SOS Ltd. Announces Estimated Fiscal Year 2020 Financial Results
Expects to Achieve Record Revenue and Profitability
QINGDAO, China, Dec. 21, 2020 /PRNewswire/ -- SOS Limited (NYSE: SOS) (the "Company" or "SOS"), a high-tech company providing a wide range of data mining and marketing analysis services to its corporate and individual members in China announced today its preliminary estimates of certain financial results for its full fiscal year of 2020 ending December 31, 2020, and business outlook for the fiscal year of 2021.
Outstanding Revenue Growth Expected For Full Year 2020
Based on information available as of today, full year 2020 revenue is expected to be approximately $49.5 million, representing growth of 451% compared to that of 2019. The revenue's robust growth is primarily due to the effective execution of the Company's business transformation strategy, which enabled us to cease our legacy peer-to-peer lending business and focus on providing marketing-related data for clients such as insurance companies, financial institutions, medical institutions, healthcare providers and other service providers in the emergency rescue services industry. The gross margin is expected to be approximately 9%, up from 5% last year. US GAAP net profit gain is expected to be approximately $3.1 million.
Business Outlook 2021
1. The Company expects net revenue growth of approximately 286% for full-year 2021.
2. In order to become a national provider in China, the Company will continue to pursue an acquisition of a national insurance brokerage agency.
3. The Company is committed to enhance its rescue infrastructure network around high-way exits to provide its members better services.
4. To further grow the user base substantially and enhance our healthcare service offering, management is looking to implement the strategic cooperation partnership with Qingdao West Coast Healthcare Development Group Co., Ltd , which is expected to jointly promote the application and development of innovative healthcare solutions.
SOS Chairman Yandai Wang commented, "In a year of market uncertainty and ongoing disruptions from the pandemic, I am incredibly proud to share our record-breaking results for the full year of 2020. Despite the challenges, SOS delivers a solid year of financial performance, with our core data mining and analysis business significantly outperforming expectations in the second half of 2020. These results reflect management's consistently strong execution of our business plan and vision."
He continued, "With China's insurance market growing at a CAGR of 11.4% from 2010 to 2020, as reported by the National Bureau of Statistics of China, combined with our strategic cooperation with Qingdao West Coast Healthcare Development Group, we remain excited about market opportunity and significant growth potential. Looking ahead, we expect continued strong momentum and revenue growth."
About SOS Limited
SOS Limited, through its operating subsidiary, SOS Information Technology Co., Ltd. ("SOS"), provides wide range of data mining and analysis services to its corporate and individual members, such as insurance companies, financial institutions, medical institutions, healthcare providers and other service providers in the emergency rescue industry by creating a SOS cloud emergency rescue service software as a service (SaaS) platform. Its mission is to make it easier, safer and more efficient for its clients to obtain and process the data of their target customers. SOS transforms digital technology into data-driven operations through the research and development of big data, cloud computing, Internet of Things, blockchain and artificial intelligence.
SOS has obtained a national high-tech enterprise certification and the title of "big data star enterprise," awarded by Gui'an New District Government. Staying on the forefront of digital technology innovation, the Company has registered 31 software copyrights and 2 patents. For more information, please visit: http://www.sosyun.com/
Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed transaction; the business plans, objectives, expectations and intentions of the parties; SOS's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities market acceptance of our products; the ultimate impact of the current Coronavirus pandemic, or any other health epidemic, on our business, our research programs, healthcare systems or the global economy as a whole; our intellectual property; our reliance on third party organizations; our anticipated financial and operating results, including anticipated sources of revenues; our assumptions regarding the size of the available market, benefits of our product offering, product pricing, timing of product launches; management's expectation with respect to future acquisitions; statements regarding our goals, intentions, plans and expectations, including the introduction of new products and markets; and our cash needs and financing plans and etc. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. SOS may not realize its expectations, and its beliefs may not prove correct. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Additional information concerning these and other factors that may impact our expectations and projections can be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2019. SOS's SEC filings are available publicly on the SEC's website at www.sec.gov. SOS disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
Related Links :