MoneyHero Group Reports Third Quarter 2024 Results
MoneyHero (MNY) reported Q3 2024 results with revenue of US$20.9 million, up 6% year-over-year. The company achieved a net income of $5.7 million compared to a Q2 net loss of $(12.2) million, primarily driven by unrealized foreign exchange gains. Adjusted EBITDA improved by 40% quarter-on-quarter to $(5.5) million.
Key highlights include: Personal Loans and Mortgages revenue grew 34% YoY, Wealth/Investment product revenues increased nearly 5x YoY, and Insurance revenue grew 36% YoY. The company maintains a debt-free balance sheet with US$47.7 million in cash. Geographic performance showed mixed results with Hong Kong revenue up 18% YoY to $8.1M, Philippines up 49% to $4.0M, while Singapore declined 13% to $7.9M.
MoneyHero (MNY) ha riportato i risultati del terzo trimestre del 2024 con un fatturato di 20,9 milioni di dollari USA, in aumento del 6% rispetto all'anno precedente. L'azienda ha registrato un reddito netto di 5,7 milioni di dollari rispetto a una perdita netta nel secondo trimestre di $(12,2) milioni, principalmente grazie ai guadagni non realizzati sui cambi. L'EBITDA rettificato è migliorato del 40% rispetto al trimestre precedente, per raggiungere $(5,5) milioni.
I punti salienti includono: i ricavi dei prestiti personali e mutui sono aumentati del 34% su base annua, i ricavi dei prodotti di ricchezza/investimento sono aumentati quasi di cinque volte rispetto all'anno precedente e i ricavi delle assicurazioni sono cresciuti del 36% su base annua. L'azienda mantiene un bilancio senza debiti con 47,7 milioni di dollari USA in contante. Le performance geografiche hanno mostrato risultati misti, con i ricavi di Hong Kong in aumento del 18% su base annua a 8,1 milioni di dollari, le Filippine in crescita del 49% a 4,0 milioni di dollari, mentre Singapore ha registrato un calo del 13% a 7,9 milioni di dollari.
MoneyHero (MNY) informó sobre los resultados del tercer trimestre de 2024 con ingresos de 20,9 millones de dólares estadounidenses, un aumento del 6% interanual. La empresa alcanzó una ganancia neta de 5,7 millones de dólares en comparación con una pérdida neta en el segundo trimestre de $(12,2) millones, impulsada principalmente por ganancias de cambio no realizadas. El EBITDA ajustado mejoró un 40% de trimestre a trimestre, alcanzando $(5,5) millones.
Los aspectos más destacados incluyen: los ingresos por préstamos personales y hipotecas crecieron un 34% interanual, los ingresos por productos de riqueza/inversión aumentaron casi 5 veces interanuales, y los ingresos por seguros crecieron un 36% interanual. La compañía mantiene un balance libre de deudas con 47,7 millones de dólares estadounidenses en efectivo. El desempeño geográfico mostró resultados mixtos, con ingresos de Hong Kong en aumento del 18% interanual a 8,1 millones de dólares, Filipinas subiendo un 49% a 4,0 millones de dólares, mientras que Singapur disminuyó un 13% a 7,9 millones de dólares.
머니히어로 (MNY)는 2024년 3분기 결과를 보고하며 매출이 2,090만 달러로 전년 대비 6% 증가했다고 발표했습니다. 이 회사는 2분기 순손실 $(1,220만 달러) 대비 570만 달러의 순이익을 달성했으며, 이는 주로 미실현 외환 이익에 의해 주도되었습니다. 조정 된 EBITDA는 분기 대비 40% 개선되어 $(550만 달러)에 도달했습니다.
주요 하이라이트로는 개인 대출 및 모기지 수익이 전년 대비 34% 성장했으며, 자산/투자 제품 수익이 거의 5배 증가했고, 보험 수익도 전년 대비 36% 성장한 것이 포함됩니다. 이 회사는 4,770만 달러의 현금을 보유한 무부채 대차대조표를 유지하고 있습니다. 지역 성과는 혼합된 결과를 나타내었으며, 홍콩의 수익은 전년 대비 18% 증가한 810만 달러, 필리핀은 49% 증가한 400만 달러, 반면 싱가포르는 13% 감소한 790만 달러를 기록했습니다.
MoneyHero (MNY) a annoncé ses résultats du troisième trimestre 2024 avec un chiffre d'affaires de 20,9 millions de dollars US, en hausse de 6 % par rapport à l'année précédente. L'entreprise a réalisé un bénéfice net de 5,7 millions de dollars par rapport à une perte nette de $(12,2) millions au deuxième trimestre, principalement grâce à des gains de change non réalisés. L'EBITDA ajusté a été amélioré de 40 % d'un trimestre à l'autre pour atteindre $(5,5) millions.
