Currenc Group Inc. Announces Third Quarter 2025 Unaudited Financial Results

Rhea-AI Summary

Currenc Group (Nasdaq: CURR) reported unaudited results for Q3 2025 ended Sept 30, 2025. Tranglo TPV rose 10.1% year‑over‑year to US$1.41B, and remittance revenue (ex-TNG Asia/GEA) grew 54.8% to US$7.0M. Total revenue excluding divested units was US$10.4M, down 3.9% YoY, driven by a 12.3% decline in global airtime revenue and a large drop in local airtime. Gross profit margin expanded to 50.8% from 27.8% and direct costs fell 37%. Operating expenses were US$0.5M vs US$19.1M a year earlier. Group EBITDA was US$3.6M for the quarter.

Positive

• TPV +10.1% to US$1.41B in Q3 2025
• Remittance revenue +54.8% to US$7.0M
• Gross margin improved to 50.8%
• Direct costs down 37% YoY
• Group EBITDA US$3.6M in Q3 2025
• Operating expenses reduced from US$19.1M to US$0.5M

Negative

• Total revenue (ex-TNG/GEA) down 3.9% YoY to US$10.4M
• Global airtime revenue down 12.3% YoY
• Local airtime revenue dropped from $3.99M to $1.40M

Insights

Financial Analyst

Mixed quarter: strong remittance and margin gains offset by revenue decline and shifting away from airtime.

Currenc reported TPV of $1.41 billion (up 10.1% YoY) and remittance revenue of $7.0 million (up 54.8% YoY), which materially drove a higher group gross margin of 50.8% and group EBITDA of $3.6 million.

The company recorded a slight year‑over‑year decline in consolidated revenue excluding divested units to $10.4 million (down 3.9%), driven by lower local airtime revenue; operating expenses also fell sharply due to incentive‑share adjustments, producing a quarter net income of $3.1 million. These facts show improved profitability metrics despite top‑line pressure.

Watch execution on the stated reallocation from airtime to AI products and the timing of the proposed reverse merger with Animoca Brands; near‑term indicators to monitor include TPV trends, take rate stability (currently 0.38%), remittance margin sustainability, and quarterly EBITDA over the next four quarters.

Operations and Product Analyst

Operational shift clear: de‑emphasis on airtime, reinvestment in AI, and tighter cost control reflected in margins.

Tranglo delivered higher take rate and remittance volumes, with a reported take rate improvement to 0.38% and a remittance payout rate of 0.13%, supporting a Tranglo net profit contribution and combined Tranglo+WalletKu EBITDA of $0.9 million.

Management cites structural decline in Malaysia‑Indonesia airtime demand and is reallocating resources to AI offerings; the company incurred $0.4 million in AI initiative costs this quarter. Key operational risks are whether the airtime decline persists and whether AI investments translate into measurable revenue within a reasonable timeline. Monitor quarterly airtime revenue, AI product revenue recognition, and the company’s disclosed operating costs for Tranglo and WalletKu across the next two to four quarters.

SINGAPORE, Nov. 10, 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 unaudited financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Financial Highlights

• Total Processing Value (TPV) through Tranglo was US$1.41 billion for the third quarter of 2025, increasing by 10.1%¹ year-over-year. Total number of transactions increased to 3.0 million for the third quarter of 2025 from 2.7 million for the same period of 2024.
  
  
• Total revenues, excluding TNG Asia and GEA², were US$10.4 million for the third quarter of 2025, representing a year-over-year decrease of 3.9%³, primarily due to lower Indonesian Airtime revenue, partly offset by growth in remittance revenue.
  
  

		For the three-month period ended September 30,
		2025				20242
		$				$
		(dollars in thousands)
Remittance revenue excluding TNG Asia & GEA			6,970				4,501
Global Airtime Revenue			2,016				2,298
Local Airtime Revenue			1,402				3,992
Other Revenue			6				24
Total Revenue excluding TNG Asia & GEA			10,394				10,815

