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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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The Next Frontier: Consciousness & UAP: $100,000 Research Prize Winner Announced

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The Institute of Noetic Sciences (IONS) has announced the winner of the 2026 Linda G. O’Bryant Noetic Sciences Research Prize, a $100,000 award that will fund a study of consciousness-associated Unidentified Anomalous Phenomena (UAP, formerly known as UFOs).

NOVATO, Calif., Nov. 5, 2026 /PRNewswire-PRWeb/ — The winning study, selected from more than 80 qualifying proposals, comes from a multidisciplinary team of six. Peter Skafish, PhD, a sociocultural anthropologist and Co-Founder and Executive Director of The Sol Foundation, leads the team as Principal Investigator. Brian Lord, PhD, a cognitive neuroscientist and postdoctoral researcher at the University of Arizona, serves as Co-Principal Investigator, and David Dominguez Hooper, engineer and Founder and CEO of ELDAEON Inc., is Co-Investigator. Collaborators are Damon Abraham, PhD (experimental psychologist, Entangled Labs); Jacob Haqq-Misra, PhD (astrobiologist, Blue Marble Space); and Garry Nolan, PhD (immunologist, Stanford University School of Medicine). For the first time in the prize’s four-year history, a single team will receive the full $100,000.

“IONS proved itself to be over the horizon of even heterodox thinking in their decision to fund a scientific inquiry not only into UAP but also into one of the most enigmatic questions the phenomena raise: what is their relationship to human consciousness?”–Peter Skafish

The team will organize a group of experienced practitioners to apply meditation and conscious intention to invite contact with UAP at a remote site in the American Southwest. Practitioners’ experiences will be recorded alongside physiological measures and instrumental records of the sky and the physical environment. Using preregistered methodology, the study will analyze the data to test whether deliberate contact practice generates changes in reported experiences and in independently recorded events in the sky and environment. De-identified data and methods will be shared openly, and null results will be released on the same schedule as positive ones.

According to IONS leadership, this year’s prize was created to bring UAP into open, consciousness-inclusive science, and to carry forward a question with profound implications for humanity that its founder, Apollo 14 astronaut Edgar Mitchell, pursued for decades: whether consciousness and contact are connected.

“The Sol Foundation couldn’t be more happy to receive the recognition of IONS for our research,” said Peter Skafish. “IONS proved itself to be over the horizon of even heterodox thinking in their decision to fund a scientific inquiry not only into UAP but also into one of the most enigmatic questions the phenomena raise: what is their relationship to human consciousness?”

This year, distinguished external experts, including Daniel P. Sheehan, Jessica Utts, Adam Curry, Sean Esbjörn-Hargens, Richard Dolan, and J.J. Hurtak, joined members of the IONS science team on the judging panel, chaired by Arnaud Delorme. The panel’s selection was then ratified by the IONS Board of Directors.

IONS researchers will collaborate with the winning team on the study, which is expected to begin in December and run for one year, with results to be shared in 2028. The winning team was announced on October 30 during a live event, which can be watched here.

More About IONS & the Linda G. O’Bryant Noetic Sciences Research Prize

The Institute of Noetic Sciences (IONS) is a nonprofit scientific research center whose mission is to reveal the interconnected nature of reality through scientific exploration and personal discovery. Founded in 1973 by Apollo 14 astronaut Edgar Mitchell, IONS investigates consciousness, interconnectedness, and extended human capacities to help foster a more compassionate and thriving world. The Linda G. O’Bryant Noetic Sciences Research Prize, now in its fourth year, is funded through an endowment created by Linda G. O’Bryant, member of the IONS Board of Directors, and overseen by the Board. To arrange an interview with Peter Skafish or IONS leadership, contact communications@noetic.org. More details about the prize and winners can be found here.

Media Contact

Leslie G. Lovejoy, Institute of Noetic Sciences (IONS), 1 707-775-3500, communications@noetic.org, www.noetic.org

View original content:https://www.prweb.com/releases/the-next-frontier-consciousness–uap-100-000-research-prize-winner-announced-302930915.html

SOURCE Institute of Noetic Sciences (IONS)

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Budget 2026 advances national electricity strategy, a downpayment on unlocking $3 trillion in economic growth

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Proposed tax credit extensions and support for industrial electrification and EV charging can help build more clean power and put it to work

OTTAWA, ON, Nov. 5, 2026 /CNW/ — New Economy Canada strongly supports the finalization and funding of Powering Canada Strong in Budget 2026 with a $50 billion commitment, marking an important step toward doubling Canada’s electricity supply by 2050. Budget 2026 puts electrification at the heart of Canada’s economy, ensuring energy security and affordability for businesses and households.  

