SINGAPORE, Apr 5, 2023 – (ACN Newswire) – Maxim Group LLC ("Maxim") issues research report on Society Pass Inc. (Nasdaq: SOPA) ("SoPa"), Southeast Asia's (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem.

Click Here ( https://tinyurl.com/3cakppp on Maxim research website) or Here ( https://tinyurl.com/5fh5vnyr on Society Pass website) to view the full Maxim research report.

Summary Points:

– 4Q22 results highlight early stages of growth – SoPa's 4Q22 revenue of $2.6M increased significantly from $0.4M in the prior year quarter. Thoughtful Media (TMG) accounted for over 50% of quarterly revenue at $1.4M, followed by Leflair at $0.7M and NusaTrip online ticketing and reservation at $0.5M. SoPa has restructured several of its businesses to improve revenue and profitability and is focusing on the relatively higher margin segments.

– Metrics – SoPa ended '22 with over 3.3M registered customers and 205K merchants and brands. During 2022, there were over 48K lifestyle purchases, 88K F&B deliveries and 178K travel bookings.

– Diversification – 2022 represented a period of significant diversification with SoPa now operating 6 verticals in 5 countries (Singapore, Vietnam, Philippines, Indonesia, and Thailand). Maxim believes TMG can market SoPa's other brands and the businesses can be expanded geographically. Maxim has a positive view on the SEA market due to increasing mobile and ecommerce penetration, younger populations, travel coming back, and the opportunity to consolidate smaller companies.

– Outlook – Maxim narrows its EBITDA loss estimate for 2023, primarily due to factoring in better expense control. Maxim expects loyalty points to launch in June '23, and full year contributions from all announced acquisitions. Maxim has not modeled any contributions from any acquisitions that have not yet been announced or closed, however, it is likely that management will continue to opportunistically acquire companies in their verticals of focus.

– Healthy balance sheet – SoPa ended 2022 with unrestricted cash of $18.9M (representing >1/2 of SoPa's market cap), down from $23M at the of end of September '22, and no material amount of debt. In February '23, SoPa authorised a $2M stock repurchase program. With expense reduction plans and newer businesses, along with the launch of the Loyalty program, Maxim expects the cash burn to decline and that current levels of cash are sufficient to fund organic growth over the next two years.

– Society Pass is in the early stages of building an SEA e-commerce company with six verticals:

1) Lifestyle. Leflair provides luxury goods online in Vietnam. Leflair generated ~$2M in revenue in '22, up from $500K in '21. Sales from online ordering was $0.7M in 4Q22, up 73% y/y. Maxim anticipates management will focus on expanding geographically and in other retail categories in 2023. Leflair changed its platform in February 2023 to improve customer experience and drive sales.

2) Digital Advertising. Thoughtful Media Group is a Thailand based social media company acquired in July '22. Business has been expanded to Vietnam, Indonesia, and Thailand. Digital advertising should have relatively higher margins among SOPA's other segments, in part due to lower labour costs. In October '22, TMG signed a partnership with Onlive.site, a live-streaming and digital content channel platform based in Spain. Onlive's technology allows livestreaming, live video shopping, interactive video and online TV channel platform tools. The company announced the acquisition of More Media, an Indonesia based digital design and branding agency. Revenue in this segment was $1.4M for 4Q22 and $2.6M for the full year. Maxim notes that this only includes one half of results as the deal closed in 3Q22.

3) Online Travel. NusaTrip is an Indonesia based online travel platform acquired in August '22. Maxim views Online Travel as one of the areas of key focus for growth both organically and through M&A. In February '23, a partnership was announced with LuxUrban (LUXH – Buy) to drive SE Asian traffic to LuxUrban's US based hotels. NusaTrip signed an MoU with PT Kerata Cepat Indonesia-China to be the preferred online ticket sales partner for Kereta Cepat Jakarta-Bandung, the first fast train service between Jakarta and Bandung. Revenue was $0.5M for the quarter and $0.7M for the year.

