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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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Finloop Becomes Industry Pioneer in HKMA’s EnsembleTX, Exploring Compliant Tokenisation Applications

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HONG KONG, Nov. 3, 2026 /PRNewswire/ — Finloop Finance Technology Holding Limited (“Finloop”), an AI-driven global one-stop Web5 (Web2+Web3) wealth technology platform, today announced that it has become an industry pioneer in EnsembleTX, launched by Hong Kong Monetary Authority (HKMA), to explore faster, more transparent, and more efficient settlement of real-value tokenised transactions.

HKMA launched the Project Ensemble sandbox in August 2024 to accelerate adoption of tokenisation. In November 2025, it introduced EnsembleTX, marking the commencement of the pilot phase of Project Ensemble. This represented a significant advancement in enabling real-value transactions involving tokenised deposits and digital assets within a controlled pilot environment. In its initial phase, EnsembleTX focuses on empowering market participants to utilise tokenised deposits in tokenised money market fund transactions, and to manage liquidity and treasury needs in real time. Moving forward, EnsembleTX will further support the interbank settlement of tokenised deposit transactions in tokenised Central Bank Money (CeBM) on a 24/7 basis. 

Finloop has built FinRWA Platform (FRP), Asia’s first one-stop RWA (Real-World Asset) technology, issuance, and distribution platform. The platform supports multi-party participation across the full lifecycle of tokenisation, involving issuers, custodians, tokenisation agents, and other institutions. Finloop has achieved several industry breakthroughs in the tokenisation sector, including supporting the distribution of multi-currency tokenised funds and launching Hong Kong’s first technical solution for a unit trust tokenised fund. Finloop has also advanced RWA projects spanning cultural and creative IPs, gold mines, oil and gas fields, and automobiles, leveraging digital assets to empower the real economy. Its subsidiary is also an authorised distributor of the regulated Hong Kong dollar stablecoin HKDAP. Through its integration into the EnsembleTX, Finloop will draw on its technology solutions that bridge Web2 and Web3 to support the compliant and efficient issuance and distribution of tokenised assets among institutions.

Cai Hua, Chief Executive Officer of Finloop, said: “Finloop is honored to participate in the HKMA’s EnsembleTX. Hong Kong is at the forefront globally in the regulatory foresight and ecosystem development of digital assets and RWAs. Finloop will fully leverage its core strengths in tokenisation technology and institutional-grade wealth technology, actively follow the guidance of regulators, and work closely with tokenised deposit banks and other industry pioneers. We aim to provide institutional clients with a secure, compliant, transparent, and efficient trading experience for tokenised assets, and jointly expand Hong Kong’s tokenisation ecosystem.”

Looking ahead, Finloop plans to build on its practical experience in EnsembleTX to actively explore a broader range of compliant use cases, including tokenised money market funds, tokenised ETFs, tokenised private funds, tokenised notes, and related treasury management. It will continue to leverage its technological advantages in connecting Web2 and Web3 to drive the efficient issuance, distribution, trading, and settlement of relevant tokenised assets among institutions, further advancing the development of Hong Kong’s tokenisation ecosystem.

About Finloop Finance Technology Holding Limited

Finloop Finance Technology Holding Limited, along with its subsidiaries (collectively referred to as “Finloop”), is an AI-driven global one-stop Web5 (Web2+Web3) wealth technology platform located in Hong Kong. Finloop offers comprehensive wealth management products and technology solutions to various financial institutions. Its offerings include cash management, mutual funds, alternatives, structured products, bonds, insurance, and virtual assets. As a fintech leader in Asia during the Web3 wave, Finloop has focused on bridging physical and digital assets, developing a one-stop RWA technology, issuance and distribution platform to pioneer new growth pathways in the wealth management industry. For more information, visit www.finloop.hk and www.finlooprwa.com

Follow Finloop on LinkedIn and X for the latest updates. 

View original content:https://www.prnewswire.com/apac/news-releases/finloop-becomes-industry-pioneer-in-hkmas-ensembletx-exploring-compliant-tokenisation-applications-302927192.html

SOURCE Finloop Finance Technology Holding Limited

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Xinhua Silk Road: Foreign journalists explore Yuhang’s innovation-driven development

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BEIJING, Nov. 3, 2026 /PRNewswire/ — Journalists from South Korean, Turkish, U.S. and Cuban media outlets visited several hi-tech companies and modern agricultural demonstration parks in Yuhang District, Hangzhou, on October 26-28.

Through site visits and hands-on experiences, they gained firsthand insights into Yuhang’s progress in integrating technological and industrial innovation.

They began their tour at Scantech, a leading comprehensive 3D solutions provider, where they explored and experienced 3D visual digitization technologies on October 26.

After trying out a 3D scanner, Isaura Diez, a journalist with Cuba’s Prensa Latina news agency, said this was her first time using a scanner, and was deeply impressed by both the device and the technology behind it. What particularly impressed her were its wide-ranging applications, including in the medical and industrial fields, she added.

