Chinese insurance marketing company SOS has Wall Street insiders on high-alert after it announced it’s moving its currency operation to the States, with the prices of currency rebounding and new rules preventing market makers like Citadel Securities to cover their short-selling bets within a day, the perfect storm for a moonshot seems feasible and likely.
Primarily an insurance-marketing company SOS Limited (NYSE:SOS) just reported full-year financial results for 2020 and revenue grew at a torrid pace.
So what?
According to the documents filed with the Securities and Exchange Commission (SEC) today, SOS Limited generated over $50 million in revenue in 2020, up an astounding 334% from the less than $12 million it generated in 2019. Of its total revenue, 84% came from a single insurance-marketing customer: Beijing Sense Time Information Technology Company. But this customer only accounted for 69% of SOS’s revenue in 2019. Therefore, this customer went from spending roughly $8 million in 2019 to over $42 million in 2020, accounting for SOS’s colossal top-line gains.
Going forward its currency operation will play a bigger part in SOS’s revenue structure. For those who don’t know how a mining business works, understand that revenue is only generated when the tokens are sold. It’s not counted as revenue when tokens are created.
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