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SOS Limited Reports 2024 Financial Results

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SOS Limited Reports 92.6% Surge in Commodity Trading Revenue Amid Strategic PivotCryptocurrency 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.com 

Results of operations

Revenue 

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 $2.8 million for 2024, compared to $0.7 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. < 

Share-based compensation expenses

Share-based compensation expenses increased from $7.3 million in 2023 to $7.7 million in 2024, representing an increase of $0.4 million mainly attributable to issuance of  52,000,000 common shares, which is a part of salaries for employee and management personnel.

GAAP Operating Loss and EPS

The Company had operating loss of $21.6 million for the year of 2024, compared to an operating loss of $4.8 million for the year of 2023.

GAAP EPS Basic (Diluted EPS is the same as EPS Basic) was $(0.0299) per share for the period ended December 31, 2024, as compared to $(0.0269) per share for the period ended December 31, 2023.

Income Tax

The company incurred $0.2 million in corporate income tax mainly from mainland Chinese business of commodity trading segments for the current period compared to $0.6 million last year.

Balance Sheet and Cash Flow

Our principal sources of liquidity are cash and cash equivalents and cash flows generated from our operations.

As of December 31, 2024, we had cash and cash equivalents of approximately $239.5 million, compared to $279.2 million for the period ended December 31, 2023. The net decrease in cash flow was mainly due to decrease in operating cash inflow generated from decrease in gross margin of commodity trading revenue.

The Company believes that its cash resources are adequate to fund its current operations and short-term growth initiatives, current liquidity and capital resources are sufficient to meet anticipated working capital needs (net cash used in operating activities), commitments, capital expenditures and for at least the next twelve months. The Company may, however, require additional cash resources due to changes in business conditions and other future developments, or changes in general economic conditions.

Year ended

Year ended

December 31,

December 31,

2024

2023

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss

$

(13,605)

$

(3,651)

Net loss from continuing operation

(13,606)

(3,651)

Net loss from discontinued operation

1

–

Adjustments for:

Depreciation of property, plant and equipment

10,904

4,975

Depreciation of right-of-use asset

377

800

Share-based compensation

7,735

7,264

Accretion of finance leases

6

32

Allowance for expected credit losses – accounts receivable

196

451

Allowance for expected credit losses – other receivables

(1,044)

228

Impairment of intangible assets

781

970

Impairment of mining equipment

–

4,455

Inventory impairment

2,571

194

Adjustments, total

21,526

19,369

Changes in operating assets and liabilities:

Accounts receivable

(2,017)

1,172

Investment securities

–

(307)

Other receivables

(69,267)

(25,194)

Amount due from related parties

29,745

29,456

Inventories

(5,283)

13,204

Intangible assets

(9,258)

(15,960)

Accrued liabilities

6,306

(5,193)

Tax (recoverable)/payable

(452)

1,247

Accounts payable

(24,229)

(94)

Other payables

4,352

(4,795)

Amount due to related parties

(999)

998

Lease liabilities

(377)

(544)

Net cash generated from/(used in) operating activities from
     continuing operations

(63,559)

9,708

Net cash generating from discontinued operating activities

1

–

Net cash generated from/(used in) operating activities

(63,558)

9,708

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property, plant and equipment

–

–

Net cash used in investing activities from continuing operations

–

–

Net cash used in investing activities from discontinued operation

–

Net cash used in investing activities

–

CASH FLOWS FROM FINANCING ACTIVITIES:

Repayment of principle portion of lease liabilities

(288)

(288)

Proceed from share issuance, net of issuance costs

24,838

17,884

Proceeds from disposal of subsidiaries

–

Net cash generated from financing activities

24,550

17,596

EFFECT OF EXCHANGE RATES ON CASH

(2,685)

(7,619)

NET CHANGES IN CASH AND CASH EQUIVALENTS

(41,693)

19,685

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR

279,177

259,492

CASH AND CASH EQUIVALENTS, END OF YEAR

$

237,484

$

279,177

Net Cash Provided by/(Used in) Operating Activities

The Years Ended December 31, 2024 and 2023

Net cash generated from operating activities was $9.7 million for the year ended December 31, 2023, which decreased to $63.6 million which is used in 2024. The decrease was primarily due to the following major changes in our working capital and non-cash items:

A cash outflow of $69.3 million from changes in other receivables for the year ended December 31, 2024, compared with a cash outflow of $25.2 million for the previous year.A cash outflow of $2 million in accounts receivable for the year ended December 31, 2024, compared with a cash inflow of $1.2 million for the previous year.

