CURRENC Group (CURR) Q4 2024 earnings summary

Executive summary

• Achieved a significant milestone as a newly public company, focusing on fintech and AI-driven solutions for financial institutions and individuals in over 150 countries.

• Completed strategic transformation with AI-driven initiatives, including SEAMLESS AI Call Centre, AI Staff for Hire, and a planned 500MW AI data center in Malaysia.

• Undergoing a business transformation to prioritize AI-powered offerings and digital remittance, while de-emphasizing the airtime transfer segment.

• Divested TNG Asia and GEA in Q3 2024, focusing future operations on Tranglo (remittance, airtime) and Walletku (Indonesian airtime).

• Secured a $100M AI-focused infrastructure fund and a major contract with Coin Cove for AI-powered banking services.

Financial highlights

• Triangle processed 11.4 million remittance transactions in 2024, with a total processing value (TPV) of $5.14 billion, up 13.2% year-over-year.

• Total revenues (excluding divested subsidiaries) were $42 million, a 3.4% decline year-over-year, mainly due to a 23.8% drop in global airtime revenue.

• Digital remittance revenues (excluding divested units) rose 6.4% to $18.2 million, while the tick rate declined from 0.43% to 0.37% due to competitive pricing.

• Global airtime transfer revenue fell 23.8% to $9.3 million, reflecting changing market demand and increased free Wi-Fi in Southeast Asia.

• Gross profit margin for remittance business improved to 62% (from 58%), and overall gross profit margin rose to 31% (from 28%).

• Net loss for 2024 was $38.8 million, mainly due to non-cash expenses, divestitures, and headquarters/adjustment losses.

• EBITDA for Triangle and Walletku combined was $2.05 million, while total EBITDA loss (including divested units and HQ) was $26.5 million.

Outlook and guidance

• Strategic focus on expanding digital remittance and AI solutions, with expectations for new AI-driven revenue streams in the second half of 2025.

• Remittance revenue targeted to grow at least 12.5% in 2025, with a focus on maintaining or improving take rates and leveraging AI partnerships to expand into new markets.

• Anticipates continued cost control and margin improvement, especially in the remittance segment.

• No expectation of recurring large non-cash expenses (e.g., incentive shares, goodwill impairments) in future years.