Society Pass (SoPa) Reports Full Year 2021 Financial Results, Sees 891% Year on Year Revenue Growth
Source: GlobeNewswire Inc.
via NewMediaWire -- Society Pass Incorporated (SoPa) (Nasdaq: “SOPA”), a leading Southeast Asia loyalty and ecommerce ecosystem, reported its financial results for its fiscal year ending 31 December 2021.
The Company’s total revenues increased over eight hundred and ninety percent year on year mainly as a result of the relaunch of its Leflair lifestyle e-commerce business in September 2021. “2021 has been a strong year for SoPa in spite of the impact from the Delta and Omicron variants. Despite only operating in only the last four months of 2021, Leflair recognized monthly double digit revenue growth in the fourth quarter. With the region rapidly pivoting to recovery, we expected to see robust eCommerce growth in both transaction volume and basket size. SoPa’s healthy pipeline and strategy for acquiring rapidly growing eCommerce platforms will allow us to capture that exciting growth. We expect 2022 to be a stellar year for SoPa as we continue to build out our next generation loyalty platform and acquire more leading e-commerce companies in SEA,” said Dennis Nguyen, Founder, Chairman and CEO of Society Pass.
Total revenue grew by 891% primarily attributed to the acquisition of the Leflair lifestyle platform
The Company is well capitalized to rollout its business plan with cash on hand growing over 4,400% to $23.2 million, primarily due to the completion of its Nasdaq listing IPO in November 2021 (SoPa also completed a $11.5 million (gross proceeds) follow-on public offering in February of 2022)
Since its inception, Society Pass has acquired 4 eCommerce businesses in Southeast Asia namely; #HOTTAB, Leflair, and Handycart in Vietnam, as well as Pushkart in Philippines
In 2022, SoPa expects further growth as the SEA countries shift to focus on economic recovery. The Company also expects to launch of Society Points in Q2 2022, which it expects to increase profit margins and drive customer retention for merchants. In addition, SoPa plans to make additional acquisitions in 2022 that will generate additional revenue synergies and create cost efficiencies as part of the expanding SoPa ecosystem.
About Society Pass
It will begin suddenly, maybe today.
Leflair is a very popular Asian merchant that was acquired for pennies on the dollar and revived by Society Pass. It is apparently a thriving retailer today.
According to CEO they are very cash heavy having 29,000,000 before the 10 offering prior to the Pushkart acquisition and 3.5 mil in annualized sales from leflair.com/en (English version) despite it being new since September 2021!
A hotel booking e-commerce business is going to be acquired similar to Priceline in the US. Pushkart is also the Instacart of Southeast Asia.
More news events during this 1st qtr.
Not to mention their market consists of a 750,000,000 population.
Unnoticed and first told here interview with CEO on February 14th that was not disclosed in the Press Release. Bad timing to sell, imo! https://open.spotify.com/episode/4wnzI7hRXDmXkMxNzc7Eux
Much sooner than I thought.
Yes, we'll reach the $4's today.
Explain to me why is this going to run hard looks like it’s having a hard time until today
Ready to explode! Just a reminder: OS is 19.2 millions!
Good morning all! It looks so! $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ The short squeeze started, which can send us to $20's in coming days.
Maybe tomorrow we might see the 10's!
Toast...Fibonanci is king
Fell below the .382 on the fibonanci
To me, the real pps in this stage might be in the range $2-3. What we have seen here for the price to go up to $77 was a totally unbelievable madness. IPO is < $50 millions and OS is 19.2 millions of shares.
its just a meme social media, hedge fund tug-o-war pump & dump
the real price per share value is unkown
but I doubt its $20 or anything close like recent madness
Check out AERC will be 30s in January it’s nice swing
I didn’t sell mine either
Nice call.. whats next lol