Society Pass Inc. (NASDAQ: SOPA) shares surged after Ascendiant Capital Markets LLC issued a positive equity research report on the company’s strong second-quarter 2025 results and improved outlook. Revenue for the quarter was $2.5 million, a 46% increase from the previous year, with earnings of 10 cents per share.

Ascendiant raised its 2025 revenue forecast to $8.8 million and its earnings estimate to a loss of 42 cents per share. The firm also projects revenue of $10 million and a loss of 47 cents per share for 2026. Society Pass subsidiary NusaTrip completed its IPO, raising $17 million.

Society Pass’s current market capitalization is around $5 million, significantly lower than its estimated $29 million in cash. NusaTrip shares are trading near $8.00, double their IPO price. Ascendiant reaffirmed its Buy rating and increased its 12-month price forecast to $18.

Society Pass announced compliance with Nasdaq’s listing requirements, confirming a minimum of $2.5 million in stockholders’ equity. SOPA shares were trading at $2.89, up 106.3%.

Read more at Yahoo Finance: Society Pass Shares Explode After Analyst Upgrade