Financial Performance - Total Processing Value (TPV) was US$1.21 billion for Q3 2024, up 6.1% year over year, and US$3.92 billion for the first nine months, up 18.8% year over year [3]. - Total revenues for Q3 2024 were US$11.3 million, a decrease of 11.0% year over year, and US$35.4 million for the first nine months, down 11.3% year over year [4]. - Total remittance revenues for Q3 2024 were US$4.9 million, down 22.2% year over year, and US$17.8 million for the first nine months, down 10.6% year over year [5]. - Net loss for Q3 2024 was US$5.0 million, an increase of 31.6% year over year, and US$11.3 million for the first nine months, up 8.7% year over year [7]. - Revenue for the three months ended September 30, 2024, was $11,259,716, a decrease of 11.6% from $12,736,547 in the same period last year [19]. - Gross profit for the nine months ended September 30, 2024, was $11,339,709, down 14.1% from $13,209,473 in the prior year [19]. - Net loss attributable to CURRENC Group Inc. for the three months ended September 30, 2024, was $4,961,006, compared to a loss of $3,830,445 in the same period last year [19]. - The net loss for the nine-month period ended September 30, 2024, was $11,261,000, compared to a net loss of $10,447,000 for the same period in 2023, representing an increase in loss of approximately 7.8% [22]. - Total comprehensive loss attributable to CURRENC Group Inc. for the three months ended September 30, 2024, was $(5,075,189), compared to $(3,835,853) in the same period last year [19]. Operational Metrics - Adjusted EBITDA loss for Q3 2024 was US$0.2 million, narrowing by 83.3% year over year, and US$0.6 million for the first nine months, narrowing by 75.0% year over year [7]. - Overall take rates for Tranglo were 0.37% for Q3 2024, down from 0.40% year over year, while the take rate for the first nine months was 0.36%, down from 0.43% [10]. - EBITDA for the first nine months of 2024 was $(616,000), while for the same period in 2023 it was $(2,449,000), indicating an improvement of approximately 74.9% [30]. - The company reported a positive EBITDA for Tranglo for both the third quarter of 2024 and 2023, indicating consistent performance in this segment [27]. Cash Flow and Assets - Total current assets decreased to $82,532,410 as of September 30, 2024, from $103,361,724 as of September 30, 2023 [21]. - Cash and cash equivalents increased to $49,060,421 as of September 30, 2024, compared to $48,516,765 at the end of the previous year [21]. - The company reported a net cash used in operating activities of $11,671,423 for 2024, compared to $10,844,751 in 2023, reflecting an increase of about 7.6% [22]. - The total cash and cash equivalents at the end of the period for 2024 was $49,102,842, down from $62,832,583 in 2023, representing a decrease of approximately 21.0% [22]. - The company generated net cash from financing activities of $2,179,105 in 2024, compared to a net cash used of $148,066 in 2023, marking a significant turnaround [22]. Expenses and Liabilities - Operating expenses for Q3 2024 were US$19.1 million, significantly impacted by non-recurring costs related to the merger with INFINT SPAC [11]. - General and administrative expenses surged to $19,061,439 for the three months ended September 30, 2024, from $6,450,397 in the same period last year [19]. - Interest expense, net for the nine-month period ended September 30, 2024, was $7,682,000, compared to $4,652,000 for the same period in 2023, reflecting an increase of approximately 65.0% [30]. - Total liabilities as of September 30, 2024, were $137,699,458, down from $177,675,731 a year earlier [21]. Strategic Changes - CURRENC divested TNG Asia and GEA, streamlining operations to focus on Tranglo as the primary driver of future growth [9]. - CURRENC aims to optimize cost structures and enhance profitability through its core remittance business following the divestitures [11]. - TNG Asia and GEA were divested in August 2024 and July 2024, respectively, impacting the overall financial performance and segment reporting [27]. - Non-cash expenses for share-based compensation amounted to $13,137,850 in 2024, with no such expenses reported in 2023 [22]. - The company recognized a non-cash offering cost for convertible notes of $2,512,000 in 2024, with no such costs reported in 2023 [22].
InFinT Acquisition (IFIN) - 2024 Q3 - Quarterly Results