SOS Ltd. (SOS) stock prices surged by 18.80% shortly after market trading commenced on September 10th, 2021. This brought the price per share up to USD$3.06 early on in the trading day.
Net Revenue Reports
Net revenues for the first half of fiscal 2021 came in at USD$184.5 million. This represented a massive 1700% increase from the numbers reported for the prior year time period. The massive year over year increase demonstrated the strength and effective execution of SOS stock’s business strategy. Rapid market expansion across regional and national markets were the driving forces behind the growth. The company’s addition of cryptomining and commodity trading operations also consolidated the increase. Both of these developments seek to leverage the company’s blockchain expertise.
Breakdown of Revenues
SOS stock reported focusing on six product lines and services as of June 30th 2021. These offerings were insurance marketing, telecom call center, bankcard call center, SaaS services, crypto mining, and commodity trading. Insurance marketing comprised 7.23% of the company’s total revenue for first six month period of fiscal 2021. 0.18% was generated from the company’s telecom call center. 0.15% came from bankcard call center, 0.14% from SaaS services, 8.2% from crypto mining operations. By far the most significant contribution of 84.11% came from commodity trading.
SOS Stock’s Crypto Segment
The company’s cryptocurrency mining operations began generating revenue from February 2021. SOS stock has reported having mined an aggregate of 132.1 units of BTC and 1,853.1 units of ETH as of June 30th 2021. These units were generated from the company’s mining pools. The figures are comparable to the 42.2 units of BTC and 916.9 units of ETH as of March 31st 2021. This represents a 213% increase in BTC units generated and a 102% increase in the generation of ETH.
SOS Stock’s Liquidity Position
SOS stock reported having cash and cash equivalents in the amount of USD$185.5 million as of June 30th 2021. This is comparable to the USD$0.61 million reported as of June 30th 2020. The massive increase was largely driven by the success of the company’s registered direct offerings.
Future Outlook for SOS Stock
The first six month period of fiscal 2021 was a transformative time for SOS stock, as evidenced by the strength of its financial reports. The company is keen to continue its trajectory of success on the basis of the momentum generated and the extensive capital raised. Current and potential investors are hopeful that management will be able to leverage the resources at their disposal. This is hoped to facilitate significant and sustained increases in shareholder value.
