CURRENC Group Inc. Announces Third Quarter 2024 Unaudited Financial Results
CURRENC Group Inc. (CURR) reported Q3 2024 financial results with Total Processing Value (TPV) of US$1.21 billion, up 6.1% year-over-year. Total revenues decreased 11.0% to US$11.3 million due to declines in global airtime and remittance revenues. The company reported a net loss of US$5.0 million, increasing 31.6% year-over-year. After divesting TNG Asia and GEA in Q3, CURRENC will focus on Tranglo's remittance and global airtime businesses, along with WalletKu's Indonesian airtime business. Adjusted EBITDA loss narrowed to US$0.2 million, an 83.3% improvement from Q3 2023.
CURRENC Group Inc. (CURR) ha riportato i risultati finanziari del terzo trimestre 2024 con un Valore Totale di Elaborazione (TPV) di 1,21 miliardi di dollari USA, in aumento del 6,1% rispetto all'anno precedente. I ricavi totali sono diminuiti dell'11,0% a 11,3 milioni di dollari USA a causa del calo dei ricavi globali per il servizio di ricarica e di rimessa. L'azienda ha registrato una perdita netta di 5,0 milioni di dollari USA, in aumento del 31,6% rispetto all'anno scorso. Dopo la dismissione di TNG Asia e GEA nel terzo trimestre, CURRENC si concentrerà sulle attività di rimessa e servizio di ricarica globale di Tranglo, insieme all'attività di ricarica indonesiana di WalletKu. La perdita EBITDA rettificata si è ridotta a 0,2 milioni di dollari USA, con un miglioramento dell'83,3% rispetto al terzo trimestre 2023.
CURRENC Group Inc. (CURR) reportó los resultados financieros del tercer trimestre de 2024 con un Valor Total Procesado (TPV) de 1.21 mil millones de dólares estadounidenses, un aumento del 6.1% en comparación con el año anterior. Los ingresos totales disminuyeron un 11.0% a 11.3 millones de dólares estadounidenses debido a la reducción en los ingresos por tiempo de aire y remesas a nivel mundial. La empresa reportó una pérdida neta de 5.0 millones de dólares estadounidenses, aumentando un 31.6% interanual. Después de desinvertir en TNG Asia y GEA en el tercer trimestre, CURRENC se enfocará en el negocio de remesas y tiempo de aire global de Tranglo, junto con el negocio de tiempo de aire de WalletKu en Indonesia. La pérdida ajustada de EBITDA se redujo a 0.2 millones de dólares estadounidenses, una mejora del 83.3% respecto al tercer trimestre de 2023.
CURRENC Group Inc. (CURR)는 2024년 3분기 재무 결과를 보고했습니다. 총 처리 가치(TPV)는 12억 1천만 달러로, 전년 대비 6.1% 증가했습니다. 총 수익은 1천 130만 달러로 11.0% 감소했으며, 이는 전 세계 통신 및 송금 수익의 감소 때문입니다. 회사는 500만 달러의 순손실을 보고했으며, 전년 대비 31.6% 증가했습니다. 3분기 TNG 아시아와 GEA를 매각한 후, CURRENC는 Tranglo의 송금 및 글로벌 통신 비즈니스와 WalletKu의 인도네시아 통신 비즈니스에 집중할 것입니다. 조정된 EBITDA 손실은 20만 달러로, 2023년 3분기 대비 83.3% 개선되었습니다.
CURRENC Group Inc. (CURR) a publié les résultats financiers du troisième trimestre 2024 avec une Valeur Totale de Traitement (TPV) de 1,21 milliard de dollars américains, en hausse de 6,1 % par rapport à l'année précédente. Les revenus totaux ont diminué de 11,0 % pour atteindre 11,3 millions de dollars américains en raison de la baisse des revenus mondiaux liés au temps de communication et aux remises. L'entreprise a enregistré une perte nette de 5,0 millions de dollars américains, augmentant de 31,6 % par rapport à l'année précédente. Après avoir cédé TNG Asia et GEA au troisième trimestre, CURRENC se concentrera sur les activités de remises et de temps de communication de Tranglo, ainsi que sur l'activité de temps de communication de WalletKu en Indonésie. La perte d'EBITDA ajustée a été réduite à 0,2 million de dollars américains, ce qui représente une amélioration de 83,3 % par rapport au troisième trimestre 2023.
