SOS Limited reported its semi-annual financial results for the six months ended June 30, 2025, on September 26, 2025. The company's net revenue increased by 48.1% year-over-year to $89.6 million, primarily driven by higher sales of natural rubber within its Commodities Trading segment, which accounted for 94.9% of total revenue.
Despite revenue growth, SOS experienced a gross loss of $1.3 million, resulting in a negative gross margin of -1.5%, a significant reversal from a gross profit of $2.4 million in the same period of 2024. This decline in profitability was attributed to falling commodity prices for rubber and petroleum coke, and a strategy to prioritize market share over immediate profitability for certain products.
The net loss for the first half of 2025 expanded by 30.3% to $14.2 million, compared to a $10.9 million loss in the prior year, with operating costs surging by 56.5% to $90.9 million. The company also temporarily shut down its internal Bitcoin mining operations to prioritize and expand third-party mining hosting services, which demonstrated increasing demand.
A critical development in liquidity was the dramatic decrease in cash and cash equivalents to $4.2 million as of June 30, 2025, down $242.5 million from the prior year. This reduction was primarily due to a $228.4 million strategic prepayment made to secure the accelerated development of its proprietary blockchain commodity trading platform, aimed at locking in long-term value and partner commitment.
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