SOS H1 Net Loss Slightly Widens, But Revenues Surge 47.1%

(RTTNews) - Blockchain and cryptocurrency firm SOS Ltd. (SOS), formerly China Rapid Finance Ltd., reported Tuesday that net loss for the six-months ended June 30, 2024 was $10.9 million, compared to a net loss of $10.7 million in the first half of 2023.

Net revenues for the first-half surged 47.1 percent to $60.5 million from $41.8 million in the same period last year, primarily due to higher sales of natural rubber.

SOS focuses on three product and service lines including Commodities Trading, Hosting Service and Others. Commodities Trading contributes 91.7% of the total revenue, Hosting Services 7.8% and Others 0.5%.

The company said it has not generated any revenues from cryptocurrency mining in this period in 2024, as it temporarily halted cryptocurrency mining operations to focus on upgrading the mining site.