similar success stories such as Lazada, GoTo, and Grab “have all been accorded multi-billion valuations,” Sine tells investors in a research note. The analyst says each of Society’s eight business units “operates in industries experiencing torrid growth.”
📺 Society Pass, Inc.’s (NASDAQ: SOPA) interview with Mr. Dennis Nguyen, Founder, CEO, and Chairman
Society Pass $SOPA Chart
We don’t have enough chart data to get a good technical read on this stock. Its price collapsed and burned a lot of traders back in late 2021. The stock has been scraping along a bottom for the last five months. It seems like $SOPA might be an excellent long-term buy-and-hold investment at current price levels, but that depends on the company’s use of stock offerings to raise money. This is undoubtedly a high-risk, high-reward gambit.
