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Rohith Murthy, CEO of MoneyHero, explained that AI is embedded in customer acquisition, conversion, and service, leading to lower service costs, better conversion, and faster shipping with flat headcount. He highlighted AI customer support automating 70-80% of inquiries, an AI competitive intelligence platform cutting research time by 90%, and near-term revenue drivers like a WhatsApp AI quote agent for auto insurance and AI media creation for marketing. For 2026 growth, Mr. Murthy emphasized scaling insurance and wealth to 30%+ of revenue, continuous conversion rate improvements, AI-driven efficiency, strong provider partnerships, and new initiatives like the Credit Hero Club and selective digital asset partnerships. He detailed the insurance strategy, focusing on expanding supply depth with real-time integrations (e.g., 3-click travel insurance, auto insurance), streamlining journeys with AI, and tightening unit economics to achieve 28-30% insurance and wealth mix in H2. For wealth and crypto, he reiterated a capital-light, partner-led, regulatory-first approach, citing the OSL partnership in Hong Kong for compliant onboarding and investor education without balance sheet exposure.

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The OSL partnership is a strategic exploration of the high-margin digital asset space, with no definitive investment decisions made yet. The significant improvement in cost of revenue and gross margin is considered sustainable, driven by a strategic shift to higher-margin products and optimized rewards spending, not just short-term cuts. Operating costs are expected to grow at a much slower rate than revenue, creating operating leverage, due to a reset cost structure, scalable technology, and AI-driven efficiencies.

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The reorganization has created a leaner, more efficient organization with significant cost savings (45% YoY reduction in employee expenses) and improved operating leverage, as seen in the reduced adjusted EBITDA loss. Marketing spend is now more disciplined and focused on ROI after a period of deliberate investment, with a 23% YoY reduction in Q4. The company is pursuing an "AI-first" strategy to enhance operational efficiency and scale the business without increasing headcount. Management believes executing its core efficiency strategy to drive profitable growth will ultimately lead the market to recognize the company's value and improve the stock price.

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CFO Michael Zhang stated that while Q2 cash cost per BTC was approximately $83,000 and all-in cost was $98,000, the full deployment of 50 EH in July is expected to improve the cost profile per coin. However, he anticipates industry-wide headwinds from increasing global network hash rates will also impact Q3 costs. Regarding stock value, Michael Zhang affirmed the belief that the stock is undervalued and the primary focus is on deploying cash for high-return operational expansion and business transformation, including AIDC, while also considering the ongoing share repurchase program.

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CFO Yongyi Zhang stated Q2 cash cost was $83,000 and all-in cost $98,000 per BTC, expecting improved cost profile from 50 exahash deployment but also industry-wide headwinds in Q3. He affirmed that while the stock is undervalued, the primary focus is high-return operational expansion and business transformation, including AIGC, but the ongoing share repurchase program will be considered as part of a balanced approach to shareholder value.

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CFO Lisa Roger clarified that the inventory is now primarily composed of bottled products, built up during the summer to prepare for the school year. CEO Riccardo Delle Coste added that new school wins will be updated as schools return and final bids are awarded. Regarding capacity, Delle Coste projected that bottle manufacturing capacity will reach 20-25 million units annually with the new partner in 2026. Roger noted that carton capacity is not a constraint and is roughly three times the current sales volume.

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There will be no significant margin hit from tariffs, although a small amount of product was affected. There will be sustained operating cost increases from additional accounting staff and software upgrades, as well as carrying employees for the transition. Regarding the dividend, the board prefers the current flexibility but may consider a small, regular dividend supplemented by special dividends in the future, though no decision has been made.

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CEO Daniel O’Brien confirmed there would be no significant margin hit from tariffs, though a minor impact was unavoidable. He explained that sustained operating costs will increase due to the need for more accounting staff and software to support the expanded business. Regarding dividends, O'Brien stated the Board values flexibility but might consider a small, regular dividend augmented by special dividends in the future.

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The executive explained the Florida, LLC sale was strategic, retaining a key supply agreement while adding a partner focused on sales growth. The cash will be held for now. He confirmed the strict vesting terms for options are tied to $100 million in drug revenue. Gross margins were high due to a favorable mix and are at the top end of the expected range, while the Ag business is stable with a cautiously positive outlook.

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CEO Dan O’Brien stated the Florida, LLC was sold for a profit to a new owner better equipped to grow its sales, while FSI retained the exclusive supply agreement. He noted the cash will be invested conservatively as it's insufficient to fully fund the drug business entry. O'Brien confirmed the options vest upon reaching $100 million in drug-specific revenue. He described the high gross margin as a partial anomaly due to favorable product mix but noted new, higher-margin food products could support this level. He characterized the ag business as flat but with a cautiously positive outlook for the 2025 early buy season.

