Currenc Group Inc. Announces First Half 2025 Financial Results

SINGAPORE, Dec. 01, 2025 (GLOBE NEWSWIRE) -- Currenc Group Inc. (Nasdaq: CURR) (“Currenc” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced its financial results for the six months ended June 30, 2025.

First Half 2025 Financial Highlights

Total Processing Value (TPV) through Tranglo was US$2.8 billion for the first half of 2025, decreasing by 5.8%1 year-over-year. Total number of transactions decreased by 0.1%, from 5.84 million in the first half of 2025, compared with 5.85 million for the same period of 2024. Beginning in Q3 2025, TPV changes were calculated in local currency. Under this method, TPV would have decreased by 8.8% in Q1 2025 and 2.8% in Q2 2025. Total Revenues,excluding TNG Asia and GEA2, were US$18.8 million for the first half of 2025, representing a year-over-year decrease of 10.8%3, primarily due to a 19% decline in global airtime revenue and a 21% decline in Indonesian Airtime revenue.

For the six-month period ended June 30, 2025 20242 US$ US$ (dollars in thousands)Remittance revenue excluding TNG Asia & GEA9,809 9,841 Global Airtime Revenue4,018 4,962Indonesian Airtime Revenue4,933 6,217Other Revenue8 89Total Revenue excluding TNG Asia & GEA18,768 21,109

Total remittance revenues2 contributed by Tranglo, were US$9.8 million for the first half of 2025, a decrease of 0.3% year-over-year. The decrease in remittance revenue was mainly due to lower contributions from the Hong Kong market following the exit of TNG Asia and GEA from the remittance business at the end of 2024. Tranglo’s overall take rate was 0.36% in the first half of 2025, in line with 0.36% in the same period of 2024. Currenc’s global airtime transfer revenues were US$4.0 million for the first half of 2025, representing a year-over-year decrease of 19.0%. 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 first half of 2025. As Currenc expects this trend to continue in Southeast Asian markets, the Company’s management plans to deemphasize airtime transfer and reallocate its resources and capital to expand its new AI product offerings. Total direct costs of revenue were US$12.3 million for the first half of 2025, representing a year-over-year decrease of 22.5%. The direct payout rate for Tranglo’s remittance business was 0.13% for the first half of 2025, a slight increase compared with 0.11% for the same period of 2024. Currenc’s overall gross profit margin ratio for the first half of 2025 was 34.3%, compared with 34.0% for the same period of 2024. Total operating expenses increased to US$15.1 million for the first half of 2025 from US$11.0 million for the same period of 2024. The increase was mainly due to expenses of US$4.3 million in recognition of the incentive shares granted to employees upon the completion of the INFINT SPAC merger.

As Currenc divested TNG Asia and GEA in August and July 2024, respectively, its operating costs now reflect the operating costs of Tranglo, WalletKu and the Company’s headquarters only. Also, with the rollout of its new AI initiatives, Currenc incurred US$1.5 million in operating costs related to these new businesses in the first half of 2025. Tranglo’s operating costs for the first half of 2025 were US$5.8 million, representing an increase of 8.05% from US$5.4 million in the same period of 2024. WalletKu’s operating costs were US$0.3 million for the first half of 2025, compared with US$0.6 million for the same period of 2024. Professional fees and director fees were US$2.1 million for the first half of 2025. Net loss was US$9.5 million for the first half of 2025, primarily driven by the net loss of US$10.8 million incurred by headquarters and adjustments. EBITDA analysis

For the six-month period ended June 30, 2025Tranglo WalletKu TNG
Asia
and GEA Headquarters and
adjustments Group Total US$ US$ US$ US$ US$ (dollars in thousands) Net income (loss) 1,637 (247) - (10,842) (9,452) Add: Income tax expenses 289 - - (185) 104 Interest expense, net 36 - - 1,990 2,026 EBIT1,962 (247) - (9,037) (7,322)Depreciation and amortization - - - - 1,129 EBITDA1,962 (247) - (9,037) (6,193)

The Company’s total EBITDA for the first half of 2025 was a loss of US$6.2 million.Tranglo and WalletKu’s combined EBITDA for the first half of 2025 was US$1.7 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 loss of US$9.0 million, mainly contributed by:

US$4.3 million in “Operating Expenses” in recognition of the incentive shares granted upon completion of the de-SPAC merger.US$1.5 million for the expenses incurred on developing AI projects.US$2.1 million for professional fees.US$0.8 million for amortization of intangible assets (Tranglo).

