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    Sea Limited Reports Second Quarter 2025 Results

    8/12/25 6:30:00 AM ET
    $SE
    Other Consumer Services
    Consumer Discretionary
    Get the next $SE alert in real time by email

    Sea Limited (NYSE:SE) ("Sea" or the "Company") today announced its financial results for the second quarter ended June 30, 2025.

    "The momentum from our strong start to 2025 has continued into the second quarter. All three of our businesses have delivered robust, healthy growth, giving us greater confidence of delivering another great year," said Forrest Li, Sea's Chairman and Chief Executive Officer. "Given the high potential of our markets and the stage we are at in our business now, we will continue to prioritize growth, which will pave the way for us to maximize our long-term profitability. At the same time, our company has reached a stage where we can pursue growth opportunities while improving profitability."

    On e-commerce, he said, "After a record-high Q1, Shopee has delivered another record-breaking Q2. GMV grew 25% year-on-year in the first half, and we expect this growth momentum to carry into Q3." On Brazil, he added, "This quarter, we celebrated Shopee's 5-year anniversary in Brazil, and I am very proud of what the team has achieved: we have become the market leader by order volume, we continue to grow fast, and we are operating profitably. We remain committed to delivering strong, profitable growth while reinforcing our market leadership across Asia and Brazil."

    On digital financial services, Mr. Li said, "Monee has delivered excellent growth throughout the first half of the year, diversified its loan portfolio across markets and products, and maintained high asset quality through prudent risk management. It is exciting that our credit business is still in the early stages in many of our markets, reinforcing our strong conviction in Monee's long-term growth and earnings potential."

    On digital entertainment, Mr. Li said, "Garena has delivered a very strong performance in the first half of this year. We believe Free Fire has established itself as an evergreen franchise, both sustaining its user engagement and growing its appeal in more markets globally. We are also committed to trying out new genres and new markets, and testing the boundaries of future game experiences by embracing AI. Given all of this, we are raising our full-year guidance for Garena, and expect bookings to grow more than 30% in 2025, year-on-year."

    Second Quarter 2025 Highlights

    • Group
      • Total GAAP revenue was US$5.3 billion, up 38.2% year-on-year.
      • Total gross profit was US$2.4 billion, up 52.1% year-on-year.
      • Total net income was US$414.2 million, as compared to total net income of US$79.9 million for the second quarter of 2024.
      • Total adjusted EBITDA1 was US$829.2 million, as compared to US$448.5 million for the second quarter of 2024.

    • E-commerce
      • Gross orders totaled 3.3 billion for the quarter, increasing by 28.6% year-on-year.
      • GMV was US$29.8 billion for the quarter, increasing by 28.2% year-on-year.
      • GAAP revenue was US$3.8 billion, up 33.7% year-on-year.
      • GAAP revenue included US$3.3 billion of GAAP marketplace revenue, which consists of core marketplace revenue and value-added services revenue and increased by 33.6% year-on-year.
        • Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up 46.2% year-on-year to US$2.6 billion.
        • Value-added services revenue, mainly consisting of revenues related to logistics services, was up 2.9% year-on-year to US$743.0 million.
      • Adjusted EBITDA1 was US$227.7 million, as compared to US$(9.2) million for the second quarter of 2024.

    • Digital Financial Services
      • GAAP revenue was US$882.8 million, up 70.0% year-on-year.
      • Adjusted EBITDA1 was US$255.3 million, up 55.0% year-on-year.
      • Digital financial services revenue and operating income are primarily attributed to the consumer and SME credit business. As of June 30, 2025, consumer and SME loans principal outstanding was US$6.9 billion, up 94.0% year-on-year. This consists of US$5.9 billion on-book and US$0.9 billion off-book loans principal outstanding2.
      • Non-performing loans past due by more than 90 days as a percentage of consumer and SME loans principal outstanding, which includes both on-book and off-book loans principal outstanding2, was 1.0%, relatively stable quarter-on-quarter.

