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SORA

AsiaStrategy

SORA

AsiaStrategy • NASDAQ
$3.88 ▲ 3.47% (+0.13)
Market Cap $96.47 M
52w High $14.15
52w Low $1.80
Dividend Yield 0%
P/E 0
Volume 3.61K
Outstanding Shares 24.86M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $9.694M ▲ $528.39K ▼ $175.904K ▲ 1.815% ▲ $0.008 ▲ $347.7K ▲
Q2-2024 $7.925M ▲ $659.982K ▲ $-218.124K ▼ -2.752% ▼ $-0.011 ▼ $-118.082K ▼
Q4-2023 $7.301M ▼ $399.684K ▼ $-74.85K ▼ -1.025% ▼ $-0.004 ▼ $62.67K ▼
Q2-2023 $11.514M ▲ $445.788K ▼ $271.578K ▲ 2.359% ▲ $0.014 ▲ $465.8K ▲
Q4-2022 $7.113M $534.543K $35.995K 0.506% $0.001 $124.432K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $2.64M ▲ $6.628M ▲ $5.254M ▲ $1.373M ▲
Q2-2024 $1.66M ▲ $4.015M ▼ $4.825M ▼ $-810.133K ▼
Q4-2023 $1.12M $5.568M $6.16M $-591.512K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $175.904K ▲ $-1.512M ▼ $0 $2.476M ▲ $-2.038M ▼ $-1.512M ▼
Q2-2024 $-218.123K ▼ $1.049M ▼ $0 $-510.032K ▲ $2.038M ▲ $1.049M ▼
Q4-2023 $-74.851K ▼ $1.446M ▲ $0 $-638.682K ▼ $-686.023K ▼ $1.446M ▲
Q2-2023 $271.578K ▲ $-86.009K ▲ $0 $-406.99K ▼ $686.023K ▲ $-86.009K ▲
Q4-2022 $35.995K $-1.079M $0 $991.821K $-175.886K $-1.079M

Five-Year Company Overview

Income Statement

Income Statement SORA’s income statement is still essentially a blank slate. Reported sales and profits are extremely small and not yet meaningful for judging the underlying business. This reflects its SPAC background and early stage of the strategic pivot, rather than a mature operating company. For now, you’re looking at a business with almost no visible revenue engine, no proven profitability, and results that are not yet representative of the Bitcoin-focused strategy it is moving toward. Future earnings will likely be driven more by Bitcoin price movements and treasury decisions than by traditional watch distribution margins, which could make results quite volatile over time.

Balance Sheet

Balance Sheet The balance sheet is very light and looks more like a shell than a fully built operating company. Total assets are small, cash is minimal, and the business appears funded mainly by debt with little to no tangible equity showing. That leaves a thin financial cushion and suggests a high dependence on outside capital. As SORA builds a Bitcoin treasury, its balance sheet will become increasingly tied to the value of a single, highly volatile asset class. This can be powerful in bull markets but can also rapidly erode reported asset values in downturns, so balance sheet strength will fluctuate much more than in a typical consumer company.

Cash Flow

Cash Flow Cash flow so far is basically flat and not informative: operations aren’t generating meaningful cash, and there is no visible pattern of reinvestment or capital spending yet. The business has been sustained by financing rather than by self-funded growth. Going forward, cash flows are likely to depend on two moving pieces: how well the legacy luxury watch distribution business performs, and what happens to Bitcoin prices and trading activity. Until there is a clearer track record of positive operating cash flow, the company remains reliant on capital markets and financing deals to fund its strategy.

Competitive Edge

Competitive Edge SORA sits in an unusual niche: a traditional luxury watch distributor trying to become a Bitcoin-focused, Web3-enabled commerce and treasury platform. Its main strengths are its long-standing network in the high-end watch market and its first-mover positioning in Asia as a listed company openly pursuing a Bitcoin treasury strategy. That combination could appeal to crypto-wealthy clients who also buy luxury goods. However, it faces strong competition on both sides: established global luxury distributors on one hand, and specialized Bitcoin and digital-asset firms on the other. Regulatory scrutiny, brand risk around crypto, and the need to educate both suppliers and customers on this hybrid model all weigh on its competitive position. At this stage, it is more of a differentiated “story” than a clearly entrenched player.

Innovation and R&D

Innovation and R&D The core innovation is strategic rather than scientific: integrating Bitcoin and Web3 concepts into a luxury goods platform. SORA is early in accepting Bitcoin for high-value watch purchases, building a corporate Bitcoin treasury with institutional-grade custody, and exploring ways to reward customers with Bitcoin-linked perks. The merger with SORA Ventures brings digital-asset expertise and opens the door to investing in other Bitcoin-focused companies and broader Web3 initiatives. However, this is a young, unproven playbook with substantial execution risk. Regulatory changes, shifts in crypto sentiment, and the challenge of merging a traditional luxury culture with a fast-moving Web3 mindset all add uncertainty to how much of this innovation will translate into durable business value.

Summary

SORA is in transition from a tiny SPAC-like entity into a hybrid luxury and Bitcoin-treasury platform. The historical financials are extremely thin: almost no revenue, no demonstrated profitability, and no meaningful cash generation. The balance sheet is light and highly dependent on financing, and will become more volatile as Bitcoin accumulates on it. The real story is strategic rather than financial at this point: a first-mover attempt in Asia to blend luxury watch distribution with institutional Bitcoin management and Web3 services. This creates clear differentiation and some interesting optionality, but also concentrates risk in a volatile asset class, a changing regulatory environment, and an untested business model. Overall, SORA is early stage, highly dependent on execution and market conditions, with future outcomes likely to be much more volatile than those of a typical consumer cyclical company.

NEWS

November 10, 2025 · 6:30 AM UTC

AsiaStrategy shareholding update results in Sora Ventures' Jason Fang becoming the largest shareholder

Read more