• A cryptocurrency mining company, similar to Marathon Digital (MARA).
• A digital mining company, extracting cryptocurrencies much like Barrick Gold (GOLD) extracts physical gold.

• Cryptocurrency Mining: Operating facilities for mining various cryptocurrencies such as Bitcoin and Ethereum.
• Blockchain-based Security and Insurance: Leveraging blockchain technology to provide data security solutions and potentially insurance-related services.
• High-Performance Computing (HPC) for AI/LLMs: Offering robust computing power and infrastructure specifically for artificial intelligence and large language model development.
• Cloud Rendering Services: Providing on-demand, high-performance computing resources for complex graphic rendering and animation tasks in the cloud.
• Metaverse Computing Solutions: Supplying specialized computing power and infrastructure tailored for the development and operation of metaverse platforms and applications.

SOS Limited (NASDAQ: SOS) operates across several business segments, including digital mining, power supply and solutions, and hotel management. Based on its SEC filings (e.g., Form 20-F for the fiscal year ended December 31, 2022), no single customer accounted for more than 10% of its total net revenues for 2022, 2021, or 2020. This indicates that the company does not have major, identifiable corporate customers that comprise a significant portion of its revenue. Therefore, its customer base is diverse, including individuals and a broad market for its mined digital assets. The company primarily serves the following categories of customers:

1. Hotel Guests: This category includes individuals, families, and groups (e.g., for leisure, events, or corporate retreats) who book stays and utilize services at SOS's Lake House Hotel in Upstate New York.
2. Cryptocurrency Market Participants: For its digital mining business, SOS mines cryptocurrencies such as Bitcoin and Ethereum, which are then sold on various digital asset exchanges. The customers in this category are the diverse array of buyers in the open cryptocurrency market, including individual investors, institutional investors, and traders.
3. Businesses and Organizations Requiring Infrastructure and Power Solutions: For its power supply and solutions business, SOS provides integrated power supply solutions (including green energy infrastructure) and blockchain-based data center services. While specific major clients are not disclosed, these services are typically provided to other businesses or organizations.

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Yandai Wang, Chief Executive Officer and Executive Chairman of the Board

Yandai Wang has served as the Chief Executive Officer and Executive Chairman of the Board of SOS Limited since May 2020. He directly owns 0.81% of the company's shares. Wang believes that SOS Limited's investment in Bitcoin will improve the company's competitiveness and profitability within the digital asset sector.

Sing Leung Li, Chief Financial Officer and Director

Sing Leung Li serves as the Chief Financial Officer and a Director of SOS Limited.

Eric H. Han, Vice President of Operations

Eric H. Han is the Vice President of Operations at SOS Limited.

The key risks to SOS Limited (NYSE: SOS) include significant allegations of operating as a "pump and dump" scheme, ongoing financial performance issues marked by increasing losses despite revenue growth, and inherent regulatory and operational risks associated with its involvement in the volatile cryptocurrency and blockchain sector.

1. Allegations of Fraud and "Pump and Dump" Scheme: SOS Limited has been subject to extensive allegations by short-seller firms Hindenburg Research and Culper Research, claiming the company engaged in an "intricate 'pump and dump' scheme." These accusations, made in early 2021, involve misrepresenting its headquarters' true location by listing a hotel room, allegedly using doctored photos of cryptocurrency mining rigs, and fabricating claims about purchasing mining equipment from purportedly fake shell companies such as HY International Group New York, Inc. and FXK Technology Corporation. These allegations led to a significant 21.03% drop in SOS's stock price on February 26, 2021, and resulted in a securities class-action lawsuit. Despite the company's denials, the persistence of these claims and associated legal actions continue to pose a severe reputational and operational risk, fundamentally questioning the company's legitimacy.
2. Financial Performance and Profitability Concerns: SOS Limited faces significant challenges in achieving consistent profitability. In the first half of 2025, the company reported a net loss of $14.2 million, an increase from a $10.9 million loss in the same period of 2024, despite experiencing revenue growth from $60.5 million to $89.6 million. This indicates a declining gross profit ratio and ongoing difficulties in managing operating costs effectively. For the full year 2024, the company's losses increased to -$13.61 million, a 272.6% rise compared to 2023, even though revenue grew by 150.42% to $231.42 million. Earlier, in 2023, revenues declined significantly from $260.0 million to $92.4 million, partly attributed to a slowdown in China's economic activity. The company's stock has also exhibited high volatility and has underperformed both the broader US market and the professional services industry over the past year. While the company's balance sheet shows some strengths, such as sufficient short-term assets to cover liabilities and no long-term liabilities, persistent income statement losses and cash flow volatility remain critical concerns for its financial health and investor confidence.
3. Regulatory and Operational Risks in the Cryptocurrency and Blockchain Sector: SOS Limited's substantial shift towards cryptocurrency mining and blockchain operations exposes it to the inherent volatility and evolving regulatory landscape of this sector. The company's plans to invest in Bitcoin further ties its financial performance to the highly speculative and volatile cryptocurrency markets. Furthermore, past allegations of misrepresenting the type and existence of its mining rigs and questionable business practices highlight potential compliance and operational risks within this complex industry. The lack of transparency or alleged misrepresentations in its past operations could lead to heightened scrutiny and potential regulatory challenges, impacting its ability to conduct and expand its blockchain and crypto-related businesses.