    • Digital Entertainment
      • Bookings3 were US$661.3 million, up 23.2% year-on-year.
      • GAAP revenue was US$559.1 million, up 28.4% year-on-year.
      • Adjusted EBITDA1 was US$368.2 million, up 21.6% year-on-year.
      • Adjusted EBITDA represented 55.7% of bookings for the second quarter of 2025, as compared to 56.4% for the second quarter of 2024.
      • Quarterly active users were 664.8 million, up 2.6% year-on-year.
      • Quarterly paying users were 61.8 million, up 17.8% year-on-year. Paying user ratio was 9.3%, as compared to 8.1% for the second quarter of 2024.
      • Average bookings per user were US$0.99, as compared to US$0.83 for the second quarter of 2024.

    1

    For a discussion of the use of non-GAAP financial measures, see "Non-GAAP Financial Measures".

    2

    Off-book loans principal outstanding mainly refers to channeling arrangements, which is lending by other financial institutions on our platform.

    3

    GAAP revenue for the digital entertainment segment plus change in digital entertainment deferred revenue. This operating metric is used as an approximation of cash spent by our users in the applicable period that is attributable to our digital entertainment segment.

    Unaudited Summary of Financial Results

    (Amounts are expressed in thousands of US dollars "$" except for per share data)

     

     

    For the Three Months

    ended June 30,

     

     

     

    2024

     

     

    2025

     

     

     

     

    $

     

    $

     

    YOY%

    Revenue

     

     

     

     

     

    Service revenue

    3,464,276

     

     

    4,798,913

     

     

    38.5

    %

    Sales of goods

    342,592

     

     

    460,564

     

     

    34.4

    %

     

    3,806,868

     

     

    5,259,477

     

     

    38.2

    %

     

     

     

     

     

     

    Cost of revenue

     

     

     

     

     

    Cost of service

    (1,904,316

    )

     

    (2,417,660

    )

     

    27.0

    %

    Cost of goods sold

    (317,735

    )

     

    (432,007

    )

     

    36.0

    %

     

    (2,222,051

    )

     

    (2,849,667

    )

     

    28.2

    %

    Gross profit

    1,584,817

     

     

    2,409,810

     

     

    52.1

    %

    Other operating income

    42,563

     

     

    31,903

     

     

    (25.0

    %)

    Sales and marketing expenses

    (774,768

    )

     

    (1,009,495

    )

     

    30.3

    %

    General and administrative expenses

    (303,838

    )

     

    (323,342

    )

     

    6.4

    %

    Provision for credit losses

    (167,415

    )

     

    (323,729

    )

     

    93.4

    %

    Research and development expenses

    (298,465

    )

     

    (297,428

    )

     

    (0.3

    %)

    Total operating expenses

    (1,501,923

    )

     

    (1,922,091

    )

     

    28.0

    %

    Operating income

    82,894

     

     

    487,719

     

     

    488.4

    %

    Non-operating income, net

    56,414

     

     

    83,299

     

     

    47.7

    %

    Income tax expense

    (60,612

    )

     

    (144,056

    )

     

    137.7

    %

    Share of results of equity investees

    1,215

     

     

    (12,758

    )

     

    (1,150.0

    %)

    Net income

    79,911

     

     

    414,204

     

     

    418.3

    %

    Earnings per share

       attributable to Sea Limited's ordinary shareholders:

     

     

     

     

     

    Basic

    0.14

     

     

    0.68

     

     

    385.7

    %

    Diluted

    0.14

     

     

    0.65

     

     

    364.3

    %

    Change in deferred revenue of Digital Entertainment

    101,258

     

     

    102,159

     

     

    0.9

    %

    Adjusted EBITDA for Digital Entertainment (1)

    302,800

     

     

    368,190

     

     

    21.6

    %

    Adjusted EBITDA for E-commerce (1)

    (9,180

    )

     

    227,694

     

     

    (2,580.3

    %)

    Adjusted EBITDA for Digital Financial Services (1)

    164,678

     

     

    255,263

     

     

    55.0

    %

    Adjusted EBITDA for Other Services (1)

    (5,958

    )

     

    (13,766

    )

     

    131.1

    %

    Unallocated expenses (2)

    (3,867

    )

     

    (8,137

    )

     

    110.4

    %

    Total adjusted EBITDA (1)

    448,473

     

     

    829,244

     

     

    84.9

    %

    (1)

    For a discussion of the use of non-GAAP financial measures, see "Non-GAAP Financial Measures".