CURRENC Group Inc. (CURR) hat die finanziellen Ergebnisse für das dritte Quartal 2024 bekannt gegeben, mit einem Total Processing Value (TPV) von 1,21 Milliarden US-Dollar, was einem Anstieg von 6,1% im Vergleich zum Vorjahr entspricht. Die Gesamterlöse sind um 11,0% auf 11,3 Millionen US-Dollar gesunken, was auf einen Rückgang der globalen Einnahmen aus Airtime und Überweisungen zurückzuführen ist. Das Unternehmen verzeichnete einen Nett Verlust von 5,0 Millionen US-Dollar, was einem Anstieg von 31,6% im Vergleich zum Vorjahr entspricht. Nach der Veräußerung von TNG Asien und GEA im 3. Quartal wird sich CURRENC auf das Überweisungs- und Luftzeitgeschäft von Tranglo sowie auf das indonesische Luftzeitgeschäft von WalletKu konzentrieren. Der bereinigte EBITDA-Verlust verringerte sich auf 0,2 Millionen US-Dollar, was eine Verbesserung von 83,3% im Vergleich zum 3. Quartal 2023 darstellt.
- TPV growth of 6.1% YoY to US$1.21 billion in Q3 2024
- Adjusted EBITDA loss narrowed by 83.3% to US$0.2 million
- Tranglo recorded net income of US$1.53 million for first nine months, up 13.2% YoY
- Strategic streamlining through divestment of TNG Asia and GEA subsidiaries
- Total revenues declined 11.0% YoY to US$11.3 million in Q3 2024
- Net loss increased 31.6% YoY to US$5.0 million in Q3 2024
- Global airtime transfer revenues decreased 22.1% YoY
- Operating expenses increased significantly to US$19.14 million from US$6.5 million YoY
- Overall take rates declined YoY due to competitive pricing
Insights
The Q3 2024 results present a mixed financial picture. While Total Processing Value (TPV) showed positive growth of
The divestment of TNG Asia and GEA marks a strategic shift to focus on Tranglo as the primary growth driver. However, increased operating expenses of
The strategic realignment to focus on Tranglo positions CURRENC more clearly in the competitive digital remittance space. The growing TPV and transaction volumes indicate market share gains, though at the cost of lower margins. The Indonesian airtime business through WalletKu shows resilience with
The streamlined business model post-divestments should provide better operational focus and cost efficiency. However, the Southeast Asian remittance market remains highly competitive and sustained pressure on take rates could challenge profitability despite the growing transaction volumes.
SINGAPORE, Nov. 29, 2024 (GLOBE NEWSWIRE) -- CURRENC Group Inc. (Nasdaq: CURR) (“CURRENC” or the “Company”), a fintech and digital remittance pioneer serving millions of unbanked and underbanked individuals in Southeast Asia and beyond, recently announced its unaudited financial results for the third quarter ended September 30, 2024.
Third Quarter and First Nine Months 2024 Financial Highlights
- Total Processing Value (TPV) was US
$1.21 billion for the third quarter and US$3.92 billion for the first nine months of 2024, increasing by6.1% and18.8% year over year, respectively. - Total revenues (contributed by subsidiaries Tranglo, WalletKu, TNG Asia and GEA,1 as well as other services) were US
$11.3 million for the third quarter and US$35.4 million for the first nine months of 2024, representing year-over-year decreases of11.0% and11.3% , respectively. The decreases were mainly due to declines of22.1% and22.3% in global airtime revenue, respectively, as well as declines in TNG Asia and GEA’s remittance revenues. As TNG Asia and GEA were divested during the third quarter, going forward, the Company’s total revenues will be comprised mainly of revenues contributed by Tranglo’s remittance and global airtime businesses and WalletKu’s Indonesian airtime business. - Total remittance revenues (contributed by Tranglo, TNG Asia and GEA) were US
$4.9 million for the third quarter and US$17.8 million for the first nine months of 2024, representing year-over-year decreases of22.2% and10.6% , respectively. The decreases were primarily due to declines in TNG Asia and GEA’s remittance business. As TNG Asia and GEA were divested during the third quarter, going forward, the Company’s remittance revenues will be contributed solely by Tranglo. - Tranglo’s remittance revenues were US
$4.5 million for the third quarter, down1.0% year over year, and US$14.3 million for the first nine months of 2024, remaining stable year over year. - CURRENC’s global airtime transfer revenues were US
$2.3 million for the third quarter and US$7.3 million for the first nine months of 2024, representing year-over-year decreases of22.1% and22.3% , respectively. - Adjusted EBITDA2 loss for the third quarter was US
$0.2 million , narrowing by83.3% year over year from US$1.2 million for the third quarter of 2023. For the first nine months of 2024, it was US$0.6 million , narrowing by75.0% year over year from US$2.4 million for the same period of 2023. - Net loss was US
$5.0 million for the third quarter and US$11.3 million for the first nine months of 2024, increasing by31.6% and8.7% year over year, respectively. - Total comprehensive loss attributable to CURRENC Group Inc. was US
$5.1 million for the third quarter and US$12.1 million for the first nine months of 2024, increasing by34.2% and15.2% year over year, respectively.