Les points forts incluent : les revenus des prêts personnels et des hypothèques ont augmenté de 34 % en glissement annuel, les revenus des produits de richesse/investissement ont presque quintuplé en glissement annuel et les revenus de l'assurance ont augmenté de 36 % en glissement annuel. L'entreprise maintient un bilan sans dette avec 47,7 millions de dollars US en liquidités. La performance géographique a montré des résultats mitigés avec un chiffre d'affaires à Hong Kong en hausse de 18 % en glissement annuel à 8,1 millions de dollars, celui des Philippines en hausse de 49 % à 4,0 millions de dollars, tandis que celui de Singapour a baissé de 13 % à 7,9 millions de dollars.
MoneyHero (MNY) berichtete über die Ergebnisse des 3. Quartals 2024 mit einem Umsatz von 20,9 Millionen US-Dollar, was einem Anstieg von 6% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte einen Nettogewinn von 5,7 Millionen Dollar im Vergleich zu einem Nettoverlust von $(12,2) Millionen im 2. Quartal, hauptsächlich bedingt durch nicht realisierte Währungsgewinne. Der bereinigte EBITDA verbesserte sich im Quartalsvergleich um 40% auf $(5,5) Millionen.
Zu den wichtigsten Punkten gehören: Die Umsätze aus Privatkrediten und Hypotheken stiegen um 34% im Jahresvergleich, die Einnahmen aus Vermögens-/Investitionsprodukten erhöhten sich um nahezu das Fünffache im Jahresvergleich und die Versicherungseinnahmen wuchsen um 36% im Jahresvergleich. Das Unternehmen hält eine schuldenfreie Bilanz mit 47,7 Millionen US-Dollar in bar. Die geografische Leistung zeigte gemischte Ergebnisse, wobei der Umsatz in Hongkong um 18% im Jahresvergleich auf 8,1 Millionen Dollar anstieg, die Philippinen um 49% auf 4,0 Millionen Dollar zulegten, während Singapur um 13% auf 7,9 Millionen Dollar zurückging.
- Net income improved to $5.7M from $(12.2)M loss in Q2
- Personal Loans and Mortgages revenue grew 34% YoY
- Wealth/Investment product revenues increased 480% YoY
- Insurance revenue grew 36% YoY
- Strong debt-free balance sheet with $47.7M cash
- 40% QoQ improvement in Adjusted EBITDA
- Singapore revenue decreased 13% YoY
- Adjusted EBITDA remains negative at $(5.5)M
- Operating costs increased YoY excluding forex impact
- Revenue per application declined due to major provider exit
Insights
The Q3 2024 results reveal a mixed performance with some positive developments amid challenges. Revenue grew
Key concerns include the widening Adjusted EBITDA loss of
The debt-free balance sheet with
The company's operational metrics show resilient growth in user engagement and market penetration. Monthly unique users reached 7.4 million, with the Philippines leading at
The strategic pivot to high-margin products is yielding results, particularly in wealth/investment offerings with
Third quarter revenue of US
SINGAPORE, Dec. 10, 2024 (GLOBE NEWSWIRE) -- MoneyHero Limited (Nasdaq: MNY) (“MoneyHero” or the “Company”), a market leading personal finance and digital insurance aggregation and comparison platform in Greater Southeast Asia, today announced financial results for the quarter ended September 30, 2024.
Management Commentary:
Rohith Murthy, Chief Executive Officer, stated:
“I am pleased to report another solid quarter for MoneyHero Group as we continue executing on our priorities to drive efficiency and focus on high-margin products. Q3 marks the beginning of our deliberate shift to an ‘efficiency’ strategy, aimed at optimizing our cost base while building for long-term sustainable growth.
“During the third quarter, we initiated a comprehensive reorganization and restructuring exercise, streamlining operations to reduce redundancies, our cost base and further enhancing efficiencies across all functions. These actions, combined with targeted operational improvements, resulted in a quarterly net income of
“Our centralized data platform, completed in Q3, provides us with a unified customer view for the first time. This streamlined capability will drive cross-sell opportunities, segmentation, and improved marketing efficiency across all our regions, setting the stage for enhanced ROI in the quarters ahead.
“We also completed the first phase of a comprehensive site revamp for our Singapore brand, delivering better content discovery and greater organic traffic. These enhancements will extend to our Hong Kong brand by year-end, further strengthening user experience and conversion rates.
