Earnings release
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Source: CURRENC Group Inc. November 10, 2025 08:30 ET Currenc Group Inc. Announces Third Quarter 2025 Unaudited Financial Results SINGAPORE, Nov. 10, 2025 (GLOBE NEWSWIRE) -- Currenc Group Inc. (Nasdaq: CURR) (“Currenc” or the “Company”), a ntech pioneer empowering nancial institutions worldwide with arti cial intelligence (AI) solutions, today announced its unaudited nancial results for the third quarter ended September 30, 2025. Third Quarter 2025 Financial Highlights Total Processing Value (TPV) through Tranglo was US$1.41 billion for the third quarter of 2025, increasing by 10.1%1 year-over-year. Total number of transactions increased to 3.0 million for the third quarter of 2025 from 2.7 million for the same period of 2024. Total revenues, excluding TNG Asia and GEA2, were US$10.4 million for the third quarter of 2025, representing a year-over-year decrease of 3.9%3, primarily due to lower Indonesian Airtime revenue, partly offset by growth in remittance revenue. For the three-month period ended September 30, 2025 20242 $ $ (dollars in thousands) Remittance revenue excluding TNG Asia & GEA 6,970 4,501 Global Airtime Revenue 2,016 2,298 Local Airtime Revenue 1,402 3,992 Other Revenue 6 24 Total Revenue excluding TNG Asia & GEA 10,394 10,815 Total remittance revenues2, excluding TNG Asia and GEA, i.e., remittance revenues contributed by Tranglo, were US$7.0 million for the third quarter of 2025, an increase of 54.8% year-over-year. The increase in remittance revenue was mainly due to a 10.1%1 increase in TPV. Tranglo’s overall take rate improved to 0.38% in the third quarter of 2025 from 0.37% in the same period of 2024.
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Currenc’s global airtime transfer revenues were US$2.0 million for the third quarter of 2025, representing a year-over-year decrease of 12.3%. The growing availability of free Wi-Fi in Southeast Asian countries, especially Malaysia and Indonesia, has led to declining demand for Malaysia-Indonesia airtime transfers, resulting in a decline in global airtime business in the third quarter of 2025. As Currenc expects this trend to continue in Southeast Asian markets, the Company’s management is deemphasizing airtime transfer and reallocating its resources and capital to expand its new AI product offerings. Total direct costs of revenue were US$5.1 million for the third quarter of 2025, representing a year-over-year decrease of 37.0%. The direct payout rate for Tranglo’s remittance business was 0.13% for the third quarter of 2025, a slight increase compared to 0.12% for the same period of 2024. Currenc’s overall gross pro t margin ratio for the third quarter of 2025 was 50.8%, compared to 27.8% for the same period of 2024. Total operating expenses decreased to US$0.5 million for the third quarter of 2025 from US$19.1 million for the same period of 2024. The decrease in operating expenses was mainly due to US$1.7 million income from adjustments on incentive shares expenses in the third quarter of 2025, compared to US$13.1 million expenses in recognition of the incentive shares granted to employees upon the completion of the INFINT SPAC merger for the same period of 2024. As Currenc divested TNG Asia and GEA in August and July 2024, respectively, its operating costs now re ect the operating costs of Tranglo, WalletKu and the Company’s headquarters only. Also, with the rollout of its new AI initiatives, Currenc incurred US$0.4 million in operating costs related to these new businesses in the third quarter of 2025. Tranglo’s operating costs for the third quarter of 2025 were US$2.9 million, representing a 12.1% decrease compared to US$3.3 million in the same period of 2024. WalletKu’s operating costs were US$0.17 million for the third quarter of 2025, representing a 17.0% decrease compared to US$0.2 million for the same period of 2024. Professional fees and director fees were an income of US$1.3 million for the third quarter of 2025, mainly due to the reversal of professional fee accruals of US$1.6 million made in the third quarter of 2025. Net income was US$3.1 million for the third quarter of 2025, primarily driven by net pro t of US$1 million from Tranglo, and adjustment on incentive shares granted to employees of US$1.6 million. EBITDA analysis For the three-month period ended September 30, 2025 Tranglo WalletKu TNG Asia and GEA Headquarters and adjustments Group Total (dollars in thousands) Net income (loss) 925 (90) - 2,305 3,140 Add: Income tax expenses 62 - - (93) (31) Interest expense, net - - (98) (98) EBIT 987 (90) - 2,114 3,011 Depreciation and amortization - - - - 550 EBITDA 987 (90) - 2,114 3,561 The Company’s total EBITDA for the third quarter of 2025 was a pro t of US$3.6 million.