Third Quarter and First Nine Months 2024 Core Businesses3 Highlights
(All monetary values in $ millions unless otherwise noted)
| For the three-month period ended September 30, | For the nine-month period ended September 30, | |||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Tranglo: Digital Remittance | ||||||||
| Total processing value (TPV) | ||||||||
| Number of Transactions (millions) | 2.71 | 2.72 | 8.56 | 8.11 | ||||
| Remittance Revenues | ||||||||
| Overall take rates (%) | ||||||||
| Tranglo: Global Airtime Transfer | ||||||||
| WalletKu: Indonesian Airtime | ||||||||
| Operating Expenses | ||||||||
Third Quarter and First Nine Months Core Businesses Revenue Breakdown5
| For the three-month period ended September 30, | For the nine-month period ended September 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Remittance services | ||||||||||||
| Sales of Airtime | ||||||||||||
| Revenue Excluding TNG Asia and GEA | $10.8 | $11.0 | $31.8 | $34.2 | ||||||||
Management Comments
"We are delighted to report a strong start to our journey as a publicly-listed company, highlighted by notable strategic achievements and operational excellence in the third quarter," said Alex Kong, Founder and Executive Chairman of CURRENC. "Prior to our Nasdaq listing, we divested two subsidiaries, GEA and TNG Asia, streamlining our operations to prioritize Tranglo, our sole remaining digital remittance platform. Having positioned digital remittance as the primary driver of CURRENC’s future growth, we are now focused on expanding Tranglo’s business scope and coverage network. Tranglo’s TPV was
Ronnie Hui, Chief Executive Officer of CURRENC, added, "We made significant strides in consolidating our operations and enhancing our financial performance this quarter. While headquarters expenses relating to our merger with INFINT SPAC, including
_____________________________
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.
2 Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) income tax expense, (ii) amortization of intangible assets, (iii) depreciation of property, plant and equipment, (v) interest expenses, net. Please refer to the section titled “Non-GAAP Financial Measures” for details.
3 The Company's core businesses include Tranglo and WalletKu and exclude TNG Asia and GEA, divested in August 2024 and July 2024, respectively. Other services are also excluded.
4 This amount includes
5 The figures presented herein solely represent revenue from the Company's core businesses, Tranglo and WalletKu, and exclude revenues from TNG Asia and GEA, divested in August 2024 and July 2024, respectively. Additionally, revenues from contracts with customers for other services are not included.
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 and digital remittance pioneer in Southeast Asia and beyond, serving millions of migrant workers and unbanked individuals. Our platform 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 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
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Jenny Cai
Tel: +86 (10) 6508-0677
Email: CURRENC@thepiacentegroup.com
SOURCE: CURRENC Group Inc.
