Core Insights - MoneyHero Limited reported a significant narrowing of net loss to US$(18.8) million in Q4 2024 from US$(94.3) million in the same period last year, indicating progress towards profitability [2][8][14] - The company achieved an Adjusted EBITDA loss of US$(2.9) million in Q4 2024, an improvement from US$(4.6) million in the prior year, marking its best quarterly performance since going public [2][8][14] - Revenue for Q4 2024 decreased by 40% year-over-year to US$15.7 million, primarily due to a strategic shift towards high-margin products [14][19] Financial Performance - Full year 2024 revenue decreased by 1% year-over-year to US$79.5 million, driven by a focus on profitability and diversification towards high-margin products [14][21] - Insurance revenue grew by 40% year-over-year to US$8.2 million, accounting for 10% of total revenue, while wealth products revenue surged by 138% to US$8.5 million [14][21] - Total operating costs and expenses for Q4 2024 decreased to US$25.2 million from US$45.6 million in the same period last year, reflecting the company's efficiency strategy [14][21] Operational Highlights - The company reported a 42% increase in registered members and a 21% rise in approved applications year-over-year in 2024, indicating strong customer engagement [2][21] - MoneyHero remains the largest digital acquisition partner for credit cards across its markets, leveraging this position to expand into high-margin verticals [4][29] - The company is committed to becoming an AI-first organization, with initiatives underway to deploy AI-powered customer service tools and automate workflows [5][6] Strategic Focus - Looking ahead to 2025, MoneyHero plans to maintain its focus on scaling high-margin verticals, particularly in insurance, while tightening cost controls [5][11] - The company has adopted a 'buy-over-build' philosophy for its product and tech strategy, enabling faster innovation through strategic partnerships [5][11] - A comprehensive reorganization and restructuring exercise is underway to streamline operations and enhance efficiency [10][11]
MoneyHero Group Reports Fourth Quarter and Full Year 2024 Results