EX-99.1 2 ex99-1.htm EX-99.1

 

Exhibit 99.1

 

Currenc Group Inc. Announces Second Quarter and First Half 2025 Financial Results

 

Singapore, August 4, 2025 (Globe Newswire) — Currenc Group Inc. (Nasdaq: CURR) (“Currenc” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced its financial results for the second quarter and six months ended June 30, 2025.

 

Second Quarter 2025 Financial Highlights

 

Total Processing Value (TPV) through Tranglo was US$1.46 billion for the second quarter of 2025, increasing by 6.9% year-over-year. Total number of transactions increased to 3.1 million for the second quarter of 2025 from 2.9 million for the same period of 2024.

 

Total revenues excluding TNG Asia and GEA1 were US$8.7 million for the second quarter of 2025, representing a year-over-year decrease of 10.3%, primarily due to a 16.7% decline in global airtime revenue and a 39.6% decline in Indonesian Airtime revenue.

 

   For the three-month period ended June 30, 
   2025   2024 
   $   $ 
   (dollars in thousands) 
Remittance revenue excluding TNG Asia & GEA   5,226    4,816 
           
Global Airtime Revenue   1,996    2,389 
Indonesian Airtime Revenue   1,496    2,475 
Total Revenue excluding TNG Asia & GEA   8,718    9,680 

 

Total remittance revenues excluding TNG Asia and GEA, i.e., remittance revenues contributed by Tranglo, were US$5.2 million for the second quarter of 2025, an increase of 8.3% year-over-year. The increase in remittance revenue was mainly due to a 6.9% increase in TPV. Tranglo’s overall take rate improved to 0.36% in the second quarter of 2025 from 0.35% in the same period of 2024.
   
Currenc’s global airtime transfer revenues were US$2.0 million for the second quarter of 2025, representing a year-over-year decrease of 16.7%. The growing availability of free Wi-Fi in Southeast Asian countries, especially Malaysia and Indonesia, has led to declining demand for Malaysia-Indonesia airtime transfers, resulting in a decline in global airtime business in the second quarter of 2025. As Currenc expects this trend to continue in Southeast Asian markets, the Company’s management plans to deemphasize airtime transfer and reallocate its resources and capital to expand its new AI product offerings.
   
Total direct costs of revenue were US$5.5 million for the second quarter of 2025, representing a year-over-year decrease of 24.1%.

 

 

1 Currenc divested TNG Asia and GEA in August 2024 and July 2024, respectively. As such, from the fourth quarter of 2024 onward, only Tranglo’s (digital remittance and global airtime transfer businesses) and WalletKu’s (Indonesian airtime business) results will be consolidated and reported in the Company’s financial statements.

 

 

 

 

The direct payout rate for Tranglo’s remittance business was 0.14% for the second quarter of 2025, a slight increase compared to 0.12% for the same period of 2024. Currenc’s overall gross profit margin ratio for the second quarter of 2025 was 37.2%, compared to 34.5% for the same period of 2024.
   
Total operating expenses increased to US$7.6 million for the second quarter of 2025 from US$5.1 million for the same period of 2024. The increase was mainly due to expenses of US$2.2 million in recognition of the incentive shares granted to employees upon the completion of the INFINT SPAC merger.

 

As Currenc divested TNG Asia and GEA in August and July 2024, respectively, its operating costs now reflect the operating costs of Tranglo, WalletKu and the Company’s headquarters only. Also, with the rollout of its new AI initiatives, Currenc incurred US$1.0 million in operating costs related to these new businesses in the second quarter of 2025. The new AI businesses are expected to contribute incrementally to revenues and positively impact EBITDA in the near future.

 

Tranglo’s operating costs for the second quarter of 2025 were US$3.2 million, representing a slight decrease of 3% from US$3.3 million in the same period of 2024.
   
WalletKu’s operating costs were US$0.1 million for the second quarter of 2025, as compared to US$0.2 million for the same period of 2024.
   
Professional fees and director fees were US$0.7 million for the second quarter of 2025.

