Currenc Group Inc. Announces First Half 2025 Financial Results

Core Insights - Currenc Group Inc. reported a total revenue of US$18.8 million for the first half of 2025, reflecting a year-over-year decrease of 10.8% primarily due to declines in global and Indonesian airtime revenues [4][5][12] - The company is shifting focus from lower-value airtime services to expanding its artificial intelligence (AI) product offerings to enhance engagement with financial institutions and broaden its market reach [12] Financial Performance - Total revenue excluding TNG Asia and GEA was US$18.8 million for H1 2025, down from US$21.1 million in H1 2024, a decrease of 10.8% [4][11] - Remittance revenue was US$9.8 million, a slight decrease of 0.3% year-over-year, attributed to lower contributions from the Hong Kong market [5][12] - Global airtime revenue was US$4.0 million, down 19% year-over-year, influenced by increased availability of free Wi-Fi in Southeast Asia [5][12] - Total processing value (TPV) through Tranglo was US$2.8 billion, a decrease of 5.8% year-over-year [4][12] Cost and Expenses - Total direct costs of revenue were US$12.3 million, down 22.5% from the previous year [5] - Operating expenses increased to US$15.1 million, primarily due to US$4.3 million in incentive share expenses related to the de-SPAC merger and US$1.5 million for AI project development [5][12] - The overall gross profit margin was stable at 34.3%, compared to 34.0% in the same period of 2024 [5][12] Net Income and Loss - The company reported a net loss of US$9.5 million for the first half of 2025, driven by significant losses at headquarters and adjustments [8][12] - EBITDA for the first half of 2025 was a loss of US$6.2 million, while Tranglo and WalletKu generated a combined positive EBITDA of US$1.7 million [9][12] Strategic Focus - Management emphasized the importance of maintaining pricing discipline, with Tranglo's take rate remaining at 0.36% [12] - The company plans to redirect resources from airtime services to AI initiatives to create a more balanced and higher-quality revenue mix [12]