SOS Limited

What they do

The filing describes SOS Limited as a company whose forward-looking statements reference the 'marketing data and cryptocurrency mining industry in China' and expectations around 'demand for and market acceptance of our services.' The company previously consolidated Qingdao SOS Industrial Holding Co., Ltd. as a variable interest entity, but that VIE and its subsidiaries were disposed of and are now referred to as the 'former VIE.' Shareholders include 13,235,873 Class A ordinary shares and 2,934,447 Class B ordinary shares outstanding at the close of the covered period. Its ADS program, under which each ADS represented 10 Class A ordinary shares, was terminated on September 8, 2025.

Revenue drivers

• Marketing data services — The filing names marketing data as an industry in which the company operates, but the excerpt does not quantify revenue by segment or product line.
• Cryptocurrency mining — Cryptocurrency mining is cited in forward-looking statements as a target industry, but no segment revenue or relative size is provided in the source material.
• Former VIE operations — Qingdao SOS Industrial Holding Co., Ltd. and its subsidiaries were previously consolidated as a variable interest entity and are described as disposed; no current revenue contribution is given.

Recent performance

Revenue fell from $290.8M in 2021 to $260.0M in 2022 and $92.4M in 2023, then rebounded to $231.4M in 2024 before declining to $154.3M in 2025. Net losses were recorded in every year shown: $49.3M in 2021, $229.4M in 2022, $3.7M in 2023, $13.6M in 2024 and $97.3M in 2025. Operating cash flow was negative in four of five years, including -$246.5M in 2025 and -$218.6M in 2021, with the only positive year being $9.7M in 2023. Diluted EPS deteriorated to -$6.0184 in 2025 from -$4.485 in 2024 and -$4.035 in 2023.

Strategy

The company's stated forward-looking priorities include its goals and strategies, future business development, financial condition and results of operations, and plans to invest in its business. It cites expected growth of the marketing data and cryptocurrency mining industry in China as a factor it tracks. The filing also references expectations regarding demand for and market acceptance of its services. No specific investment amounts, timelines or named capital projects are provided in the excerpt.

Risks

• Recurring net losses — SOS reported net losses in each year from 2021 through 2025, including a $97.3M loss in 2025.
• Negative operating cash flow — Operating cash flow was -$246.5M in 2025 and has been negative in four of the last five years.
• Low cash balance — Cash and equivalents stood at $3.2M at December 31, 2025, against $41.9M in total liabilities.
• Prior VIE disposition and ADS termination — The company disposed of its former VIE, Qingdao SOS Industrial Holding Co., Ltd., and terminated its ADS program on September 8, 2025.

Outlook

Management's forward-looking statements describe goals and strategies for future business development, financial condition and results of operations, without providing specific guidance figures in the excerpt. The filing highlights expected growth in the marketing data and cryptocurrency mining industry in China and plans to invest in the business. No quantitative revenue, earnings or cash flow targets are given in the source material.