| CURRENC GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) | ||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| US$ | US$ | US$ | US$ | |||||||||||||
| Revenue | 11,259,716 | 12,736,547 | 35,370,503 | 39,901,966 | ||||||||||||
| Cost of revenue | (8,124,542 | ) | (8,597,348 | ) | (24,030,794 | ) | (26,692,493 | ) | ||||||||
| Gross profit | 3,135,174 | 4,139,199 | 11,339,709 | 13,209,473 | ||||||||||||
| Selling expenses | (3,649 | ) | (3,736 | ) | (13,408 | ) | (22,635 | ) | ||||||||
| General and administrative expenses | (19,061,439 | ) | (6,450,397 | ) | (30,026,776 | ) | (18,823,918 | ) | ||||||||
| Loss from operations | (15,929,914 | ) | (2,314,934 | ) | (18,700,475 | ) | (5,637,080 | ) | ||||||||
| Finance costs, net | (3,855,555 | ) | (1,496,968 | ) | (7,682,277 | ) | (4,651,844 | ) | ||||||||
| Other income | 15,010,449 | 241,300 | 15,548,629 | 363,021 | ||||||||||||
| Other expenses | (160,362 | ) | (18,078 | ) | (200,096 | ) | (65,542 | ) | ||||||||
| Loss before income tax | (4,935,382 | ) | (3,588,680 | ) | (11,034,219 | ) | (9,991,445 | ) | ||||||||
| Income tax expense | (86,043 | ) | (226,432 | ) | (226,472 | ) | (455,652 | ) | ||||||||
| Net loss | (5,021,425 | ) | (3,815,112 | ) | (11,260,691 | ) | (10,447,097 | ) | ||||||||
| Net income attributable to non-controlling interests | 60,419 | (15,333 | ) | (549,476 | ) | (464,162 | ) | |||||||||
| Net loss attributable to CURRENC Group Inc. | (4,961,006 | ) | (3,830,445 | ) | (11,810,167 | ) | (10,911,259 | ) | ||||||||
| Net loss per share, basic and diluted (1) | $ | (0.13 | ) | $ | (0.11 | ) | $ | (0.33 | ) | $ | (0.32 | ) | ||||
| Shares used in net loss per share computation, basic and diluted (1) | 38,163,168 | 33,980,753 | 35,374,891 | 33,980,753 | ||||||||||||
| Other comprehensive loss: | ||||||||||||||||
| Foreign currency translation adjustments | (72,055 | ) | (15,613 | ) | (190,023 | ) | 388,513 | |||||||||
| Total comprehensive loss | (5,093,480 | ) | (3,830,725 | ) | (11,450,714 | ) | (10,058,584 | ) | ||||||||
| Total Comprehensive loss (income) attributable to non-controlling interests | 18,291 | (5,128 | ) | (606,404 | ) | (449,339 | ) | |||||||||
| Total comprehensive loss attributable to CURRENC Group Inc. | (5,075,189 | ) | (3,835,853 | ) | (12,057,118 | ) | (10,507,923 | ) | ||||||||
| (1) | Retrospectively restated to reflect Reverse Recapitalization |
| CURRENC GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||
| September 30, 2024 | December 31, 2023 | |||||
| US$ | US$ | |||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | 49,060,421 | 48,516,765 | ||||
| Short-term investments | - | 300,000 | ||||
| Restricted cash | 42,421 | 5,428,790 | ||||
| Accounts receivable, net | 2,640,862 | 2,450,871 | ||||
| Prepayments to remittance agents | - | 137,854 | ||||
| Escrow money receivable | - | 5,014,829 | ||||
| Amounts due from related parties | 3,831,195 | 7,287,376 | ||||
| Prepayments, receivables and other assets | 26,957,511 | 34,225,239 | ||||
| Total current assets | 82,532,410 | 103,361,724 | ||||
| Non-current assets: | ||||||
| Investment in an equity security | - | 100,000 | ||||
| Equipment and software, net | 955,975 | 1,016,490 | ||||
| Right-of-use asset | 29,725 | 154,234 | ||||
| Intangible assets | 3,771,256 | 9,191,713 | ||||
| Goodwill | 26,999,726 | 27,001,383 | ||||
| Deferred tax assets | 675,420 | 664,888 | ||||
| Total non-current assets: | 32,432,102 | 38,128,708 | ||||
| Total assets | 114,964,512 | 141,490,432 | ||||
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||
| Current liabilities: | ||||||
| Borrowings | 20,137,666 | 17,804,093 | ||||
| Receivable factoring | 624,227 | 423,483 | ||||
| Escrow money payable | - | 360,207 | ||||
| Client money payable | - | 4,645,290 | ||||
| Accounts payable, accruals and other payables | 35,657,510 | 53,988,231 | ||||