    (2)

    Unallocated expenses within total adjusted EBITDA are mainly related to general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the Chief Operating Decision Maker ("CODM") as part of segment performance.

    Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

    Revenue

    Our total GAAP revenue increased by 38.2% to US$5.3 billion in the second quarter of 2025 from US$3.8 billion in the second quarter of 2024. The table below sets forth our revenue breakdown. Amounts are expressed in thousands of US dollars ("$").

     

    For the Three Months

    ended June 30,

     

     

     

    2024

     

    2025

     

    YOY%

     

    $

     

    $

     

     

    Service revenue

     

     

     

     

     

    E-commerce

    2,479,830

     

    3,312,155

     

    33.6%

    Digital Financial Services

    519,338

     

    882,808

     

    70.0%

    Digital Entertainment

    435,559

     

    559,118

     

    28.4%

    Other Services(1)

    29,549

     

    44,832

     

    51.7%

    Sales of goods

    342,592

     

    460,564

     

    34.4%

    Total revenue

    3,806,868

     

    5,259,477

     

    38.2%

    (1)

    Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments.

    • E-commerce: Our e-commerce service GAAP revenue increased by 33.6% to US$3.3 billion in the second quarter of 2025 from US$2.5 billion in the second quarter of 2024, primarily driven by the growth of GMV.
    • Digital Financial Services: Our digital financial services GAAP revenue increased by 70.0% to US$882.8 million in the second quarter of 2025 from US$519.3 million in the second quarter of 2024, primarily driven by the growth of our credit business as our lending activities increased.
    • Digital Entertainment: Our digital entertainment GAAP revenue increased by 28.4% to US$559.1 million in the second quarter of 2025 from US$435.6 million in the second quarter of 2024. This increase was primarily due to the increase in our active user base as well as the deepened paying user penetration.
    • Sales of goods: GAAP revenue increased by 34.4% to US$460.6 million in the second quarter of 2025 from US$342.6 million in the second quarter of 2024.

    Cost of Revenue

    Our total cost of revenue was US$2.8 billion in the second quarter of 2025, as compared to US$2.2 billion in the second quarter of 2024. The table below sets forth our cost of revenue breakdown. Amounts are expressed in thousands of US dollars ("$").

     

    For the Three Months

    ended June 30,

     

     

     

    2024

     

    2025

     

    YOY%

     

    $

     

    $

     

     

    Cost of service

     

     

     

     

     

    E-commerce

    1,676,782

     

    2,120,088

     

    26.4%

    Digital Financial Services

    78,927

     

    115,899

     

    46.8%

    Digital Entertainment

    139,501

     

    171,922

     

    23.2%

    Other Services(1)

    9,106

     

    9,751

     

    7.1%

    Cost of goods sold

    317,735

     

    432,007

     

    36.0%

    Total cost of revenue

    2,222,051

     

    2,849,667

     

    28.2%

    (1)

    Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments.

    • E-commerce: Cost of revenue was US$2.1 billion in the second quarter of 2025, as compared to US$1.7 billion in the second quarter of 2024, primarily driven by an increase in logistics costs as orders volume grew.
    • Digital Financial Services: Cost of revenue was US$115.9 million in the second quarter of 2025, as compared to US$78.9 million in the second quarter of 2024, primarily driven by server and hosting expenses, interest expenses due to the growth in customer deposits under our banking business, and other costs associated with our credit business.
    • Digital Entertainment: Cost of revenue was US$171.9 million in the second quarter of 2025, as compared to US$139.5 million in the second quarter of 2024, primarily from payment channel costs, which was largely in line with the increase in our digital entertainment revenue.
    • Cost of goods sold: Cost of goods sold increased by 36.0% to US$432.0 million in the second quarter of 2025 from US$317.7 million in the second quarter of 2024.

    Other Operating Income

    Our other operating income was US$31.9 million and US$42.6 million in the second quarter of 2025 and 2024, respectively. Other operating income mainly consists of rebates from e-commerce related logistics services providers.

