SINGAPORE, Nov. 10, 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 unaudited financial results for the third quarter ended September 30, 2025.
Third Quarter 2025 Financial Highlights
-- Total Processing Value (TPV) through Tranglo was US$1.41 billion for the
third quarter of 2025, increasing by 10.1%1 year-over-year. Total number
of transactions increased to 3.0 million for the third quarter of 2025
from 2.7 million for the same period of 2024.
-- Total revenues, excluding TNG Asia and GEA2, were US$10.4 million for the
third quarter of 2025, representing a year-over-year decrease of 3.9%3,
primarily due to lower Indonesian Airtime revenue, partly offset by
growth in remittance revenue.
For the three-month period ended
September 30,
-----------------------------------
2025 2024(2)
----------------- ----------------
$ $
----------------- ----------------
(dollars in thousands)
Remittance revenue excluding
TNG Asia & GEA 6,970 4,501
Global Airtime Revenue 2,016 2,298
Local Airtime Revenue 1,402 3,992
Other Revenue 6 24
---------------- ----------------
Total Revenue excluding TNG
Asia & GEA 10,394 10,815
-- Total remittance revenues2, excluding TNG Asia and GEA, i.e., remittance
revenues contributed by Tranglo, were US$7.0 million for the third
quarter of 2025, an increase of 54.8% year-over-year. The increase in
remittance revenue was mainly due to a 10.1%1 increase in TPV. Tranglo's
overall take rate improved to 0.38% in the third quarter of 2025 from
0.37% in the same period of 2024.
-- Currenc's global airtime transfer revenues were US$2.0 million for the
third quarter of 2025, representing a year-over-year decrease of 12.3%.
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 third quarter of 2025. As Currenc expects this
trend to continue in Southeast Asian markets, the Company's management is
deemphasizing airtime transfer and reallocating its resources and capital
to expand its new AI product offerings.
-- Total direct costs of revenue were US$5.1 million for the third quarter
of 2025, representing a year-over-year decrease of 37.0%.
-- The direct payout rate for Tranglo's remittance business was 0.13% for
the third 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
third quarter of 2025 was 50.8%, compared to 27.8% for the same period of
2024.
-- Total operating expenses decreased to US$0.5 million for the third
quarter of 2025 from US$19.1 million for the same period of 2024. The
decrease in operating expenses was mainly due to US$1.7 million income
from adjustments on incentive shares expenses in the third quarter of
2025, compared to US$13.1 million expenses in recognition of the
incentive shares granted to employees upon the completion of the INFINT
SPAC merger for the same period of 2024.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$0.4 million in operating costs related to these new
businesses in the third quarter of 2025.
--
-- Tranglo's operating costs for the third quarter of 2025 were
US$2.9 million, representing a 12.1% decrease compared to US$3.3
million in the same period of 2024.
-- WalletKu's operating costs were US$0.17 million for the third
quarter of 2025, representing a 17.0% decrease compared to US$0.2
million for the same period of 2024.
-- Professional fees and director fees were an income of US$1.3
million for the third quarter of 2025, mainly due to the reversal
of professional fee accruals of US$1.6 million made in the third
quarter of 2025.
-- Net income was US$3.1 million for the third quarter of 2025, primarily
driven by net profit of US$1 million from Tranglo, and adjustment on
incentive shares granted to employees of US$1.6 million.
-- EBITDA analysis
For the
three-month TNG
period ended Asia Headquarters
September 30, and and Group
2025 Tranglo WalletKu GEA adjustments Total
------------- -------- -------- ---- ------------ --------
(dollars in thousands)
Net income
(loss) 925 (90) - 2,305 3,140
Add:
Income tax
expenses 62 - - (93) (31)
Interest
expense,
net - - (98) (98)
------- -------- ---- ------------ -----
EBIT 987 (90) - 2,114 3,011
Depreciation
and
amortization - - - - 550
EBITDA 987 (90) - 2,114 3,561
--
-- The Company's total EBITDA for the third quarter of 2025 was a
profit of US$3.6 million.
-- Tranglo and WalletKu's combined EBITDA for the third quarter of
2025 was US$0.9 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 profit of
US$2.1 million, mainly contributed by:
-- US$1.6 million for reversal of professional fee accrual.
