Why SOS Limited [NYSE: SOS] Share is Jumping Today?

Shares of SOS Limited [NYSE: SOS] skyrocketed 18% as the firm has disclosed its unaudited interim financial results for the six months completed June 30, 2021. The firm has shown remarkable performance as it has reported net revenue of $184.5 million which is believed to be increased 17 times over the previous period.

The strong growth of revenue showed strong and effective performance of the strategy of the firm. The strong performance is primarily due to the rapid market expansion from regional to national, and the addition of crypto mining and commodity trading operations, both of which benefited from its blockchain expertise.

As of June 30, 2021, SOS focused on six product lines and services. Its six product lines include insurance marketing, telecom call center, bankcard call center, SaaS services, cryptocurrency mining, and commodity trading. All six product lines have represented a total profit of $184, 489.

The firm disclosed that it has started attaining revenue from its cryptocurrency mining operations since February 2021. The firm disclosed that it has mined a total of 132.1 units of BTC and 1,853.1 units of ETH as of June 30, 2021, from its mining pools as compared to 42.2 units of BTC and 916.9 units of ETH as of March 31, 2021. It shows a growth of 213% in BTC and a 102% rise in ETH.

The firm has recorded operating costs of $167.2 million for the period completed June 30, 2021. It shows a growth of roughly 17 times compared to operating costs of $9.8 million for the period completed June 30, 2020. Furthermore, the net loss for the period completed June 30, 2021, stood at $20.4 million according to GAAP. It signifies a growth of nearly 2.5 times compared to a net loss of $8.8 million for the period completed June 30, 2020.