 

Other income totaled US$0.5 million for the second quarter of 2025, mainly contributed by Tranglo.
   
Net loss was US$5.0 million for the second quarter of 2025, primarily driven by the net loss of US$2.2 million incurred by headquarters and adjustments.
   
EBITDA analysis

 

For the three-month period ended

June 30, 2025

  Tranglo   WalletKu  

TNG Asia

and GEA

  

Headquarters

and adjustments

  

Group

Total

 
   (dollars in thousands) 
Net income (loss)   477    (111)   -    (5,330)   (4,964)
                          
Add:                         
Income tax expenses   148    -    -    (93)   55 
Interest expense, net   15    -    -    924    939 
EBIT   640    (111)   -    (4,499)   (3,970)
Depreciation and amortization   -    -    -    -    575 
EBITDA   640    (111)   -    (4,499)   (3,395)

 

The Company’s total EBITDA for the second quarter of 2025 was a loss of US$3.4 million.
Tranglo and WalletKu’s combined EBITDA for the second quarter of 2025 was US$0.53 million.
TNG Asia and GEA’s combined losses had no impact on the Company’s results from the fourth quarter of 2024 onwards as they were divested before the completion of the de-SPAC merger.

 

 

 

 

Headquarters expenses and adjustments recorded an EBIT loss of US$4.5 million, mainly contributed by:

 

US$2.2 million in “Operating Expenses” in recognition of the incentive shares granted upon completion of the de-SPAC merger.
US$1.0 million for the expenses incurred on developing AI projects.
US$0.7 million for professional fees.
US$0.4 million for amortization of intangible assets (Tranglo).

 

For the three-month period ended

June 30, 2024

  Tranglo   WalletKu  

TNG Asia

and GEA

  

Headquarters

and adjustments

  

Group

Total

 
   (dollars in thousands) 
Net income (loss)   586    (131)   (1,875)   (2,188)   (3,608)
                          
Add:                         
Income tax expenses   162    -    -    (93)   69 
Interest expense, net   -    -    1,444    1,072    2,516 
EBIT   748    (131)   (431)   (1,209)   (1,023)
Depreciation and amortization   -    -    -    -    833 
EBITDA   748    (131)   (431)   (1,209)   (190)

 

Management Comments

 

“Amid intensifying competition driven by the continued rise in digital remittance demand, we maintained healthy momentum in our remittance business, with TPV rising 6.9% year-over-year to US$1.46 billion and our overall take rate improving to 0.36% in the second quarter of 2025,” said Alex Kong, Founder and Executive Chairman of Currenc. “As we continue to deemphasize lower-value airtime services and reallocate resources, we are scaling our AI product offerings to deepen engagement with financial-institution clients, broaden our addressable market, and extend our remittance reach across additional high-volume corridors. Looking ahead, we will pair consistent remittance execution with an expanding AI portfolio to build a more diverse, healthier revenue mix and create sustainable long-term value for our shareholders.”

 

Ronnie Hui, Chief Executive Officer of Currenc, commented, “Our remittance business performed solidly in the second quarter, delivering an 8.3% year-over-year revenue increase that largely offset the revenue decline from our lower-margin airtime transfers business. Tranglo and WalletKu together delivered positive EBITDA of US$0.53 million, while disciplined execution kept Tranglo’s payout rate steady at 0.14%. We also enhanced cost management, reducing direct costs by 24.1% year over year and expanding our gross margin to 37.2%. Operating expenses increased to US$7.6 million, primarily due to a one-time incentive share expense of US$2.2 million related to the de-SPAC merger and a US$1.0 million investment in our AI initiatives. These new AI businesses are expected to generate incremental revenue and become EBITDA-accretive in the near term. Looking ahead, we will continue to streamline our cost structure, capitalize on our remittance strengths, and scale AI-driven growth to boost our profitability and shareholder value.”

