Ascendiant Capital Markets: Society Pass Inc (Nasdaq: SOPA) Reports Strong 2Q 2025 Revenue Growth of 46% Year on Year; IPOs Drive SOPA Valuation

NEW YORK, Oct. 06, 2025 (GLOBE NEWSWIRE) -- Ascendiant Capital Markets LLC (“Ascendiant”) issues equity research report on (Nasdaq: SOPA) (the “Company”), Southeast Asia’s (SEA) next generation e-commerce ecosystem.

(on Society Pass website) or (on Ascendiant Capital Markets website) to view the full Ascendiant Capital Markets Equity Research Report.

Summary Points:

• Strong 2Q 2025 Revenue Growth: SOPA reported its 2Q 2025 revenues totaling $2.5 million, representing a 46% year-on-year growth, compared to previous estimates of $1.5 million.
• 2Q 2025 Profitability: SOPA earnings per share was $0.10, compared to estimates of $(0.24).
• Adjusting estimates: Ascendiant is raising its 2025 estimates for revenue to $8.8 million, from $6.2 million, and for EPS to $(0.42) from $(1.04). It is also raising its 2026 estimates for revenue to $10.0 million, from $9.0 million, and for EPS to $(0.47) from $(0.63).
• 1 IPO completed, another one should soon: In August 2025, NusaTrip went IPO on NASDAQ with the ticker NUTR and raised $17 million. Ascendiant expects Thoughtful Media to complete the IPO by the end of 2025 with its valuation to be comparable to NusaTrip.
• Company trading well below cash value: SOPA’s market capitalization is only approximately $5 million while it has an estimated $29 million in cash ($17 million from NusaTrip’s IPO), implying its shares and business are significantly undervalued.
• Company trading well below NusaTrip value: NusaTrip is currently trading at approximately $8.00 per share (or double its IPO price). Ascendiant estimates that SOPA owns approximately 12 million shares (or about 75% ownership) so its estimated value of NusaTrip is approximately $100 million. This represents a huge discount and disconnect from SOPA’s current trading price and should be a huge catalyst to drive SOPA shares much higher.
• Positive High Risks versus High Rewards: Overall, concerns are outweighed by growth prospects and valuation. Society Pass’s main products still have long commercialization challenges ahead, but we believe the ~billion dollars market potential presents high rewards for the risks.
• Current valuation attractive: Ascendiant maintains its BUY rating, but raises its 12-month price target to $18 from $15, based on a NPV analysis, representing significant upside from the current share price. It believes this valuation appropriately balances out the company’s high risks with its high growth prospects and large upside opportunities.

About Society Pass Inc.

Founded in 2018 as an 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, (Nasdaq: SOPA) is an acquisition-focused holding company operating 3 interconnected verticals (digital media, travel, and lifestyle). Society Pass leverages technology to tailor a more personalized experience for customers in the purchase journey and to transform the entire retail value chain in SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

For more information on Society Pass, please visit:

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Cautionary Note Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the completion and timing of closing of the offering and the intended use of the proceeds. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Society Pass Incorporated’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including the trading price and volatility of Society Pass Incorporated’s common stock and risks relating to Society Pass Incorporated’s business and the satisfaction of closing conditions in the underwriting agreement related to the offering.

Media Contact:

Raynuald LIANG

Chief Executive Officer