Financial Performance - For the three-month period ended March 31, 2025, the Company reported revenue of $10.055 million, a decrease of 23.4% compared to $13.104 million for the same period in 2024[154]. - The net loss for the three-month period ended March 31, 2025, was $4.487 million, compared to a net loss of $2.632 million for the same period in 2024, indicating a worsening financial position[154]. - For the three-month period ended March 31, 2025, the Company's revenue decreased by 23% to $10.1 million compared to $13.1 million for the same period in 2024[155]. - Remittance revenue excluding divested entities TNG Asia and GEA declined by 8% to $4.6 million for the three-month period ended March 31, 2025, compared to $5.0 million in 2024[158]. - Global airtime transfer revenue decreased by 23% to $2 million for the three-month period ended March 31, 2025, down from $2.6 million in 2024[156]. - The Indonesian retail business recorded a decrease of 8% to $3.4 million for the three-month period ended March 31, 2025, compared to $3.7 million in 2024[160]. - EBITDA loss increased to $2.8 million for the three-month period ended March 31, 2025, compared to a loss of $0.2 million in 2024[175]. Transaction and User Metrics - The total processing value (TPV) for Tranglo's remittance business was $1.30 billion for the three-month period ended March 31, 2025, down 3.7% from $1.35 billion in the same period of 2024[129]. - The Company processed approximately 2.77 million remittance transactions in the three-month period ended March 31, 2025, representing a decline of 5.8% from 2.94 million transactions in the same period of 2024[129]. - Tranglo processed 2.77 million remittance transactions with a total value of $1.30 billion for the three-month period ended March 31, 2025, down from 2.94 million transactions valued at $1.35 billion in 2024[157]. - The number of unique users for Tranglo increased to 579,684 as of March 31, 2025, compared to 575,941 as of March 31, 2024, indicating a slight growth[130]. - The overall take rate decreased to 0.35% during the three-month period ended March 31, 2025, compared to an average total take rate of 0.37% for the year of 2024[157]. Cost and Expenditure - The Company's cost of revenue was $6.9 million for the three-month period ended March 31, 2025, a decrease of 20.7% from $8.7 million in 2024[161]. - The direct costs for remittance revenue decreased by 41.4% to $1.7 million for the three-month period ended March 31, 2025, compared to $2.9 million in 2024[161]. - The Company's capital expenditures were $0.2 million for the three-month period ended March 31, 2025, compared to $0.01 million for the same period in 2024[192]. Cash Flow and Liquidity - As of March 31, 2025, the Company had cash balances of $62.3 million, a working capital deficit of $59.8 million, and a net capital deficit of $43.9 million[182]. - The Company had net cash used in operating activities of $1.5 million for the three-month period ended March 31, 2025, primarily due to a net loss of $4.5 million, offset by non-cash expenses of $2.2 million[187]. - The Company reported a net loss of $4.5 million and net cash provided by operating activities of $1.5 million for the three-month period ended March 31, 2025[182]. - The Company had cash and cash equivalents of $62.3 million as of March 31, 2025, compared to $59.2 million as of March 31, 2024[184]. - The Company entered into an ELOC Purchase Agreement on February 10, 2025, allowing it to issue additional shares for extra liquidity[183]. - Net cash provided by financing activities was $0.1 million for the three-month period ended March 31, 2025[191]. - The Company believes its current cash and cash equivalents, along with anticipated cash flows from operations, will be sufficient to meet its cash needs for at least the next 12 months[185]. Strategic Initiatives - The Company plans to launch new AI products and services through SEAMLESS AI Lab, aimed at providing comprehensive solutions for financial institutions[146]. - The Company aims to expand its market reach into the Middle East and Africa, focusing on B2C markets to enhance profitability[142]. - The Company completed a private placement raising $1.75 million in net proceeds through the issuance of a Convertible Note and warrants[137]. - The Company intends to develop its AI Data Center (AIDC) business with a planned capacity of 500MW, catering to diverse client needs[151]. Company Classification - The Company is classified as an "emerging growth company" and a "smaller reporting company," allowing it to take advantage of reduced reporting requirements[215].