“On the high-margin products front, we saw tremendous growth across personal loans, wealth/investment offerings, and insurance. Revenues from Personal Loans and Mortgages grew
“Our focus on the strategic pillar ‘Conversion Expertise’ continues to differentiate us. In Q3, we completed the development of a Car Insurance vertical in Hong Kong, introducing real-time pricing capabilities—unique among aggregators. Similarly, our seamless travel insurance purchase flow improved conversion rates for users transacting directly on our platform.
“We also launched new membership and loyalty capabilities, enabling users to create accounts, apply for products with one click, and track their rewards and incentives in real-time. These features deepen engagement and position us for future personalized offerings.
“Looking ahead, we remain committed to improving Adjusted EBITDA each quarter by shifting our revenue mix toward high-margin products. Our focus remains on scaling higher-margin products such as personal loans, insurance, and wealth/investment offerings. This strategic emphasis reflects our commitment to driving sustainable growth and delivering long-term shareholder value. By prioritizing these high-margin categories and streamlining costs, we are building a more resilient and profitable revenue mix to support our growth ambitions.”
“With a leaner cost base, strong cash position, and targeted strategy, we are confident in our ability to deliver shareholder value while building a sustainable, profitable business for the future.”
Hao Qian, Chief Financial Officer, added:
“During the third quarter, MoneyHero’s strategic expansion plan resulted in
“This quarter, we remained focused on executing our growth strategy while beginning to implement our ‘efficiency’ plan to streamline operations and reduce costs. Our investments this quarter were targeted toward customer acquisition, technology re-platforming, and data infrastructure, building a solid foundation for future growth and profitability. These strategic investments were balanced by actions to streamline other aspects of our operations meant to enhance efficiency and drive returns.
“As a result, our Adjusted EBITDA improved significantly to US
“Looking ahead, we anticipate a continued improvement of our Adjusted EBITDA in Q4 2024, building on the significant progress made in Q3. With margins steadily improving, we are well-positioned for further recovery heading into 2025. Our comprehensive review of the organizational structure, completed alongside the successful reorganization in Q3, has strengthened our operational foundation and set the stage for continued sustainable growth.”
Third Quarter 2024 Financial Highlights
- Revenue increased by
6% year-over-year to US$20.9 million in the third quarter of 2024- Online financial comparison platforms revenue increased by
8% year-over-year to US$17.4 million - Creatory, MoneyHero’s B2B business, revenue remained flat year-over-year, contributing
17% of Group revenue in the third quarter of 2024, as compared to18% in the prior year period
- Online financial comparison platforms revenue increased by
- Revenue by markets:
- Singapore revenue decreased by
13% year-over-year to US$7.9 million in the third quarter, largely due to the absence of campaigns from certain providers who scaled back their paid acquisition activities during this period - Hong Kong revenue increased by
18% year-over-year to US$8.1 million in the third quarter, with the strongest growth coming from the other banking verticals - Philippines revenue increased by
49% year-over-year to US$4.0 million in the third quarter, with the strongest growth coming from the credit card and personal loan verticals - Taiwan revenue increased by
5% year-over-year to US$1.0 million in the third quarter, with the strongest growth achieved in the credit cards vertical
- Singapore revenue decreased by
- Revenue from insurance products increased by
36% year-over-year to US$2.1 million in the third quarter of 2024, contributing10% of Group revenue, as compared to8% in the prior year period - Total operating costs and expenses decreased to US
$17.3 million in the third quarter of 2024 from US$25.6 million in the prior year period. Total operating costs and expenses includes unrealized foreign exchange gain of US$10.0 million in the third quarter of 2024 and loss of US$1.8 million in the prior year period. The unrealized foreign exchange gain and loss are excluded when calculating Adjusted EBITDA. The operating costs and expenses, excluding unrealized foreign exchange differences, increased to US$27.4 million in the third quarter of 2024 from US$23.7 million in the prior year period. The increase is driven primarily by the increased investment in marketing and customer acquisition. The unrealized foreign exchange gain in the third quarter of 2024 was arising from the strengthening of local currencies against the US dollar from end June 2024 to end September 2024. - Net income for the period increased to US
$5.7 million in the third quarter of 2024 from US$(7.2) million in losses in the prior year period, primarily as a result of the unrealized foreign exchange gain mentioned above. - Adjusted EBITDA loss increased to US
$(5.5) million in the third quarter of 2024 from US$(1.3) million in the prior year period - As of September 30, 2024, the Company had a debt-free balance sheet with US
$47.7 million in cash and cash equivalents
Third Quarter 2024 Operational Highlights
- Monthly Unique Users for the three months ended September 30, 2024 of 7.4 million
- MoneyHero Group Members, to whom we can provide more tailored product information and recommendations, grew by
47% year-over-year to 6.9 million as of September 30, 2024 - Approved Application volumes increased by
4% year-over-year in the third quarter to 179,000, driven by strong growth in the Company’s insurance products
Capital Structure
The table below summarizes the capital structure of the Company as of September 30, 2024:
| Share Class | Issued and Outstanding |
| Class A Ordinary | 28,291,5631 |
| Class B Ordinary | 13,254,838 |
| Preference Shares | 2,407,575 |
| Total Issued Shares | 43,953,976 |
| Employee Equity Options | 893,7452 |
| Issued Class A Ordinary Shares Underlying Employee Equity Options | (526,084)3 |
| Total Issued and Issuable Shares4 | 44,321,637 |
___________________________
1 Includes 526,084 shares issued to Computershare Hong Kong Investor Services Limited (“Computershare”) which are held in trust pending exercise of share options and settlement by Computershare to the underlying exercising option holder.