Cash Flow Used For Investment Activities

The net cash used in investing activities was nil for the year ended December 31, 2024 and 2023.

Financing Activities

The net cash generated from financing activities was $24.6 million for the year ended December 31, 2024, an increase of $10.0 million compared to the same period of 2023. During the year ended December 31, 2024, the Company received aggregate net proceeds of $24.9 million from registered direct offerings in 2023 compared to $17.9 million in the same period of 2023.

We have financed our operations primarily through cash flows from operations, working capital from our shareholders, and equity financing through public and private offerings of our securities. We plan to support our future operations primarily from cash generated from our operations and equity financing.

About SOS Limited

SOS is currently engaged in commodity trading and cryptocurrency mining and hosting business. Our commodity trading services are primarily delivered through our subsidiaries in China, while our cryptocurrency mining and hosting operations are managed by our subsidiaries in the U.S. . For more information, please visit: http://www.sosyun.com/.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, our expectations for future financial performance, business strategies or expectations for our business. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance.  SOS cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Words such as “may,” “can,” “should,” “will,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target,” “look” or similar expressions may identify forward-looking statements.

These forward-looking statements are based on information available as of the date of this press release and our management’s current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but not are limited to, the risk factors described by SOS in its filings with the Securities and Exchange Commission (“SEC”).

Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

View original content:https://www.prnewswire.com/news-releases/sos-limited-reports-2024-financial-results-302456911.html

SOURCE SOS Limited

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As ADA Anniversary Approaches, University of Phoenix Survey Highlights AI’s Potential to Advance Accessibility in Work and Learning

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July 24, 2026

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Survey conducted by The Harris Poll on behalf of University of Phoenix finds among those already using AI in the workplace, 60% say AI has improved their knowledge of and ability to use accessibility standards and guidelines.

PHOENIX, July 24, 2026 /PRNewswire/ — As artificial intelligence becomes part of how people work, learn and solve problems, a new University of Phoenix survey conducted by The Harris Poll finds that recent working learners see meaningful opportunities for AI to support accessibility. The survey was designed to understand the impact of AI in the workplace and learning environments on accessibility, defined as ensuring digital content, tools and resources, including AI tools and output, are usable by people with different abilities through inclusive design, use of assistive technology or conformance with accessibility standards, such as the Web Content Accessibility Guidelines (WCAG). The findings are being released ahead of the 36th anniversary of the Americans with Disabilities Act (ADA) on July 26.

The survey, conducted among 1,019 U.S. employed adults who completed a professionally presented training or school course in the past 12 months (“recent working learners”), found that, among workers already using AI in the workplace, 3 in 5 (60%) say AI has improved their knowledge of and ability to use accessibility standards and guidelines, including nearly 1 in 5 (19%) who report significant improvement. 

While the findings point to optimism about AI’s accessibility potential, they also reveal an opportunity for clearer organizational guidance: 45% of respondents say accessibility is absent from, unclear in, or they are uncertain whether it is covered by their workplace AI policies.

“The reality is that accessibility benefits everyone,” shares Kelly Hermann, Vice President of Accessibility and Student Affairs at University of Phoenix. “If accessibility is built in from the beginning, organizations are more likely to create AI-enabled environments that are universally usable. Clearer content, better summaries, accurate captions, and multiple formats can help workers and learners with disabilities, but they also help busy adults, multilingual learners, mobile users, and anyone trying to absorb information quickly.”