For the six-month period ended June 30, 2024TrangloWalletKu TNG
Asia and GEA Headquarters and
adjustments Group Total US$ US$ US$ US$ US$ (dollars in thousands) Net income (loss) 1,656 (254) (2,914) (4,727) (6,239) Add: Income tax expenses 325 - - (185) 140 Interest expense, net - - 1,686 2,141 3,827 EBIT1,981 (254) (1,228) (2,771) (2,272)Depreciation and amortization - - - - 1,849 EBITDA1,981 (254) (1,228) (2,771) (423)

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1 Change in TPV is calculated based on the local currency. TPV would increase by 1.8% year-over-year, if it is calculated by converting the local currency to US dollars. USD translation convention used for displaying TPV levels are based on month end exchange rate.

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 financial statements.

3 Total 2024 revenues include intercompany transactions.

Management Comments

“While global demand for digital remittance continues to grow, competition across major corridors has intensified,” said Alex Kong, Founder and Executive Chairman of Currenc. “In this environment, we prioritized pricing discipline, maintaining Tranglo’s take rate at 0.36% while delivering US$2.8 billion in TPV in the first half of 2025. Strategically, we continue to deemphasize lower-value airtime services, redirecting capital and resources toward our AI initiatives to deepen engagement with financial-institution clients, broaden our addressable market, and extend our remittance reach across additional high-volume corridors. Looking ahead, we remain committed to strengthening our remittance franchise while broadening our AI portfolio to create a more balanced, higher-quality revenue mix and deliver sustainable long-term value to our shareholders.”

Wan Lung Eng, Chief Financial Officer of Currenc Group, commented, “Our first-half performance reflects solid execution in our remittance business, which largely offset the expected decline in airtime revenues. Tranglo and WalletKu together generated positive EBITDA of US$1.7 million in the first half, while disciplined pricing and cost management kept our gross margin stable at 34.3% and maintained Tranglo’s payout rate at a healthy 0.13%. Operating expenses increased to US$15.1 million, mainly due to US$4.3 million in incentive share expenses associated with the de-SPAC merger and US$1.5 million in investments to develop our new AI offerings. Looking ahead, we will continue to streamline our cost structure, capitalize on our remittance strengths, and scale AI-driven growth to boost our profitability and shareholder value.”

Non-GAAP Financial Measures

To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with GAAP, it uses EBITDA, a non-GAAP financial measure as described below, to understand and evaluate its core operating performance. This non-GAAP financial measure, which may differ from similarly titled measures used by other companies, is presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

EBITDA is defined 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 financial 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 financial 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 financial information prepared in accordance with GAAP.

About Currenc Group Inc.

Currenc Group Inc. (Nasdaq: CURR) is a fintech pioneer dedicated to transforming global financial services through artificial intelligence (AI). The Company empowers financial institutions worldwide with comprehensive AI solutions, including SEAMLESS AI Call Centre and other AI-powered Agents designed to reduce costs, increase efficiency and boost customer satisfaction for banks, insurance, telecommunications companies, government agencies and other financial 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 financial 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, filed with the Securities and Exchange Commission.

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 identified 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 filings 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: [email protected]

SOURCE: Currenc Group Inc.

CURRENC GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Six months ended June 30, 20252024 US$ US$ Revenue 18,767,794 24,110,787 Cost of revenue (12,325,387) (15,906,252)Gross profit 6,442,407 8,204,535 Selling expenses - (9,759) General and administrative expenses (15,108,457) (10,965,337) Loss from operations (8,666,050) (2,770,561)Finance costs, net (2,026,851) (3,826,722)Other income 1,473,556 538,180 Other expenses (128,596) (39,734) Loss before income tax (9,347,941) (6,098,837)Income tax expense (103,713) (140,429) Net loss (9,451,654) (6,239,266)Net income attributable to non-controlling interests 122,093 (609,895) Net loss attributable to CURRENC Group Inc. (9,329,561) (6,849,161) Net loss per share, basic and diluted (1)$(0.20) $(0.20) Shares used in net loss per share computation, basic and diluted (1) 46,527,999 33,980,753 Other comprehensive loss: Foreign currency translation adjustments 837,738 (117,968) Total comprehensive loss (8,613,916) (6,357,234)Total Comprehensive loss (income) attributable to non-controlling interests 76,168 (624,695)Total comprehensive loss attributable to CURRENC Group Inc. (8,537,748) (6,981,929) (1) Retrospectively restated to reflect Reverse Recapitalization