2 Includes granted but unexercised options as well as exercised options, pursuant to which the shares have not yet been issued as of September 30, 2024.
3 Issued in advance to Computershare and held in trust pending exercise of share options and settlement by Computershare to the underlying exercising option holder.
4 Public Warrants, Sponsor Warrants, Class A-1 Warrants, Class A-2 Warrants and Class A-3 Warrants are excluded since they are out of the money.
Summary of financial / KPI performance
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||
| (US$ in thousands, unless otherwise noted) | |||||||||
| Revenue | 20,939 | 19,721 | 63,788 | 54,274 | |||||
| Adjusted EBITDA | (5,539 | ) | (1,258 | ) | (21,314 | ) | (2,150 | ) | |
| Clicks (in thousands)5 | 2,424 | N/A | N/A | N/A | |||||
| Applications (in thousands) | 446 | 425 | 1,416 | 1,207 | |||||
| Approved Applications (in thousands) | 179 | 172 | 595 | 432 | |||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||
| (US$ in thousands, unless otherwise noted) | |||||||||
| Revenue | 20,674 | 16,650 | 42,849 | 34,553 | |||||
| Adjusted EBITDA | (9,336 | ) | (593 | ) | (15,775 | ) | (892 | ) | |
| Clicks (in thousands)5 | N/A | N/A | N/A | N/A | |||||
| Applications (in thousands) | 476 | 409 | 970 | 784 | |||||
| Approved Applications (in thousands) | 211 | 140 | 416 | 260 | |||||
___________________________
5 As of July 1, 2024, we transitioned from Universal Analytics to Google Analytics 4. Consequently, we are unable to provide comparable click data for this period following the transition. Please refer to the section titled “Key Performance Metrics and Non-IFRS Financial Measures” for more information regarding the change in methodology.
Revenue breakdown
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| US$ | % Mix | US$ | % Mix | % YoY | US$ | % Mix | US$ | % Mix | % YoY | ||||||
| (US$ in thousands, except for percentages) | |||||||||||||||
| By Geographical Market: | |||||||||||||||
| Singapore | 7,868 | 37.6 | 9,019 | 45.7 | (12.8 | ) | 25,831 | 40.5 | 19,959 | 36.8 | 29.4 | ||||
| Hong Kong | 8,075 | 38.6 | 6,822 | 34.6 | 18.4 | 23,057 | 36.1 | 18,558 | 34.2 | 24.2 | |||||
| Taiwan | 1,015 | 4.8 | 970 | 4.9 | 4.6 | 3,841 | 6.0 | 4,775 | 8.8 | (19.6 | ) | ||||
| Philippines | 3,950 | 18.9 | 2,655 | 13.5 | 48.8 | 10,867 | 17.0 | 10,283 | 18.9 | 5.7 | |||||
| Malaysia | 31 | 0.1 | 250 | 1.3 | (87.7 | ) | 192 | 0.3 | 695 | 1.3 | (72.4 | ) | |||
| Other Asia | 0 | 0.0 | 4 | 0.0 | N/A | 0 | 0.0 | 4 | 0.0 | N/A | |||||
| Total Revenue | 20,939 | 100.0 | 19,721 | 100.0 | 6.2 | 63,788 | 100.0 | 54,274 | 100.0 | 17.5 | |||||
| By Source: | |||||||||||||||
| Online financial comparison platforms | 17,403 | 83.1 | 16,183 | 82.1 | 7.5 | 53,221 | 83.4 | 45,094 | 83.1 | 18.0 | |||||
| Creatory | 3,536 | 16.9 | 3,538 | 17.9 | (0.0 | ) | 10,567 | 16.6 | 9,179 | 16.9 | 15.1 | ||||
| Total Revenue | 20,939 | 100.0 | 19,721 | 100.0 | 6.2 | 63,788 | 100.0 | 54,274 | 100.0 | 17.5 | |||||
