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Greenridge Global: Society Pass Inc’s (Nasdaq: SOPA) 3Q 2023 Financial Results Inline with Estimates; Maintains Optimistic View of SOPA’s Business Plan

NEW YORK, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Society Pass Inc. (Nasdaq: SOPA) (“SoPa” or the “Company”), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem announces that Greenridge Global LLC (“Greenridge Global”) has issued equity research update.

Click Here (on Society Pass website) to view the full Greenridge Global Equity Research Report.

Summary Points:
Valuation: Greenridge Global’s valuation is based on an EV/Revenue multiple of roughly 3 times its 2025 Revenue estimate of $33.32 million, discounted back one year at 20%.

3rd Quarter 2023 Results Inline with Estimates:  SoPa reported third quarter results with Revenue of $2.3 million, a 10.6% improvement from the year ago period. The bulk of the Revenue came from Thoughtful Media (TMG) and NusaTrip, with TMG leading the way at nearly $1.8 million. Gross margin increased from the year ago period, to 24.8%, on higher margin sales from TMG, an increase in NusaTrip revenue and Leflair swinging to positive gross margins.

Junwei Partnership Creates New Opportunities For NusaTrip: In early November, NusaTrip announced it entered into a partnership with Guangzhou Junwei International Travel Service Co. Ltd, to enhance Nusa’s travel options throughout the SEA region. Junwei is a travel consolidator with strong relationships with over 100 Chinese airline partners and travel agencies, which allows it to offer greater flight selections and at better pricing than what Nusa currently offers in those markets. Despite being China-based, Junwei focuses more on outbound traffic than domestic travel, making it an ideal fit for SoPa’s SEA markets. Nusa is currently working to integrate Junwei’s technology, search functionality and favorable pricing onto its platform, which should provide its customers greater travel options at better prices in 2024. Given SoPa’s history of acquisitions, a successful integration could ultimately result in an investment or acquisition directly into Junwei.

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 Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 5 interconnected verticals (loyalty, digital media, travel, telecoms, and lifestyle), 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 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 3.7 million registered consumers and over 650,000 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; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform.

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 Contact:
Rokas Sidlauskas
Chief Marketing Officer 
rokas@thesocietypass.com


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