Core Viewpoint - Currenc Group Inc. reported a decline in financial performance for the first quarter of 2025, with total revenue decreasing by 11.5% year-over-year, primarily due to a significant drop in global airtime revenue and remittance revenue from the Hong Kong market. The company is focusing on AI initiatives and reallocating resources to enhance higher-margin growth opportunities [1][5][12]. Financial Performance Summary - Total revenue for Q1 2025 was $10.0 million, down from $11.34 million in Q1 2024, reflecting an 11.5% decrease [3][5]. - Remittance revenue, excluding TNG Asia and GEA, was $4.6 million, an 8% decline year-over-year [6]. - Global airtime revenue fell to $2.0 million, representing a 23.1% decrease compared to the previous year [6]. - Total processing value (TPV) through Tranglo was $1.30 billion, a decrease of 3.7% year-over-year [5]. - Operating expenses increased to $7.5 million from $5.8 million in Q1 2024, largely due to a one-time share-based incentive expense of $2.2 million [6][10]. Operational Insights - The decline in TPV and revenues was attributed to reduced business volume from the Hong Kong market and increased competition in the digital remittance space [5][12]. - The company’s gross profit margin ratio for Q1 2025 was 31.8%, down from 33.6% in Q1 2024 [6]. - The overall net loss for Q1 2025 was $4.5 million, primarily driven by losses from headquarters and adjustments [11][20]. Strategic Focus - Management emphasized the importance of scaling AI product offerings and expanding remittance services into major corridors to drive higher-margin growth [12]. - The company plans to deemphasize airtime transfer services and redirect resources towards AI initiatives [6][12]. - Currenc aims to maintain a healthy take rate for Tranglo while navigating a competitive environment [12]. EBITDA Analysis - The total EBITDA for Q1 2025 was a loss of $2.8 million, with Tranglo and WalletKu achieving a combined EBITDA of $1.2 million [10][25]. - The EBITDA loss was influenced by increased operating expenses and the impact of the de-SPAC merger [10][12]. Market Position - Currenc Group Inc. is positioned as a fintech pioneer, focusing on AI solutions to enhance financial services globally [15]. - The company’s digital remittance platform aims to improve financial access across underserved communities [15].

Financial Data and Key Metrics Changes - The total processing value (TPV) for the digital remittance business reached $5.14 billion in 2024, a 13.2% increase from $4.54 billion in 2023 [10][15] - Total revenues excluding TNG Asia and GEA were $42 million in 2024, reflecting a 3.4% decline from the previous year, primarily due to a 23.8% drop in global airtime revenue [16][21] - The gross profit margin for the remittance business improved to 62% in 2024 from 58% in 2023, while the overall gross profit margin increased to 31% from 28% [26][27] - The net loss for the year was $38.8 million, largely attributed to a $32 million loss at the headquarters level [37] Business Line Data and Key Metrics Changes - The digital remittance business processed 11.4 million transactions in 2024, with revenues of $18.2 million, a 6.4% increase from 2023 [15][18] - The global airtime transfer revenue was $9.3 million in 2024, representing a 23.8% decline compared to 2023 [21] - The direct costs for revenue, excluding TNG Asia and GEA, were $28.9 million in 2024, an 8% decline from 2023 [25] Market Data and Key Metrics Changes - Strong demand was noted in key corridors such as the UK, Hong Kong, Singapore, and Korea, contributing to the growth in remittance transactions [11] - The airtime transfer segment faced declining demand due to increased availability of free Wi-Fi in Southeast Asia, particularly in Malaysia and Indonesia [21][22] Company Strategy and Development Direction - The company is focusing on enhancing its AI-driven solutions to improve operational efficiency and customer experience while maintaining its core mission of serving financial institutions [9][39] - A strategic shift is underway to prioritize the digital remittance business and AI solutions over the airtime transfer business, which has lower growth potential and profitability [24][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the robust demand for digital remittance services and the potential synergies from AI initiatives, particularly in regions like the Middle East and Africa [39][40] - The company aims to maintain profitability while growing remittance revenue by at least 12.5% in the coming year, without further sacrificing the take rate [66] Other Important Information - The company recognized a significant increase in operating expenses due to non-cash items related to incentive shares granted to employees, totaling $20.9 million [28] - The EBITDA loss for the full year was $26.5 million, but isolating Triangle and Watercool showed a profit of $2.05 million [33] Q&A Session Summary Question: Expectations for the partnership with CONCOF and revenue timeline - Management expects to establish a clear revenue stream from CONCOF in the second half of 2025, with additional clients anticipated by the end of the year or early next year [53] Question: Details on the 500-megawatt AI data center partnership - The company is collaborating with a renowned operator for the AI data center, focusing on sourcing land and government support in Malaysia, with potential for high returns [61] Question: Margin trajectory and tech stack improvements - The company plans to stabilize the take rate and grow remittance revenue without further sacrificing margins, while also selecting more competitive payout agents to maintain profitability [66]

