CURR

EX-99.1

2 ex99-1.htm

Exhibit 99.1

CURRENC

Group Inc. Announces Third Quarter 2024 Unaudited Financial Results

Singapore, November 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 by 6.1% and 18.8% 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 of 11.0% and 11.3%, respectively. The decreases were mainly due to declines of 22.1% and 22.3% 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 of 22.2% and 10.6%, 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, down 1.0% 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 of 22.1% and 22.3%, respectively.

●Adjusted EBITDA2 loss for the third quarter was US$0.2 million, narrowing by 83.3% 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 by 75.0% 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 by 31.6% and 8.7% 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 by 34.2% and 15.2% year over year, respectively.

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.

Third Quarter and First Nine Months 2024 Core Businesses1 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) $1,210 $1,140 $3,920 $3,300

Number of Transactions (millions) 2.71 2.72 8.56 8.11

Remittance Revenues $4.5 $4.6 $14.3 $14.3

Overall take rates (%) 0.37% 0.40% 0.36% 0.43%

Tranglo: Global Airtime Transfer $2.3 $2.95 $7.3 $9.4

WalletKu: Indonesian Airtime $4.0 $3.4 $10.2 $10.5

Operating Expenses $19.12 $6.5 $30.03 $18.8

Third Quarter and First Nine Months Core Businesses Revenue Breakdown3

For the three-month

period ended September 30,

For the nine-month

period ended September 30,

2024 2023 2024 2023

Remittance services $4.5 $4.6 $14.3 $14.3

Sales of Airtime $6.3 $6.4 $17.5 $19.9

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 remit