Key findings from the survey include:

Workers see AI’s accessibility potential: 89% of recent working learners identify workflows that could benefit from AI and accessibility tools, especially creating accessible documents, presentations, websites or learning materials (38%), presenting information in different formats such as plain language, audio, summaries or translations (33%), and training employees or learners on accessibility practices (30%).AI may help build accessibility awareness: Among those already using AI in the workplace, 60% say AI has improved their knowledge of and ability to use accessibility standards and guidelines.Accessibility is not always clear in workplace AI policies: 45% of recent working learners say accessibility is absent from, unclear in, or they are uncertain whether it is covered by their workplace AI policies.AI tools may not yet fully support different access needs: Among those who use workplace AI tools, only about a quarter of survey respondents (27%) say AI tools available through their workplace or professional learning environment support people with disabilities very well.Human oversight remains important: 36% of recent working learners say human review for important decisions or high-impact work should be part of responsible AI use at work or school.Workers also recognize how AI and accessibility can have an impact on their own career journey: 90% of recent working learners identify AI and accessibility skills that would be valuable in their current or desired career field, including 45% who see value in understanding when AI-generated content needs human review.

Why accessibility is essential to responsible AI adoption

As AI tools are used to draft documents, summarize information, generate captions and transcripts, create image descriptions, support learning and assist with workplace tasks, accessibility becomes central to responsible use. Poorly implemented AI can also create or amplify barriers, including inaccessible content, inaccurate summaries, biased outputs and tools that do not work effectively with assistive technologies.

“Responsible AI is not only about productivity,” Hermann said. “It is about whether the technology works for the people who need to use it. AI can help create more accessible materials and more flexible ways to engage with information, but it still requires clear policies, practical training and human judgment to make sure the outputs are accurate, applicable and usable.”

What the findings mean for employers and educators

The survey suggests that organizations have an opportunity to align AI adoption with supportive design, accessibility practices and workforce training. Employers and educators can take immediate steps by:

Naming accessibility directly in AI policies and guidance.Choosing AI tools with accessibility and assistive technology compatibility in mind.Training workers and learners to create, check and improve accessible AI-generated content.Making support pathways clear for people who experience barriers using AI tools.Keeping human review in place for important decisions, high-impact work and accessibility-sensitive outputs.

The survey also found workers want practical AI training. The most helpful resources identified by recent working learners include real-world examples from their field or industry (36%), hands-on practice using realistic workplace scenarios (34%) and step-by-step demonstrations of common tasks (33%).

Accessibility insights from University of Phoenix

Hermann shared the survey findings ahead of the ADA anniversary in recent media interviews. Hermann oversees the University’s accessibility initiative, including evaluation and remediation of curricular resources, the Center for Access, Resources, Engagement and Support Services (CARES), and the Office of Collaborative Learning and Educational Engagement. Her work focuses on fostering accessible and welcoming educational environments for students, faculty and staff.

Hermann’s office at University of Phoenix also convenes accessibility conversations through initiatives such as Access Amplified™, a free, annual virtual event focused on advancing digital accessibility in web development. The event brings together engineers, developers, designers, content authors and digital strategists for practical strategies and human-centered conversations that address the gap between coding practices and how users with assistive technology experience the web.

About the survey

The survey was conducted online within the United States by The Harris Poll on behalf of University of Phoenix from June 22–29, 2026, among 1,019 employed adults ages 18 and older who have taken a professionally presented training or a school course in the past 12 months, referred to as “recent working learners.” Data were weighted where necessary by age, gender, race/ethnicity, region, education, employment, marital status, household size, household income and smoking status to bring them in line with their actual proportions in the population.

Respondents for this survey were selected from among those who have agreed to participate in surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 3.8 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.

Review the complete survey at phoenix.edu/aiaccessibility.

About University of Phoenix

University of Phoenix is Built for Real Life. 50 Years Strong. The University innovates to help working adults enhance their careers and develop skills in a rapidly changing world through flexible online learning, relevant courses, academic AI pillars, and skills-mapped curriculum for associate, bachelor’s and master’s degree programs. Active students and alumni have access to Career Services for Life® resources including career guidance and tools. For more information, visit phoenix.edu. 

