Treasure Global Inc. reported a net loss of approximately $2.1 million for the three months ended September 30, 2025, compared to a net loss of $950,707 for the same period in 2024. The company's total revenues decreased by 12% to $182,527, down from $207,371 in the prior year. This decline was primarily driven by a significant drop in transaction revenue, which fell by 97.7% to $1,008, and a complete cessation of member subscription revenue, which had contributed $82,546 in the previous year. In contrast, product and loyalty program revenue increased by 122.1% to $181,519, reflecting higher demand for e-vouchers.
The company's operating expenses surged to $1.7 million, up from $983,849 in the prior year, largely due to increased research and development costs, which rose to $777,973 from $47,209. General and administrative expenses also saw a slight increase, totaling $842,921 compared to $788,894 in the previous year. The increase in operating expenses, coupled with the decline in revenues, contributed to the overall increase in net loss.
In terms of operational metrics, Treasure Global reported a total of 2,708,570 registered users on its ZCITY platform as of September 30, 2025, a marginal increase from the previous quarter. However, the number of active users dropped significantly to 4,378, down from 25,216 a year earlier. This decline in active users is attributed to reduced e-voucher purchases and a strategic reduction in marketing spending aimed at enhancing cost-effectiveness.
The company has been actively pursuing strategic developments, including a new revenue stream from customized software development services initiated in the previous fiscal year. Additionally, it has entered into various agreements to enhance its technological capabilities, including partnerships for AI-driven solutions and digital wallet integration. Despite these efforts, management expressed concerns regarding the company's ability to continue as a going concern, citing recurring losses and insufficient funds to meet working capital requirements. The company is exploring equity financing options to support its operations moving forward.
About TREASURE GLOBAL INC
Treasure Global Inc. operates an online-to-offline e-commerce platform centered on the ZCITY App, offering personalized deals, rewards, and seamless payment solutions in Malaysia and Southeast Asia. The company generates revenue through consumer transactions, merchant services, and subscriptions. Its competitive advantages include proprietary AI-driven personalization, a unique loyalty program, and strategic partnerships, aiming to expand digital commerce and loyalty ecosystems across the region.
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