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Tranglo and WalletKu’s combined EBITDA for the third quarter of 2025 was US$0.9 million. TNG Asia and GEA’s combined losses had no impact on the Company’s results from the fourth quarter of 2024 onwards as they were divested before the completion of the de- SPAC merger. Headquarters expenses and adjustments recorded an EBIT pro t of US$2.1 million, mainly contributed by: US$1.6 million for reversal of professional fee accrual. For the three-month period ended September 30, 2024 Tranglo WalletKu TNG Asia and GEA 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) ___________________ 1 Change in TPV is calculated based on the local currency. 2 Currenc divested TNG Asia and GEA in August 2024 and July 2024, respectively. As such, from the fourth quarter of 2024 onward, only Tranglo’s (digital remittance and global airtime transfer businesses) and WalletKu’s (Indonesian airtime business) results will be consolidated and reported in the Company’s nancial statements. 3 Total 2024 revenues include intercompany transactions. Management Comments Alex Kong, Founder, Chief Executive Of cer, and Executive Chairman of Currenc Group, remarked, “In the third quarter, we maintained steady business momentum and further enhanced our operational ef ciency. Tranglo’s TPV increased 10.1% year-over-year to US$1.41 billion, while we improved take rate to 0.38%, driving 54.8% growth in remittance revenue to $7.0 million. These results underscore our remittance business’s strength and resilience, as well as disciplined operational execution. Meanwhile, we continue to deemphasize lower-margin airtime transfers and reallocate those resources toward technology-driven nancial solutions that better meet customers’ evolving demand in the AI era. Going forward, our proposed reverse merger with Animoca Brands is poised to propel our next phase of development and unlock long-term value for our shareholders.” Wan Lung Eng, Chief Financial Of cer of Currenc Group, commented, “Our remittance business grew robustly in the third quarter, underpinned by healthy TPV and revenue increases and improved pro tability. Tranglo delivered an EBITDA of US$1.0 million, contributing to Currenc’s EBITDA of US$3.6 million for the quarter. Combined EBITDA from Tranglo and WalletKu reached US$0.9 million, while disciplined execution kept Tranglo’s payout rate at 0.13% compared to 0.14% in the previous quarter. We also strengthened cost management, reducing direct costs by 37% year- over-year and expanding our gross margin to a record 50.8%. Operating expenses decreased signi cantly from the same period last year, re ecting adjustments to incentive-share expenses related to the de-SPAC merger, continued ef ciency gains across our operations, and a US$0.4 million investment in our AI initiatives. As we progress through the Animoca reverse merger, we will remain focused on operational discipline, nancial prudence, and ensuring a smooth handover for our stakeholders.” About Currenc Group Inc. Currenc Group Inc. (Nasdaq: CURR) is a ntech pioneer dedicated to transforming global nancial services through arti cial intelligence (AI). The Company empowers nancial institutions worldwide with comprehensive AI solutions, including SEAMLESS AI Call Centre and other AI-powered Agents
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designed to reduce costs, increase ef ciency and boost customer satisfaction for banks, insurance, telecommunications companies, government agencies and other nancial 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 nancial 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, led with the Securities and Exchange Commission. Non-GAAP Financial Measures To supplement the Company’s consolidated nancial statements, which are prepared and presented in accordance with GAAP, it uses EBITDA, a non-GAAP nancial measure as described below, to understand and evaluate its core operating performance. This non-GAAP nancial measure, which may differ from similarly titled measures used by other companies, is presented to enhance investors’ overall understanding of the Company’s nancial performance and should not be considered a substitute for, or superior to, the nancial information prepared and presented in accordance with GAAP. EBITDA is de ned 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 nancial 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 nancial 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 nancial information prepared in accordance with GAAP. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identi ed 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 lings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor & Media Contact Currenc Group Investor Relations Email: investors@currencgroup.com SOURCE: Currenc Group Inc. CURRENC GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Three months ended September 30, 2025 2024 US$ US$ Revenue 10,394,350 11,259,716 Cost of revenue (5,118,080) (8,124,542) Gross pro t 5,276,270 3,135,174