Financial Data and Key Metrics Changes - The total processing value (TPV) for the digital remittance business reached $5.14 billion in 2024, a 13.2% increase from $4.54 billion in 2023 [10][15] - Total revenues excluding TNG Asia and GEA were $42 million in 2024, reflecting a 3.4% decline compared to 2023, primarily due to a 23.8% drop in global airtime revenue [16][18] - The net loss for the year was $38.8 million, largely attributed to a $32 million loss from headquarters operations and adjustments [37] Business Line Data and Key Metrics Changes - The digital remittance business processed 11.4 million transactions in 2024, with revenues of $18.2 million, marking a 6.4% increase from the previous year [10][18] - The global airtime transfer revenue was $9.3 million in 2024, representing a 23.8% decline compared to 2023, driven by changing market conditions and increased availability of free Wi-Fi [21][24] Market Data and Key Metrics Changes - Strong demand was noted in key corridors such as the UK, Hong Kong, Singapore, and Korea, contributing to the growth in remittance transactions [11] - The company is exploring new markets in Africa and other regions for potential growth in the global airtime transfer business [22][24] Company Strategy and Development Direction - The company is focusing on AI-driven solutions to enhance operational efficiency and customer experience, while continuing to prioritize the digital remittance business [9][39] - A strategic shift is underway to streamline operations and enhance profitability by reducing emphasis on the lower-margin airtime transfer business [14][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the robust demand for digital remittance services and the potential synergies from AI initiatives [39][40] - The company aims to maintain profitability while growing remittance revenue by at least 12.5% in the coming year, without further sacrificing the take rate [66] Other Important Information - Total operating expenses for 2024 were $42 million, significantly higher than $24 million in 2023, primarily due to non-cash items related to incentive shares [27][28] - The gross profit margin for the digital remittance business improved to 62% in 2024, up from 58% in 2023, despite a decline in overall take rates [26] Q&A Session Summary Question: What are the expectations for the partnership with CONCOF in 2025? - The company is working on the details of the partnership and expects to see revenue streams in the second half of 2025, with additional clients anticipated by the end of the year or early next year [52][53] Question: Can you provide details on the 500-megawatt AI data center project? - The company is collaborating with a renowned operator for the AI data center, focusing on sourcing land and government support in Malaysia, with potential for high returns [61][62] Question: What is the strategy for maintaining margins in the Triangle business? - The company plans to stabilize the take rate and grow remittance revenue without further sacrificing margins, while also selecting more competitive payout agents to reduce costs [66][68] Question: How is the company progressing in expanding into new countries? - The company is leveraging AI solutions to reach small financial institutions in the Middle East and Africa, which will help expand Triangle's remittance network [71]

Core Insights - CURRENC Group Inc. reported its financial results for the full year ended December 31, 2024, highlighting a strategic transformation towards AI-driven solutions in the fintech sector [1][2]. Financial Performance - Total revenue excluding TNG Asia and GEA for 2024 was $42.0 million, a decrease of 3.4% from $43.5 million in 2023, primarily due to a 23.8% decline in global airtime revenue [4][5]. - Remittance revenue excluding TNG Asia and GEA was $18.2 million, reflecting a year-over-year increase of 6.4% [6]. - Global airtime transfer revenues decreased to $9.3 million in 2024 from $12.2 million in 2023, a decline of 23.8% [6]. - Total Processing Value (TPV) through Tranglo was $5.14 billion, an increase of 13.2% year-over-year, with the total number of transactions rising to 11.4 million [5][6]. Cost Structure - Total direct costs of revenue excluding TNG Asia and GEA were $28.9 million for 2024, down 8% from $31.4 million in 2023 [7]. - Operating expenses increased significantly to $42.0 million in 2024 from $24.0 million in 2023, largely due to $20.9 million in incentive shares granted upon the completion of the INFINT SPAC merger [10][14]. Net Income and Loss - The net loss for the full year 2024 was $38.8 million, primarily driven by a $36.2 million loss from headquarters and adjustments, alongside losses from TNG Asia and GEA [9][14]. - The overall gross profit margin for 2024 was 31%, compared to 28% in 2023, with the gross profit margin for the remittance business at 62% [10]. Strategic Initiatives - CURRENC launched several AI-driven initiatives, including SEAMLESS AI Call Centre Solutions and AI Staff for Hire, aimed at enhancing operational efficiency for financial institutions [5][13]. - The company plans to develop a 500MW hyperscale AI data center in Malaysia, with Phase 1 expected to be completed by the end of 2026 [17]. - A $100 million AI-Focused Infrastructure & Investment Fund was established in partnership with ARC Group to support AI computing power and infrastructure projects [18]. Management Commentary - Management emphasized the importance of AI initiatives in driving future growth and cross-selling opportunities, positioning CURRENC as a leader in AI-powered fintech solutions [13][15].

