SINGAPORE, Aug 22, 2022 – (ACN Newswire via – Spartan Capital Securities LLC (“Spartan Capital”) issues Equity Research Report on Society Pass Inc. (Nasdaq: SOPA) (“SoPa”).

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

Summary Points:

– Vietnamese e-commerce luxury goods retailer Leflair generated 92% of revenue and has strongly rebounded since being purchased out of bankruptcy and relaunched last year. Leflair posted a minor gross loss and a $694k operating loss. We look for four major catalysts for Leflair for the remainder of 2022: first, the launch of a new app, second, re-entry into the Philippines market, entry into the Indonesian market and the 4Q holiday shopping season.

– The second largest contributor was online grocery and food delivery comprising 5% of revenue. This included both Pushkart, which offers supermarket delivery in the Philippines and Handycart which offers restaurant delivery in Hanoi, Vietnam. We suspect that Pushkart generated the bulk of this revenue. During 3Q, the company acquired Mangan, a restaurant delivery company in the Philippines, which should substantially increase segment revenue.

– The telecom segment is represented by Gorilla which was acquired in May. It generated $5.6k in data sales revenue, versus our estimate of zero, ahead of the relaunch of its app planned for late 3Q.

– Both telecom and merchant POS had modest positive gross income, while the other two did not, netting to effectively zero. The operating loss was $7.6 million, with the vast majority of this related to G&A. As revenue ramps, we expect each unit to first turn a positive gross margin, then cover operating expenses. As is normal for a growth company, we expect costs related to growth to keep operating income negative for at least the next year.

– Lastly, EBITDA came in at negative $4.4 million and the company ended June with $28 million in cash. Our model has the company generating $10 million more in EBITDA losses through the end of 2023 before turning positive in 2024, so cash appears more than adequate. The Q also provided details on recent acquisitions, which are being done with modest cash outlays — all seven closed acquisitions were done for about $1.2 million in cash, plus stock. So we see the opportunity for many more acquisitions as well with the cash on hand.

About Society Pass

As a digitally-focused loyalty and data marketing ecosystem in Vietnam, Indonesia, Philippines, Singapore and Thailand and with offices located in Angeles, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Manila, and Singapore, SoPa is an acquisition-focused e-commerce holding company operating 6 interconnected verticals (loyalty, lifestyle, F&B, telecoms, digital media, and travel), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

SoPa’s business model focuses on analysing user data through its Society Pass loyalty platform and circulation of its universal loyalty points or Society Points. The Society Pass loyalty platform drives customer acquisition and increases customer retention for merchants. Since its inception, SoPa has amassed over 3.3 million registered consumers and over 205,000 registered merchants/brands onto its platform. It has invested 2+ years building proprietary IT architecture with cutting-edge components 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, Vietnam’s leading lifestyle e-commerce platform,, a popular grocery delivery company in Philippines,, a leading online restaurant delivery service based in Vietnam, Mangan, the leading local restaurant delivery service in Philippines, Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator, Thoughtful Media Group, a Bangkok-based, a social commerce-focused, premium digital video multi-platform network, and NusaTrip (“NusaTrip”), a leading Jakarta-based Online Travel Agency (“OTA”) in Indonesia and across SEA. For more information, please check out:

Media Contacts:
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