    Sales and Marketing Expenses

    Our total sales and marketing expenses increased by 30.3% to US$1.0 billion in the second quarter of 2025 from US$774.8 million in the second quarter of 2024. The table below sets forth breakdown of the sales and marketing expenses of our major reporting segments. Amounts are expressed in thousands of US dollars ("$").

     

    For the Three Months

    ended June 30,

     

     

     

    2024

     

    2025

     

    YOY%

    Sales and Marketing Expenses

    $

     

    $

     

     

    E-commerce

    672,944

     

    803,431

     

    19.4%

    Digital Financial Services

    54,950

     

    122,554

     

    123.0%

    Digital Entertainment

    27,069

     

    43,103

     

    59.2%

    General and Administrative Expenses

    Our general and administrative expenses increased by 6.4% to US$323.3 million in the second quarter of 2025 from US$303.8 million in the second quarter of 2024.

    Provision for Credit Losses

    Our provision for credit losses increased by 93.4% to US$323.7 million in the second quarter of 2025 from US$167.4 million in the second quarter of 2024.

    Research and Development Expenses

    Our research and development expenses were US$297.4 million in the second quarter of 2025, as compared to US$298.5 million in the second quarter of 2024, relatively flat year-on-year.

    Non-operating Income or Losses, Net

    Non-operating income or losses mainly consist of interest income, interest expense, investment gain (loss), foreign exchange gain (loss) and gain (loss) on debt extinguishment. We recorded a net non-operating income of US$83.3 million in the second quarter of 2025, as compared to a net non-operating income of US$56.4 million in the second quarter of 2024. The non-operating income in the second quarter of 2025 was primarily due to interest income of US$90.3 million, partially offset by interest expense of US$9.0 million.

    Income Tax Expense

    We had a net income tax expense of US$144.1 million and US$60.6 million in the second quarter of 2025 and 2024, respectively.

    Net Income or Loss

    As a result of the foregoing, we had net income of US$414.2 million in the second quarter of 2025, as compared to net income of US$79.9 million in the second quarter of 2024.

    Basic and Diluted Earnings or Loss Per Share Attributable to Sea Limited's Ordinary Shareholders

    Basic earnings per share attributable to Sea Limited's ordinary shareholders was US$0.68 in the second quarter of 2025, compared to basic earnings per share attributable to Sea Limited's ordinary shareholders of US$0.14 in the second quarter of 2024.

    Diluted earnings per share attributable to Sea Limited's ordinary shareholders was US$0.65 in the second quarter of 2025, compared to diluted earnings per share attributable to Sea Limited's ordinary shareholders of US$0.14 in the second quarter of 2024.

    Webcast and Conference Call Information

    The Company's management will host a conference call today to review Sea's business and financial performance.

    Details of the conference call and webcast are as follows:

    Date and time:

    7:30 AM U.S. Eastern Time on August 12, 2025

    7:30 PM Singapore / Hong Kong Time on August 12, 2025

     

    Webcast link:

    https://events.q4inc.com/attendee/970786029

    A replay of the conference call will be available at the Company's investor relations website (www.sea.com/investor/home). An archived webcast will be available at the same link above.

    About Sea Limited

    Sea Limited (NYSE:SE) is a leading global consumer internet company founded in Singapore in 2009. Its mission is to better the lives of consumers and small businesses with technology. Sea operates three core businesses across digital entertainment, e-commerce, as well as digital financial services, known as Garena, Shopee and Monee, respectively. Garena is a leading global online games developer and publisher. Shopee is the largest pan-regional e-commerce platform in Southeast Asia and Taiwan and has a significant presence in Latin America. Monee is a leading digital financial services provider in Southeast Asia and is growing its presence in Brazil.

