SOS Limited reported its full year financial results for the twelve months ended December 31, 2024, on May 15, 2025, showing a significant 150% year-over-year revenue increase to $231.4 million from $92.4 million in 2023. This growth was primarily driven by its strategic shift towards commodity trading, which accounted for $214.3 million, or 92.6% of total revenue, up from 74.0% in the prior year.
Despite the substantial revenue growth, the company's operating loss expanded to $21.6 million in 2024, compared to a $4.8 million loss in 2023. GAAP EPS for the period was $(0.0299) per share, an increase from $(0.0269) per share in 2023, reflecting the challenges in achieving profitability amidst its strategic reorientation.
Cryptocurrency mining revenue declined by 51% to $9.3 million in 2024, attributed to a temporary shutdown of the Texas mining facility for upgrades during the first half of the year, with full production resuming in July 2024. Hosting service revenue, however, increased to $6.5 million, representing 2.8% of total revenue, up from $2.4 million in 2023.
As of December 31, 2024, cash and cash equivalents stood at $239.5 million, a decrease from $279.2 million in 2023, primarily due to a decrease in operating cash inflow. The company reported net cash used in operating activities of $63.6 million in 2024, a reversal from $9.7 million generated in 2023, indicating increased cash burn from operations.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.