• Total remittance revenues², excluding TNG Asia and GEA, i.e., remittance revenues contributed by Tranglo, were US$7.0 million for the third quarter of 2025, an increase of 54.8% year-over-year. The increase in remittance revenue was mainly due to a 10.1%¹ increase in TPV. Tranglo’s overall take rate improved to 0.38% in the third quarter of 2025 from 0.37% in the same period of 2024.
• Currenc’s global airtime transfer revenues were US$2.0 million for the third quarter of 2025, representing a year-over-year decrease of 12.3%. 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 third quarter of 2025. As Currenc expects this trend to continue in Southeast Asian markets, the Company’s management is deemphasizing airtime transfer and reallocating its resources and capital to expand its new AI product offerings.
• Total direct costs of revenue were US$5.1 million for the third quarter of 2025, representing a year-over-year decrease of 37.0%.
• The direct payout rate for Tranglo’s remittance business was 0.13% for the third quarter of 2025, a slight increase compared to 0.12% for the same period of 2024. Currenc’s overall gross profit margin ratio for the third quarter of 2025 was 50.8%, compared to 27.8% for the same period of 2024.
• Total operating expenses decreased to US$0.5 million for the third quarter of 2025 from US$19.1 million for the same period of 2024. The decrease in operating expenses was mainly due to US$1.7 million income from adjustments on incentive shares expenses in the third quarter of 2025, compared to US$13.1 million expenses in recognition of the incentive shares granted to employees upon the completion of the INFINT SPAC merger for the same period of 2024.
  
  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$0.4 million in operating costs related to these new businesses in the third quarter of 2025.

• • Tranglo’s operating costs for the third quarter of 2025 were US$2.9 million, representing a 12.1% decrease compared to US$3.3 million in the same period of 2024.
  • WalletKu’s operating costs were US$0.17 million for the third quarter of 2025, representing a 17.0% decrease compared to US$0.2 million for the same period of 2024.
  • Professional fees and director fees were an income of US$1.3 million for the third quarter of 2025, mainly due to the reversal of professional fee accruals of US$1.6 million made in the third quarter of 2025.

• Net income was US$3.1 million for the third quarter of 2025, primarily driven by net profit of US$1 million from Tranglo, and adjustment on incentive shares granted to employees of US$1.6 million.
  
  
• EBITDA analysis
  
  

For the three-month period ended September 30, 2025		Tranglo				WalletKu				TNG Asia and GEA				Headquarters and adjustments				Group Total
		(dollars in thousands)
Net income (loss)			925				(90	)			-				2,305				3,140
Add:
Income tax expenses			62				-				-				(93	)			(31	)
Interest expense, net							-				-				(98	)			(98	)
EBIT			987				(90	)			-				2,114				3,011
Depreciation and amortization			-				-				-				-				550
EBITDA			987				(90	)			-				2,114				3,561

• • The Company’s total EBITDA for the third quarter of 2025 was a profit of US$3.6 million.
  • Tranglo and WalletKu’s combined EBITDA for the third quarter of 2025 was US$0.9 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 profit of US$2.1 million, mainly contributed by:
    • US$1.6 million for reversal of professional fee accrual.
      
      

For the three-month period ended September 30, 2024		Tranglo				WalletKu				TNG Asia and GEA				Headquarters and adjustments				Group Total
		(dollars in thousands)
Net income (loss)			(131	)			(39	)			(826	)			(4,025	)			(5,021	)
Add:
Income tax expenses			179				-				-				(93	)			86
Interest expense, net			-				-				76				3,780				3,856
EBIT			48				(39	)			(750	)			(338	)			(1,079	)
Depreciation and amortization			-				-				-				-				888
EBITDA			48				(39	)			(750	)			(338	)			(191	)

^{___________________ 
1} Change in TPV is calculated based on the local currency.
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

Alex Kong, Founder, Chief Executive Officer, and Executive Chairman of Currenc Group, remarked, “In the third quarter, we maintained steady business momentum and further enhanced our operational efficiency. Tranglo’s TPV increased 10.1% year-over-year to US$1.41 billion, while we improved take rate to 0.38%, driving 54.8% growth in remittance revenue to $7.0 million. These results underscore our remittance business’s strength and resilience, as well as disciplined operational execution. Meanwhile, we continue to deemphasize lower-margin airtime transfers and reallocate those resources toward technology-driven financial solutions that better meet customers’ evolving demand in the AI era. Going forward, our proposed reverse merger with Animoca Brands is poised to propel our next phase of development and unlock long-term value for our shareholders.”

