MoneyHero (MNY) - 2025 Q1 - Quarterly Report

First Quarter 2025 Results Management Commentary Management highlights significant progress in Q1 2025, driven by a strategic pivot initiated in 2024, achieving substantial reductions in net loss and Adjusted EBITDA loss through an improved revenue mix and enhanced operational efficiency - Successfully reduced net loss to US$(2.4) million in Q1 2025 from US$(13.1) million in Q1 2024, an improvement of over US$10 million[3][15] - Adjusted EBITDA loss improved by 49% year-over-year to US$(3.3) million, down from US$(6.4) million[3][6][15] - Strategic shift towards higher-margin verticals is proving effective, with insurance and wealth now constituting 25% of total revenue, an 11-percentage-point increase year-over-year[4][6][12] - Significant operational efficiency gains were achieved by leveraging AI and resetting the cost base, leading to a 20-point reduction in cost of revenue to 44% and a 26% decrease in total operating expenses[3][5][13] - Strengthened market position in the Philippines by securing new partnerships with BPI and RCBC, with a rebound expected in the second half of 2025[8] - The company is well-capitalized with US$36.6 million in cash and no debt, positioning it for growth initiatives and potential market consolidation[10] - The company is confident in its trajectory to accelerate revenue growth and achieve positive Adjusted EBITDA in the latter part of 2025[9][16] Financial and Operational Highlights In Q1 2025, the company reported a 35% year-over-year decrease in revenue to $14.3 million, a deliberate result of a strategic shift to enhance revenue quality, leading to a significantly narrowed net loss and improved Adjusted EBITDA loss Q1 2025 Key Financial Highlights (YoY) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | US$14.3M | US$22.2M | -35% | | Cost of Revenue | US$6.4M | US$14.1M | -55% | | Net Loss | US$(2.4)M | US$(13.1)M | +81.7% | | Adjusted EBITDA Loss | US$(3.3)M | US$(6.4)M | +48.6% | Q1 2025 Key Operational Highlights | Metric | As of/For Q1 2025 | As of/For Q1 2024 | Change | | :--- | :--- | :--- | :--- | | MoneyHero Group Members | 8.1 million | 5.9 million | +38% | | Monthly Unique Users | 5.7 million | N/A | N/A | | Approved Applications | 155,000 | 206,000 | -24.8% | Detailed Financial and Operational Data This section provides a granular breakdown of the company's Q1 2025 performance, detailing revenue composition, geographical contributions, capital structure, and key operational metrics Summary of Financial/KPI Performance Q1 Performance Summary (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue (US$) | 14,314 | 22,175 | | Adjusted EBITDA (US$) | (3,309) | (6,440) | | Applications | 399 | 495 | | Approved Applications | 155 | 206 | Revenue Breakdown Revenue by Vertical (Q1 2025 vs Q1 2024) | Vertical | Q1 2025 Revenue (US$ '000) | Q1 2025 % of Total | Q1 2024 Revenue (US$ '000) | Q1 2024 % of Total | | :--- | :--- | :--- | :--- | :--- | | Credit cards | 8,173 | 57.1% | 15,426 | 69.6% | | Personal loans | 2,495 | 17.4% | 3,297 | 14.9% | | Wealth | 1,663 | 11.6% | 1,387 | 6.3% | | Insurance | 1,892 | 13.2% | 1,827 | 8.2% | Revenue by Geographical Market (Q1 2025 vs Q1 2024) | Market | Q1 2025 Revenue (US$ '000) | Q1 2025 % of Total | Q1 2024 Revenue (US$ '000) | Q1 2024 % of Total | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 6,396 | 44.7% | 7,716 | 34.8% | | Singapore | 5,084 | 35.5% | 8,944 | 40.3% | | Philippines | 1,779 | 12.4% | 3,979 | 17.9% | | Taiwan | 1,054 | 7.4% | 1,402 | 6.3% | Key Metrics MoneyHero Group Members by Market (as of March 31) | Market | 2025 (millions) | 2024 (millions) | YoY Change | | :--- | :--- | :--- | :--- | | Philippines | 5.5 | 3.4 | +61.8% | | Singapore | 1.4 | 1.2 | +16.7% | | Hong Kong | 0.9 | 0.7 | +28.6% | | Taiwan | 0.4 | 0.3 | +33.3% | | Total | 8.1 | 5.9 | +37.3% | Monthly Unique Users for Q1 2025 (in millions) | Market | Users | % of Total | | :--- | :--- | :--- | | Taiwan | 1.8 | 31.2% | | Philippines | 1.7 | 29.0% | | Singapore | 1.3 | 22.6% | | Hong Kong | 1.0 | 17.3% | | Total | 5.7 | 100.0% | Capital Structure Capital Structure as of March 