Society Pass Incorporated reported a decline in revenue for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, total revenue was $1,675,894, down from $2,269,066 in 2023. For the nine months, revenue decreased to $5,233,483 from $6,498,878. The decrease in revenue was attributed to reduced sales from online ordering, lower execution of digital marketing projects, and interruptions in the online ticketing and reservation business due to system upgrades.

Despite the revenue decline, the company managed to reduce its cost of revenue, which was $1,310,248 for the third quarter of 2024, compared to $1,706,502 in 2023. For the nine months, the cost of revenue decreased to $3,910,883 from $4,672,918. This led to a gross income of $365,646 for the third quarter of 2024, down from $562,564 in 2023, and a gross income of $1,322,600 for the nine months, compared to $1,825,960 in the previous year.

The company reported a loss from operations of $(1,174,614) for the third quarter of 2024, significantly improved from $(4,142,505) in 2023. For the nine months, the loss from operations was $(6,221,469), compared to $(13,008,550) in the same period of 2023. The net loss for the third quarter was $(1,380,578), down from $(3,918,046) in 2023, while the nine-month net loss was $(6,163,556), compared to $(12,617,489) in the previous year.

As of September 30, 2024, total assets were $16,984,381, an increase from $16,363,174 at the end of 2023. However, total liabilities rose significantly to $16,431,060 from $11,334,012, resulting in total equity attributable to Society Pass Incorporated dropping to $862,575 from $5,306,415.

Strategically, Society Pass has been active in acquisitions, having acquired several companies to enhance its digital ecosystem. Notable acquisitions include the 100% equity interest in New Retail Experience Incorporated and Dream Space Trading Company Limited in February 2022, and the acquisition of the NusaTrip Group, a leading online travel agency in Indonesia, which expanded its reach in the Southeast Asian travel industry. The company has also discontinued certain operations, including online food and grocery delivery services, as part of its strategic restructuring.

The company’s cash and cash equivalents increased to $4,220,371 as of September 30, 2024, from $3,628,670 at the end of 2023, reflecting improved cash management despite ongoing operational losses.