Core Insights - CURRENC Group Inc. has appointed Mr. Wan Lung Eng as Chief Financial Officer, effective April 16, 2025, to enhance its financial strategy and growth initiatives [1][2][3] Company Overview - CURRENC Group Inc. is a fintech pioneer focused on transforming global financial services through artificial intelligence (AI) solutions, empowering financial institutions worldwide [4] - The company offers comprehensive AI solutions, including SEAMLESS AI Call Centre and other AI-powered agents, aimed at reducing costs, increasing efficiency, and boosting customer satisfaction for various sectors [4] Leadership and Expertise - Mr. Eng brings over 20 years of experience in finance, accounting, investment banking, and private equity, having executed public and private financings and M&A transactions exceeding US$50 billion [2] - His previous roles include CFO positions at VitalCheck Wellness, Teclison, and Spectral MD, as well as senior positions at major financial institutions [2] - The leadership team believes Mr. Eng's expertise will be pivotal in accelerating CURRENC's growth and advancing its AI initiatives [3]

Financial Performance - For the full year ended December 31, 2024, Tranglo processed approximately 11.4 million transactions with a total processing value of $5.14 billion, reflecting a 3.6% increase in volume and a 13.2% increase in value compared to the previous year[438]. - For the full-year period ended December 31, 2024, Currenc's revenue decreased by 12.9% to $46.4 million compared to $53.3 million for the same period in 2023[466]. - The remittance revenue excluding TNG Asia and GEA increased by 6.4% to $18.2 million for the full-year period ended December 31, 2024, compared to $17.1 million for the same period in 2023[468]. - Global airtime revenue declined by 23.8% from $12.2 million in 2023 to $9.3 million in 2024, attributed to changing consumer behavior due to increased availability of free Wi-Fi[470]. - Currenc recorded a net loss of $38.8 million for the full-year period ended December 31, 2024, compared to a net loss of $14.4 million in 2023[465]. - EBITDA for the full-year period ended December 31, 2024 was $(26.5) million, a significant decline from $(2.1) million in 2023[465]. - Tranglo's EBITDA profit decreased by 21.4% to $2.75 million in 2024 from $3.50 million in 2023, while WalletKu reported an EBITDA loss of $0.7 million, a 12.5% improvement from a loss of $0.8 million in 2023[490]. - The company's EBITDA loss for 2024 was $26.5 million, a substantial increase from the EBITDA loss of $2.1 million in 2023, primarily due to increased losses at the headquarters level[490]. User Metrics - The number of unique users for Tranglo increased to 1,229,132 as of December 31, 2024, up from 1,032,360 in the prior year, while average monthly unique sending accounts rose from 330,571 to 355,997[439]. - Currenc's ability to maintain and increase its user base is critical, as revenue is largely driven by the number of users and transactions on its platforms[451]. Operating Expenses and Financial Obligations - Operating expenses surged from $24.0 million in 2023 to $42.0 million in 2024, primarily due to a $20.9 million expense for incentive shares granted to employees[478]. - Finance costs for the year ended December 31, 2024, amounted to $6.8 million, primarily due to PIPE issuance costs and interest on convertible bonds[483]. - Total contractual obligations as of December 31, 2024, amounted to $23.99 million, including operating lease commitments and borrowings[512]. Cash Flow and Liquidity - As of December 31, 2024, the company had cash balances of $63.8 million, a working capital deficit of $57.9 million, and a net capital deficit of $41.8 million[501]. - The company generated net cash provided by operating activities of $3.5 million in 2024, a significant improvement from a net cash used of $15.3 million in 2023[506]. - The company had net cash used in investing activities of $0.6 million in 2024, compared to net cash provided of $1.4 million in 2023[508]. - The company entered into an ELOC Purchase Agreement on February 10, 2025, to enhance liquidity through the issuance of additional shares[502]. Strategic Initiatives - The company aims to expand its B2C businesses in the Middle East and diversify its user base to other regions, including Pakistan and African countries, to enhance its global airtime business[453]. - Currenc is launching new AI products and services for financial institutions through SEAMLESS AI Lab, which includes customized trading platforms and AI Agent services[456]. - A landmark contract was secured with Coin Cove to provide comprehensive AI-powered electronic banking solutions, including a trading platform and compliance tools[457]. - Currenc plans to develop its AI Data Center business with a total planned capacity of 500MW, providing co-location and wholesale leasing solutions[462]. Market Conditions - The company faces intense market competition, impacting pricing power and profitability, necessitating more competitive and efficient services to retain users[449]. Accounting and Reporting - The Company prepares its consolidated financial statements in accordance with U.S. GAAP, making estimates that affect reported amounts of assets, liabilities, revenue, and expenses[520]. - The Company recognizes revenue from contracts with customers based on the consideration specified in the contract, net of sales and service tax, returns, rebates, and discounts[522]. - The Company complies with ASC 606 for revenue recognition from contracts with customers[521]. - The Company has no obligations to customers in terms of guarantees or warranties for both Fiat Currency and XRP Prefunded Remittance Services[528]. - The Company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of reduced reporting requirements[519]. - The Company has elected not to early adopt the guidance from SAB 122, which rescinds the requirement to recognize a corresponding liability and asset for safeguarding crypto-assets[518]. - As of December 31, 2023, the Ordinary Shares subject to possible redemption amounted to $83,523,112, classified as temporary equity[538].

