Society Pass Incorporated

What they do

Society Pass operates e-commerce platforms and mobile applications through wholly or majority-owned subsidiaries in Singapore, Vietnam, Indonesia, the Philippines, and Thailand, with an administrative headquarters in Singapore and a software development center in the Philippines. Its five reporting verticals are loyalty (the Society Points platform), lifestyle (the Vietnam-based Leflair online retail platform), telecommunications (Gorilla Networks in Singapore), digital media (Thoughtful Media Group in Thailand and the U.S.), and travel (the Nusatrip Group and Vietnam-based agencies). It markets to both consumers and merchants across the region.

Revenue drivers

• Digital media — Thoughtful Media Group, acquired in July 2022, creates and distributes digital advertising campaigns across a multi-channel network in Southeast Asia and the United States; the company stated the acquisition amplifies reach for its own e-commerce ecosystem and retail partners.
• Lifestyle — Leflair is an online lifestyle platform in Vietnam selling high-end brands across categories including apparel, bags and shoes, accessories, health and beauty, and home and lifestyle, with delivery through a partnership with Vietnam-based Amilo.
• Travel — The Nusatrip Group provides online and offline travel services marketing and booking, supplemented by Vietnam acquisitions Mekong Leisure Travel Company Limited (April 2023) and Vietnam International Travel and Service Joint Stock Company (July 2023).
• Telecommunications and food delivery — Gorilla Networks, acquired May 2022, operates a mobile telecommunications business in Singapore; Pushkart (Philippines), Handycart (Vietnam) and Mangan (Philippines) operate food and grocery delivery, acquired in February and July 2022.

Recent performance

Annual revenue peaked at $8.2 million in 2023 before declining to $7.1 million in 2024, and the company has reported net losses every year from 2020 through 2024, including a $10.2 million loss in 2024. Quarterly revenue has been uneven: $1.9 million in the quarter ended December 31, 2024, $1.5 million in March 2025, $2.5 million in June 2025, and $1.4 million in September 2025. Operating cash flow turned positive at $2.5 million in 2024 after four consecutive years of outflows reaching as much as -$14.5 million in 2022. As of September 30, 2025, the company reported $32.9 million in total assets, $19.6 million in total liabilities, $13.9 million in shareholders' equity, and $6.6 million in cash.

Strategy

Management has pursued growth primarily through selective acquisitions of e-commerce companies and applications across Singapore, Thailand, Indonesia, Vietnam, and the Philippines, with the stated goal of building a digital ecosystem and loyalty platform. The loyalty platform is intended to connect acquired verticals, allowing consumers to earn and merchants to issue Society Points while the company aggregates cross-touchpoint data for retargeting, behavior prediction, and cross-promotion. The 10-Q extends the stated geographic focus to include China in addition to Southeast Asia. No new acquisitions are disclosed in the excerpts after July 2023.

Risks

• Listing failure and delisting — The company received delisting notices or reported listing-rule failures on March 27, 2026, April 21, 2026, and May 20, 2026, each disclosed in an 8-K.
• Bankruptcy or receivership event — An 8-K filed May 14, 2026 disclosed a bankruptcy or receivership event and a triggering event accelerating an obligation, alongside other events.
• Persistent losses and prior cash burn — The company recorded net losses in each year from 2020 through 2024, with operating cash outflows of $13.9 million in 2023 before turning to $2.5 million of positive operating cash flow in 2024.
• Acquisition-led model and accountant change — Growth depends on integrating a large set of acquisitions made between 2021 and 2023 across five countries, and the company changed accountants on June 8, 2026.

Outlook

The provided excerpts do not include management's forward guidance beyond statements of intent to continue expanding the e-commerce ecosystem through selective acquisitions in Southeast Asia and China. The most recent disclosure events, including repeated delisting notices, a bankruptcy or receivership event, and a change of accountants, are not explained in the excerpted MD&A. No outlook figures or targets are provided in the source material.