Currenc Group Inc. Announces First Quarter 2025 Financial Results

SINGAPORE, May 20, 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 first quarter ended March 31, 2025.

First Quarter 2025 Financial Highlights

• Total Processing Value (TPV) through Tranglo was US$1.30 billion for the first quarter of 2025, decreasing by 3.7% year-over-year. Total number of transactions decreased to 2.77 million for the first quarter of 2025 from 2.94 million for the same period of 2024. The decline in TPV was mainly due to the decline in business volume from the Hong Kong market.
• Total revenues excluding TNG Asia and GEA¹ were US$10.0 million for the first quarter of 2025, representing a year-over-year decrease of 11.5%, primarily due to the 23.1% decline in global airtime revenue.
  

			For the three-month period ended March 31,
			2025				2024
			$				$
			(dollars in thousands)
	Remittance revenue excluding TNG Asia & GEA			4,583				5,025
	Global Airtime Revenue			2,022				2,573
	Indonesian Airtime Revenue			3,437				3,742
	Total Revenue excluding TNG Asia & GEA			10,042				11,340

• Total remittance revenues excluding TNG Asia and GEA, i.e., remittance revenues contributed by Tranglo, were US$4.6 million for the first quarter of 2025, down 8% year-over-year. The decline in remittance revenue was mainly due to a decrease in remittance revenue from the Hong Kong market. Tranglo’s overall take rate declined to 0.35% in the first 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 first quarter of 2025, representing a year-over-year decrease of 23.1%. 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 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$6.9 million for the first quarter of 2025, representing a year-over-year decrease of 20.7%.

• The direct payout rate for Tranglo’s remittance business was 0.13% for the first quarter of 2025, flat compared to 0.12% for the same period of 2024. Currenc’s overall gross profit margin ratio for the first quarter of 2025 was 31.8%, compared to 33.6% for the same period of 2024.

• Total operating expenses increased to $7.5 million for the first quarter of 2025 from $5.8 million for the same period of 2024. The increase was mainly due to expenses of $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 $0.5 million in operating costs related to these new businesses in the first quarter of 2025. The new AI businesses are expected to contribute incrementally to revenues and positively impact EBITDA in 2025.
  
  
  • Tranglo’s operating costs for the first quarter of 2025 were $3.2 million, representing an increase of 14% from $2.8 million in the same period of 2024.
    
  • WalletKu’s operating costs were $0.2 million for the first quarter of 2025, as compared to $0.4 million for the same period of 2024.
    
  • Professional fees and director fees were $0.8 million and $0.6 million for the first quarter of 2025, respectively.

• Other income totaled $1.0 million for the first quarter of 2025, mainly contributed by Tranglo.

• EBITDA analysis
  

	For the three-month period ended March 31, 2025		Tranglo				WalletKu				TNG Asia  and GEA				Headquarters and adjustments				Group  Total
			(dollars in thousands)
	Net income (loss)			1,160				(136	)			-				(5,511	)			(4,487	)
	Add:
	Income tax expenses			141				-				-				(93	)			48
	Interest expense, net			21				-				-				1,066				1,087
	EBIT			1,322				(136	)			-				(4,538	)			(3,352	)
	Depreciation and amortization			-				-				-				-				554
	EBITDA			1,322				(136	)			-				(4,538	)			(2,798	)

• The Company’s total EBITDA for the first quarter of 2025 was a loss of $2.8 million.

• Tranglo and WalletKu’s combined EBITDA for the first quarter of 2025 was $1.2 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 $4.5 million, mainly contributed by:
  
  
  • $2.2 million in “Operating Expenses” in recognition of the incentive shares granted upon completion of the de-SPAC merger.
    
  • $0.8 million for professional fees.

	For the three-month period ended March 31, 2024		Tranglo				WalletKu				TNG Asia and GEA				Headquarters and adjustments				Group Total
			(dollars in thousands)
	Net income (loss)			1,070				(123	)			(1,039	)			(2,540	)			(2,632	)
	Add:
	Income tax expenses			163				-				-				(92	)			71
	Interest expense, net			-				-				242				1,069				1,311
	EBIT			1,233				(123	)			(797	)			(1,563	)			(1,250	)
	Depreciation and amortization			-				-				-				-				1,016
	EBITDA			1,233				(123	)			(797	)			(1,563	)			(234	)

• Net loss was US$4.5 million for the first quarter of 2025, primarily driven by the net loss of $5.5 million incurred by headquarters and adjustments.
  

