Currenc Group Inc. (CURR)·Q3 2024 Earnings Summary

Executive Summary

• Q3 revenue declined 11.0% year over year to $11.26M as global airtime and Hong Kong retail remittance (divested) contracted; net loss widened to $5.02M, or $(0.13) per share, driven by one-time de‑SPAC related share compensation and advisory share expenses in G&A .
• Core engine (Tranglo) showed scale: TPV rose 6.1% YoY to $1.21B and transactions were ~2.71M, while the overall take rate fell to 0.37% (from 0.40%), reflecting pricing to gain share; EBITDA loss narrowed to $0.2M from $1.2M YoY .
• Business simplified: divested TNG Asia and GEA in Q3; going forward, consolidated results will primarily reflect Tranglo (remittance and global airtime) and WalletKu (Indonesia airtime) .
• No formal quantitative guidance provided; S&P Global consensus for Q3 2024 was unavailable via our feed at time of review, so estimate comparisons could not be assessed (SPGI data unavailable) .

What Went Well and What Went Wrong

What Went Well

• Scale and network effects in remittance: Tranglo TPV up 6.1% YoY to $1.21B (9M +18.8%), with management citing improved forex take and payout agency rates offsetting lower fee take rates; Tranglo positive EBITDA and 9M net income of $1.53M (+13.2% YoY) .
• Cost discipline at operating subsidiaries: EBITDA loss narrowed to $0.2M from $1.2M YoY; combined Tranglo+WalletKu EBITDA remained positive in Q3 .
• Strategic simplification: divestiture of TNG Asia and GEA to focus on the higher‑scale B2B remittance hub (Tranglo) and Indonesian airtime (WalletKu) ahead of Nasdaq listing .

Selected quotes:

• “We divested two subsidiaries, GEA and TNG Asia, streamlining our operations to prioritize Tranglo… While our overall transaction fees take rate declined… this was offset by improvements in forex take rates and payout agency rates…” — Alex Kong, Founder & Executive Chairman .
• “Headquarters expenses… drove increases in general and administrative expenses… these are non-recurring costs that have positioned us for ongoing growth as a publicly-listed digital remittance frontrunner.” — CEO Ronnie Hui .

What Went Wrong

• Topline contraction and margin compression: Revenue down 11.0% YoY; gross margin fell to ~27.8% from ~32.5% YoY as fee take rates declined (pricing to gain share) and global airtime continued structural decline .
• One‑time public listing costs impacted profitability: G&A surged to $19.1M (+$12.6M YoY) primarily from $13.1M employee incentive shares and $1.0M advisor shares related to the de‑SPAC, widening net loss .
• Structural headwinds in airtime: Global airtime revenue down 22.1% YoY in Q3, with management not expecting a near‑term turnaround due to wider free Wi‑Fi adoption in key corridors (e.g., Malaysia–Indonesia) .

Financial Results

Summary P&L and Margins (YoY and sequential where available)

Notes:

• Q2 2024 figures not available in the 10‑Q/8‑K materials; the company did not furnish a Q2 earnings press release we could locate in filings .
• EBITDA is non‑GAAP as defined by the company; see reconciliation in filings .

Core Business KPIs and Revenue Mix

Segment Revenue Breakdown

Non-GAAP/Other notes:

• Tranglo recorded positive EBITDA in Q3 2024 and Q3 2023; combined Tranglo+WalletKu EBITDA remained positive .

Guidance Changes

No formal quantitative guidance (revenue, margin, OpEx, tax) was provided in the Q3 press release or 10‑Q; management focused on post‑listing cost optimization and core remittance growth narrative .

Earnings Call Themes & Trends

We did not locate a Q3 2024 earnings call transcript in company filings or our document catalog; the investor site lists a FY 2024 call held April 16, 2025 (outside Q3) . The table below reflects themes evidenced in Q3 filings/press release.

Management Commentary

• Strategy: “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… While our overall transaction fees take rate declined… this was offset by improvements in forex take rates and payout agency rates…” — Alex Kong, Founder & Executive Chairman .
• Costs/Listing: “Headquarters expenses relating to our merger with INFINT SPAC… are non-recurring costs that have positioned us for ongoing growth as a publicly-listed digital remittance frontrunner.” — Ronnie Hui, CEO .

Q&A Highlights

No Q3 2024 earnings call transcript or Q&A was available in our sources; company held a FY 2024 call in April 2025, outside the covered period .

Estimates Context

• We attempted to retrieve S&P Global (Capital IQ) Wall Street consensus for Q3 2024; the feed returned a request‑limit error, so we could not confirm consensus EPS or revenue, nor compute beats/misses for Q3 (Estimates unavailable; S&P Global) .
• Press materials did not include company‑compiled consensus comparisons .

Key Takeaways for Investors

• Scale vs pricing: Remittance TPV and network breadth continue to grow, but take rate pressure weighs on revenue; watch for sustainment of forex/payout optimizations to defend gross profit .
• Non‑recurring cost reset: De‑SPAC expenses inflated G&A; results should normalize absent these items, improving reported losses vs Q3 run‑rate .
• Structural airtime headwinds: Global airtime remains in secular decline; WalletKu grew modestly, but consolidated airtime drag likely persists absent new corridors/products .
• Balance sheet and cash: $49.1M cash and equivalents; working capital deficit and net capital deficit remain; management evaluating funding alternatives—monitor liquidity trajectory post‑listing .
• Legal overhang: Ripple APAC claim related to former subsidiary GEA (now divested); company intends to defend—track case developments and potential obligations .
• Mix shift post-divestitures: From Q4 onward, reported results will be primarily Tranglo (remittance+airtime) and WalletKu; this should simplify analysis and potentially improve quality of earnings .

Additional Detail and Cross-References

• Full Q3 press release furnished as 8‑K EX‑99.1 with financial statements and segment/EBITDA bridges .
• Q3 10‑Q provides MD&A on take rates, airtime structural trends, liquidity, related‑party/Ripple arrangements, and de‑SPAC accounting .

Prior Two Quarters’ Earnings

We could not locate Q1/Q2 2024 earnings press releases or call transcripts in the SEC or company press archives; as a de‑SPAC that closed on Aug 30, 2024, the comparable quarterly materials appear limited. We therefore rely on the Q3 10‑Q for year‑to‑date comparisons and prior‑year Q3 baselines .

Appendix: Additional Tables

Remittance/Airtime Contribution Detail (Core Businesses)

Condensed Consolidated P&L Extracts

Disclosures and Non-GAAP

• EBITDA defined as net loss plus interest, taxes, depreciation and amortization; see reconciliation in filings .
• From Q4 2024 onward, only Tranglo and WalletKu will be consolidated; TNG Asia and GEA were divested in Q3 .

Sources: SEC 8‑K and EX‑99.1 for Q3 2024; Form 10‑Q for quarter ended September 30, 2024; company investor site press page. Citations as noted above.