 

Non-GAAP Financial Measures

 

To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with GAAP, it uses EBITDA, a non-GAAP financial measure as described below, to understand and evaluate its core operating performance. This non-GAAP financial measure, which may differ from similarly titled measures used by other companies, is presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

 

 

 

 

EBITDA is defined as net loss before interest, taxes, depreciation, and amortization. Currenc believes that EBITDA provides useful information to investors and others in understanding and evaluating its operating results. This non-GAAP financial measure eliminates the impact of items that Currenc does not consider indicative of the performance of its business. While Currenc believes that this non-GAAP financial measure is useful in evaluating its business, this information should be considered supplemental in nature and is not meant as a substitute for the related financial information prepared in accordance with GAAP.

 

About Currenc Group Inc.

 

Currenc Group Inc. (Nasdaq: CURR) is a fintech pioneer dedicated to transforming global financial services through artificial intelligence (AI). The Company empowers financial institutions worldwide with comprehensive AI solutions, including SEAMLESS AI Call Centre and other AI-powered Agents designed to reduce costs, increase efficiency and boost customer satisfaction for banks, insurance, telecommunications companies, government agencies and other financial institutions. The Company’s digital remittance platform also enables e-wallets, remittance companies, and corporations to provide real-time, 24/7 global payment services, advancing financial access across underserved communities.

 

For additional information, please refer to the Currenc website https://www.currencgroup.com and the annual report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

 

Safe Harbor Statement

 

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

 

Investor & Media Contact

 

Currenc Group Investor Relations

Email: investors@currencgroup.com

 

SOURCE: Currenc Group Inc.

 

 

 

 

CURRENC GROUP INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

 

   Three months ended June 30, 
   2025   2024 
   US$   US$ 
Revenue   8,712,225    11,006,664 
           
Cost of revenue   (5,471,215)   (7,209,690)
Gross profit   3,241,010    3,796,974 
Selling expenses   -    (5,772)
           
General and administrative expenses   (7,586,205)   (5,141,129)
           
Loss from operations   (4,345,195)   (1,349,927)
Finance costs, net   (939,538)   (2,515,359)
Other income   503,865    348,445 
Other expenses   (128,194)   (20,597)
           
Loss before income tax   (4,909,062)   (3,537,438)
Income tax expense   (55,234)   (69,900)
           
Net loss   (4,964,296)   (3,607,338)
Net income attributable to non-controlling interests   309,093    (206,839)
           
Net loss attributable to CURRENC Group Inc.   (4,655,203)   (3,814,177)
           
Net loss per share, basic and diluted (1)  $(0.10)  $(0.11)
           
Shares used in net loss per share computation, basic and diluted (1)   46,527,999    33,980,753 
           
Other comprehensive loss:          
Foreign currency translation adjustments   666,206    (486,102)
           
Total comprehensive loss   (4,298,090)   (4,093,440)
Total Comprehensive loss (income) attributable to non-controlling interests   304,237    (216,897)
Total comprehensive loss attributable to CURRENC Group Inc.   (3,993,853)   (4,310,337)

 

  (1) Retrospectively restated to reflect Reverse Recapitalization

 

 

 

 

CURRENC GROUP INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

  

June 30,

2025

  

December 31,

2024

 
   US$   US$ 
ASSETS          
Current assets:          
Cash and cash equivalents   59,579,802    63,821,397 
Restricted cash   42,636    40,742 
Accounts receivable, net   1,706,230    2,115,681 
Other financial assets   1,699,380    - 
Amounts due from related parties   445,660    560,823 
Prepayments, receivables and other assets   14,680,844    20,948,216 
Total current assets   78,154,552    87,486,859 
Non-current assets:          
Equipment and software, net   1,111,394    1,055,520 
Right-of-use asset   261,765    349,240 
Intangible assets   2,615,839    3,386,117 
Goodwill   12,059,428    12,059,428 
Deferred tax assets   344,291    342,822 
Total non-current assets:   16,392,717    17,193,127 
Total assets   94,547,269    104,679,986 
LIABILITIES AND SHAREHOLDERS’ DEFICIT          
Current liabilities:          
Borrowings   20,629,366    20,150,058 
Receivable factoring   64,079    258,415 
Other financial liabilities   1,786,050    - 
Accounts payable, accruals and other payables   36,831,399    55,329,740 
Amounts due to related parties   67,057,905    67,697,074 
Convertible bonds   -    1,750,000 
Lease liabilities   191,628    171,909 
Total current liabilities:   126,560,427    145,357,196 
Non-current liabilities:          
Deferred tax liabilities   692,045    876,912 
Employee benefit obligation   68,146    45,289 
Lease liabilities   39,259    156,647 
Total non-current liabilities:   799,450    1,078,848 
Total liabilities   127,359,877    146,436,044 
           
