Mon, Apr 14, 7:48 PM (13 days ago)
### Summary of Financial Performance **Revenue:** - **2024:** $46.4 million - **2023:** $53.7 million - **Decline:** 12.9% **Gross Profit:** - **2024:** $14.6 million - **2023:** $17.4 million - **Decline:** 16.1% **Net Loss:** - **2024:** $38.8 million - **2023:** $14.4 million - **Increase:** 169.5% **Operating Expenses:** - **2024:** $41.9 million - **2023:** $24.0 million - **Increase:** 74.6% **EBITDA:** - **2024:** -$26.5 million - **2023:** -$2.1 million - **Decline:** 1133.3% ### Strategic Overview **Business Combination:** - **Date:** August 30, 2024 - **Entities Involved:** INFINT, Seamless Group Inc. - **Result:** Formation of Currenc Group Inc. **Divestitures:** - **GEA:** Divested on July 30, 2024 - **TNG Asia:** Divested on August 30, 2024 **PIPE Offering:** - **Date:** Simultaneous with the Business Combination - **Amount Raised:** $1.75 million in net proceeds ### Future Outlook **Expansion Plans:** - **Geographic Expansion:** Middle East, Africa - **Product Development:** AI products and services for financial institutions **Risk Factors:** - **Market Competition:** Intensifying competition in the digital remittance industry - **Regulatory Risks:** Compliance with evolving regulations in various jurisdictions - **Operational Risks:** Dependence on third-party service providers and technology infrastructure ### Financial Condition **Cash and Cash Equivalents:** - **2024:** $63.9 million - **2023:** $59.0 million **Working Capital:** - **2024:** -$57.9 million (deficit) - **2023:** -$15.0 million (deficit) **Net Capital:** - **2024:** -$41.8 million (deficit) - **2023:** -$15.0 million (deficit) ### Market Position Changes **Tranglo:** - **Remittance Transactions:** 11.4 million (2024), 11.0 million (2023) - **Total Processing Value:** $5.14 billion (2024), $4.53 billion (2023) **WalletKu:** - **Customers Served:** 128,000 (2024) - **Total Airtime Value:** $14.5 million (2024) **Ticker:** CURR