SOS Limited Stock Pops Today After Reporting Better Than 300% Revenue Growth
Insurance-marketing company SOS Limited (NYSE: SOS) just reported full-year financial results for 2020 and revenue grew at a torrid pace. The company recently started mining Bitcoin (CRYPTO: BTC) and Ether tokens -- the tokens native to the Ethereum (CRYPTO: ETH) blockchain. But it didn't start mining until after 2020 was complete, meaning its impressive top-line gains came from its core business.
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.
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Source Fool.com