| By Vertical: | |||||||||||||||
| Credit cards | 13,239 | 63.2 | 15,259 | 77.4 | (13.2 | ) | 41,399 | 64.9 | 40,281 | 74.2 | 2.8 | ||||
| Personal loans and mortgages | 2,938 | 14.0 | 2,188 | 11.1 | 34.3 | 8,812 | 13.8 | 6,679 | 12.3 | 31.9 | |||||
| Insurance | 2,052 | 9.8 | 1,505 | 7.6 | 36.4 | 6,056 | 9.5 | 3,926 | 7.2 | 54.3 | |||||
| Other verticals | 2,710 | 12.9 | 770 | 3.9 | 251.8 | 7,520 | 11.8 | 3,388 | 6.2 | 122.0 | |||||
| Total Revenue | 20,939 | 100.0 | 19,721 | 100.0 | 6.2 | 63,788 | 100.0 | 54,274 | 100.0 | 17.5 | |||||
Quarter-over-Quarter Performance
| For the Three Months Ended | ||||
| September 30, 2024 | June 30, 2024 | % QoQ | ||
| By Vertical: | ||||
| Credit cards | 13,239 | 12,734 | 4.0 | |
| Personal loans and mortgages | 2,938 | 2,577 | 14.0 | |
| Insurance | 2,052 | 2,178 | (5.8 | ) |
| Other verticals | 2,710 | 3,185 | (14.9 | ) |
| Total Revenue | 20,939 | 20,674 | 1.3 | |
Key Metrics
| For the Three Months Ended September 30, 2024 | |||
| (in millions, except for percentages) | |||
| Monthly Unique Users6,7 | |||
| Singapore | 1.5 | 20.8 | % |
| Hong Kong | 1.3 | 17.7 | % |
| Taiwan | 2.0 | 26.4 | % |
| Philippines | 2.6 | 34.9 | % |
| Malaysia | 0.0 | 0.2 | % |
| Total | 7.4 | 100.0 | % |
| Total Traffic6,7 | |||
| Singapore | 3.4 | 14.9 | % |
| Hong Kong | 4.4 | 19.6 | % |
| Taiwan | 6.4 | 28.4 | % |
| Philippines | 8.3 | 36.9 | % |
| Malaysia | 0.0 | 0.2 | % |
| Total | 22.6 | 100.0 | % |
| As of September 30, | ||||||
| 2024 | 2023 | |||||
| (in millions, except for percentages) | ||||||
| MoneyHero Group Members6,7 | ||||||
| Singapore | 1.3 | 18.3 | % | 1.1 | 23.1 | % |
| Hong Kong | 0.8 | 11.7 | % | 0.6 | 12.9 | % |
| Taiwan | 0.3 | 4.9 | % | 0.2 | 5.2 | % |
| Philippines | 4.5 | 65.1 | % | 2.5 | 53.9 | % |
| Malaysia | 0.0 | 0.0 | % | 0.2 | 4.9 | % |
| Total | 6.9 | 100.0 | % | 4.7 | 100.0 | % |
___________________________
6 As of July 1, 2024, we transitioned from Universal Analytics to Google Analytics 4. Consequently, we are unable to provide comparable monthly unique users and total traffic for this period following the transition. Please refer to the section titled “Key Performance Metrics and Non-IFRS Financial Measures” for more information regarding the change in methodology.
7 Malaysia’s ‘CompareHero’ brand was acquired by Jirnexu Sdn. Bhd in July 2024.
Conference Call Details
The Company will host a conference call and webcast on Tuesday, December 10, 2024, at 8:00 a.m. Eastern Standard Time / 9:00 p.m. Singapore Standard Time to discuss the Company's financial results. The MoneyHero Limited (NASDAQ: MNY) Q3 2024 Earnings call can be accessed by registering at:
Webcast: https://edge.media-server.com/mmc/p/yuvkm6jm/
Conference call: https://register.vevent.com/register/BIdf1018064e5c40d0bd9aabaaf44fa3b4
The webcast replay will be available on the Investor Relations website for 12 months following the event.