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Director and VP Jun Qian stated that the goal for 2024 is to continue lowering borrower financing costs from the 16.1% average seen in 2023. He noted that while loan demand has been soft, the company targets RMB 20 billion in total loan originations for 2024, maintaining a 30% mix for the commercial bank model. Mr. Qian clarified that compliance initiatives are separate from technology investments, which are focused on refining collateral evaluation and borrower rating systems. CFO Jing Li confirmed that the company intends to ask the Board of Directors to approve an extension of the share repurchase plan for another year.

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Director and Vice President Jun Qian, speaking through translator Matthew Lou, stated that the company aims to continue lowering financing costs for borrowers from the 16.1% average seen in 2023. He noted that while loan demand was soft, the 2024 target for loan origination is RMB 20 billion, maintaining a 70/30 split between the trust and commercial bank models. Mr. Qian also clarified that compliance building and technology investments are separate initiatives, with tech upgrades focused on collateral evaluation and borrower rating models. CFO Jing Li added that the company intends to ask the Board of Directors to extend the share repurchase plan for another year.

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Director and VP Jun Qian, speaking through translator Matthew Lou, stated that the goal for 2024 is to continue lowering financing costs for borrowers. He also noted that while loan demand was weaker than expected in 2023, the company targets RMB 20 billion in total loan originations for 2024, maintaining a 70/30 split between the trust and commercial bank models. Mr. Qian clarified that compliance building and technology investments are separate initiatives, with tech investments focused on collateral evaluation and borrower rating models. CFO Jing Li added that the company intends to ask the Board of Directors to extend the share repurchase plan for another year.

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Director and Vice President Jun Qian, speaking through translator Matthew Lou, stated that the goal for 2024 is to continue lowering borrower financing costs. He noted that while loan demand was soft, the company targets RMB 20 billion in total loan originations for 2024, maintaining a 70/30 split between the trust and commercial bank models. Mr. Qian also clarified that compliance building and technology investments are separate initiatives, with tech efforts focused on collateral evaluation and borrower rating systems. CFO Jing Li added that the company intends to ask the Board of Directors to approve a one-year extension of the share repurchase plan.

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Director and Vice President Jun Qian, via translator Matthew Lou, explained that CNFinance aims to continue lowering borrower financing costs in 2024. He noted that while loan demand was weaker than expected, the company targets RMB 20 billion in total loan originations for 2024, maintaining a 70/30 split between the trust and commercial bank models. Qian also clarified that compliance initiatives are separate from technology investments, which are focused on improving collateral evaluation and borrower rating models. CFO Jing Li added that management intends to request a one-year extension of the share repurchase plan from the Board of Directors.

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Jun Qian, Director and Vice President, explained that the growth in trust lending was driven by a strategic shift to Tier 1 cities and a focus on large-ticket products with high-value collateral. For 2024, he provided a conservative forecast of RMB 20 billion in total loan originations, roughly flat year-over-year, with 30-35% from the commercial bank model. Regarding sales partners, Mr. Qian noted their financial health has improved due to loosened installment payment terms and the company's assistance in disposing of non-performing loans to recover cash.

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Jun Qian, Director and Vice President, noted that while broader market loan demand in China has decreased, CNFinance achieved significant year-over-year growth in loan originations and transactions in H1 2023. This was attributed to a low base from the pandemic-affected prior year and the company's relatively small market share. Mr. Qian confirmed the company is maintaining its full-year origination target of RMB 20 billion. He also interpreted the decrease in interest on loans to sales partners as a positive indicator of improving asset quality and fewer defaults.

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The company reported that while overall SME loan demand in China is decreasing, CNFinance saw significant year-over-year growth in loan origination due to a low 2022 base and its small market share. They are maintaining their full-year origination target of RMB20 billion. The decrease in interest on loans to sales partners is considered a positive indicator of improving asset quality and fewer defaults, meaning fewer partners have to repurchase defaulted loans.

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CFO Rui Yang stated that while Mainland China remains the primary market, revenue from outside China is expected to grow to approximately 12% in fiscal 2021 and 13% in fiscal 2022. Executive VP Wilson Wong detailed that the newly raised capital will fund global expansion, particularly in Southeast Asia via its Singapore headquarters and in the U.S. market, as well as for IT talent training. CFO Rui Yang added that the company closed a $16 million direct offering in March 2021.

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