Financial Performance - Total Processing Value (TPV) for Q3 2024 was $1.21 billion, up 6.1% YoY, and $3.92 billion for the first nine months of 2024, up 18.8% YoY[3] - Total revenues for Q3 2024 were $11.3 million, down 11.0% YoY, and $35.4 million for the first nine months of 2024, down 11.3% YoY, primarily due to declines in global airtime revenue and remittance revenues from divested subsidiaries[4] - Revenue for the three months ended September 30, 2024, was $11.26 million, a decrease of 11.6% compared to $12.74 million in the same period in 2023[19] - Net loss for Q3 2024 was $5.0 million, up 31.6% YoY, and $11.3 million for the first nine months of 2024, up 8.7% YoY[7] - Net loss for the three months ended September 30, 2024, was $5.02 million, compared to a net loss of $3.82 million in the same period in 2023[19] - Total comprehensive loss attributable to CURRENC Group Inc. for Q3 2024 was $5.1 million, up 34.2% YoY, and $12.1 million for the first nine months of 2024, up 15.2% YoY[8] - Total comprehensive loss for the nine months ended September 30, 2024, was $11.45 million, compared to $10.06 million in the same period in 2023[19] - Net loss per share for the three months ended September 30, 2024, was $0.13, compared to $0.11 in the same period in 2023[19] - Net loss for 2024 was $11.26 million, compared to $10.45 million in 2023[22] EBITDA and Operating Expenses - Adjusted EBITDA loss for Q3 2024 was $0.2 million, narrowing by 83.3% YoY, and $0.6 million for the first nine months of 2024, narrowing by 75.0% YoY[7] - Tranglo maintained a positive EBITDA of $48,000 for the third quarter of 2024[25] - Group EBITDA for the third quarter of 2024 was -$191,000, compared to -$1,197,000 in 2023[25][27] - Tranglo and WalletKu combined EBITDA for the first nine months of 2024 was $1.74 million[30] - Group EBITDA for the first nine months of 2024 was -$616,000, compared to -$2.45 million in 2023[30] - Operating expenses for Q3 2024 were $19.1 million, up from $6.5 million YoY, and $30.0 million for the first nine months of 2024, up from $18.8 million YoY, driven by non-recurring costs related to the merger with INFINT SPAC[10][11] - General and administrative expenses for the three months ended September 30, 2024, were $19.06 million, compared to $6.45 million in the same period in 2023[19] Revenue Breakdown - Tranglo's remittance revenues for Q3 2024 were $4.5 million, down 1.0% YoY, and $14.3 million for the first nine months of 2024, remaining stable YoY[6] - Tranglo's global airtime transfer revenues for Q3 2024 were $2.3 million, down 22.1% YoY, and $7.3 million for the first nine months of 2024, down 22.3% YoY[6] - WalletKu's Indonesian airtime revenues for Q3 2024 were $4.0 million, up from $3.4 million YoY, and $10.2 million for the first nine months of 2024, down from $10.5 million YoY[10] Cash Flow and Financial Position - Cash and cash equivalents as of September 30, 2024, were $49.06 million, slightly higher than $48.52 million as of December 31, 2023[21] - Total current assets decreased to $82.53 million as of September 30, 2024, from $103.36 million as of December 31, 2023[21] - Total liabilities decreased to $137.70 million as of September 30, 2024, from $177.68 million as of December 31, 2023[21] - Total shareholders' deficit attributable to CURRENC Group Inc. improved to $46.95 million as of September 30, 2024, from $62.76 million as of December 31, 2023[21] - Net cash used in operating activities for 2024 was $11.67 million, compared to $10.84 million in 2023[22] - Net cash generated from financing activities in 2024 was $2.18 million, compared to -$148,066 in 2023[22] Other Income and Expenses - Other income for the three months ended September 30, 2024, was $15.01 million, significantly higher than $241,300 in the same period in 2023[19] - Non-cash expense for share-based compensation in 2024 was $13.14 million[22] - Disposal of subsidiaries resulted in a goodwill impairment of $21.74 million in 2024[22] Divestitures - TNG Asia and GEA were divested in August 2024 and July 2024, respectively[27][30]
Currenc Group Inc.(CURR) - 2024 Q3 - Quarterly Results