31, 2025 | Share Class | Issued and Outstanding | | :--- | :--- | | Class A Ordinary | 29,949,193 | | Class B Ordinary | 13,254,838 | | Preference Shares | 2,407,575 | | Total Issued Shares | 45,611,606 | Financial Statements Unaudited Consolidated Statements of Loss and Other Comprehensive (Loss)/Income For the first quarter ended March 31, 2025, the company reported a net loss of $(2.4) million, a significant improvement from the $(13.1) million loss in the same period of 2024, driven by substantial reductions in cost of revenue and operating expenses Consolidated Statement of Loss (US$ in thousands) | Account | For the Three Months Ended March 31, 2025 | For the Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | 14,314 | 22,175 | | Cost of revenue | (6,363) | (14,106) | | Operating loss | (3,040) | (12,291) | | Loss for the period | (2,449) | (13,100) | | Total comprehensive loss for the period | (3,827) | (9,386) | | Loss per share (Basic and diluted) | (0.1) | (0.3) | Unaudited Consolidated Statements of Financial Position As of March 31, 2025, MoneyHero Group reported total assets of $76.5 million and total liabilities of $31.7 million, resulting in net assets of $44.8 million, supported by a strong liquidity position with $36.6 million in cash and cash equivalents Consolidated Statement of Financial Position (US$ in thousands) | Account | As of March 31, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Total assets | 76,531 | 80,883 | | Total current assets | 73,472 | 78,282 | | Cash and cash equivalents | 36,634 | 42,522 | | Total liabilities | 31,690 | 32,656 | | Total current liabilities | 31,007 | 32,147 | | Total equity | 44,841 | 48,227 | Supplementary Information Key Performance Metrics and Non-IFRS Financial Measures This section defines key operational metrics and non-IFRS financial measures, noting that a transition to Google Analytics 4 (GA4) impacts comparability of certain metrics with prior periods, and provides a reconciliation for Adjusted EBITDA - The company transitioned its analytics platform from Universal Analytics (UA) to Google Analytics 4 (GA4) on July 1, 2024, making metrics such as 'monthly unique users', 'traffic', and 'clicks' not comparable to periods prior to this date due to different methodologies[29] - Adjusted EBITDA is a non-IFRS measure defined as loss for the period adjusted for depreciation, amortization, interest, taxes, equity-settled share-based payments, transaction expenses, changes in fair value of financial instruments, and other non-recurring or non-cash items[37] Reconciliation of Loss for the period to Adjusted EBITDA (US$ in thousands) | Line Item | For the Three Months Ended March 31, 2025 | For the Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Loss for the period | (2,449) | (13,100) | | Adjustments (Depreciation, finance costs, non-cash items, etc.) | (860) | 6,660 | | Adjusted EBITDA | (3,309) | (6,440) | Conference Call Details The company will host a conference call and webcast on Friday, June 13, 2025, at 8:00 a.m. Eastern Standard Time (8:00 p.m. Singapore Standard Time) to discuss its Q1 2025 financial results - A conference call and webcast to discuss Q1 2025 results is scheduled for Friday, June 13, 2025, at 8:00 a.m. EST / 8:00 p.m. SST[27] About MoneyHero Group MoneyHero Group is a prominent personal finance aggregation and comparison platform and digital insurance brokerage in Greater Southeast Asia, operating in Singapore, Hong Kong, Taiwan, and the Philippines - MoneyHero Group is a leading personal finance platform in Greater Southeast Asia, operating in Singapore, Hong Kong, Taiwan, and the Philippines[28] - As of March 31, 2025, the company had over 260 commercial partners and averaged 5.7 million Monthly Unique Users in Q1 2025[28] Forward Looking Statements This section serves as a standard legal disclaimer, cautioning that the report contains "forward-looking statements" based on current estimates and forecasts, which are subject to numerous risks and uncertainties, and actual results could differ materially - The document contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from expectations[40]