CURRENC Group Inc. Announces Full Year 2024 Financial Results

Core Insights - CURRENC Group Inc. reported its financial results for the full year ended December 31, 2024, highlighting a strategic transformation towards AI-driven solutions in the fintech sector [1][2]. Financial Performance - Total revenue excluding TNG Asia and GEA for 2024 was $42.0 million, a decrease of 3.4% from $43.5 million in 2023, primarily due to a 23.8% decline in global airtime revenue [4][5]. - Remittance revenue excluding TNG Asia and GEA was $18.2 million, reflecting a year-over-year increase of 6.4% [6]. - Global airtime transfer revenues decreased to $9.3 million in 2024 from $12.2 million in 2023, a decline of 23.8% [6]. - Total Processing Value (TPV) through Tranglo was $5.14 billion, an increase of 13.2% year-over-year, with the total number of transactions rising to 11.4 million [5][6]. Cost Structure - Total direct costs of revenue excluding TNG Asia and GEA were $28.9 million for 2024, down 8% from $31.4 million in 2023 [7]. - Operating expenses increased significantly to $42.0 million in 2024 from $24.0 million in 2023, largely due to $20.9 million in incentive shares granted upon the completion of the INFINT SPAC merger [10][14]. Net Income and Loss - The net loss for the full year 2024 was $38.8 million, primarily driven by a $36.2 million loss from headquarters and adjustments, alongside losses from TNG Asia and GEA [9][14]. - The overall gross profit margin for 2024 was 31%, compared to 28% in 2023, with the gross profit margin for the remittance business at 62% [10]. Strategic Initiatives - CURRENC launched several AI-driven initiatives, including SEAMLESS AI Call Centre Solutions and AI Staff for Hire, aimed at enhancing operational efficiency for financial institutions [5][13]. - The company plans to develop a 500MW hyperscale AI data center in Malaysia, with Phase 1 expected to be completed by the end of 2026 [17]. - A $100 million AI-Focused Infrastructure & Investment Fund was established in partnership with ARC Group to support AI computing power and infrastructure projects [18]. Management Commentary - Management emphasized the importance of AI initiatives in driving future growth and cross-selling opportunities, positioning CURRENC as a leader in AI-powered fintech solutions [13][15].