About MoneyHero Group
MoneyHero Limited (NASDAQ: MNY) is a market leader in the online personal finance and digital insurance aggregation and comparison sector in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan and the Philippines. Its brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the B2B platform Creatory. The Company also retains an equity stake in Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia’s largest operating B2C platform. MoneyHero had over 270 commercial partner relationships and had approximately 7.4 million Monthly Unique Users across its platform for the three months ended September 30, 2024. The Company’s backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group. To learn more about MoneyHero and how the innovative fintech company is driving APAC’s digital economy, please visit www.MoneyHeroGroup.com.
Key Performance Metrics and Non-IFRS Financial Measures
Historically, we utilized data from Universal Analytics (“UA”), Google’s analytics platform, to measure three key business metrics: monthly unique users, traffic, and clicks. Effective July 1, 2024, Google Analytics 4 (“GA4”) replaced UA. The methodologies used in GA4 are different and not comparable to the methodologies used in UA. While Google has provided some guidance on these differences, Google has not made available sufficient information for us to assess the impact (whether positive or negative) of this transition on our key business metrics, nor can we quantify the extent of such impact. Furthermore, due to the adoption of GA4, we have adjusted our definitions of these key business metrics to enhance accuracy and align them more closely with previous definitions under UA. Therefore, we are unable to provide comparable data for monthly unique user, traffic, and clicks for any periods prior to July 1, 2024.
“Monthly Unique User” means as a unique user with at least one session in a given month as determined by a unique device identifier from GA4. A session begins when a user opens an app in the foreground or views a page or screen while no other session is currently active (e.g., the prior session has ended). A session concludes after 30 minutes of user inactivity. To measure Monthly Unique Users over a period longer than one month, we calculate the average of the Monthly Unique Users for each month within that period. If an individual accesses a website or app from different devices within a given month, each device is counted as a separate unique user. However, if an individual logs in and accesses a website or app using the same login across different devices, they will only be counted as one unique user.
“Traffic” means the total number of unique sessions in GA4. A unique session is a group of user interactions recorded when a user accesses a website or app within a 30-minute window. The current session concludes when there is 30 minutes of inactivity or users have a change in traffic source.
“MoneyHero Group Members” means (i) users who have login IDs with us in Singapore, Hong Kong and Taiwan, (ii) users who subscribe to our email distributions in Singapore, Hong Kong, Taiwan, the Philippines and Malaysia, and (iii) users who are registered in our rewards database in Singapore and Hong Kong. Any duplications across the three sources above are deduplicated.
“Clicks” means the sum of unique clicks by product item on a tagged “Apply Now” button on our website, including product result pages and blogs. We track Clicks to understand how our users engage with our platforms prior to application submission or purchase, which enables us to further optimize conversion rates.
“Applications” means the total number of product applications submitted by users and confirmed by our commercial partners.
“Approved Applications” means the number of applications that have been approved and confirmed by our commercial partners.
In addition to MoneyHero Group’s results determined in accordance with IFRS, MoneyHero Group believes that the key performance metrics above and the non-IFRS measures below are useful in evaluating its operating performance. MoneyHero Group uses these measures, collectively, to evaluate ongoing operations and for internal planning and forecasting purposes. MoneyHero Group believes that non-IFRS information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and may assist in comparisons with other companies to the extent that such other companies use similar non-IFRS measures to supplement their IFRS results. These non-IFRS measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS measures used by other companies. Accordingly, non-IFRS measures have limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of other IFRS financial measures, such as profit/(loss) for the year/period and profit/(loss) before income tax.
Adjusted EBITDA is a non-IFRS financial measure defined as profit/(loss) for the year/period plus depreciation and amortization, interest income, finance costs, income tax expenses/(credit), equity-settled share option expense, transaction expenses, impairment of non-financial assets, other long-term employee benefits expense, Gain on disposal of Malaysian operations, non-recurring costs related to strategic transaction, changes in fair value of financial instruments, non-recurring legal fees, and unrealized foreign exchange differences. Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenue.
A reconciliation is provided for each non-IFRS measure to the most directly comparable financial measure stated in accordance with IFRS. Investors are encouraged to review the related IFRS financial measures and the reconciliations of these non-IFRS measures to their most directly comparable IFRS financial measures. IFRS differs from U.S. GAAP in certain material respects and thus may not be comparable to financial information presented by U.S. companies. We currently, and will continue to, report financial results under IFRS, which differs in certain significant respects from U.S. GAAP.