| Amounts due to related parties | 78,469,376 | 86,488,519 | ||||
| Convertible bonds and notes | 1,750,000 | 10,000,000 | ||||
| Lease liabilities | 25,272 | 152,325 | ||||
| Total current liabilities | 136,664,051 | 173,862,148 | ||||
| Non-current liabilities: | ||||||
| Borrowings | - | 2,506,974 | ||||
| Deferred tax liabilities | 969,460 | 1,246,760 | ||||
| Employee benefit obligation | 59,849 | 59,849 | ||||
| Lease liabilities | 6,098 | - | ||||
| Total non-current liabilities: | 1,035,407 | 3,813,583 | ||||
| Total liabilities | 137,699,458 | 177,675,731 | ||||
| Commitments and contingencies | ||||||
| Mezzanine equity | - | 2,957,948 | ||||
| Shareholders’ deficit: | ||||||
| Ordinary shares (US | 4,653 | 3,398 | ||||
| Additional paid-in capital (1) | 57,056,967 | 29,227,005 | ||||
| Accumulated deficit | (103,857,748 | ) | (92,075,379 | ) | ||
| Accumulated other Comprehensive (Loss) Income | (158,585 | ) | 88,366 | |||
| Total shareholders’ deficit attributable to CURRENC Group Inc. | (46,954,713 | ) | (62,756,610 | ) | ||
| Non-controlling interests | 24,219,767 | 23,613,363 | ||||
| Total deficit | (22,734,946 | ) | (39,143,247 | ) | ||
| Total liabilities, mezzanine equity and shareholders’ deficit | 114,964,512 | 141,490,432 | ||||
| (1) | Retrospectively restated to reflect Reverse Recapitalization |
| CURRENC GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||
| Nine months ended September 30, | ||||||
| 2024 | 2023 | |||||
| US$ | US$ | |||||
| Cash flows from operating activities: | ||||||
| Net loss | (11,260,691 | ) | (10,447,097 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
| Non-cash expense for share-based compensation | 13,137,850 | - | ||||
| Non-cash expense for share issued for service providers | 1,000,000 | - | ||||
| Non-cash offering costs for convertible note | 2,512,000 | - | ||||
| Non-cash finance cost for debt conversion | 340,159 | - | ||||
| Amortization of discount on convertible bonds | - | 801,692 | ||||
| Depreciation of equipment and software | 420,642 | 466,229 | ||||
| Depreciation of right-of-use assets | 131,378 | 132,117 | ||||
| Amortization of intangible assets | 2,184,996 | 2,292,031 | ||||
| Deferred income taxes | (119,078 | ) | - | |||
| Disposal of subsidiaries including gain | (21,737,480 | ) | - | |||
| Goodwill impairment | 1,657 | - | ||||
| Unrealized foreign exchange gain | 1,586,780 | 101,609 | ||||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable | (147,011 | ) | 568,655 | |||
| Prepayments, receivables and other assets | 6,093,059 | 8,531,594 | ||||
| Escrow money payable | 10,373 | 101,382 | ||||
| Client money payable | (416,198 | ) | (801,190 | ) | ||
| Accounts payable, accruals and other payables | (9,028,919 | ) | (11,826,195 | ) | ||
| Interest payable on convertible bonds | - | 2,798,675 | ||||
| Amount due from a director | 1,427,640 | - | ||||
| Amounts due from related parties | (1,842,634 | ) | (2,416,376 | ) | ||
| Amounts due to related parties | 4,034,054 | (1,147,877 | ) | |||
| Net cash used in operating activities | (11,671,423 | ) | (10,844,751 | ) | ||
| Cash flows from investing activities: | ||||||
| Decrease in short-term investments | (365,224 | ) | (174,303 | ) | ||
| Net cash used in investing activities | (365,224 | ) | (174,303 | ) | ||
| Cash flows from financing activities: | ||||||
| Increase in bank overdrafts | - | 568,100 | ||||
| Proceeds from convertible note | 1,750,000 | - | ||||
| Proceeds from borrowings | 640,145 | 1,250,741 | ||||
| Repayment of borrowings | (220,986 | ) | (1,492,925 | ) | ||
| Proceeds from receivable factoring | 1,604,828 | 1,580,109 | ||||
| Repayment of receivable factoring | (1,452,946 | ) | (1,908,489 | ) | ||
| Payment of principal elements of lease liabilities | (136,094 | ) | (126,520 | ) | ||
| Payment of interest elements of lease liabilities | (5,842 | ) | (19,082 | ) | ||