Wan Lung Eng, Chief Financial Officer of Currenc Group, commented, “Our remittance business grew robustly in the third quarter, underpinned by healthy TPV and revenue increases and improved profitability. Tranglo delivered an EBITDA of US$1.0 million, contributing to Currenc’s EBITDA of US$3.6 million for the quarter. Combined EBITDA from Tranglo and WalletKu reached US$0.9 million, while disciplined execution kept Tranglo’s payout rate at 0.13% compared to 0.14% in the previous quarter. We also strengthened cost management, reducing direct costs by 37% year-over-year and expanding our gross margin to a record 50.8%. Operating expenses decreased significantly from the same period last year, reflecting adjustments to incentive-share expenses related to the de-SPAC merger, continued efficiency gains across our operations, and a US$0.4 million investment in our AI initiatives. As we progress through the Animoca reverse merger, we will remain focused on operational discipline, financial prudence, and ensuring a smooth handover for our stakeholders.”

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.

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.

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: investors@currencgroup.com

SOURCE: Currenc Group Inc.

CURRENC GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
		Three months ended September 30,
		2025				2024
		US$				US$
Revenue			10,394,350				11,259,716
Cost of revenue			(5,118,080	)			(8,124,542	)
Gross profit			5,276,270				3,135,174
Selling expenses			-				(3,649	)
General and administrative expenses			(519,576	)			(19,061,439	)
Profit/(loss) from operations			4,756,694				(15,929,914	)
Finance costs, net			99,468				(3,855,555	)
Other (loss)/income			(1,125,594	)			146,063
Other expenses			(621,513	)			(160,362	)
Profit/(loss) before income tax			3,109,055				(19,799,768	)
Income tax benefit/(expense)			30,495				(86,043	)
Net profit/(loss)			3,139,550				(19,885,811	)
Net (loss)/income attributable to non-controlling interests			(226,500	)			60,419
Net profit/(loss) attributable to CURRENC Group Inc.			2,913,050				(19,825,392	)
Net profit/(loss) per share, basic and diluted (1)		$	0.05			$	(0.52	)
Shares used in net profit/(loss) per share computation, basic and diluted (1)			56,432,698				38,163,168
Other comprehensive loss:
Foreign currency translation adjustments			(52,737	)			(72,055	)
Total comprehensive income/(loss)			3,086,813				(19,957,866	)
Total Comprehensive (income) loss attributable to non-controlling interests			(226,950	)			18,291
Total comprehensive income/(loss) attributable to CURRENC Group Inc.			2,859,863				(19,939,575	)

(1

)

Retrospectively restated to reflect Reverse Recapitalization

CURRENC GROUP INC.AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
				September 30, 2025				December 31, 2024
					US$				US$
ASSETS
Current assets:
Cash and cash equivalents					50,689,972				63,821,397
Restricted cash					42,664				40,742
Accounts receivable, net					1,516,126				2,115,681
Other financial assets					3,183,417				-
Amounts due from related parties					449,677				560,823
Prepayments, receivables and other assets					15,063,200				20,948,216
Total current assets					70,945,056				87,486,859
Non-current assets:
Equipment and software, net					1,049,261				1,055,520
Right-of-use asset					221,656				349,240
Intangible assets					2,230,699				3,386,117
Goodwill					12,059,428				12,059,428
Deferred tax assets					344,050				342,822
Total non-current assets:					15,905,094				17,193,127
Total assets					86,850,150				104,679,986
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Borrowings					14,148,295				20,150,058
Receivable factoring					52,442				258,415
Other financial liabilities					3,704,400				-
Accounts payable, accruals and other payables					39,795,727				55,329,740
Amounts due to related parties					3,629,516				67,697,074
Convertible bonds					-				1,750,000
Lease liabilities					196,524				171,909
Total current liabilities:					61,526,904				145,357,196
Non-current liabilities:
Deferred tax liabilities					599,612				876,912
Employee benefit obligation					37,737				45,289
Lease liabilities					17,259				156,647
Total non-current liabilities:					654,608				1,078,848
Total liabilities					62,181,512				146,436,044
Commitments and contingencies
Shareholders’ deficit:
Ordinary shares (US$0.0001 par value; 555,000,000 shares authorized 76,597,293 and 46,527,999 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively) (1)					7,660				4,653
Additional paid-in capital (1)					137,620,035				65,638,838
Accumulated deficit					(137,939,413	)			(131,522,902	)
Accumulated other Comprehensive Loss					598,099				(108,122	)
Total shareholders’ deficit attributable to Currenc Group Inc.					286,381				(65,987,533	)
Non-controlling interests					24,382,257				24,231,475
Total deficit					24,668,638				(41,756,058	)
Total liabilities and shareholders’ deficit					86,850,150				104,679,986
1)Retrospectively restated to reflect Reverse Recapitalization

