SINGAPORE, Dec. 01, 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 six months ended June 30, 2025.
First Half 2025 Financial Highlights
-- Total Processing Value (TPV) through Tranglo was US$2.8 billion for the
first half of 2025, decreasing by 5.8%1 year-over-year. Total number of
transactions decreased by 0.1%, from 5.84 million in the first half of
2025, compared with 5.85 million for the same period of 2024. Beginning
in Q3 2025, TPV changes were calculated in local currency. Under this
method, TPV would have decreased by 8.8% in Q1 2025 and 2.8% in Q2 2025.
-- Total Revenues, excluding TNG Asia and GEA2, were US$18.8 million for the
first half of 2025, representing a year-over-year decrease of 10.8%3,
primarily due to a 19% decline in global airtime revenue and a 21%
decline in Indonesian Airtime revenue.
For the six-month period ended June 30,
-----------------------------------------
2025 2024(2)
US$ US$
------------------ ---------------------
(dollars in thousands)
Remittance revenue excluding TNG
Asia & GEA 9,809 9,841
Global Airtime Revenue 4,018 4,962
Indonesian Airtime Revenue 4,933 6,217
Other Revenue 8 89
------------------ ---------------------
Total Revenue excluding TNG Asia
& GEA 18,768 21,109
-- Total remittance revenues2 contributed by Tranglo, were US$9.8 million
for the first half of 2025, a decrease of 0.3% year-over-year. The
decrease in remittance revenue was mainly due to lower contributions from
the Hong Kong market following the exit of TNG Asia and GEA from the
remittance business at the end of 2024. Tranglo's overall take rate was
0.36% in the first half of 2025, in line with 0.36% in the same period of
2024.
-- Currenc's global airtime transfer revenues were US$4.0 million for the
first half of 2025, representing a year-over-year decrease of 19.0%. 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 first half 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$12.3 million for the first half of
2025, representing a year-over-year decrease of 22.5%.
-- The direct payout rate for Tranglo's remittance business was 0.13% for
the first half of 2025, a slight increase compared with 0.11% for the
same period of 2024. Currenc's overall gross profit margin ratio for the
first half of 2025 was 34.3%, compared with 34.0% for the same period of
2024.
-- Total operating expenses increased to US$15.1 million for the first half
of 2025 from US$11.0 million for the same period of 2024. The increase
was mainly due to expenses of US$4.3 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$1.5 million in
operating costs related to these new businesses in the first half of
2025.
-- Tranglo's operating costs for the first half of 2025 were US$5.8
million, representing an increase of 8.05% from US$5.4 million in
the same period of 2024.
-- WalletKu's operating costs were US$0.3 million for the first half
of 2025, compared with US$0.6 million for the same period of 2024.
-- Professional fees and director fees were US$2.1 million for the
first half of 2025.
-- Net loss was US$9.5 million for the first half of 2025, primarily driven
by the net loss of US$10.8 million incurred by headquarters and
adjustments.
-- EBITDA analysis
For the
six-month TNG
period ended Asia Headquarters
June 30, and and Group
2025 Tranglo WalletKu GEA adjustments Total
------------- ------- -------- ----- -------------- ------
US$ US$ US$ US$ US$
------- -------- ----- -------------- ------
(dollars in thousands)
Net income
(loss) 1,637 (247) - (10,842) (9,452)
Add:
Income tax
expenses 289 - - (185) 104
Interest
expense,
net 36 - - 1,990 2,026
------- -------- ----- --------- --- ------
EBIT 1,962 (247) - (9,037) (7,322)
Depreciation
and
amortization - - - - 1,129
EBITDA 1,962 (247) - (9,037) (6,193)
-- The Company's total EBITDA for the first half of 2025 was a loss of
US$6.2 million.
-- Tranglo and WalletKu's combined EBITDA for the first half of 2025 was
US$1.7 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$9.0
million, mainly contributed by:
-- US$4.3 million in "Operating Expenses" in recognition of the
incentive shares granted upon completion of the de-SPAC merger.