Ian Bruce, President of New Economy Canada said:

“Today we are celebrating a critical win for Canada. By finalizing and funding Powering Canada Strong, the federal government has made electricity an economic priority.  Budget 2026’s $50B commitment to doubling the grid, including strengthening and extending the clean economy investment tax credits, is a significant step.

Budget 2026 puts an electrified economy at the heart of Canada’s economic strategy. We are glad to see the federal government recognize that building more clean electricity, electrifying more of our economy, and improving energy efficiency are some of the most effective ways to build a competitive, strong economy and ensure energy security for businesses and households alike.

Our economic report shows the opportunity on the table. Doubling electricity supply and doubling the share of energy that homes, businesses and industry meet with electricity could add more than $3 trillion cumulatively to Canada’s economy by 2050. Getting there will take sustained investment and a workforce that can build projects at the pace and scale we need.”

Why this matters:

Affordable, clean electricity can help Canada win investment, strengthen competitiveness, modernize manufacturing and create jobs. As Canada looks for new investors and trading partners in an electrifying global economy, its abundant, affordable and clean electricity is a competitive advantage.Doubling Canada’s electricity supply and putting it to work could unlock $3 trillion of economic opportunity for Canada and 1.6 million jobs.The budget’s extension of investment tax credits will support much-needed investment in generating and transmitting more electricity. And support for industrial electrification and EV charging will help businesses and households make greater use of that power.Every province stands to benefit, with cross-sectoral growth. Growth associated with an electrified economy spans all provinces and beyond electricity generation to services, mining, construction and more. 

New Economy Canada is a non-partisan initiative uniting 70+ companies, labour unions and Indigenous organizations, all committed to accelerating investment in Canada’s clean economy. Our partners employ or represent over 750,000 workers. https://neweconomycanada.ca 

SOURCE New Economy Canada

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East Side Games Group to Announce Third Quarter 2026 Financial Results

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VANCOUVER, BC, Nov. 5, 2026 /CNW/ — East Side Games Group (“ESGG” or the “Company”), Canada’s leading free-to-play mobile game group, will release its third quarter ended September 30th, 2026, after market close on November 12th. Following the release, the Company will host a conference call to review its performance with the investment community at 3:30pm PT (Western Canada), 2:30pm PT, 5:30pm ET on the same day.

Related earnings release materials can be found in the Investors section of ESGG’s website at https://eastsidegamesgroup.com/investors/financial-information/.

Conference Call Details:

Toll Free Dial-In Number:       (+1) 800 717 1738
Local Dial-In Number:            (+1) 289 514 5100
Conference ID:                       53358

A replay will be available by dialing (+1) 888 660-6264 or (+1) 289 819-1325 and entering passcode 53358#.

ABOUT EAST SIDE GAMES GROUP

ESGG is a leader in free-to-play mobile gaming, thrilling players with unforgettable experiences that spark lifelong fandom. Fueled by an entrepreneurial spirit, we are driven by creativity, flawless execution, and a laser-focused growth strategy. We develop and publish both original and licensed IP titles, license our cutting-edge GameKit(s) platforms, and strategically acquire studios or games to expand our family. Headquartered in Vancouver with around 80 talent-dense team members, we operate over a dozen titles under East Side Games (“ESG”) and LDRLY (Technologies) Inc. (“LDRLY”). Together, we’re crafting, launching, and publishing mobile games across our own studios and an extended Game Kit partner network–reaching players on iOS and Android worldwide.

We power our success through in-app purchases (“IAP”)–offering exclusive, game-enhancing virtual items–and in-game advertising. To keep growing, we focus on captivating audiences, keeping them engaged, and unlocking exciting new ways to monetize. We’ll drive this momentum by launching bold new titles, enriching our current lineup, innovating discovery, expanding into fresh markets and exploring new distribution platforms.

Additional information about the Company continues to be available under its legal name, East Side Games Group Inc., at www.sedar.com.

Forward-looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the proposed transactions described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release.

SOURCE East Side Games Group Inc.

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