SOS (SOS) H2 2025 earnings summary

Executive summary

• For FY 2025, total revenue was $154.3 million, down from $231.4 million in FY 2024, driven by a sharp decline in commodity trading and the cessation of direct cryptocurrency mining activities.

• Commodity trading remained the primary revenue source, accounting for 93.9% of total revenue, while hosting services for third-party miners contributed 4.9%.

• The company reported a net loss of $97.3 million in 2025, a significant increase from a net loss of $16.2 million in 2024, mainly due to higher impairment charges, credit losses, and reduced gross profit.

• No dividends were declared or paid, and the company does not anticipate paying dividends in the foreseeable future.

Financial highlights

• Commodity trading revenue fell to $145.0 million in 2025 from $214.3 million in 2024, reflecting sluggish market demand.

• Cryptocurrency mining revenue dropped to $0, down from $9.3 million in 2024, as mining operations were halted.

• Hosting service revenue increased to $7.5 million, up 15.3% year-over-year.

• Gross profit for 2025 was $2.3 million, down from $7.0 million in 2024.

• Operating loss widened to $98.6 million in 2025 from $21.6 million in 2024.

• Cash and cash equivalents at year-end 2025 were $3.2 million, down from $228.1 million at year-end 2024.

Outlook and guidance

• Management expects to continue focusing on commodity trading and hosting services, with no immediate plans to resume direct cryptocurrency mining.

• The company believes current liquidity is sufficient for short-term operations but may seek additional financing if business conditions change.