Society Pass Reports $10.2 Million Net Loss for Fiscal Year 2024, Revenue Declines to $7.1 Million

Society Pass Incorporated reported a net loss of $10.2 million for the fiscal year ending December 31, 2024, a decrease from the $18.1 million loss recorded in the previous year. The company's revenue for the same period was $7.1 million, down from $8.2 million in 2023, primarily due to declines in online ticketing and ordering segments. The decrease in revenue was attributed to increased competition and market saturation, particularly in the online ordering space, which saw a significant drop in sales from $512,124 in 2023 to $34,808 in 2024.

In terms of operational changes, Society Pass has been actively expanding its e-commerce ecosystem through strategic acquisitions. Notable acquisitions include the purchase of the Nusatrip Group, a travel services platform, and various food delivery services in Southeast Asia. The company has also focused on enhancing its digital marketing capabilities, which generated $6.2 million in revenue for 2024, reflecting a slight increase from $6 million in 2023. The digital marketing segment's growth is attributed to the expansion of its service offerings and increased engagement with clients.

The company has also made significant strides in managing its expenses, particularly in general and administrative costs, which decreased from $19.8 million in 2023 to $10.8 million in 2024. This reduction is largely due to cost control measures implemented across all business segments, including a decrease in professional fees and stock-based compensation. Sales and marketing expenses also saw a decline, falling from $577,931 in 2023 to $341,461 in 2024, indicating a more focused approach to marketing efforts.

As of December 31, 2024, Society Pass reported total assets of $21.3 million, with cash and cash equivalents amounting to $7.6 million, a significant increase from $3.6 million in the previous year. The company’s liabilities totaled $23.7 million, resulting in a shareholders' deficit of $2.4 million. The company is actively seeking external financing to support its operations and growth strategy, particularly in light of its ongoing net losses and working capital deficit.

Looking ahead, Society Pass plans to continue its growth strategy by expanding its digital marketing and online ticketing services while exploring additional acquisition opportunities in Southeast Asia. The company aims to leverage its loyalty platform to enhance customer engagement and drive revenue growth. However, management acknowledges the challenges posed by a competitive e-commerce landscape and the need for effective cost management to achieve profitability in the future.