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 Company experienced a net loss of $4.487 million for the three-month period ended March 31, 2025, compared to a net loss of $2.632 million for the same period in 2024 [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 in 2024 [129]. - Tranglo processed approximately 2.77 million remittance transactions in the three-month period ended March 31, 2025, representing a decrease of 5.8% from 2.94 million transactions in the same period in 2024 [129]. - 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]. - 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]. Cost and Expenses - 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]. - Operating expenses increased from $5.8 million for the three-month period ended March 31, 2024, to $7.5 million for the same period in 2025, primarily due to a $2.2 million expense for incentive shares granted to employees [165]. - The direct costs for global airtime revenue decreased by 23% from $2.2 million to $1.7 million, aligning with the decline in global airtime revenue [163]. Cash Flow and Financial Position - 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 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 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]. - Net cash provided by financing activities was $0.1 million for the three-month period ended March 31, 2025 [191]. 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 entered into an ELOC Purchase Agreement on February 10, 2025, allowing it to issue additional shares for extra liquidity [183]. Other Information - The global airtime transfer business contributed 54.6% of Tranglo's global airtime revenue for the three-month period ended March 31, 2025, highlighting its significance in the Company's operations [143]. - Total contractual obligations as of March 31, 2025, amounted to $23.423 million, including operating lease commitments of $311,000 and convertible notes of $1.944 million [193]. - The Company is classified as an "emerging growth company" and a "smaller reporting company," allowing it to take advantage of reduced reporting requirements [215].
InFinT Acquisition (IFIN) - 2025 Q1 - Quarterly Report