    Forward-Looking Statements

    This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "could," "will," "expect," "anticipate," "aim," "future," "intend," "plan," "believe," "estimate," "likely to," "potential," "confident," "guidance," and similar statements. Among other things, statements that are not historical facts, including statements about Sea's beliefs and expectations, the business, financial and market outlook, and projections from its management in this announcement, as well as Sea's strategic and operational plans, contain forward-looking statements. Sea may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Sea's goals and strategies; its future business development, financial condition, financial results, and results of operations; the expected growth in, and market size of, the digital entertainment, e-commerce and digital financial services industries in the markets where it operates, including segments within those industries; expected changes or guidance in its revenue, costs or expenditures; its ability to continue to source, develop and offer new and attractive online games and to offer other engaging digital entertainment content; the expected growth of its digital entertainment, e-commerce and digital financial services businesses; its expectations regarding growth in its user base, level of engagement, and monetization; its ability to continue to develop new technologies and/or upgrade its existing technologies; growth and trends of its markets and competition in its industries; government policies and regulations relating to its industries, including the effects of any government orders or actions on its businesses; general economic, political, social and business conditions in its markets; and the impact of widespread health developments. Further information regarding these and other risks is included in Sea's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Sea undertakes no obligation to update any forward-looking statement, except as required under applicable law.

    Non-GAAP Financial Measures

    To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, we use the following non-GAAP financial measures to help evaluate our operating performance:

    • "Adjusted EBITDA" for our digital entertainment segment represents operating income (loss) plus (a) depreciation and amortization expenses, and (b) the net effect of changes in deferred revenue and its related cost for our digital entertainment segment. We believe that the segment adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.
    • "Adjusted EBITDA" for our e-commerce segment, digital financial services segment and other services segment represents operating income (loss) plus depreciation and amortization expenses. We believe that the segment adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.
    • "Total adjusted EBITDA" represents the sum of adjusted EBITDA of all our segments combined, plus unallocated expenses. We believe that the total adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.

    These non-GAAP financial measures have limitations as analytical tools. None of the above financial measures should be considered in isolation or construed as an alternative to revenue, net loss/income, or any other measure of performance or as an indicator of our operating performance. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to Sea's data. We compensate for these limitations by reconciling the non-GAAP financial measures to their nearest U.S. GAAP financial measures, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on any single financial measure.

    The tables below present selected financial information of our reporting segments, the non-GAAP financial measures that are most directly comparable to GAAP financial measures, and the related reconciliations between the financial measures. Amounts are expressed in thousands of US dollars ("$") except for number of shares & per share data.

     

    For the Three Months ended June 30, 2025

     

    E-

    commerce

    Digital

    Financial

    Services

    Digital

    Entertainment

    Other

    Services(1)

    Unallocated

    expenses(2)

    Consolidated

     

    $

    $

    $

    $

    $

    $

    Operating income (loss)

    154,851

     

    243,115

    275,465

    (15,683

    )

    (170,029

    )

    487,719

    Net effect of changes in deferred

       revenue and its related cost

    -

     

    -

    88,344

    -

     

    -

     

    88,344

    Depreciation and Amortization

    72,843

     

    12,148

    4,381

    1,917

     

    -

     

    91,289

    Share-based compensation

    -

     

    -

    -

    -

     

    161,892

     

    161,892

    Adjusted EBITDA

    227,694

     

    255,263

    368,190

    (13,766

    )

    (8,137

    )

    829,244

     

     

    For the Three Months ended June 30, 2024

     

    E-

    commerce

    Digital

    Financial

    Services

    Digital

    Entertainment

    Other

    Services(1)

    Unallocated

    expenses(2)

    Consolidated

     

    $

    $

    $

    $

    $

    $

    Operating (loss) income

    (84,762

    )

    151,261

    210,078

    (9,003

    )

    (184,680

    )

    82,894

    Net effect of changes in deferred

       revenue and its related cost

    -

     

    -

    86,546

    -

     

    -

     

    86,546

    Depreciation and Amortization

    75,582

     

    13,417

    6,176

    3,045

     

    -

     

    98,220

    Share-based compensation

    -

     

    -

    -

    -

     

    180,813

     

    180,813

    Adjusted EBITDA

    (9,180

    )

    164,678

    302,800

    (5,958

    )

    (3,867

    )

    448,473

    (1)

    A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable segments are grouped together as "Other Services".

    (2)

    Unallocated expenses are mainly related to share-based compensation, and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance.