| Net cash generated from/(used in) financing activities | 2,179,105 | (148,066 | ) | |||
| Net decrease in cash and cash equivalents | (9,857,542 | ) | (11,167,120 | ) | ||
| Cash and cash equivalents, restricted cash and escrow money receivable at beginning of the period | 58,960,384 | 73,999,703 | ||||
| Cash and cash equivalents, restricted cash and escrow money receivable at end of the period | 49,102,842 | 62,832,583 | ||||
| Supplemental disclosure of cash flow information: | ||||||
| Income taxes paid | (345,550 | ) | (30,151 | ) | ||
| Interest paid | (972,448 | ) | (1,169,664 | ) | ||
| Supplemental disclosure of non-cash investing and financing activities: | ||||||
| Net liabilities assumed upon Closing of Business Combination | 12,168,598 | - | ||||
| Issuance of Common stock upon acquisition of equity interest | 5,348,515 | - | ||||
| Issuance of Common stock upon conversion of convertible bond | 17,001,486 | - | ||||
| CURRENC GROUP INC. AND SUBSIDIARIES EBITDA Analysis for the Third Quarter of 2024 and 2023 | |||||||||||||||
| For the three-month period ended September 30, 2024 | Tranglo2 | WalletKu3 | TNG Asia and GEA1 | Headquarters and adjustments | Group 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 | ) | ||||||
| For the three-month period ended September 30, 2023 | Tranglo2 | WalletKu3 | TNG Asia and GEA | Headquarters and adjustments | Group Total | ||||||||||
| (dollars in thousands) | |||||||||||||||
| Net income (loss) | 129 | (176 | ) | (665 | ) | (3,103 | ) | (3,815 | ) | ||||||
| Add: | |||||||||||||||
| Income tax expenses | 319 | - | - | (93 | ) | 226 | |||||||||
| Interest expense, net | - | 266 | 1,231 | 1,497 | |||||||||||
| EBIT | 448 | (176 | ) | (399 | ) | (1,965 | ) | (2,092 | ) | ||||||
| Depreciation and amortization | - | - | - | - | 895 | ||||||||||
| EBITDA | 448 | (176 | ) | (399 | ) | (1,965 | ) | (1,197 | ) | ||||||
1 TNG Asia and GEA were divested in August 2024 and July 2024, respectively.
2 Tranglo maintained a positive EBITDA for the third quarter of 2024 and 2023.
3 Tranglo and WalletKu maintained a combined positive EBITDA for the third quarter of 2024 and 2023.
| CURRENC GROUP INC. AND SUBSIDIARIES EBITDA Analysis for the First Nine Months of 2024 and 2023 | ||||||||||||||
| For the nine-month period ended September 30, 2024 | Tranglo2 | WalletKu3 | TNG Asia and GEA1 | Headquarters and adjustments | Group Total | |||||||||
| (dollars in thousands) | ||||||||||||||
| Net income (loss) | 1,525 | (293 | ) | (3,740 | ) | (8,753 | ) | (11,261 | ) | |||||
| Add: | ||||||||||||||
| Income tax expenses | 504 | - | - | (278 | ) | 226 | ||||||||
| Interest expense, net | - | - | 1,762 | 5,920 | 7,682 | |||||||||
| EBIT | 2,029 | (293 | ) | (1,978 | ) | (3,111 | ) | (3,353 | ) | |||||
| Depreciation and amortization | - | - | - | - | 2,737 | |||||||||
| EBITDA | 2,029 | (293 | ) | (1,978 | ) | (3,111 | ) | (616 | ) | |||||
| For the nine-month period ended September 30, 2023 | Tranglo2 | WalletKu3 | TNG Asia and GEA | Headquarters and adjustments | Group Total | ||||||||||
| (dollars in thousands) | |||||||||||||||
| Net income (loss) | 1,347 | (363 | ) | (2,435 | ) | (8,996 | ) | (10,447 | ) | ||||||
| Add: | |||||||||||||||
| Income tax expenses | 733 | - | - | (277 | ) | 456 | |||||||||
| Interest expense, net | - | - | 816 | 3,836 | 4,652 | ||||||||||
| EBIT | 2,080 | (363 | ) | (1,619 | ) | (5,437 | ) | (5,339 | ) | ||||||
| Depreciation and amortization | - | - | - | - | 2,890 | ||||||||||
| EBITDA | 2,080 | (363 | ) | (1,619 | ) | (5,437 | ) | (2,449 | ) | ||||||
1 TNG Asia and GEA were divested in August 2024 and July 2024, respectively.
2 Tranglo maintained a positive EBITDA for the first nine months of 2024 and 2023.
3 Tranglo and WalletKu maintained a combined positive EBITDA for the first nine months of 2024 and 2023.
FAQ
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