10-K · April 16, 2025
Society Pass (SOPA) presents a strategy to build a SEA-focused ecommerce/fintech loyalty ecosystem (loyalty, lifestyle, telecom, digital media, travel) through acquisitions and partnerships and is rolling out its…
Earnings analysis · 10-Q
SOPA earnings analysis
Filed August 13, 2025 · Our reading of the company's report
The latest report
Society Pass (SOPA) reported strong Q2 (three months ended June 30, 2025) operational improvement: revenue rose to $2,501,494 (vs $1,710,510 year-ago; vs prior quarter $1,473,504), gross margin expanded to 56.5% and the…
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Society Pass (SOPA) reported strong Q2 (three months ended June 30, 2025) operational improvement: revenue rose to $2,501,494 (vs $1,710,510 year-ago; vs prior quarter $1,473,504), gross margin expanded to 56.5% and the Company recorded net income attributable to Society Pass of $479,008 (basic EPS $0.09; diluted $0.10). Operating loss narrowed to $(152,589) (operating margin -6.1%) and the balance sheet shows rising liquidity with cash and cash equivalents $8,218,805. However, operating cash use remains elevated (net cash used in operating activities $(5,804,617) for the six months) and current liabilities increased, leaving negative working capital of $(3,911,131).
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.1
What stood out
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Revenue beat and large YoY/QoQ increase
Total revenue for the quarter was $2,501,494, up $790,984 (+46.3%) vs Q2 2024 revenue $1,710,510 and up $1,027,990 (+69.8%) vs the prior quarter (Q1 2025 revenue $1,473,504).
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Gross margin expanded materially
Gross income was $1,413,058, implying gross margin of 56.5% (1,413,058 / 2,501,494) vs gross income $464,305 (27.1% margin) in Q2 2024 and vs Q1 2025 margin 31.6%.
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Profitability swing to positive net income
Net income attributable to Society Pass was $479,008 (basic EPS $0.09; diluted $0.10) vs a loss attributable of $(1,938,343) in Q2 2024 and vs prior quarter net loss $(1,841,088) — an improvement of $2,320,096 vs the prior quarter.
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Strong segment drivers: Digital marketing and ticketing
Digital marketing revenue was $2,064,909 (largest segment) and online ticketing and reservation revenue was $431,699; these increased vs Q2 2024 by $536,736 and $254,666, respectively.
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Cash and financing improved liquidity
Cash and cash equivalents increased to $8,218,805 (from $7,630,079 at Dec 31, 2024); financing proceeds in the period included $1,938,469 from ATM share issuance and $4,300,002 from convertible notes (cash flows).
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Deposits/prepayments and receivables rose (balance sheet buffer)
Deposits, prepayments and other receivables increased to $12,796,555 from $5,189,850 (increase of $7,606,705), supporting current asset growth to $22,584,634.
What to watch
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Negative working capital remains
Current assets $22,584,634 minus current liabilities $26,495,765 yields negative working capital of $(3,911,131), although improved from $(8,754,740) at Dec 31, 2024.
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Large increase in accounts payable
Accounts payables rose to $9,581,836 from $2,997,994 at Dec 31, 2024 (increase of $6,583,842), indicating reliance on payables to fund operations.
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Operating cash outflow persists
Net cash used in operating activities for the six months ended June 30, 2025 was $(5,804,617), resulting in computed free cash flow of approximately $(5,808,712) (operating cash flow $(5,804,617) less capex $4,095).
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Concentration in digital marketing
Digital marketing accounted for $2,064,909 of $2,501,494 total revenue (82.6% of the quarter), creating concentration risk if that segment softens.
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Foreign currency translation headwind in period
Foreign currency translation adjustment in Q2 was a negative $490,642 (recorded in equity), contributing to accumulated other comprehensive loss of $(380,449) as of June 30, 2025.
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Equity near listing threshold (potential liquidity/listing risk)
Total equity (deficit) reported $2,249,904 and equity attributable to Society Pass $2,448,429 as of June 30, 2025 — close to Nasdaq’s $2,500,000 listing standard and therefore sensitive to small changes.
Management's outlook
The 10‑Q contains no explicit numeric forward guidance. Management funded the business during the period (ATM proceeds $1,938,469; convertible notes proceeds $4,300,002) but did not provide an earnings or revenue outlook in Item 2 MD&A text included in this filing; numerical guidance is deferred to future earnings releases/calls.
Earlier filings 4
10-K · April 15, 2024
Society Pass (SOPA) continues to execute a roll-up strategy across Southeast Asia, operating five core verticals (loyalty, lifestyle, telecommunications, digital media and travel) and plans to launch its cross-platform…
10-Q · August 10, 2023
Q2 revenue strengthened to $2,187,232 (up from $499,062 a year earlier) driven primarily by digital marketing ($1,510,960) and online ticketing ($556,042), producing positive gross income of $577,159. Despite top-line…
10-Q · May 11, 2023
Revenue rose to $2,042,580 in the quarter (from $445,090 a year earlier) driven by new digital marketing ($1,283,774) and online ticketing ($486,707) streams, producing positive gross income of $686,237. Despite…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.