Society Pass Inc. (NASDAQ:SOPA) shares skyrocketed after Ascendiant Capital Markets LLC issued a new equity research report highlighting the company’s strong second-quarter 2025 results and an improved outlook.
The firm stated that Society Pass generated revenue of $2.5 million for the quarter, representing a 46% increase from the same period last year, surpassing estimates of $1.5 million. Earnings were 10 cents per share, compared with an expected loss of 24 cents per share.
Founded in 2018, Society Pass operates in Vietnam, Indonesia, the Philippines, Singapore, and Thailand, with a focus on digital media, travel, and lifestyle platforms across Southeast Asia’s e-commerce market.
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Ascendiant raised its 2025 revenue forecast to $8.8 million from $6.2 million and its earnings estimate to a loss of 42 cents per share from a loss of $1.04. For 2026, the firm now projects revenue of $10 million, up from $9 million, and a loss of 47 cents per share compared with a loss of 63 cents previously.
In August 2025, Society Pass subsidiary NusaTrip completed its initial public offering on Nasdaq under the ticker NUTR, raising $17 million. Ascendiant expects another subsidiary, Thoughtful Media, to go public by the end of 2025, with a valuation comparable to that of NusaTrip.
Ascendiant noted that Society Pass’s current market capitalization of approximately $5 million is far below its estimated $29 million in cash, including $17 million raised from NusaTrip’s IPO.
NusaTrip shares are currently trading near $8.00, about double their IPO price. The firm estimates Society Pass owns roughly 12 million NusaTrip shares, representing a 75% stake valued at about $100 million.
The research firm reaffirmed its Buy rating and raised its 12-month price forecast to $18 from $15, citing “Positive High Risks versus High Rewards.” Ascendiant said Society Pass’s growth prospects, combined with its discount to intrinsic value, create an attractive opportunity despite near-term commercialization challenges.
Separately, Society Pass announced that it received a notice from the Nasdaq Capital Market on September 2, 2025, confirming compliance with Rule 5550(b)(2), which requires a minimum of $2.5 million in stockholders’ equity. The confirmation ensures the company remains in compliance with Nasdaq’s continued listing standards.
Price Action: SOPA shares were trading 106.3% higher at $2.89 at last check Monday.
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