SOS Limited's 2024 Financial Results Show Strong Shift Towards Commodity Trading

SOS Limited's 2024 Financial Results

Overview
On May 15, 2025, SOS Limited (NYSE: SOS) disclosed its comprehensive financial findings for the fiscal year ending December 31, 2024. The data indicates a notable strategic transition for the company, marked by a substantial increase in commodity trading revenues, even as cryptocurrency mining revenues experienced a significant downturn due to facility upgrades.

Financial Highlights
The company's commodity trading revenue surged to approximately $214.3 million, comprising an impressive 92.6% of total revenue for 2024, up from 74% in the previous year. This growth was fueled by intensified domestic demand and a broader product offering, including rubber and coal.

In contrast, revenue from cryptocurrency mining plunged from $18.9 million in FY 2023 to just $9.3 million in FY 2024, primarily as a result of a temporary closure of the Texas mining facility during the first half of the year for necessary upgrades.

Other segments, like the company’s legacy auto insurance business, recorded diminished revenues from $2.7 million to $1.3 million while the company aims for complete divestment initiated in 2022.

As of December 31, 2024, the makeup of SOS's revenue streams was as follows: commodity trading (92.6%), cryptocurrency mining (4.0%), hosting services (2.8%), and others (0.6%). The company also reported increases in its Bitcoin holdings, up to 736.75 units, while Ethereum holdings remained steady at 2,924.79 units.

Cost Analysis
The costs associated with revenue saw a stark rise, increasing from $78.2 million in 2023 to $224.4 million in 2024, reflecting a $146.2 million jump. This escalation encompassed the cost of goods sold from commodity trading operations, maintenance costs, on-site staff compensation, and depreciation of mining equipment.

SOS Limited reported operating expenses of $28.6 million for 2024, a 50.6% year-over-year increase compared to $18.99 million in 2023. This rise stemmed from various factors, including a major hike in general and administrative expenses due to increased depreciation costs attributed to the company's mining rigs.

Operating Loss and Earnings
The company recorded an operating loss of $21.6 million for 2024, down from a loss of $4.8 million the previous year. The basic GAAP EPS for 2024 was $(0.0299) per share compared to $(0.0269) for the prior year, signaling continued financial strain as the company navigates its restructuring efforts.

Cash Flow and Balance Sheet
As of the end of 2024, SOS Limited held cash and cash equivalents totaling approximately $239.5 million, compared to $279.2 million a year prior. This decline primarily stemmed from reduced operating cash inflow linked to the diminished gross margin from commodity trading revenue. The company believes its financial reserves are adequate for current operations and near-term growth goals, despite potential needs for additional cash resources in light of changing market conditions.

Conclusion
SOS Limited's 2024 financial results reveal a company making significant pivots in its business strategy: moving decisively towards commodity trading while facing challenges in cryptocurrency mining. Looking forward, the company’s focus on enhancing its operational capabilities through facility upgrades promises potential for future growth despite recent setbacks in profitability and cash flow. Stakeholders are encouraged to stay informed of ongoing developments as SOS Limited seeks to navigate an evolving marketplace.

For further information, visit the SOS Limited website or submit inquiries through their Investor Relations Department.