Currenc Group Inc. reported a significant decline in financial performance for the first quarter of 2025, with revenues falling to $10.1 million, a 23% decrease from $13.1 million in the same period of 2024. The drop in revenue was primarily attributed to the divestiture of TNG Asia and GEA, which had contributed $2.2 million in revenue during the previous year. The company's gross profit also decreased to $3.2 million from $4.4 million, reflecting a decline in both remittance and airtime revenue streams.
The company's net loss for the quarter was $4.5 million, compared to a loss of $2.6 million in the prior year. This increase in losses was driven by higher operating expenses, which rose to $7.5 million from $5.8 million, largely due to a $2.2 million expense related to share-based compensation. Additionally, finance costs decreased slightly to $1.1 million from $1.3 million, while other income increased to $1.0 million from $0.2 million, contributing to the overall financial results.
Operationally, Currenc Group's remittance segment processed approximately 2.77 million transactions with a total processing value of $1.30 billion, down from 2.94 million transactions and $1.35 billion in the previous year. The number of unique users for the remittance service increased slightly to 579,684, while the average monthly unique sending accounts decreased to 348,865. The airtime segment also faced challenges, with transaction volumes and values declining significantly, reflecting a broader trend of reduced demand in the market.
Looking ahead, Currenc Group is focusing on expanding its market reach and enhancing its product offerings, particularly in the Middle East and Africa. The company is also exploring new AI-driven services aimed at financial institutions, which it believes could drive future growth. However, the company acknowledged substantial doubt about its ability to continue as a going concern, given its working capital deficit of $59.8 million and net capital deficit of $43.9 million as of March 31, 2025. To address liquidity concerns, Currenc has entered into an equity line of credit agreement, allowing it to issue additional shares for liquidity purposes.
About Currenc Group Inc.
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