Core Viewpoint - CURRENC Group Inc. is set to report its full year 2024 financial results on April 16, 2025, indicating a significant upcoming event for investors and stakeholders [1]. Company Overview - CURRENC Group Inc. is a fintech pioneer focused on transforming global financial services through artificial intelligence (AI) [3]. - The company provides comprehensive AI solutions to financial institutions, including the SEAMLESS AI Call Centre and other AI-powered agents aimed at reducing costs, increasing efficiency, and enhancing customer satisfaction [3]. - CURRENC's digital remittance platform facilitates real-time, 24/7 global payment services, promoting financial access for underserved communities [3]. Conference Call Details - Management will hold a conference call on April 16, 2025, at 8:00 a.m. Eastern Time to discuss the financial results [1]. - A live webcast of the conference call will be available, with a replay accessible afterward [2].

Core Viewpoint - CURRENC Group Inc. has regained compliance with Nasdaq's minimum market value requirement, ensuring its continued listing on the Nasdaq Global Market [1][2]. Company Overview - CURRENC Group Inc. is a fintech pioneer focused on transforming global financial services through artificial intelligence (AI) solutions [2]. - The company provides comprehensive AI solutions to financial institutions, including SEAMLESS AI Call Centre and other AI-powered agents aimed at reducing costs and enhancing customer satisfaction [2]. - CURRENC's digital remittance platform facilitates real-time global payment services, promoting financial access for underserved communities [2]. Compliance Achievement - On April 9, 2025, CURRENC received confirmation from Nasdaq that its ordinary shares maintained a minimum market value of publicly held shares of $5,000,000 for at least ten consecutive business days, thus satisfying the listing requirement [1]. - The company expressed satisfaction with this compliance, highlighting its importance for credibility and exposure in capital markets [2].

SINGAPORE, April 10, 2025 (GLOBE NEWSWIRE) -- CURRENC Group Inc. (Nasdaq: CURR) (“CURRENC” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced that on April 9, 2025, it received written notice from Nasdaq stating that the Listing Qualifications Staff of the Nasdaq Stock Market LLC (“Nasdaq”) has determined that for at least the last ten consecutive business days, the Company’s ordinary shares have maintained a minimum ...