-- US$1.5 million for the expenses incurred on developing AI
projects.
-- US$2.1 million for professional fees.
-- US$0.8 million for amortization of intangible assets (Tranglo).
For the
six-month TNG
period ended Asia Headquarters
June 30, and and Group
2024 Tranglo WalletKu GEA adjustments Total
US$ US$ US$ US$ US$
------- -------- ------ ------------ ------
(dollars in thousands)
Net income
(loss) 1,656 (254) (2,914) (4,727) (6,239)
Add:
Income tax
expenses 325 - - (185) 140
Interest
expense,
net - - 1,686 2,141 3,827
------- -------- ------ ------------ ------
EBIT 1,981 (254) (1,228) (2,771) (2,272)
Depreciation
and
amortization - - - - 1,849
EBITDA 1,981 (254) (1,228) (2,771) (423)
(______________)
(1) Change in TPV is calculated based on the local currency. TPV would increase by 1.8% year-over-year, if it is calculated by converting the local currency to US dollars. USD translation convention used for displaying TPV levels are based on month end exchange rate.
(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
"While global demand for digital remittance continues to grow, competition across major corridors has intensified," said Alex Kong, Founder and Executive Chairman of Currenc. "In this environment, we prioritized pricing discipline, maintaining Tranglo's take rate at 0.36% while delivering US$2.8 billion in TPV in the first half of 2025. Strategically, we continue to deemphasize lower-value airtime services, redirecting capital and resources toward our AI initiatives to deepen engagement with financial-institution clients, broaden our addressable market, and extend our remittance reach across additional high-volume corridors. Looking ahead, we remain committed to strengthening our remittance franchise while broadening our AI portfolio to create a more balanced, higher-quality revenue mix and deliver sustainable long-term value to our shareholders."
Wan Lung Eng, Chief Financial Officer of Currenc Group, commented, "Our first-half performance reflects solid execution in our remittance business, which largely offset the expected decline in airtime revenues. Tranglo and WalletKu together generated positive EBITDA of US$1.7 million in the first half, while disciplined pricing and cost management kept our gross margin stable at 34.3% and maintained Tranglo's payout rate at a healthy 0.13%. Operating expenses increased to US$15.1 million, mainly due to US$4.3 million in incentive share expenses associated with the de-SPAC merger and US$1.5 million in investments to develop our new AI offerings. 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
Six months ended June 30,
---------------------------
2025 2024
------------ ------------
US$ US$
Revenue 18,767,794 24,110,787
Cost of revenue (12,325,387) (15,906,252)
----------- -----------
Gross profit 6,442,407 8,204,535
Selling expenses - (9,759)
General and administrative expenses (15,108,457) (10,965,337)
----------- -----------
Loss from operations (8,666,050) (2,770,561)
Finance costs, net (2,026,851) (3,826,722)
Other income 1,473,556 538,180
Other expenses (128,596) (39,734)
----------- -----------
Loss before income tax (9,347,941) (6,098,837)
Income tax expense (103,713) (140,429)
----------- -----------
Net loss (9,451,654) (6,239,266)
Net income attributable to
non-controlling interests 122,093 (609,895)
----------- -----------
Net loss attributable to CURRENC Group
Inc. (9,329,561) (6,849,161)
=========== ===========
Net loss per share, basic and diluted
(1) $ (0.20) $ (0.20)
=========== ===========
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 837,738 (117,968)
----------- -----------
Total comprehensive loss (8,613,916) (6,357,234)
Total Comprehensive loss (income)
attributable to non-controlling
interests 76,168 (624,695)
----------- -----------
Total comprehensive loss attributable
to CURRENC Group Inc. (8,537,748) (6,981,929)
=========== ===========
(1) Retrospectively restated to reflect Reverse Recapitalization
CURRENC GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
June 30, December 31,
2025 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)
(END) Dow Jones Newswires
December 01, 2025 17:00 ET (22:00 GMT)
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