CURRENC GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
					Nine months ended September 30,
					2025			2024
					US$			US$
Cash flows from operating activities:
Net loss					(6,312,104	)		(26,125,077	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash expense for Share-based compensation					3,196,336			14,137,850
Non-cash expense: others					520,983			-
Non-cash offering costs for convertible note					-			2,512,000
Non-cash finance cost for debt conversion					-			340,159
Depreciation of equipment and software					372,206			420,642
Depreciation of right-of-use assets					148,230			131,378
Amortization of intangible assets					1,155,418			2,184,996
Reversal of provision for doubtful debts					(54,405	)		-
Deferred income taxes					(444,774	)		(119,078	)
Gain on Disposal of property, plant and equipment					401			-
Disposal of subsidiaries					-			(6,873,094	)
Goodwill impairment					-			1,657
Unrealized foreign exchange gain					1,366,585			1,586,780
Changes in operating assets and liabilities:
Accounts receivable					677,767			(147,011	)
Prepayments, receivables and other assets					5,905,948			6,093,059
Escrow money payable					-			10,373
Client money payable					-			(416,198	)
Accounts payable, accruals and other payables					(15,121,227	)		(9,028,919	)
Interest payable on convertible bonds					-			-
Amount due from a director					1,881,362			1,427,640
Amount due to Immediate holding company					1,638,778			-
Amounts due from related parties					(3,642	)		(1,842,634	)
Amounts due to related parties					(7,333,371	)		4,034,054
Net cash used in operating activities					(12,405,509	)		(11,671,423	)
Cash flows from investing activities:
Decrease in short-term investments					(363,927	)		(365,224	)
Proceeds from disposal of property, plant and equipment					596			-
Net cash used in investing activities					(363,331	)		(365,224	)
Cash flows from financing activities:
Proceeds from convertible note					-			1,750,000
Proceeds from borrowings					-			640,145
Repayment of borrowings					-			(220,986	)
Proceeds from receivable factoring					634,132			1,604,828
Repayment of receivable factoring					(844,821	)		(1,452,946	)
Payment of principal elements of lease liabilities					(130,421	)		(136,094	)
Payment of interest elements of lease liabilities					(19,553	)		(5,842	)
Net cash (used in)/generated from financing activities					(360,663	)		2,179,105
Net decrease in cash and cash equivalents					(13,129,503	)		(9,857,542	)
Cash and cash equivalents, restricted cash and escrow money receivable at beginning of the period					63,862,139			58,960,384
Cash and cash equivalents, restricted cash and escrow money receivable at end of the period					50,732,636			49,102,842
Supplemental disclosure of cash flow information:
Income taxes paid					(508,456	)		(345,550	)
Interest paid					(106,919	)		(972,448	)

FAQ

What were Currenc (CURR) Q3 2025 TPV and remittance revenue?

Tranglo TPV was US$1.41B (+10.1% YoY) and remittance revenue (ex-TNG/GEA) was US$7.0M (+54.8% YoY).

How did Currenc's gross margin and EBITDA perform in Q3 2025?

Gross margin rose to 50.8% (from 27.8%) and group EBITDA was US$3.6M for Q3 2025.

Why did Currenc's total revenue (ex-TNG/GEA) fall in Q3 2025?

Total revenue (ex-TNG/GEA) was US$10.4M, down 3.9% mainly due to lower Indonesian airtime revenue reducing airtime revenue.

What cost trends did Currenc report for Q3 2025?

Direct costs decreased by 37% year‑over‑year and operating expenses fell to US$0.5M from US$19.1M in Q3 2024.

How much did Currenc de-emphasize airtime transfers in Q3 2025?

Management said it is deemphasizing airtime transfers after a 12.3% decline in global airtime revenue and reallocating resources to AI products.

Did Currenc report any major corporate transaction in Q3 2025?

Management referenced a proposed reverse merger with Animoca Brands as a strategic next phase for the company.