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Mastech Digital to Announce Second Quarter 2026 Financial Results; Participate in Upcoming Investor Conference

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PITTSBURGH, July 24, 2026 /PRNewswire/ — Mastech Digital, Inc. (NYSE American: MHH) (“Mastech Digital”), a leading provider of Digital Transformation IT Services, today announced the date for the release of its financial results for the second quarter ended June 30, 2026, and its participation in an upcoming investor conference.

Second Quarter 2026 Earnings:

Mastech Digital will report its financial results for the second quarter 2026 before the market opens on Thursday, August 6, 2026. Management will host a live conference call and webcast at 9:00 a.m. Eastern Time on that day to discuss the Company’s financial performance and operating results.  The conference call will be hosted by Nirav Patel, President and CEO, and Kannan Sugantharaman, Chief Financial and Operations Officer.

Those wishing to participate via webcast should access the call through Mastech Digital’s Investor Relations website at https://investors.mastechdigital.com. Those wishing to participate via telephone may dial in at 1-800-715-9871 (USA) or 1-646-307-1963 (International) with the passcode 7506988. The replay will be available via webcast through Mastech Digital’s Investor Relations website.

Upcoming Investor Conference:

Mr. Sugantharaman will host a fireside chat at the Sidoti Micro-Cap Investor Conference on Wednesday, August 19, 2026, at 9:15 a.m. Eastern Time.

Mastech Digital management is scheduled to host virtual one-on-one and small group meetings with investors during the conference on August 19-20, 2026. Investors interested in arranging a meeting should contact their Sidoti representative or reach out to the Mastech Digital investor relations team at investors@mastechdigital.com.

About Mastech Digital, Inc.

Mastech Digital (NYSE American: MHH) is a leading provider of Digital Transformation IT Services. The Company offers Data Management, Analytics & AI Solutions, and IT Staffing Services with a digital-first approach. A minority-owned enterprise, Mastech Digital is headquartered in Pittsburgh, PA, with offices across the U.S., Canada, Europe, and India. Visit us at www.mastechdigital.com.

Investor Relations Contact:
investors@mastechdigital.com 

 

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SOURCE Mastech Digital, Inc.

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SOLAI Limited Announces Extraordinary General Meeting

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July 24, 2026

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AKRON, Ohio, July 24, 2026 /PRNewswire/ — SOLAI Limited (NYSE: SLAI) (“SOLAI” or the “Company”) (previously known as “BIT Mining Limited”), a technology-driven personal AI and digital infrastructure provider, today announced that it will hold its extraordinary general meeting of shareholders at 428 South Seiberling Street, Akron, Ohio, US on August 14, 2026 at 10:00 a.m., New York time.

Holders of record of ordinary shares and preference shares of the Company at the close of business on July 20, 2026, New York time (the “Record Date”) are entitled to receive notice of, and to attend and vote at, the extraordinary general meeting or any adjournment thereof. Holders of the Company’s American Depositary Shares (“ADSs”) who wish to exercise their voting rights for the underlying ordinary shares must act through the depositary of the Company’s ADS program, Deutsche Bank Trust Company Americas.

The notice of the extraordinary general meeting, which sets forth the resolutions to be submitted to shareholder approval at the extraordinary general meeting is available on the Investor Relations section of the Company’s website at https://ir.solai.com. 

About SOLAI Limited

SOLAI Limited (previously known as “BIT Mining Limited”) (NYSE: SLAI) (previously traded under “BTCM”) is a technology-driven personal AI and digital infrastructure provider. Building upon its historical legacy in digital asset mining and blockchain network operations, the Company is leveraging extensive experience in large-scale hardware deployment, data center operations, and high-performance computing to build the foundational infrastructure for personal AI computing and digital asset ecosystems globally.

For more information:

SOLAI Limited
ir@solai.com
ir.solai.com
www.solai.com 

Christensen Advisory
Jason Ng
Tel: +852-2117-0861
Email: solai@christensencomms.com 

 

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