    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS 

    Amounts expressed in thousands of US dollars ("$") except for number of shares & per share data

     

     

    For the Six Months

    ended June 30,

     

     

    2024

     

    2025

     

     

     

    $

    $

    Revenue

     

     

     

    Service revenue

     

    6,872,415

     

    9,233,450

     

    Sales of goods

     

    668,782

     

    867,127

     

     

     

     

     

     

     

     

     

    Total revenue

     

    7,541,197

     

    10,100,577

     

     

     

     

     

    Cost of revenue

     

     

     

    Cost of service

     

    (3,775,347

    )

    (4,648,778

    )

    Cost of goods sold

     

    (627,283

    )

    (805,796

    )

     

     

     

     

     

     

     

     

    Total cost of revenue

     

    (4,402,630

    )

    (5,454,574

    )

     

     

     

     

     

     

     

     

    Gross profit

     

    3,138,567

     

    4,646,003

     

     

     

     

     

     

     

     

     

    Operating income (expenses)

     

     

     

    Other operating income

     

    86,540

     

    66,804

     

    Sales and marketing expenses

     

    (1,544,403

    )

    (1,939,194

    )

    General and administrative expenses

     

    (594,692

    )

    (630,531

    )

    Provision for credit losses

     

    (329,182

    )

    (605,673

    )

    Research and development expenses

     

    (602,844

    )

    (593,286

    )

     

     

     

     

     

     

     

     

    Total operating expenses

     

    (2,984,581

    )

    (3,701,880

    )

     

     

     

     

     

     

     

     

    Operating income

     

    153,986

     

    944,123

     

    Interest income

     

    178,500

     

    179,082

     

    Interest expense

     

    (19,406

    )

    (18,055

    )

    Investment loss, net

     

    (125,352

    )

    (1,237

    )

    Net gain on debt extinguishment

     

    32,009

     

    15,688

     

    Foreign exchange loss

     

    (26,878

    )

    (2,971

    )

     

     

     

     

    Income before income tax and share of results of equity investees

     

    192,859

     

    1,116,630

     

    Income tax expense

     

    (139,372

    )

    (280,371

    )

    Share of results of equity investees

     

    3,424

     

    (11,230

    )

     

     

     

     

    Net income

     

    56,911

     

    825,029

     

     

     

     

     

    Net loss (income) attributable to non-controlling interests

     

    1,290

     

    (16,007

    )

     

     

     

     

    Net income attributable to Sea Limited's ordinary shareholders

     

    58,201

     

    809,022

     

     

     

     

     

    Earnings per share:

     

     

     

    Basic

     

    0.10

     

    1.37

     

    Diluted

     

    0.10

     

    1.30

     

     

     

     

     

    Weighted average shares used in earnings per share computation:

     

     

     

    Basic

     

    571,968,378

     

    591,566,401

     

    Diluted

     

    599,898,424

     

    636,229,639

     

     

     

     

     

    UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

    Amounts expressed in thousands of US dollars ("$")

     

     

    As of

    December 31,

     

    As of

    June 30,

     

     

    2024

     

    2025

     

     

    $

     

    $

    ASSETS

     

     

     

     

    Current assets

     

     

     

     

    Cash and cash equivalents

     

    2,405,153

     

    2,165,809

    Restricted cash

     

    1,655,171

     

    2,075,266

    Accounts receivable, net of allowance for credit losses of

       $5,089 and $13,057, as of December 31, 2024 and June 30,

       2025 respectively

     

    306,657

     

    322,357

    Prepaid expenses and other assets

     

    1,661,373

     

    1,817,004

    Loans receivable, net of allowance for credit losses of

       $443,555 and $595,102, as of December 31, 2024 and June

       30, 2025 respectively

     

    4,052,215

     

    5,589,750

    Inventories, net

     

    143,246

     

    169,298

    Short-term investments

     

    6,215,423

     

    7,244,913

    Amounts due from related parties

     

    418,430

     

    355,937

    Total current assets

     

    16,857,668

     

    19,740,334

     

     

     

     

     

    Non-current assets

     

     

     

     

    Property and equipment, net

     

    1,097,699

     

    1,137,765

    Operating lease right-of-use assets, net

     

    1,054,785

     

    1,233,437

    Intangible assets, net

     

    27,310

     

    15,315

    Long-term investments

     

    2,694,305

     