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||
| (US$ in thousands) | |||||||||
| Profit/(Loss) for the period | 5,721 | (7,204 | ) | (19,601 | ) | (78,305 | ) | ||
| Tax expenses | 33 | 25 | 90 | 60 | |||||
| Depreciation and amortization | 1,085 | 1,201 | 3,133 | 3,601 | |||||
| Interest income | (288 | ) | (67 | ) | (1,239 | ) | (193 | ) | |
| Finance costs | 4 | 1,802 | 17 | 5,371 | |||||
| EBITDA | 6,555 | (4,241 | ) | (17,601 | ) | (69,466 | ) | ||
| Non-cash items: | |||||||||
| Changes in fair value of financial instruments | (1,209 | ) | (481 | ) | (972 | ) | 57,456 | ||
| Impairment of non-financial assets | - | - | 92 | - | |||||
| Equity settled share-based payment arising from employee share option scheme | (90 | ) | 181 | 1,548 | 976 | ||||
| Unrealized foreign exchange (gain) / loss, net | (10,127 | ) | 1,798 | (4,326 | ) | 3,868 | |||
| Listing and other non-recurring strategic exercises related items: | |||||||||
| Transaction expenses | (26 | ) | 1,292 | 29 | 4,904 | ||||
| Gain on disposal of Malaysian operations | (600 | ) | - | (600 | ) | - | |||
| Other non-recurring costs related to strategic transaction | - | - | 61 | 1 | |||||
| Other non-recurring items: | |||||||||
| Other long-term employee benefits expense | - | 194 | - | 110 | |||||
| Non-recurring legal fees | (42 | ) | - | 455 | - | ||||
| Adjusted EBITDA | (5,539 | ) | (1,258 | ) | (21,314 | ) | (2,150 | ) | |
| Revenue | 20,939 | 19,721 | 63,788 | 54,274 | |||||
| Adjusted EBITDA | (5,539 | ) | (1,258 | ) | (21,314 | ) | (2,150 | ) | |
| Adjusted EBITDA Margin | (26.5 | )% | (6.4 | )% | (33.4 | )% | (4.0 | )% | |
Forward Looking Statements
This document includes “forward-looking statements” within the meaning of the United States federal securities laws and also contains certain financial forecasts and projections. All statements other than statements of historical fact contained in this communication, including, but not limited to, statements as to the Group’s growth strategies, future results of operations and financial position, market size, industry trends and growth opportunities, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. All forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which are all subject to change due to various factors including, without limitation, changes in general economic conditions. Any such estimates, assumptions, expectations, forecasts, views or opinions, whether or not identified in this communication, should be regarded as indicative, preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. The forward-looking statements and financial forecasts and projections contained in this communication are subject to a number of factors, risks and uncertainties. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in business, market, financial, political and legal conditions; the Company’s ability to attract new and retain existing customers in a cost effective manner; competitive pressures in and any disruption to the industries in which the Company and its subsidiaries (the “Group”) operates; the Group’s ability to achieve profitability despite a history of losses; and the Group’s ability to implement its growth strategies and manage its growth; the Group’s ability to meet consumer expectations; the success of the Group’s new product or service offerings; the Group’s ability to attract traffic to its websites; the Group’s internal controls; fluctuations in foreign currency exchange rates; the Group’s ability to raise capital; media coverage of the Group; the Group’s ability to obtain adequate insurance coverage; changes in the regulatory environments (such as anti-trust laws, foreign ownership restrictions and tax regimes) and general economic conditions in the countries in which the Group operates; the Group’s ability to attract and retain management and skilled employees; the impact of the COVID-19 pandemic or any other pandemic on the business of the Group; the success of the Group’s strategic investments and acquisitions, changes in the Group’s relationship with its current customers, suppliers and service providers; disruptions to the Group’s information technology systems and networks; the Group’s ability to grow and protect its brand and the Group’s reputation; the Group’s ability to protect its intellectual property; changes in regulation and other contingencies; the Group’s ability to achieve tax efficiencies of its corporate structure and intercompany arrangements; potential and future litigation that the Group may be involved in; and unanticipated losses, write-downs or write-offs, restructuring and impairment or other charges, taxes or other liabilities that may be incurred or required and technological advancements in the Group’s industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s annual report for the year ended December 31, 2023 on Form 20-F (File No.: 001-41838), registration statement on Form F-1 (File No.: 333-275205), and other documents to be filed by the Company from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, there may be additional risks that the Company currently does not know, or that the Company currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements reflect the Company’s expectations, plans, projections or forecasts of future events and view. If any of the risks materialize or the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company anticipates that subsequent events and developments may cause their assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, except as required by law. The inclusion of any statement in this document does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this document. Accordingly, undue reliance should not be placed upon the forward-looking statements. In addition, the analyses of the Company contained herein are not, and do not purport to be, appraisals of the securities, assets, or business of the Company.