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Selling expenses - (3,649) General and administrative expenses (519,576) (19,061,439) Pro t/(loss) from operations 4,756,694 (15,929,914) Finance costs, net 99,468 (3,855,555) Other (loss)/income (1,125,594) 146,063 Other expenses (621,513) (160,362) Pro t/(loss) before income tax 3,109,055 (19,799,768) Income tax bene t/(expense) 30,495 (86,043) Net pro t/(loss) 3,139,550 (19,885,811) Net (loss)/income attributable to non-controlling interests (226,500) 60,419 Net pro t/(loss) attributable to CURRENC Group Inc. 2,913,050 (19,825,392) Net pro t/(loss) per share, basic and diluted (1) $ 0.05 $ (0.52) Shares used in net pro t/(loss) per share computation, basic and diluted (1) 56,432,698 38,163,168 Other comprehensive loss: Foreign currency translation adjustments (52,737) (72,055) Total comprehensive income/(loss) 3,086,813 (19,957,866) Total Comprehensive (income) loss attributable to non- controlling interests (226,950) 18,291 Total comprehensive income/(loss) attributable to CURRENC Group Inc. 2,859,863 (19,939,575) (1)Retrospectively restated to re ect Reverse Recapitalization CURRENC GROUP INC.AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30, 2025 December 31, 2024 US$ US$ ASSETS Current assets: Cash and cash equivalents 50,689,972 63,821,397 Restricted cash 42,664 40,742 Accounts receivable, net 1,516,126 2,115,681 Other nancial assets 3,183,417 - Amounts due from related parties 449,677 560,823 Prepayments, receivables and other assets 15,063,200 20,948,216 Total current assets 70,945,056 87,486,859 Non-current assets:
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Equipment and software, net 1,049,261 1,055,520 Right-of-use asset 221,656 349,240 Intangible assets 2,230,699 3,386,117 Goodwill 12,059,428 12,059,428 Deferred tax assets 344,050 342,822 Total non-current assets: 15,905,094 17,193,127 Total assets 86,850,150 104,679,986 LIABILITIES AND SHAREHOLDERS’ DEFICIT Current liabilities: Borrowings 14,148,295 20,150,058 Receivable factoring 52,442 258,415 Other nancial liabilities 3,704,400 - Accounts payable, accruals and other payables 39,795,727 55,329,740 Amounts due to related parties 3,629,516 67,697,074 Convertible bonds - 1,750,000 Lease liabilities 196,524 171,909 Total current liabilities: 61,526,904 145,357,196 Non-current liabilities: Deferred tax liabilities 599,612 876,912 Employee bene t obligation 37,737 45,289 Lease liabilities 17,259 156,647 Total non-current liabilities: 654,608 1,078,848 Total liabilities 62,181,512 146,436,044 Commitments and contingencies Shareholders’ de cit: Ordinary shares (US$0.0001 par value; 555,000,000 shares authorized 76,597,293 and 46,527,999 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively) (1) 7,660 4,653 Additional paid-in capital (1) 137,620,035 65,638,838 Accumulated de cit (137,939,413) (131,522,902) Accumulated other Comprehensive Loss 598,099 (108,122) Total shareholders’ de cit attributable to Currenc Group Inc. 286,381 (65,987,533) Non-controlling interests 24,382,257 24,231,475 Total de cit 24,668,638 (41,756,058) Total liabilities and shareholders’ de cit 86,850,150 104,679,986 1)Retrospectively restated to re ect Reverse Recapitalization CURRENC GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Nine months ended September 30, 2025 2024 US$ US$ Cash ows from operating activities: Net loss (6,312,104) (26,125,077) Adjustments to reconcile net loss to net cash provided by operating activities:
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Non-cash expense for Share-based compensation 3,196,336 14,137,850 Non-cash expense: others 520,983 - Non-cash offering costs for convertible note - 2,512,000 Non-cash nance cost for debt conversion - 340,159 Depreciation of equipment and software 372,206 420,642 Depreciation of right-of-use assets 148,230 131,378 Amortization of intangible assets 1,155,418 2,184,996 Reversal of provision for doubtful debts (54,405) - Deferred income taxes (444,774) (119,078) Gain on Disposal of property, plant and equipment 401 - Disposal of subsidiaries - (6,873,094) Goodwill impairment - 1,657 Unrealized foreign exchange gain 1,366,585 1,586,780 Changes in operating assets and liabilities: Accounts receivable 677,767 (147,011) Prepayments, receivables and other assets 5,905,948 6,093,059 Escrow money payable - 10,373 Client money payable - (416,198) Accounts payable, accruals and other payables (15,121,227) (9,028,919) Interest payable on convertible bonds - - Amount due from a director 1,881,362 1,427,640 Amount due to Immediate holding company 1,638,778 - Amounts due from related parties (3,642) (1,842,634) Amounts due to related parties (7,333,371) 4,034,054 Net cash used in operating activities (12,405,509) (11,671,423) Cash ows from investing activities: Decrease in short-term investments (363,927) (365,224) Proceeds from disposal of property, plant and equipment 596 - Net cash used in investing activities (363,331) (365,224) Cash ows from nancing activities: Proceeds from convertible note - 1,750,000 Proceeds from borrowings - 640,145 Repayment of borrowings - (220,986) Proceeds from receivable factoring 634,132 1,604,828 Repayment of receivable factoring (844,821) (1,452,946) Payment of principal elements of lease liabilities (130,421) (136,094) Payment of interest elements of lease liabilities (19,553) (5,842) Net cash (used in)/generated from nancing activities (360,663) 2,179,105 Net decrease in cash and cash equivalents (13,129,503) (9,857,542) Cash and cash equivalents, restricted cash and escrow money receivable at beginning of the period 63,862,139 58,960,384 Cash and cash equivalents, restricted cash and escrow money receivable at end of the period 50,732,636 49,102,842 Supplemental disclosure of cash ow information: Income taxes paid (508,456) (345,550) Interest paid (106,919) (972,448)