    2,121,897

    Prepaid expenses and other assets

     

    138,839

     

    209,507

    Loans receivable, net of allowance for credit losses of

       $5,780 and $13,833, as of December 31, 2024 and June 30,

       2025 respectively

     

    108,594

     

    239,169

    Restricted cash

     

    21,261

     

    33,434

    Deferred tax assets

     

    517,383

     

    601,921

    Goodwill

     

    107,625

     

    107,631

    Total non-current assets

     

    5,767,801

     

    5,700,076

    Total assets

     

    22,625,469

     

    25,440,410

     

    UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

    Amounts expressed in thousands of US dollars ("$")

     

     

    As of

    December 31,

     

    As of

    June 30,

     

     

    2024

     

    2025

     

     

    $

     

    $

    LIABILITIES AND SHAREHOLDERS' EQUITY

     

     

     

     

    Current liabilities

     

     

     

     

    Accounts payable

     

    350,021

     

    359,092

    Accrued expenses and other payables

     

    2,380,371

     

    2,420,402

    Deposits payable

     

    2,711,693

     

    3,413,955

    Escrow payables and advances from customers

     

    2,498,094

     

    2,793,949

    Amounts due to related parties

     

    255,896

     

    109,991

    Borrowings

     

    130,615

     

    209,420

    Operating lease liabilities

     

    300,274

     

    328,085

    Convertible notes

     

    1,147,984

     

    1,148,803

    Deferred revenue

     

    1,405,785

     

    1,770,249

    Income tax payable

     

    115,419

     

    176,217

    Total current liabilities

     

    11,296,152

     

    12,730,163

     

     

     

     

     

    Non-current liabilities

     

     

     

     

    Accrued expenses and other payables

     

    71,678

     

    90,636

    Borrowings

     

    249,474

     

    306,933

    Operating lease liabilities

     

    803,502

     

    967,781

    Deferred revenue

     

    109,895

     

    178,360

    Convertible notes

     

    1,478,784

     

    1,231,131

    Deferred tax liabilities

     

    408

     

    19,403

    Unrecognized tax benefits

     

    138,000

     

    132,100

    Total non-current liabilities

     

    2,851,741

     

    2,926,344

    Total liabilities

     

    14,147,893

     

    15,656,507

     

    UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

    Amounts expressed in thousands of US dollars ("$")

     

     

    As of

    December 31,

     

    As of

    June 30,

     

     

    2024

     

     

    2025

     

     

     

    $

     

    $

    Shareholders' equity

     

     

     

     

    Class A Ordinary shares

     

    272

     

     

    274

     

    Class B Ordinary shares

     

    23

     

     

    23

     

    Additional paid-in capital

     

    16,703,192

     

     

    17,041,224

     

    Accumulated other comprehensive loss

     

    (193,148

    )

     

    (35,693

    )

    Statutory reserves

     

    17,260

     

     

    17,260

     

    Accumulated deficit

     

    (8,155,264

    )

     

    (7,346,242

    )

     

     

     

     

     

    Total Sea Limited shareholders' equity

     

    8,372,335

     

     

    9,676,846

     

    Non-controlling interests

     

    105,241

     

     

    107,057

     

    Total shareholders' equity

     

    8,477,576

     

     

    9,783,903

     

    Total liabilities and shareholders' equity

     

    22,625,469

     

     

    25,440,410

     

    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    Amounts expressed in thousands of US dollars ("$")

     

     

    For the Six Months ended

    June 30,

     

     

    2024

     

     

    2025

     

     

     

    $

     

    $

    Net cash generated from operating activities

     

    1,086,362

     

     

    2,372,666

     

    Net cash used in investing activities

     

    (1,563,708

    )

     

    (2,632,202

    )

    Net cash generated from financing activities

     

    426,438

     

     

    328,616

     

    Effect of foreign exchange rate changes on cash, cash

       equivalents and restricted cash

     

    (117,636

    )

     

    123,844

     

    Net (decrease) increase in cash, cash equivalents and restricted

       cash

     

    (168,544

    )

     

    192,924

     

    Cash, cash equivalents and restricted cash at beginning of the

       period

     

    4,243,657

     

