In compliance with the New York Stock Exchange rules, the Form 20-F is available on the Company's website at http://www.sosyun.com. In addition, all shareholders of the Company may request, free of charge, a hard copy of the Company's complete audited financial statements filed with the SEC. To request a hard copy of the Company's audited financial statements, or for any other inquiry in respect of this press release, please contact the Investor Relations Department of the Company, whose contact information is as follows[email protected]
Results of operations
Revenue
The following table presents our revenues by revenue source and by proportion for the periods indicated (in thousands, except percentages):
FY 2025
FY 2024
Amount
Percentage
Amount
Percentage
Commodity trading
144,974
93.9
%
214,340
92.6
%
Cryptocurrency Mining
-
-
%
9,258
4
%
Hosting service
7,501
4.9
%
6,506
2.8
%
Other
1,815
1.2
%
1,320
0.6
%
Total
154,290
100
%
231,424
100
%
The company reported a significant decrease in commodity trading revenue, which dropped to $145.0 million FY 2025, accounting for 93.9% of total revenue—up from 92.6% in FY 2024. This decline was due to sluggish demand based on the market conditions.
Cryptocurrency mining revenue declined to $0 million from $9.3 million in FY 2024. The company discontinued its mining operations in 2025 as the mining rigs were no longer cost-effective. Instead, the Company shifted to attracting customers to mine on its premises, earning hosting fees. As a result, hosting service revenue increased from $6.5 million in FY 2024 to 7.5 million in FY 2025 representing a 15.3% year on year.
As of December 31, 2025, SOS has focused on four product lines and services, including commodity trading, cryptocurrency mining, hosting service and others, constitute 93.9%, 0%, 4.9% and 1.2% of the total revenues, respectively.
As of December 31, 2025, the Company holds 802.77 units of BTC which were carried forward from FY 2024. During FY 2025, the Company Shut down its entire crypto-currency mining business to re-focus its resource on hosting business, hence there were no BTC production during FY 2025.
The Company's ETH holdings 2,924.79 units carried forward from FY 2024, with no additions made during the year.
The Company bought and sold commodity products such as sesame, sulfur, rubber, mung bean, asphalt and circuit modular units. The company recognizes revenue when the product has been delivered, title to the good and risk associated with it has been transferred to the customers. Revenue generated from commodity trading amounts to $142.9 million during the fiscal year of 2025 representing 94.0% of the total sales.
Costs of revenue
Revenue costs decreased from $224.4 million in 2024 to $149.9 million in 2025, decrease of $74.5 million. It includes the cost of goods sold for commodity trading, maintenance expenses and power supply, salaries & benefits for on-site staffs, software amortization and hardware depreciation for cryptocurrency mining rigs.
Operating expenses
The following table presents our operating expense by source and proportion for the periods indicated (in thousands, except percentages):
FY 2025
FY 2024
Selling
5,278
5
%
2,774
10
%
General and administrative
88,407
88
%
18,136
63
%
Share-based compensation
7,170
17
%
7,735
27
%
100,855
28,645
Operating expenses increased from $28.6 million in 2024, representing an increase of $72.2 million to $100.9 million in 2025.
Selling expenses
In both 2025 and 2024, the year-on-year increase was primarily driven by a $1.4 million rise in transportation expenses for coal, with the total increase amounting to $2.5 million (up 90%) in 2025 and $2.1 million (down 300%) in 2024.
General and administrative expenses
General and administrative expenses were $84.8 million for 2025, compared to $18.1 million for 2024.
The year-on-year increase for 2025 was $56.2 million, representing a year-on-year increase of 118.9%. The increase mainly attributable ...