Management Comments
"As demand for digital remittance continues to grow steadily, intensified market competition is compressing pricing," said Alex Kong, Founder and Executive Chairman of Currenc. "Against this backdrop, we strove to maintain Tranglo’s healthy take rate while delivering TPV of US $1.30 billion in the first quarter of 2025, underscoring the strength of our core remittance platform and our disciplined strategic execution. Looking ahead, we are positioning Currenc for higher‑margin growth through two key initiatives: scaling our AI product offerings and expanding our remittance services into major corridors. We believe this combination of broader reach and AI‑driven innovation will support a more diversified revenue base and a structurally stronger bottom line."

Ronnie Hui, Chief Executive Officer of Currenc, commented, "While softer airtime demand weighed on our total revenues, our remittance business remained resilient amid a competitive environment in the first quarter of 2025, supporting a combined EBITDA for Tranglo and WalletKu of US $1.2 million. We are reallocating capital toward accelerating our AI initiatives and building higher‑margin remittance corridors to boost product value and operational scale, priming the Company for quality growth throughout the year. We also enhanced cost management and maintained Tranglo's payout rate at 0.13%. Operating expenses rose to US $7.5 million, primarily due to a one‑time US $2.2 million share‑based incentive linked to the de‑SPAC merger, as well as costs related to our new AI initiatives. Outside of these expenses, our headquarters’ operating costs remained broadly stable. Going forward, this strengthened bottom line will allow us to invest in AI-driven growth while maintaining financial discipline."

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 March 31,
		2025				2024
		US$				US$
Revenue			10,055,569				13,104,123
Cost of revenue			(6,854,172	)			(8,696,562	)
Gross profit			3,201,397				4,407,561
Selling expenses			-				(3,987	)
General and administrative expenses			(7,522,252	)			(5,824,208	)
Loss from operations			(4,320,855	)			(1,420,634	)
Finance costs, net			(1,087,313	)			(1,311,363	)
Other income			969,691				189,735
Other expenses			(402	)			(19,137	)
Loss before income tax			(4,438,879	)			(2,561,399	)
Income tax expense			(48,479	)			(70,529	)
Net loss			(4,487,358	)			(2,631,928	)
Net income attributable to non-controlling interests			(187,000	)			(403,056	)
Net loss attributable to Currenc Group Inc.			(4,674,358	)			(3,034,984	)
Net loss per share, basic and diluted (1)		$	(0.13	)		$	(0.09	)
Shares used in net loss per share computation, basic and diluted (1)			35,374,891				33,980,753
Other comprehensive loss:
Foreign currency translation adjustments			171,532				368,135
Total comprehensive loss			(4,315,826	)			(2,263,793	)
Total comprehensive loss (income) attributable to non-controlling interests			(228,069	)			(407,798	)
Total comprehensive loss attributable to Currenc Group Inc.			(4,543,895	)			(2,671,591	)
(1) Retrospectively restated to reflect Reverse Recapitalization

CURRENC GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
		March 31, 2025				December 31, 2024
			US$				US$
ASSETS
Current assets:
Cash and cash equivalents			62,300,298				63,821,397
Restricted cash			40,978				40,742
Accounts receivable, net			2,103,924				2,115,681
Other financial assets			3,171,000				-
Amounts due from related parties			449,094				560,823
Prepayments, receivables and other assets			25,874,112				20,948,216
Total current assets			93,939,406				87,486,859
Non-current assets:
Equipment and software, net			1,118,661				1,055,520
Right-of-use asset			294,965				349,240
Intangible assets			3,000,978				3,386,117
Goodwill			12,059,428				12,059,428
Deferred tax assets			344,291				342,822
Total non-current assets:			16,818,323				17,193,127
Total assets			110,757,729				104,679,986
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Borrowings			20,128,362				20,150,058
Receivable factoring			480,225				258,415
Other financial liabilities			3,329,550				-
Accounts payable, accruals and other payables			51,411,453				55,329,740
Amounts due to related parties			76,472,666				67,697,074
Convertible bonds			1,750,000				1,750,000
Lease liabilities			177,505				171,909
Total current liabilities:			153,749,761				145,357,196
Non-current liabilities:
Deferred tax liabilities			784,479				876,912
Employee benefit obligation			39,259				45,289
Lease liabilities			111,833				156,647
Total non-current liabilities:			935,571				1,078,848
Total liabilities			154,685,332				146,436,044
Commitments and contingencies (Note 10)
Shareholders’ deficit:
Ordinary shares (US$0.0001 par value; 550,000,000 shares authorized 46,527,999 and 46,527,999 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively) (1)			4,653				4,653
Additional paid-in capital (1)			67,797,587				65,638,838
Accumulated deficit			(136,197,260	)			(131,522,902	)
Accumulated other Comprehensive Loss			7,873				(108,122	)
Total shareholders’ deficit attributable to Currenc Group Inc.			(68,387,147	)			(65,987,533	)
Non-controlling interests			24,459,544				24,231,475
Total deficit			(43,927,603	)			(41,756,058	)
Total liabilities and shareholders’ deficit			110,757,729				104,679,986
(1) Retrospectively restated to reflect Reverse Recapitalization