Commitments and contingencies (Note 10)          
           
Shareholders’ deficit:          
Ordinary shares (US$0.0001 par value; 555,000,000 shares authorized 76,084,675 and 46,527,999 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) (1)   7,608    4,653 
Additional paid-in capital (1)   83,197,178    65,638,838 
Accumulated deficit   (140,852,463)   (131,522,902)
Accumulated other Comprehensive Loss   679,763    (108,122)
Total shareholders’ deficit attributable to Currenc Group Inc.   (56,967,914)   (65,987,533)
Non-controlling interests   24,155,306    24,231,475 
Total deficit   (32,812,608)   (41,756,058)
Total liabilities and shareholders’ deficit   94,547,269    104,679,986 

 

  1) Retrospectively restated to reflect Reverse Recapitalization

 

 

 

 

CURRENC GROUP INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

   Six months ended June 30, 
   2025   2024 
   US$   US$ 
Cash flows from operating activities:          
Net loss   (9,451,653)   (6,239,266)
Adjustments to reconcile net loss to net cash provided by operating activities:          
Non-cash expense for Share-based compensation   4,324,040    - 
Non-cash expense: others   86,670    - 
Depreciation of equipment and software   253,803    286,666 
Depreciation of right-of-use assets   101,352    84,081 
Amortization of intangible assets   770,279    1,562,746 
Deferred income taxes   (256,814)   69,991 
Disposal of subsidiaries   -    27,798 
Disposal of fixed assets   401    - 
Goodwill impairment   -    1,657 
Unrealized foreign exchange loss/(gain)   1,053,480    (371,444)
Changes in operating assets and liabilities:          
Accounts receivable   447,704    112,221 
Prepayments, receivables and other assets   6,269,117    11,196,085 
Escrow money payable   -    171,726 
Client money payable   -    (162,581)
Accounts payable, accruals and other payables   (17,684,448)   (15,430,926)
Interest payable on convertible bonds        1,905,472 
Amount due from a director   72,611    - 
Amount due to Immediate holding company   1,638,797    - 
Amounts due from related parties   (3,644)   - 
Amounts due to related parties   8,739,057    4,732,315 
Net cash used in operating activities   (3,639,248)   (2,053,459)
           
Cash flows from investing activities:          
Decrease in short-term investments   -    (23)
Purchases of property, plant and equipment   (300,593)   (199,097)
Proceeds received from disposal of PPE   596    - 
Net cash used in investing activities   (299,997)   (199,120)
           
Cash flows from financing activities:          
Proceeds from borrowings   -    639,430 
Repayment of borrowings   -    (220,739)
Proceeds from receivable factoring   581,802    1,094,878 
Repayment of receivable factoring   (783,745)   (1,183,530)
Payment of principal elements of lease liabilities   (84,527)   (87,526)
Payment of interest elements of lease liabilities   (13,986)   (4,824)
Net cash (used in)/generated from financing activities   (300,456)   237,689 
           
Net decrease in cash and cash equivalents   (4,239,701)   (2,014,890)
Cash and cash equivalents, restricted cash and escrow money receivable at beginning of the period   63,862,139    58,960,384 
Cash and cash equivalents, restricted cash and escrow money receivable at end of the period   59,622,438    56,945,494 
           
Supplemental disclosure of cash flow information:          
Income taxes paid   (360,528)   (254,890)
Interest paid   (64,553)   (726,908)