On October 27, the group visited RoboCT Technology, a national high-tech enterprise dedicated to the development and application of exoskeleton robotics, to learn about the research, development and practical applications of exoskeleton robots.

At RoboCT, they learned how exoskeletons help patients with lower-limb impairments from spinal cord injuries and strokes stand and walk again, and saw brain-computer interface technology enabling thought-controlled rehabilitation.

After trying on the GoGo-H Pro exoskeleton, a reporter from Turkish newspaper Aydinlik praised the equipment for its incredibly light weight. It felt just like a part of my own body, he said, adding that what impressed him was experiencing firsthand how China’s advanced technologies are being used to improve people’s lives.

At Xynova, a leading supplier of key components in the humanoid robotics sector, Dan Sandoval, a contract photographer of the Associated Press, put on its high-DoF dexterous hand product Flex 2. He said the product could perform all the movements that a human hand can make and he hoped to see it applied in an increasingly wide range of scenarios in the future.

The journalists later visited the Qianxi eco-friendly agricultural demonstration park in Jingshan Town. There, they learned how digital rice seedling cultivation and AI-powered management systems are being applied throughout the entire rice production process.

As Hangzhou’s new urban center, Yuhang is advancing technological and industrial integration, driving momentum in the digital economy, cutting-edge technologies, urban-rural development and rural revitalization. 

Original link: https://en.imsilkroad.com/p/352790.html

SOURCE Xinhua Silk Road

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Oracle Announces Pricing of $20 Billion of Common Stock and Senior Notes

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AUSTIN, Texas, Nov. 2, 2026 /PRNewswire/ — Oracle Corporation (NYSE: ORCL) today announced the pricing of concurrent underwritten public offerings of 86,206,897 shares of its common stock, par value $0.01 per share, at a public offering price of $116.00 per share (the “common stock offering”) and $2,000,000,000 of its 7.000% notes due 2029, $1,750,000,000 of its 7.450% notes due 2031, $2,250,000,000 of its 7.850% notes due 2033, $2,500,000,000 of its 8.000% notes due 2037 and $1,500,000,000 of its 8.650% notes due 2046 (the “notes offering” and, together with the common stock offering, the “offerings”).

Each of the offerings is expected to close on November 4, 2026, subject to customary closing conditions. The completion of the common stock offering is not contingent on the completion of the notes offering, and the completion of the notes offering is not contingent on the completion of the common stock offering.

The net proceeds from the common stock offering will be approximately $9.9 billion, after deducting the underwriting discounts and Oracle’s estimated offering expenses. The net proceeds from the notes offering will be approximately $10.0 billion, after deducting the underwriting discounts and Oracle’s estimated offering expenses.

The net proceeds of the offerings, if completed, will be used for general corporate purposes, which may include capital expenditures, repayment of indebtedness, future investments or acquisitions and payment of cash dividends on or repurchases of our common stock.

BofA Securities is acting as sole global coordinator of the offerings. Wells Fargo Securities, Citigroup, BNP PARIBAS, Deutsche Bank Securities, J.P. Morgan, PNC Capital Markets LLC, Goldman Sachs & Co. LLC, HSBC and SMBC Nikko are acting as joint book-running managers of the offerings. BTIG is a joint book-running manager of the common stock offering. U.S. Bancorp is a joint book-running manager of the notes offering. Lloyds Securities is a joint book-running manager of the notes offering and a co-manager of the common stock offering. Intesa Sanpaolo, Mizuho, MUFG, TD Securities, Santander, BNY Capital Markets, CIBC Capital Markets and ING are acting as co-managers of the offerings. Standard Chartered Bank is a co-manager of the notes offering.

Registration Statement and Prospectus

Oracle has filed a registration statement on Form S-3 (including a prospectus) with the Securities and Exchange Commission (“SEC”) for the offerings to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents Oracle has filed with the SEC for more complete information about Oracle and the offerings. The offerings may be made only by means of a prospectus supplement and accompanying prospectus. Copies of the registration statement, preliminary prospectus supplement and accompanying prospectus related to each of the offerings can be obtained by visiting the SEC’s website at https://www.sec.gov or by contacting BofA Securities, Inc., Telephone: 1-800-294-1322.

This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor does it constitute an offer, solicitation or sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration and qualification under the securities laws of such state or jurisdiction.

About Oracle

Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud.

“Safe Harbor” Statement: Statements in this press release relating to the anticipated use of the net proceeds from the offerings; our ability to complete the offerings on the anticipated timeline or at all; and other characterizations of future events and circumstances are “forward-looking statements” and are subject to material risks and uncertainties. All information set forth in this press release is current as of November 2, 2026. Oracle undertakes no duty to update any statement in light of new information or future events.

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SOURCE Oracle

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