SOS Limited's main products and services primarily include cryptocurrency mining and hosting services, blockchain-based service solutions (Blockchain-as-a-Service), and commodity trading. The company has also indicated potential expansion into cryptocurrency security.

Addressable Market Sizes:

• Cryptocurrency Mining: The global cryptocurrency mining market was valued at approximately USD 2.45 billion in 2024 and is projected to reach around USD 8.24 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 12.90% between 2024 and 2034. Another estimate places the global market at USD 15.14 billion in 2024, growing to USD 18.12 billion by 2031 with a CAGR of 2.6%. North America is identified as a dominant region in this market.
• Blockchain as a Service (BaaS): The global Blockchain as a Service market was valued at USD 2.84 billion in 2024 and is projected to grow to USD 23.89 billion by 2032, at a CAGR of 30.5% during the forecast period (2025-2032). Other reports indicate a global market size of USD 3.25 billion in 2024, with projections to reach USD 199.15 billion by 2033 (CAGR of 58% from 2025-2033), or USD 4.13 billion in 2024, expanding to USD 69.7 billion by 2035. North America held the largest market share in 2024, with the U.S. market expected to grow significantly.
• Cryptocurrency Security: The global crypto security market was valued at USD 4.6 billion in 2024 and is expected to reach USD 21.21 billion by 2032, exhibiting a CAGR of 23% over the forecast period (2025-2032). Another report estimates the global blockchain security market at USD 4.3 billion in 2024, projected to reach approximately USD 877.1 billion by 2034, growing at a substantial CAGR of 70.2% from 2025 to 2034. The U.S. crypto security market alone reached USD 1.08 billion in 2024 and is anticipated to grow to USD 5.28 billion by 2032. North America held a dominant position in the blockchain security market in 2024, with a 37.1% market share and USD 1.5 billion in revenue.
• Commodity Trading: SOS Limited's commodity trading business involves products such as mineral resin, soybean, wheat, sesame, liquid sulfur, petrol coke, and latex. Due to the highly fragmented nature and vast scope of global commodity markets, providing a single, specific addressable market size for SOS Limited's particular mix of traded commodities is not feasible through general market research.

SOS Limited (NYSE: SOS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Continued Growth in Commodity Trading: SOS Limited has significantly increased its focus on commodity trading, which accounted for 94.9% of its total revenue in the first half of 2025 and 92.6% in FY 2024. This growth has been primarily fueled by robust domestic demand and the expansion of the company's product portfolio, including higher sales of natural rubber, particularly due to the recovery of the Chinese economy. The company has also expanded its product offerings to include coal.
2. Expansion of Third-Party Mining Hosting Services: The company is strategically reallocating resources away from its internal Bitcoin mining operations to prioritize and expand its third-party mining hosting services. This pivot is driven by stronger demand observed in the hosting segment.
3. Strategic Investments in Bitcoin: In November 2024, SOS Limited announced plans to invest up to $50 million to purchase Bitcoin, underscoring its commitment to advancing its blockchain business and its long-term belief in Bitcoin as a strategic asset. While direct Bitcoin purchases are not revenue-generating activities themselves, this strategic investment signals a continued focus on the digital asset space which could lead to revenue opportunities through related services or future asset management.
4. Optimization of Electricity Use and Green Energy Solutions: SOS Limited entered into a strategic partnership framework agreement with Lepu Sodium Power in February 2025 to optimize electricity use for its computing and data centers. This collaboration is aimed at enhancing the efficiency and sustainability of its operations, which could indirectly support revenue growth by reducing operational costs and improving the scalability of its hosting services.

Share Issuance

• In July 2025, SOS Limited completed a registered direct offering and concurrent private placement, raising approximately $7.5 million through the sale of American Depositary Shares (ADSs) and warrants.
• For the first half of 2024, the company raised $24.79 million through share issuances, which included $7.8 million from an F1 offering in March and $16.99 million from a private placement in June.
• During the full year ended December 31, 2023, SOS Limited received approximately $17.9 million from registered direct offerings.

Capital Expenditures

• Net cash used in investing activities was reported as nil for the full years ended December 31, 2023, and 2024, and for the six months ended June 30, 2025.
• The company previously made capital expenditures on cryptocurrency mining machines, which were fully impaired by the first half of 2025.
• In January 2024, the company temporarily paused its cryptocurrency mining operations to facilitate an upgrade of its mining site, with a projected resumption of operations in October 2024.