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 2023[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 in 2023[466]. - 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]. - Operating expenses surged to $42.0 million in 2024, up from $24.0 million in 2023, primarily due to incentive share expenses related to the merger with INFINT SPAC[478]. - EBITDA for the full-year period ended December 31, 2024, was reported at a loss of $26.5 million, compared to a loss of $2.1 million in 2023[465]. - 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]. - Tranglo's EBITDA profit for 2024 was $2.75 million, a decline of 21.4% from $3.50 million in 2023, while WalletKu reported an EBITDA loss of $0.7 million, which was 12.5% lower than the previous year's loss of $0.8 million[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 2023, while average monthly unique sending accounts rose from 330,571 to 355,997[439]. - WalletKu served approximately 128,000 customers, distributing airtime valued at $14.5 million for the full year ended December 31, 2024[441]. Business Expansion and Strategy - Currenc 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]. - The company plans to launch new AI products and services for financial institutions through its SEAMLESS AI Lab, which includes customized trading platforms and AI Agent services[456]. - Currenc has secured a contract with Coin Cove to provide comprehensive AI-powered electronic banking solutions, including a trading platform supporting over 150 digital assets and 600 trading pairs[457]. - The company is focused on expanding its remittance and airtime corridors to recruit new clients and generate synergies for Tranglo's businesses[461]. - Currenc's remittance services are benefiting from the growing global migrant worker population, which drives demand for regular remittance transactions[448]. Financial Position and Cash Flow - As of December 31, 2024, the company had cash balances of $63.8 million, with 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 for the year ended December 31, 2024, compared to a net cash used in operating activities of $15.3 million in 2023[506]. - The company entered into an ELOC Purchase Agreement on February 10, 2025, allowing it to issue additional shares for extra liquidity[502]. - Total contractual obligations as of December 31, 2024, amounted to $23.99 million, including operating lease commitments and convertible notes[512]. - The company’s capital expenditures were $0.6 million for the year ended December 31, 2024, compared to $0.3 million in 2023[511]. Accounting and Compliance - The Company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of reduced reporting requirements[535]. - The Company recognizes revenue from remittance services upon processing international money transfer transactions, with specific fees for Fiat Currency and XRP Prefunded Remittance Services[524][526][527]. - The Company has elected not to early adopt the new accounting guidance issued by the FASB, which is effective for fiscal years beginning after December 15, 2023[518]. - The Company prepares its consolidated financial statements in accordance with U.S. GAAP, involving estimates that may affect reported amounts of assets, liabilities, revenue, and expenses[520]. - The Company is classified as a "smaller reporting company," allowing it to provide only two years of audited consolidated financial statements[537]. - The Company recognizes revenue from the sale of goods at the point of delivery, with typical credit terms of 3-7 days[529]. - The Company has no obligations to customers regarding guarantees or warranties for its remittance services, with fees collected shortly after service execution[528]. - The Company complies with ASC 606 for revenue recognition, measuring revenue based on contracts with customers net of sales and service tax[521][522]. Impairments and Charges - The Company recorded goodwill impairment charges of $14.9 million related to the Indonesian airtime and Tranglo remittance business during the year ended December 31, 2024[534]. - The headquarters incurred a substantial EBITDA loss of $29.8 million in 2024, influenced by non-cash expenses including a $20.9 million charge related to the ESOS share incentive scheme[493]. Market Competition - The average total take rate for Tranglo decreased to 0.37% in 2024 from 0.43% in 2023, reflecting increased competition in the remittance market[468].
InFinT Acquisition (IFIN) - 2024 Q4 - Annual Report