CURRENC Group (CURR) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was $11.3M, down 11% year-over-year, mainly due to a 22% drop in global airtime revenue and a decline in remittance revenue from divested subsidiaries.

• Net loss for Q3 2024 was $5.0M, compared to $3.8M in Q3 2023, impacted by $13.1M in share-based compensation and $1M in advisor share grants post-SPAC merger.

• The company completed a business combination with INFINT Acquisition Corp. on August 30, 2024, resulting in a reverse recapitalization and listing on Nasdaq.

• Divestiture of TNG Asia and GEA in Q3 2024 led to a $14.7M gain, offsetting increased operating expenses.

Financial highlights

• Q3 2024 revenue: $11.3M (Q3 2023: $12.7M); nine-month revenue: $35.4M (2023: $39.9M).

• Q3 2024 net loss: $5.0M (Q3 2023: $3.8M); nine-month net loss: $11.3M (2023: $10.4M).

• Gross profit for Q3 2024: $3.1M (Q3 2023: $4.1M); nine-month gross profit: $11.3M (2023: $13.2M).

• EBITDA loss for Q3 2024: $0.2M (Q3 2023: $1.2M); nine-month EBITDA loss: $0.6M (2023: $2.4M).

• Cash and equivalents at September 30, 2024: $49.1M; working capital deficit: $54.1M; net capital deficit: $22.7M.

Outlook and guidance

• Management expects continued pressure on global airtime revenue due to changing consumer behavior and increased free Wi-Fi availability in Southeast Asia.

• Plans to expand B2C markets in Southeast Asia and the Middle East to drive growth in remittance and airtime businesses.

• Focus on cost control, product development, and expanding partner networks to improve profitability.