4) Telecom. Acquired June '22, Gorilla is a Singapore based blockchain telecom offering local and travel e-SIM services. Although a small revenue contributor, it provides blockchain and Web 3.0 technology that can be expanded to other areas, such as social media interactions on websites.

5) Online Food and beverage delivery. Handycart (Vietnam), Pushkart (Philippines), and Mangan (Philippines). F&B is small contributor today but is strategic in terms of users that can be monetized in other verticals. For '23, Maxim anticipates management will focus on combining their offerings.

6) Loyalty. Loyalty plan was soft launched in June '22 with a hard launch across all verticals targeted for June '23. Stripe, a digital wallet, is a partner for payments. While adoption is not certain, Maxim expect Loyalty to be the higher margin of SOPA's verticals.

– Compelling valuation – reiterate Buy. SOPA trades at an EV/revenue multiple of 0.4x our 2024 revenue estimate with over half of its market cap in cash vs. the peer average of 2.8x. Maxim's price target is $2.75 supported by our 10-year DCF analysis, which utilizes a 22% discount rate (unchanged), 13x terminal multiple (prior 15x), and 3% terminal growth rate (unchanged). This equates to an EV/revenue multiple of 2.0x. A discount to the peer average is warranted, in our view due to SOPA's smaller size and acquisition integration risk. Our positive outlook is supported by the attractive SE Asian markets and opportunities to consolidate smaller companies.

About Society Pass Inc.

Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021. SOPA shares were added to the Russell 2000 index in December 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa's data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 205,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Leflair.com, Vietnam's leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; Handycart.vn, a leading online restaurant delivery service based in Vietnam; and Mangan.ph, a leading local restaurant delivery service in Philippines.

For more information on Society Pass, please visit:
Website at https://www.thesocietypass.com or
LinkedIn at https://www.linkedin.com/company/societypass or
Facebook at https://www.facebook.com/thesocietypass or
Twitter at https://twitter.com/society_pass or
Instagram at https://www.instagram.com/societypass/.

Cautionary Note Concerning Forward-Looking Statements

This press release may include "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company's filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus relating to the Company's initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

NEW YORK, Mar 23, 2023 – (ACN Newswire) – Society Pass Inc. (Nasdaq: SOPA) ("SoPa"), Southeast Asia (SEA)'s next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces unaudited financial results for fourth quarter ended 31 December 2021 and audited financial results for the full year ended 31 December 2022 and a filing of its 2022 Form 10-K with the Securities and Exchange Commission (SEC).

Click Here (on SEC website) to view 2022 Form 10-K filing. https://www.sec.gov/ix?doc=/Archives/edgar/data/1817511/000160706223000144/sopa123122form10k.htm

Summary Points:

– 4Q 2022 revenues grew 530% year on year (from $419,062 in 4Q 2021 to $2,641,137 in 4Q 2022).
– Full year 2022 revenues grew 984% year on year (from $519,885 in full year 2021 to $5,635,553 in full year 2022).
– 4Q 2022 gross profit grew to $673,969 from -$27,328 in 4Q 2021.
– Full year 2022 gross profit grew to $966,973 from -$190,798 in full year 2021.
– 4Q 2022 gross margin percentage improved to 25.5% from -6.5% in 4Q 2021.
– Full year 2022 gross margin percentage improved to 17.2% from -36.7% in full year 2021.
– Compared to 4Q 2022 revenue growth of 530%, 4Q 2022 cash operating expenses grew only 128% year on year (from $2,072,332 in 4Q 2021 to $4,739,929 in 4Q 2022).
– Compared to full 2022 revenue growth of 984%, full year 2022 cash operating expenses grew only 323% year on year (from $4,721,048 in full year 2021 to $20,015,750 in full year 2022).
– With cash on hand of $18.9 million and book value of $20.3 million on 31 December 2022, SoPa is well capitalised for the expected roll out of Society Pass loyalty platform in 2Q 2023 and continuing acquisitions of SEA companies in loyalty, lifestyle, food & beverage delivery, telecommunications, digital media, and travel verticals for the rest of 2023.
– Since inception, SoPa has onboarded approximately 3.3 million registered consumers and approximately 205,000 registered merchants/brands onto its ever-expanding next generation digital ecosystem and loyalty platform in SEA.
– SoPa completed a total of seven acquisitions in 2022, including Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Pushkart.ph, a popular grocery delivery company in Philippines; Handycart.vn, a leading online restaurant delivery service based in Vietnam; Mangan.ph, a leading local restaurant delivery service in Philippines, and More Media, a Indonesia-based design and branding agency.
– SoPa now operates six verticals in SEA, namely, loyalty, lifestyle, food and beverage delivery, telecommunications, digital advertising, and travel.
– SoPa currently operates five SEA countries, namely, Singapore, Vietnam, Indonesia, Philippines and Thailand.
– SoPa currently employes approximately 250 people throughout SEA countries.