CURRENC GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30,
2025 December 31,
2024 US$ US$ ASSETS Current assets: Cash and cash equivalents59,579,802 63,821,397 Restricted cash42,636 40,742 Accounts receivable, net1,706,230 2,115,681 Other financial assets1,699,380 - Amounts due from related parties445,660 560,823 Prepayments, receivables and other assets14,680,844 20,948,216 Total current assets78,154,552 87,486,859 Non-current assets: Equipment and software, net1,111,394 1,055,520 Right-of-use asset261,765 349,240 Intangible assets2,615,839 3,386,117 Goodwill12,059,428 12,059,428 Deferred tax assets344,291 342,822 Total non-current assets:16,392,717 17,193,127 Total assets94,547,269 104,679,986 LIABILITIES AND SHAREHOLDERS’ DEFICIT Current liabilities: Borrowings20,629,366 20,150,058 Receivable factoring64,079 258,415 Other financial liabilities1,786,050 - Accounts payable, accruals and other payables36,831,399 55,329,740 Amounts due to related parties67,057,905 67,697,074 Convertible bonds- 1,750,000 Lease liabilities191,628 171,909 Total current liabilities:126,560,427 145,357,196 Non-current liabilities: Deferred tax liabilities692,045 876,912 Employee benefit obligation68,146 45,289 Lease liabilities39,259 156,647 Total non-current liabilities:799,450 1,078,848 Total liabilities127,359,877 146,436,044 Commitments and contingencies (Note 10) Shareholders’ deficit: Ordinary shares (US$0.0001 par value; 555,000,000 shares authorized 76,084,675 and 46,527,999 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) (1)7,608 4,653 Additional paid-in capital (1)83,197,178 65,638,838 Accumulated deficit(140,852,463) (131,522,902)Accumulated other Comprehensive Loss679,763 (108,122)Total shareholders’ deficit attributable to Currenc Group Inc.(56,967,914) (65,987,533)Non-controlling interests24,155,306 24,231,475 Total deficit(32,812,608) (41,756,058)Total liabilities and shareholders’ deficit94,547,269 104,679,986

(1) Retrospectively restated to reflect Reverse Recapitalization

CURRENC GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Six months ended June 30, 20252024 US$ US$Cash flows from operating activities: Net loss(9,451,653) (6,239,266)Adjustments to reconcile net loss to net cash provided by operating activities: Non-cash expense for Share-based compensation4,324,040 - Non-cash expense: others86,670 - Depreciation of equipment and software253,803 286,666 Depreciation of right-of-use assets101,352 84,081 Amortization of intangible assets770,279 1,562,746 Deferred income taxes(256,814) 69,991 Disposal of subsidiaries- 27,798 Disposal of fixed assets401 - Goodwill impairment- 1,657 Unrealized foreign exchange loss/(gain)1,053,480 (371,444)Changes in operating assets and liabilities: Accounts receivable447,704 112,221 Prepayments, receivables and other assets6,269,117 11,196,085 Escrow money payable- 171,726 Client money payable- (162,581)Accounts payable, accruals and other payables(17,684,448) (15,430,926)Interest payable on convertible bonds 1,905,472 Amount due from a director72,611 - Amount due to Immediate holding company1,638,797 - Amounts due from related parties(3,644) - Amounts due to related parties8,739,057 4,732,315 Net cash used in operating activities(3,639,248) (2,053,459) Cash flows from investing activities: Decrease in short-term investments- (23)Purchases of property, plant and equipment(300,593) (199,097)Proceeds received from disposal of PPE596 - Net cash used in investing activities(299,997) (199,120) Cash flows from financing activities: Proceeds from borrowings- 639,430 Repayment of borrowings- (220,739)Proceeds from receivable factoring581,802 1,094,878 Repayment of receivable factoring(783,745) (1,183,530)Payment of principal elements of lease liabilities(84,527) (87,526)Payment of interest elements of lease liabilities(13,986) (4,824)Net cash (used in)/generated from financing activities(300,456) 237,689 Net decrease in cash and cash equivalents(4,239,701) (2,014,890)Cash and cash equivalents, restricted cash and escrow money receivable at beginning of the period63,862,139 58,960,384 Cash and cash equivalents, restricted cash and escrow money receivable at end of the period59,622,438 56,945,494 Supplemental disclosure of cash flow information: Income taxes paid(360,528) (254,890)Interest paid(64,553) (726,908)