     

    4,081,585

     

    Cash, cash equivalents and restricted cash at end of the period

     

    4,075,113

     

     

    4,274,509

     

     

     

     

     

     

    Net cash used in investing activities amounted to US$2,632 million for the six months ended June 30, 2025. This was primarily attributable to increase in loans receivable of our credit business of US$2,044 million, net placement of US$363 million in securities purchased under agreements to resell, time deposits and liquid investment products, for better cash yield management, and purchase of property and equipment of US$216 million to support the existing operations. Net cash generated from financing activities amounted to US$329 million for the six months ended June 30, 2025. This was primarily attributable to an increase in bank deposits of US$445 million as well as net proceeds from other funding sources related to credit business of US$118 million, offset by the cash used in repurchase of convertible notes of US$233 million.

    UNAUDITED SEGMENT INFORMATION

    The Company has three reportable segments, namely e-commerce, digital financial services and digital entertainment. The Chief Operating Decision Maker ("CODM"), comprising our senior management team, evaluates each segment's financial performance by reviewing revenue, significant operating expenses, and segment operating income or loss. To allocate resources for each segment, the CODM evaluates these results, along with certain key operating metrics of each segment. This assessment is done regularly by monitoring each segment's actual financial and operating performance against projections as part of the Company's business planning and budgeting process. Amounts are expressed in thousands of US dollars ("$").

     

    For the Three Months ended June 30, 2025

     

    E-commerce

    Digital Financial Services

    Digital Entertainment

    Other Services(1)

    Total

     

    $

    $

    $

    $

    $

    Revenue

    3,771,076

    882,808

    559,118

    46,475

    5,259,477

    Less(2)

     

     

     

     

     

    Cost of revenue

    (2,550,913)

    (115,899)

    (171,922)

    -

     

    Sales and marketing expenses

    (803,431)

    (122,554)

    (43,103)

    -

     

    Provision for credit losses

    -

    (315,610)

    -

    -

     

    Other operating expenses(3)

    (261,881)

    (85,630)

    (68,628)

    (62,158)

     

    Operating segment income (loss)

    154,851

    243,115

    275,465

    (15,683)

    657,748

    Unallocated expenses(4)

     

     

     

     

    (170,029)

    Operating income

     

     

     

     

    487,719

    Non-operating income, net

     

     

     

     

    83,299

    Income tax expense

     

     

     

     

    (144,056)

    Share of results of equity investees

     

     

     

     

    (12,758)

    Net income

     

     

     

     

    414,204

     

    For the Three Months ended June 30, 2024

     

    E-commerce

    Digital Financial Services

    Digital Entertainment

    Other Services(1)

    Total

     

    $

    $

    $

    $

    $

    Revenue

    2,821,269

    519,338

    435,559

    30,702

    3,806,868

    Less(2)

     

     

     

     

     

    Cost of revenue

    (1,993,767)

    (78,927)

    (139,501)

    -

     

    Sales and marketing expenses

    (672,944)

    (54,950)

    (27,069)

    -

     

    Provision for credit losses

    -

    (167,212)

    -

    -

     

    Other operating expenses(3)

    (239,320)

    (66,988)

    (58,911)

    (39,705)

     

    Operating segment (loss) income

    (84,762)

    151,261

    210,078

    (9,003)

    267,574

    Unallocated expenses(4)

     

     

     

     

    (184,680)

    Operating income

     

     

     

     

    82,894

    Non-operating income, net

     

     

     

     

    56,414

    Income tax expense

     

     

     

     

    (60,612)

    Share of results of equity investees

     

     

     

     

    1,215

    Net income

     

     

     

     

    79,911

    (1)

    A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable segments are grouped together as "Other Services".

    (2)

    The significant expenses categories and other income amounts align with the segmental-level information that is regularly provided to the CODM.

    (3)

    Other operating expenses for E-commerce and Digital Entertainment include general and administrative expenses, research and development expenses and provision for credit losses, net of other operating income. Other operating expenses for Digital Financial Services include general and administrative expenses and research and development expenses, net of other operating income.

    (4)

    Unallocated expenses are mainly related to share-based compensation, and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250811347836/en/

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