For the
three-month TNG
period ended Asia Headquarters
September 30, and and Group
2024 Tranglo WalletKu GEA adjustments Total
------------- ---------- ---------- ----- -------------- ---------
(dollars in thousands)
Net income
(loss) (131) (39) (826) (4,025) (5,021)
Add:
Income tax
expenses 179 - - (93) 86
Interest
expense,
net - - 76 3,780 3,856
----- ---- ---- -------- ------
EBIT 48 (39) (750) (338) (1,079)
Depreciation
and
amortization - - - - 888
EBITDA 48 (39) (750) (338) (191)
(___________________ 1) Change in TPV is calculated based on the local currency.
(2) 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.
(3) Total 2024 revenues include intercompany transactions.
Management Comments
Alex Kong, Founder, Chief Executive Officer, and Executive Chairman of Currenc Group, remarked, "In the third quarter, we maintained steady business momentum and further enhanced our operational efficiency. Tranglo's TPV increased 10.1% year-over-year to US$1.41 billion, while we improved take rate to 0.38%, driving 54.8% growth in remittance revenue to $7.0 million. These results underscore our remittance business's strength and resilience, as well as disciplined operational execution. Meanwhile, we continue to deemphasize lower-margin airtime transfers and reallocate those resources toward technology-driven financial solutions that better meet customers' evolving demand in the AI era. Going forward, our proposed reverse merger with Animoca Brands is poised to propel our next phase of development and unlock long-term value for our shareholders."
Wan Lung Eng, Chief Financial Officer of Currenc Group, commented, "Our remittance business grew robustly in the third quarter, underpinned by healthy TPV and revenue increases and improved profitability. Tranglo delivered an EBITDA of US$1.0 million, contributing to Currenc's EBITDA of US$3.6 million for the quarter. Combined EBITDA from Tranglo and WalletKu reached US$0.9 million, while disciplined execution kept Tranglo's payout rate at 0.13% compared to 0.14% in the previous quarter. We also strengthened cost management, reducing direct costs by 37% year-over-year and expanding our gross margin to a record 50.8%. Operating expenses decreased significantly from the same period last year, reflecting adjustments to incentive-share expenses related to the de-SPAC merger, continued efficiency gains across our operations, and a US$0.4 million investment in our AI initiatives. As we progress through the Animoca reverse merger, we will remain focused on operational discipline, financial prudence, and ensuring a smooth handover for our stakeholders."
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.
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.
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 September 30,
2025 2024
US$ US$
Revenue 10,394,350 11,259,716
Cost of revenue (5,118,080) (8,124,542)
Gross profit 5,276,270 3,135,174
Selling expenses - (3,649)
General and administrative
expenses (519,576) (19,061,439)
Profit/(loss) from
operations 4,756,694 (15,929,914)
Finance costs, net 99,468 (3,855,555)
Other (loss)/income (1,125,594) 146,063
Other expenses (621,513) (160,362)
Profit/(loss) before income
tax 3,109,055 (19,799,768)
Income tax benefit/(expense) 30,495 (86,043)
Net profit/(loss) 3,139,550 (19,885,811)
Net (loss)/income
attributable to
non-controlling interests (226,500) 60,419
Net profit/(loss)
attributable to CURRENC
Group Inc. 2,913,050 (19,825,392)
Net profit/(loss) per share,
basic and diluted (1) $ 0.05 $ (0.52)
Shares used in net
profit/(loss) per share
computation, basic and
diluted (1) 56,432,698 38,163,168
Other comprehensive loss:
Foreign currency translation
adjustments (52,737) (72,055)
Total comprehensive
income/(loss) 3,086,813 (19,957,866)
Total Comprehensive (income)
loss attributable to
non-controlling interests (226,950) 18,291
Total comprehensive
income/(loss) attributable
to CURRENC Group Inc. 2,859,863 (19,939,575)
(1 ) Retrospectively restated to reflect Reverse Recapitalization
CURRENC GROUP INC.AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30, December 31,
2025 2024
US$ US$
ASSETS
Current assets:
Cash and cash
equivalents 50,689,972 63,821,397
Restricted cash 42,664 40,742
Accounts receivable, net 1,516,126 2,115,681
Other financial assets 3,183,417 -
Amounts due from related
parties 449,677 560,823
Prepayments, receivables
and other assets 15,063,200 20,948,216
