MoneyHero (MNY) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached $20.9 million, up 6% year-over-year, driven by high-margin product growth, operational efficiency initiatives, and strong market share gains in core markets.

• Net income was $5.7 million, reversing a net loss of $7.2 million in Q3 2023, mainly due to a $10 million unrealized FX gain.

• Strategic reorganization and cost optimization led to a leaner structure, improved financial foundation, and centralized customer data onto a single platform for advanced analytics and marketing.

• Rolled out new user engagement features, including a membership and loyalty program, and introduced an RSU plan extending equity ownership to over 90% of employees.

• Monthly unique users averaged 7.4 million, with group members up 47% year-over-year to 6.9 million.

Financial highlights

• Revenue grew 6% year-over-year to $20.9 million; Philippines up 49%, Hong Kong up 18%, Taiwan up 5%, Singapore down 13%.

• Insurance revenue increased 36% year-over-year to $2.1 million, now 9-10% of group revenue for the first nine months.

• B2B business remained flat year-over-year at $3.5 million, representing 17% of group revenue.

• Adjusted EBITDA loss was $5.5 million, improving over 40% quarter-on-quarter but widening year-over-year from $1.3 million.

• Total operating costs and expenses dropped to $17.3 million from $25.6 million year-over-year, aided by a $10 million unrealized FX gain.

Outlook and guidance

• Management expects continued improvement in Adjusted EBITDA, margin recovery, and efficiency objectives in Q4 2024.

• Focus remains on scaling high-margin products, disciplined cost management, and data-driven operations for sustainable growth.

• Actively pursuing strategic acquisitions and investments to drive industry consolidation in Greater Southeast Asia.

• Anticipates further margin recovery and operational leverage into 2025.