For investor and media inquiries, please contact:
Investor Relations: ir@moneyherogroup.com
Media: MoneyHero@gbpr.com
Unaudited Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||
| (US$ in thousands except for loss per share) | ||||||||||
| Revenue | 20,939 | 19,721 | 63,788 | 54,274 | ||||||
| Cost and expenses: | ||||||||||
| Cost of revenue | (12,246 | ) | (10,675 | ) | (40,147 | ) | (26,329 | ) | ||
| Advertising and marketing expenses | (4,951 | ) | (3,646 | ) | (17,664 | ) | (11,134 | ) | ||
| Technology costs | (1,984 | ) | (1,815 | ) | (6,030 | ) | (5,072 | ) | ||
| Employee benefit expenses | (5,723 | ) | (4,788 | ) | (18,313 | ) | (14,347 | ) | ||
| General, administrative and other operating expenses | (2,480 | ) | (2,747 | ) | (8,089 | ) | (8,862 | ) | ||
| Foreign exchange differences, net | 10,096 | (1,976 | ) | 4,138 | (4,145 | ) | ||||
| Operating income/(loss) | 3,652 | (5,925 | ) | (22,318 | ) | (15,616 | ) | |||
| Other income/(expenses): | ||||||||||
| Other income | 897 | 68 | 1,851 | 198 | ||||||
| Finance costs | (4 | ) | (1,802 | ) | (17 | ) | (5,371 | ) | ||
| Changes in fair value of financial instruments | 1,209 | 481 | 972 | (57,456 | ) | |||||
| Profit/(Loss) before tax | 5,754 | (7,178 | ) | (19,511 | ) | (78,245 | ) | |||
| Income tax expense | (33 | ) | (25 | ) | (90 | ) | (60 | ) | ||
| Profit/(Loss) for the period | 5,721 | (7,204 | ) | (19,601 | ) | (78,305 | ) | |||
| Other comprehensive income/(loss) | ||||||||||
| Other comprehensive income/(loss) that may be classified to profit or loss in subsequent periods (net of tax): | ||||||||||
| Exchange differences on translation of foreign operations | (9,353 | ) | 1,604 | (4,361 | ) | 3,277 | ||||
| Other comprehensive income/(loss) that will not be reclassified to profit or loss in subsequent periods (net of tax): | ||||||||||
| Remeasurement of defined benefit plan | 8 | 14 | 3 | (21 | ) | |||||
| Other comprehensive income/(loss), net of tax | (9,344 | ) | 1,618 | (4,358 | ) | 3,256 | ||||
| Total comprehensive loss, net of tax | (3,623 | ) | (5,586 | ) | (23,959 | ) | (75,048 | ) | ||
| Earning/(Loss) per share attributable to ordinary equity holders of the parent | ||||||||||
| Basic and diluted | 0.1 | (5.0 | ) | (0.5 | ) | (54.1 | ) | |||
Unaudited Condensed Consolidated Statements of Financial Position
| As of September 30, | As of December 31, | |
| (US$ in thousands) | 2024 | 2023 |
| NON-CURRENT ASSETS | ||
| Non-current financial asset | 600 | - |
| Other intangible assets | 6,080 | 7,294 |
| Property and equipment | 284 | 190 |
| Right-of-use assets | 237 | 590 |
| Deposits | 26 | 26 |
| Total non-current assets | 7,227 | 8,100 |
| CURRENT ASSETS | ||
| Accounts receivable | 15,278 | 17,236 |
| Contract assets | 15,358 | 16,025 |
| Prepayments, deposits and other receivables | 5,281 | 4,855 |
| Pledged bank deposits | 197 | 189 |
| Cash and cash equivalents | 47,657 | 68,641 |
| Total current assets | 83,771 | 106,947 |
| CURRENT LIABILITIES | ||
| Accounts payable | 23,427 | 23,840 |
| Other payables and accruals | 9,437 | 9,382 |
| Warrant liabilities | 867 | 1,840 |
| Lease liabilities | 237 | 575 |
| Income tax payable | 33 | - |
| Provisions | 72 | 72 |
| Total current liabilities | 34,073 | 35,708 |
| NET CURRENT ASSETS | 49,698 | 71,239 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 56,925 | 79,339 |
| NON-CURRENT LIABILITIES | ||
| Lease liabilities | 4 | 31 |
| Deferred tax liabilities | 30 | 29 |
| Provisions | 218 | 194 |
| Total non-current liabilities | 252 | 255 |
| Net assets | 56,673 | 79,084 |
| EQUITY | ||
| Issued capital | 4 | 4 |
| Reserves | 56,669 | 79,080 |
| Total equity | 56,673 | 79,084 |
FAQ
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