NEW YORK, May 15, 2026 /PRNewswire/ -- SOS Limited ("SOS" or the "Company") (NYSE: SOS) today reported its full year financial results for the twelve-months ended December 31, 2025.

In compliance with the New York Stock Exchange rules, the Form 20-F is available on the Company's website at http://www.sosyun.com. In addition, all shareholders of the Company may request, free of charge, a hard copy of the Company's complete audited financial statements filed with the SEC. To request a hard copy of the Company's audited financial statements, or for any other inquiry in respect of this press release, please contact the Investor Relations Department of the Company, whose contact information is as follows
ir@sosyun.com

Results of operations

Revenue 

The following table presents our revenues by revenue source and by proportion for the periods indicated (in thousands, except percentages):

The company reported a significant decrease in commodity trading revenue, which dropped to $145.0 million FY 2025, accounting for 93.9% of total revenue—up from 92.6% in FY 2024. This decline was due to sluggish demand based on the market conditions.

Cryptocurrency mining revenue declined to $0 million from $9.3 million in FY 2024. The company discontinued its mining operations in 2025 as the mining rigs were no longer cost-effective. Instead, the Company shifted to attracting customers to mine on its premises, earning hosting fees. As a result, hosting service revenue increased from $6.5 million in FY 2024 to 7.5 million in FY 2025 representing a 15.3% year on year.

As of December 31, 2025, SOS has focused on four product lines and services, including commodity trading, cryptocurrency mining, hosting service and others, constitute 93.9%, 0%, 4.9% and 1.2% of the total revenues, respectively.

As of December 31, 2025, the Company holds 802.77 units of BTC which were carried forward from FY 2024. During FY 2025, the Company Shut down its entire crypto-currency mining business to re-focus its resource on hosting business, hence there were no BTC production during FY 2025.

The Company's ETH holdings 2,924.79 units carried forward from FY 2024, with no additions made during the year.

The Company bought and sold commodity products such as sesame, sulfur, rubber, mung bean, asphalt and circuit modular units. The company recognizes revenue when the product has been delivered, title to the good and risk associated with it has been transferred to the customers. Revenue generated from commodity trading amounts to $142.9 million during the fiscal year of 2025 representing 94.0% of the total sales.

Costs of revenue

Revenue costs decreased from $224.4 million in 2024 to $149.9 million in 2025, decrease of $74.5 million. It includes the cost of goods sold for commodity trading, maintenance expenses and power supply, salaries & benefits for on-site staffs, software amortization and hardware depreciation for cryptocurrency mining rigs.

Operating expenses

The following table presents our operating expense by source and proportion for the periods indicated (in thousands, except percentages):

Operating expenses increased from $28.6 million in 2024, representing an increase of $72.2 million to $100.9 million in 2025.

Selling expenses

In both 2025 and 2024, the year-on-year increase was primarily driven by a $1.4 million rise in transportation expenses for coal, with the total increase amounting to $2.5 million (up 90%) in 2025 and $2.1 million (down 300%) in 2024. 

General and administrative expenses

General and administrative expenses were $84.8 million for 2025, compared to $18.1 million for 2024.

The year-on-year increase for 2025 was $56.2 million, representing a year-on-year increase of 118.9%. The increase mainly attributable to $11.6 million increase in impairment for mining machine, $2.2 million increase in professional services fee, $6.7 million in impairment of cryptocurrencies, and $4.7 million and $46.9 million in Allowance for credit losses in Account receivables and Other account receivables respectively

Share-based compensation expenses

Share-based compensation expenses decreased from $7.7 million in 2024 to $7.2 million in 2025.

GAAP Operating Loss and EPS

The Company had an operating loss of $98.6 million for 2025, compared to an operating loss of $21.6 million, for 2024.

GAAP EPS Basic (Diluted EPS is the same as EPS Basic）was $(6.0184) per share for the period ended December 31, 2025, as compared to $(4.4850) per share for the period ended December 31, 2024.

Income Tax

The company incurred $3k in corporate income tax mainly from mainland Chinese business of commodity trading segments for the current period compared to $0.2 million last year.

Balance Sheet and Cash Flow

Our principal sources of liquidity are cash and cash equivalents and cash flows generated from our operations.

As of December 31, 2025, we had cash and cash equivalents of approximately $3.2 million, compared to $228.1million for the period ended December 31, 2024. The net decrease in cash flow was mainly due to decrease in operating cash inflow generated from decrease in gross margin of commodity trading revenue and increase in cash outflow of other receivable of $213.8 million.

The Company believes that its cash resources are adequate to fund its current operations and short-term growth initiatives, current liquidity and capital resources are sufficient to meet anticipated working capital needs (net cash used in operating activities), commitments, capital expenditures and for at least the next twelve months. The Company may, however, require additional cash resources due to changes in business conditions and other future developments, or changes in general economic conditions.

The Years Ended December 31, 2025 and 2024

Net cash used in operating activities was $63.6 million for the year ended December 31, 2024, which increased to $246.5 million which is used in 2025. The decrease was primarily due to the following major changes in our working capital and non-cash items:

• A cash outflow of $211.3 million from changes in other receivables for the year ended December 31, 2025, compared with a cash outflow of $69.3 million for the previous year.
  
  
• A cash outflow of $2.1 million in accounts receivable for the year ended December 31, 2025, compared with a cash inflow of $2.9 million for the previous year. 

Net Cash Used in Investing Activities

Years Ended December 31, 2025 and 2024

The net cash used in investing activities was $38k and nil for the year ended December 31, 2025 and 2024.

Net Cash Generated from Financing Activities

Years Ended December 31, 2025 and 2024

The net cash generated from financing activities was $15.8 million for the year ended December 31, 2025, a decrease of $2.6 million compared to the same period of 2024. During the year ended December 31, 2025, the Company received aggregate net proceeds of $15.8 million from PIPE and warrant exercises in 2025 compared to $24.6 million in the same period of 2024.

We have financed our operations primarily through cash flows from operations, working capital from our shareholders, and equity financing through public and private offerings of our securities. We plan to support our future operations primarily from cash generated from our operations and equity financing.

About SOS Limited

SOS is currently engaged in commodity trading and cryptocurrency mining and hosting business. Our commodity trading services are primarily delivered through our subsidiaries in China, while our cryptocurrency mining and hosting operations are managed by our subsidiaries in the U.S. . For more information, please visit: http://www.sosyun.com/ .

Forward-Looking Statements

Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws, including, but not limited to, our expectations for future financial performance, business strategies or expectations for our business. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance.  SOS cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Words such as "may," "can," "should," "will," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target," "look" or similar expressions may identify forward-looking statements.

These forward-looking statements are based on information available as of the date of this press release and our management's current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but not are limited to, the risk factors described by SOS in its filings with the Securities and Exchange Commission ("SEC").

Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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SOURCE SOS Limited