Raynauld Liang, Society Pass Inc Chief Financial Officer, explains, "Our compelling fourth quarter 2022 and full year 2022 financial results validate our acquisitions-focused business plan here in SEA. For 4Q 2022 and full year 2022, we achieved year on year revenue growth of 530% and 984%, respectively. By comparison, for 4Q 2022 and full year 2022, we recognised year on year cash operating expense growth of only 128% and 323%, respectively. In other words, despite growing at breakneck pace in the five largest economies of SEA, our revenues are growing much faster than our expenses. We focused on dramatically improving our gross margins, whilst generating outsized revenue growth in our lifestyle, digital advertising and travel businesses.

For 2023, the company's management continues to focus on substantially improving our operating margins by driving cost efficiencies across our SoPa ecosystem and increasing revenues in our six verticals via organic growth and acquisitions. As a result, our management team forecasts achieving profitability in 2H 2023, which is a year earlier than our prior forecasts of 2H 2024."

About Society Pass Inc.

Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021. SOPA shares were added to the Russell 2000 index in December 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa's data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 205,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Leflair.com, Vietnam's leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; Handycart.vn, a leading online restaurant delivery service based in Vietnam; and Mangan.ph, a leading local restaurant delivery service in Philippines.

For more information on Society Pass, please visit:
Website at https://www.thesocietypass.com or
LinkedIn at https://www.linkedin.com/company/societypass or
Facebook at https://www.facebook.com/thesocietypass or
Twitter at https://twitter.com/society_pass or
Instagram at https://www.instagram.com/societypass/.

Use of Non-GAAP Financial Measures

In addition to financial information prepared in accordance with U.S. GAAP, this document also contains certain non-GAAP financial measures based on management's view of performance including cash operating expenses. Management uses such measures internally for planning and forecasting purposes and to measure the performance of the Company. We believe these adjusted financial measures provide useful and meaningful information to us and investors because they enhance investors' understanding of the continuing operating performance of our business and facilitate the comparison of performance between past and future periods. These adjusted financial measures are non-GAAP measures and should be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. When preparing these supplemental non-GAAP financial measures we typically exclude certain GAAP items that management does not consider to be normal, recurring non-cash operating expenses.

Years ended December 31 2022 | 2021
Total operating expenses $(35,123,029) | $(34,021,405)
Amortisation and depreciation 3,307,832 | 3,210,448
Goodwill Impairment 3,499,881 | 200,000
Stock-based compensation for services 8,299,566 | 25,889,909
Cash Operating Expenses $20,015,750 | $4,721,048

Cautionary Note Concerning Forward-Looking Statements

This press release may include "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company's filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus relating to the Company's initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

NEW YORK, Mar 14, 2023 – (ACN Newswire) – Think Equity, LLC ("Think Equity") issues research report on Society Pass Inc. (Nasdaq: SOPA) ("SoPa"), Southeast Asia's (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem.

