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SOPA

Society Pass Incorporated

SOPA

Society Pass Incorporated • NASDAQ
$1.37 ▲ 4.58% (+0.06)
Market Cap $7.52 M
52w High $6.75
52w Low $0.65
Dividend Yield 0%
P/E -0.55
Volume 28.25K
Outstanding Shares 5.49M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.38M ▼ $6.132M ▲ $-161.77K ▼ -11.719% ▼ $-0.84 ▼ $-5.099M ▼
Q2-2025 $2.501M ▲ $1.566M ▼ $479.008K ▲ 19.149% ▲ $0.09 ▲ $613.04K ▲
Q1-2025 $1.474M ▼ $2.332M ▼ $-1.841M ▲ -124.946% ▲ $-0.44 ▲ $-1.584M ▲
Q4-2024 $1.872M ▲ $3.64M ▲ $-4.071M ▼ -217.469% ▼ $-1.11 ▼ $-3.78M ▼
Q3-2024 $1.676M $1.54M $-1.378M -82.218% $-0.48 $-1.122M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $6.603M ▼ $33.315M ▲ $19.603M ▼ $14.292M ▲
Q2-2025 $8.219M ▲ $29.192M ▲ $26.943M ▲ $2.448M ▲
Q1-2025 $7.092M ▼ $22.914M ▲ $23.792M ▲ $-662.97K ▲
Q4-2024 $7.63M ▲ $21.28M ▲ $23.692M ▲ $-2.139M ▼
Q3-2024 $4.22M $16.984M $16.431M $862.575K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-5.119M ▼ $-16.717M ▼ $132 ▲ $15.193M ▲ $-1.666M ▼ $-16.717M ▼
Q2-2025 $552.384K ▲ $-1.771M ▲ $-4.095K ▼ $3.019M ▼ $1.127M ▲ $-1.775M ▲
Q1-2025 $-1.846M ▲ $-4.034M ▼ $0 ▲ $3.439M ▲ $-541.713K ▼ $-4.034M ▼
Q4-2024 $-4.074M ▼ $3.652M ▲ $-20.133K ▼ $-309.972K ▼ $3.41M ▲ $3.632M ▲
Q3-2024 $-1.381M $2.048M $-9.826K $1.461M $3.387M $2.038M

Revenue by Products

Product Q4-2022Q1-2023Q2-2023Q3-2023
Software Development
Software Development
 $0 ▲$0 ▲$0 ▲$0 ▲
Digital Marketing
Digital Marketing
 $0 ▲$0 ▲$0 ▲$0 ▲
Sales Online Ordering
Sales Online Ordering
 $0 ▲$0 ▲$0 ▲$0 ▲
Hardware Sales
Hardware Sales
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Society Pass is still at a very early commercial stage, with only a small amount of revenue and no clear sign yet of scale. Gross margins appear negligible so far, and operating costs meaningfully exceed the revenue base, leading to recurring operating and net losses each year. The losses have been narrowing but remain substantial relative to the size of the business. Earnings per share look very weak, reflecting both the company’s ongoing losses and past share structure changes, including a reverse split. Overall, the income statement shows a company still firmly in “build and prove the model” mode rather than in a stable, profitable phase.

Balance Sheet

Balance Sheet The balance sheet is small, with a modest asset base and a limited cash cushion. The company has essentially no debt, which reduces financial strain from interest payments but also means it relies heavily on equity and potentially new capital raises to fund growth and acquisitions. Shareholders’ equity has moved from negative to slightly positive over the past few years, which is directionally better but still indicates a thin capital buffer. In simple terms, the financial foundation is light and manageable for now, but not yet robust, leaving the company sensitive to funding and execution risk.

Cash Flow

Cash Flow Cash flow from operations has been mildly negative for several years, showing that the business is not yet self-funding. The burn rate, however, appears relatively modest, suggesting disciplined spending given the company’s small scale. Capital expenditures have been minimal, so free cash flow largely mirrors operating cash flow. This keeps the overall cash drain limited, but it also underscores that most value creation is expected to come from acquisitions and integration rather than heavy internal investment in physical assets. The key question going forward is whether cash outflows stay controlled as the company chases growth and ecosystem integration.

Competitive Edge

Competitive Edge Competitively, Society Pass is trying to build a differentiated ecosystem in Southeast Asia by linking multiple e-commerce, travel, media, and telecom services with a shared loyalty currency. The strategy aims to create network effects and switching costs: the more users and merchants earn and redeem Society Points across platforms, the harder it becomes to leave the ecosystem. Acquisitions of local brands give it some footholds in several countries and verticals. That said, the company is still small compared with large regional platforms and faces intense competition for users, merchants, and data. Its moat is mostly strategic and potential at this stage, not yet fully proven by scale or profitability.

Innovation and R&D

Innovation and R&D Innovation at Society Pass centers on its universal, open-loop loyalty program and the underlying data and fintech platform that ties multiple acquired businesses together. The ability for customers to earn and use a single points currency across fashion, travel, groceries, telecommunications, and media is a clear differentiator if adoption deepens. The company is also leaning into data-driven personalization, gamified rewards, and selective use of newer technologies such as blockchain and digital wallets to keep users engaged. However, much of the “R&D” is really about integration and execution: making acquired platforms work seamlessly together, driving cross-usage, and turning data into better offers. The concept is forward-looking, but the real test of innovation will be whether these tools measurably improve user engagement and unit economics over time.

Summary

Society Pass is an early-stage, high-concept platform company with a small current revenue base, persistent losses, and a very light but largely debt-free balance sheet. Cash burn has been contained, yet the business clearly depends on external capital and successful acquisitions to advance its ecosystem plan. Strategically, the company’s open-loop loyalty program and multi-vertical footprint across Southeast Asia offer an interesting angle and potential for network effects, particularly if cross-platform usage grows and planned spin-offs create clearer value. At the same time, the financials show that the model is still unproven at scale, and competition in the region is intense. The story is about execution: integrating acquisitions, demonstrating real customer stickiness, and eventually moving from a promise-driven to a profit-driven business profile.