Core Viewpoint - CURRENC Group Inc. reported its unaudited financial results for Q3 2024, highlighting a mixed performance with growth in processing value but declines in total revenues and net loss [1][2]. Financial Highlights - Total Processing Value (TPV) reached US$1.21 billion for Q3 2024, up 6.1% year-over-year, and US$3.92 billion for the first nine months, increasing by 18.8% [2][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% [2][3]. - Total remittance revenues were US$4.9 million for Q3 2024, down 22.2% year-over-year, and US$17.8 million for the first nine months, decreasing by 10.6% [2][3]. - Adjusted EBITDA loss for Q3 2024 was US$0.2 million, narrowing by 83.3% year-over-year, while the loss for the first nine months was US$0.6 million, a 75.0% improvement [2][3]. - Net loss for Q3 2024 was US$5.0 million, increasing by 31.6% year-over-year, and US$11.3 million for the first nine months, up 8.7% [2][3]. Core Business Performance - Tranglo's remittance revenues were US$4.5 million for Q3 2024, down 1.0% year-over-year, and US$14.3 million for the first nine months, remaining stable [2][3]. - CURRENC's global airtime transfer revenues were US$2.3 million for Q3 2024, down 22.1% year-over-year, and US$7.3 million for the first nine months, decreasing by 22.3% [2][3]. - Operating expenses increased significantly to US$19.14 million for Q3 2024, compared to US$6.5 million in the same period last year [3][4]. Management Insights - The management expressed confidence in the company's strategic achievements and operational excellence, emphasizing the focus on Tranglo as the primary growth driver following the divestment of TNG Asia and GEA [5]. - The company aims to optimize cost structures and enhance profitability while leveraging its core remittance business [5].
CURRENC Group Inc. Announces Third Quarter 2024 Unaudited Financial Results