Click Here (on Society Pass website) to view the full Think Equity research report. https://thesocietypass.com/wp-content/uploads/2022/09/ThinkEquity_SocietyPass_Initiation_ResearchReport_26Sep2022.pdf

Summary Points:

– Path to Profitability – Revenues are forecast to grow from $6 million in 2022 to $42 million in 2023. The company is well capitalized, with an estimated cash position of $20 million. Monthly cash burn has declined from an average of $1.2 million for the nine months through September 2022 to $150K by December 2022. The company's objective is to achieve operational breakeven by the second quarter of 2023. The company's target EBITDA for 2023 is 10%.

– Holding Company – The group has acquired eight companies, seven of which were in 2022. Management targets 7 to 10 acquisitions in 2023. The company has pivoted away from organically developing a loyalty platform to making acquisitions. The acquisition model focuses on three KPIs – revenues, users, and merchants. Revenues have grown from $10,000 in 2019 to $50,000 in 2020, $520,000 in 2021, and $6.1 million in 2022. In addition, the company has on-boarded 3.3 million registered consumers and 200,000 registered merchants.

– Loyalty – The company beta launched its loyalty platform in June 2022 and plans a hard launch in the second quarter of 2023. The company has an impending digital wallet partnership with Alipay, the payments arm of the Alibaba Group. The company intends to build out the loyalty app with its digital wallet partnership with Alipay into a de facto payments platform for Southeast Asia.

– Lifestyle – Society Pass acquired Leflair, based in Vietnam, out of bankruptcy in 2021. The company has rebuilt the platform, onboarding users and merchants. Up from $500,000 in revenues in 2021, Leflair generated over $2 million in sales in 2022. The company intends to spin out Leflair as a separate publicly listed company in 2023.

– Food and Beverage Delivery – The company acquired three F&B delivery companies in Vietnam and Philippines in 2022. The company generated $100,000 in food and beverage delivery in 2022. The company is not investing in food and beverage delivery as it is inherently an unprofitable business. But the company has on-boarded 700K registered users onto its platform. That's in addition to the 1.5 million registered users on-boarded via the Leflair acquisition.

– Telcoms – Gorilla is a Singapore-based, blockchain/web3 technology-enabled mobile virtual network operator. Society Pass acquired it for its technology. The company is taking that blockchain/Web three technology and infusing it into the rest of the ecosystem.

– Digital Media – Thoughtful Media, a leading influencer advertising company in Southeast Asia, generated $6.5 million in sales in 2022. Thoughtful Media has over 200 channels on its multichannel network and over 300 influencers. The company targets to grow revenues from $6.5 million in 2022 to $30 million by 2023, with a target 15% EBITDA margin.

– Travel – With NusaTrip acquisition, Society Pass has on-boarded a total of 3.3 million registered users and over 200,000 registered merchants. An estimated 99% of business at NusaTrip is airlines versus 1% hotels. The revenue rate earned from selling airline tickets is 2% – 3% compared to 7% – 20% for hotels. NusaTrip plans to change the revenue mix from 99%/1% to 80%/20% by the end of the year.

– Valuation – Our 12-month price target is $6 based on 4x FY23 sales per share estimate. This valuation multiple is within the peer group valuation range.

About Society Pass Inc.

Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021. SOPA shares were added to the Russell 2000 index in December 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa's data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 205,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Leflair.com, Vietnam's leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; Handycart.vn, a leading online restaurant delivery service based in Vietnam; and Mangan.ph, a leading local restaurant delivery service in Philippines.

For more information on Society Pass, please visit:
Website at https://www.thesocietypass.com or
LinkedIn at https://www.linkedin.com/company/societypass or
Facebook at https://www.facebook.com/thesocietypass or
Twitter at https://twitter.com/society_pass or
Instagram at https://www.instagram.com/societypass/.

Cautionary Note Concerning Forward-Looking Statements

This press release may include "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company's filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus relating to the Company's initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com