CURRENC GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
		Three months ended March 31,
		2025				2024
		US$				US$
Cash flows from operating activities:
Net loss			(4,487,358	)			(2,631,928	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash expense for Share-based compensation			2,158,749				-
Depreciation of equipment and software			123,799				142,518
Depreciation of right-of-use assets			53,712				41,981
Amortization of intangible assets			385,139				831,392
Deferred income taxes			(92,426	)			54,704
Disposal of fixed assets			401				-
Unrealized foreign exchange gain			328,269				(124,690	)
Changes in operating assets and liabilities:
Accounts receivable			33,923				(110,270	)
Prepayments, receivables and other assets			(4,918,772	)			9,477,057
Escrow money payable			-				218,542
Client money payable			-				146,847
Accounts payable, accruals and other payables			(4,068,655	)			(7,014,740	)
Interest payable on convertible bonds			-				952,736
Amount due from a director			729,198				-
Amount due to Immediate holding company			23,766				-
Amounts due from related parties			(3,652	)			-
Amounts due to related parties			8,245,995				(2,205,121	)
Net cash used in operating activities			(1,487,912	)			(220,972	)
Cash flows from investing activities:
Decrease in short-term investments			-				615
Purchases of property, plant and equipment			(175,158	)			(12,058	)
Proceeds received from disposal of PPE			596				-
Net cash used in investing activities			(174,562	)			(11,443	)
Cash flows from financing activities:
Proceeds from borrowings			-				639,210
Repayment of borrowings			-				(95,742	)
Proceeds from receivable factoring			433,287				586,789
Repayment of receivable factoring			(218,974	)			(610,559	)
Payment of principal elements of lease liabilities			(65,286	)			(46,295	)
Payment of interest elements of lease liabilities			(7,416	)			(2,952	)
Net cash generated from/(used in) financing activities			141,611				470,451
Net decrease in cash and cash equivalents			(1,520,863	)			238,036
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			62,341,276				59,198,420
Supplemental disclosure of cash flow information:
Income taxes paid			(140,905	)			(15,825	)
Interest paid			(48,773	)			(346,270	)

CURRENC GROUP INC. AND SUBSIDIARIES
EBITDA Analysis for the First Quarter of 2025 and 2024
For the three-month period ended March 31, 2025		Tranglo				WalletKu				TNG Asia and GEA				Headquarters and adjustments				Group Total
		(dollars in thousands)
Net income (loss)			1,160				(136	)			-				(5,511	)			(4,487	)
Add:
Income tax expenses			141				-				-				(93	)			48
Interest expense, net			21				-				-				1,066				1,087
EBIT			1,322				(136	)			-				(4,538	)			(3,352	)
Depreciation and amortization			-				-				-				-				554
EBITDA			1,322				(136	)			-				(4,538	)			(2,798	)

For the three-month period ended March 31, 2024		Tranglo				WalletKu				TNG Asia and GEA				Headquarters and adjustments				Group Total
		(dollars in thousands)
Net income (loss)			1,070				(123	)			(1,039	)			(2,540	)			(2,632	)
Add:
Income tax expenses			163				-				-				(92	)			71
Interest expense, net			-				-				242				1,069				1,311
EBIT			1,233				(123	)			(797	)			(1,563	)			(1,250	)
Depreciation and amortization			-				-				-				-				1,016
EBITDA			1,233				(123	)			(797	)			(1,563	)			(234	)

_{¹ TNG Asia and GEA were divested in August 2024 and July 2024, respectively.
² Tranglo maintained a positive EBITDA for the first quarter of 2025 and 2024.
³ Tranglo and WalletKu maintained a combined positive EBITDA for the first quarter of 2025 and 2024.}

____________________________________
_{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.}