Sea Ltd (SE) SEC Filings & Earnings Calls

Sea Cloud faces intense competition from established cloud providers (AWS, Azure, GCP) and requires significant investment.

“Sea Cloud will be an AI-first enterprise platform... competing with established players.”

Potential Monee IPO may face regulatory hurdles and market conditions.

“Monee is approaching the point where it can stand on its own two feet and begin its own race. Going public could give it the resources...” · word for word

Provision for credit losses increased 71.5% YoY to US$555.2M, reflecting credit growth and potential risk.

“Provision for credit losses (323,729) (555,155) 71.5%” · word for word

Sales and marketing expenses increased 64.5% YoY, outpacing revenue growth, indicating higher customer acquisition costs.

“Sales and marketing expenses (1,009,495) (1,660,118) 64.5%” · word for word

Shopee adjusted EBITDA declined YoY due to increased investments; margin pressure from shipping subsidies.

“Shopee adjusted EBITDA $223.2M vs $264.4M in Q1 2025; value-added services revenue down 8.1% due to shipping subsidies.”

Provision for credit losses increased 65.1% YoY to $465.5M, reflecting Monee loan book growth.

“Provision for credit losses $465.5M, up 65.1% YoY.”

Revenue concentration in Free Fire

“In 2025, Free Fire contributed a significant majority of our digital entertainment revenue and profits.” · word for word

Regulatory risk in digital financial services

“The provision of financial services such as e-wallet services, payment processing, consumer and SME credit products, banking, insurtech and wealth services are typically more regulated and subject to a broad range of complex laws and regulations that are rapidly changing.” · word for word

Geopolitical and macro-economic risk

“Changes in macro-economic, geopolitical or social conditions or government policies, or government actions or restrictions, globally and in our markets could have a material adverse effect on our business and operations.” · word for word

Foreign exchange risk

“Fluctuations in foreign currency exchange rates may adversely affect our operational and financial results, which we report in U.S. dollars.” · word for word

Credit risk in loan portfolio

“We face credit risks. The success of our credit and banking businesses depends on the effective management of credit risk.” · word for word

Shopee adjusted EBITDA margin may face pressure from investments in growth.

“Shopee Q4 adjusted EBITDA $202.5M, up 33% YoY but still modest relative to GMV.”

Provision for credit losses likely increased with Monee loan book growth.

“Monee loans principal $9.2B, up 80.4% YoY; NPL ratio stable at 1.1%.”

Provision for credit losses increased 76.3% YoY to $373.8M, reflecting rapid loan book growth.

“Provision for credit losses (211,991) (373,825) 76.3%” · word for word

NPL ratio stable at 1.1% but credit quality needs monitoring given 69.8% loan growth.

“Non-performing loans past due by more than 90 days as a percentage of consumer and SME loans principal outstanding... was 1.1%, relatively stable quarter-on-quarter.”