Total current assets 70,945,056 87,486,859
Non-current assets:
Equipment and software, net 1,049,261 1,055,520
Right-of-use asset 221,656 349,240
Intangible assets 2,230,699 3,386,117
Goodwill 12,059,428 12,059,428
Deferred tax assets 344,050 342,822
Total non-current assets: 15,905,094 17,193,127
Total assets 86,850,150 104,679,986
LIABILITIES AND
SHAREHOLDERS' DEFICIT
Current liabilities:
Borrowings 14,148,295 20,150,058
Receivable factoring 52,442 258,415
Other financial
liabilities 3,704,400 -
Accounts payable,
accruals and other
payables 39,795,727 55,329,740
Amounts due to related
parties 3,629,516 67,697,074
Convertible bonds - 1,750,000
Lease liabilities 196,524 171,909
Total current liabilities: 61,526,904 145,357,196
Non-current liabilities:
Deferred tax liabilities 599,612 876,912
Employee benefit obligation 37,737 45,289
Lease liabilities 17,259 156,647
Total non-current
liabilities: 654,608 1,078,848
Total liabilities 62,181,512 146,436,044
Commitments and
contingencies
Shareholders' deficit:
Ordinary shares
(US$0.0001 par value;
555,000,000 shares
authorized 76,597,293
and 46,527,999 shares
issued and outstanding
as of September 30,
2025 and December 31,
2024, respectively)
(1) 7,660 4,653
Additional paid-in
capital (1) 137,620,035 65,638,838
Accumulated deficit (137,939,413) (131,522,902)
Accumulated other
Comprehensive Loss 598,099 (108,122)
Total shareholders' deficit
attributable to Currenc
Group Inc. 286,381 (65,987,533)
Non-controlling interests 24,382,257 24,231,475
Total deficit 24,668,638 (41,756,058)
Total liabilities and
shareholders' deficit 86,850,150 104,679,986
1)Retrospectively
restated to reflect
Reverse
Recapitalization
CURRENC GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine months ended September 30,
-----------------------------------
2025 2024
US$ US$
Cash flows from operating
activities:
Net loss (6,312,104) (26,125,077)
Adjustments to reconcile
net loss to net cash
provided by operating
activities:
Non-cash expense for
Share-based compensation 3,196,336 14,137,850
Non-cash expense: others 520,983 -
Non-cash offering costs
for convertible note - 2,512,000
Non-cash finance cost for
debt conversion - 340,159
Depreciation of equipment
and software 372,206 420,642
Depreciation of
right-of-use assets 148,230 131,378
Amortization of intangible
assets 1,155,418 2,184,996
Reversal of provision for
doubtful debts (54,405) -
Deferred income taxes (444,774) (119,078)
Gain on Disposal of
property, plant and
equipment 401 -
Disposal of subsidiaries - (6,873,094)
Goodwill impairment - 1,657
Unrealized foreign
exchange gain 1,366,585 1,586,780
Changes in operating
assets and liabilities:
Accounts receivable 677,767 (147,011)
Prepayments, receivables
and other assets 5,905,948 6,093,059
Escrow money payable - 10,373
Client money payable - (416,198)
Accounts payable, accruals
and other payables (15,121,227) (9,028,919)
Interest payable on
convertible bonds - -
Amount due from a director 1,881,362 1,427,640
Amount due to Immediate
holding company 1,638,778 -
Amounts due from related
parties (3,642) (1,842,634)
Amounts due to related
parties (7,333,371) 4,034,054
Net cash used in operating
activities (12,405,509) (11,671,423)
--------------- --------------
Cash flows from investing
activities:
Decrease in short-term
investments (363,927) (365,224)
Proceeds from disposal of
property, plant and
equipment 596 -
Net cash used in investing
activities (363,331) (365,224)
--------------- --------------
Cash flows from financing
activities:
Proceeds from convertible
note - 1,750,000
Proceeds from borrowings - 640,145
Repayment of borrowings - (220,986)
Proceeds from receivable
factoring 634,132 1,604,828
Repayment of receivable
factoring (844,821) (1,452,946)
Payment of principal
elements of lease
liabilities (130,421) (136,094)
Payment of interest
elements of lease
liabilities (19,553) (5,842)
--------------- --------------
Net cash (used in)/generated
from financing activities (360,663) 2,179,105
--------------- --------------
Net decrease in cash and cash
equivalents (13,129,503) (9,857,542)
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 50,732,636 49,102,842
=============== ==============
Supplemental disclosure
of cash flow
information:
Income taxes paid (508,456) (345,550)
Interest paid (106,919) (972,448)
(END) Dow Jones Newswires
November 10, 2025 08:30 ET (13:30 GMT)
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