Benzinga | Sep 10, 2021 09:39AM EDT

Why SOS Shares Are Trading Higher Today

SOS Ltd (NYSE:SOS) is surging higher Friday morning after the company reported that revenue in the first half of 2021 totaled $184.5 million, representing an increase of 17 times year over year.

Gross profit came in at $17.2 million and gross margins increased to 9.3% from 0.8% year over year.

"The robust growth of revenue demonstrated the strong and effective execution of the company's strategy, mainly due to rapid market expansion from regional to national, and the addition of cryptomining and commodity trading operations, both of which took advantage of our blockchain expertise," SOS stated via press release.

The market cap of SOS was just under $500 million at publication time, according to data from Benzinga Pro.

SOS Price Action: SOS has traded as high as $15.88 and as low as $1.21 over a 52-week period.

The stock was up 17.40% at $3.02 at time of publication.