DigiAsia Corp (FAAS) Reports Strong First Half 2024 Financial Results, Achieves 45% Revenue Growth vs First Half of 2023

Rhea-AI Summary

DigiAsia Corp (NASDAQ: FAAS), Indonesia's leading Fintech-as-a-Service platform, reported strong financial results for H1 2024. The company achieved revenue of $51.1M, marking a 45% increase from $35.3M in H1 2023. Net losses significantly improved, decreasing 59% to -$1.48M from -$3.68M in the previous year. The growth was primarily driven by DigiAsia's API-first platform, which offers digital payments, lending, eKYC, and insurance services. The company demonstrated improved operating leverage and progress toward profitability, supported by increased enterprise integration and higher transaction volumes. Looking ahead, DigiAsia plans to establish a corporate Bitcoin treasury in 2025 to enhance balance sheet strength and expand its digital-first asset strategy.

Positive

• Revenue grew 45% year-over-year to $51.1M in H1 2024
• Net loss improved significantly by 59% to -$1.48M from -$3.68M in H1 2023
• Company achieved positive EBITDA through operational discipline
• Increased enterprise integration and higher transaction volumes on API platform

Negative

• Company still operating at a net loss of -$1.48M
• Planned Bitcoin treasury initiative could expose company to cryptocurrency volatility risks

News Market Reaction

+7.51%

1 alert

+7.51% News Effect

On the day this news was published, FAAS gained 7.51%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

New York, New York--(Newsfile Corp. - June 13, 2025) -  DigiAsia Corp. (NASDAQ: FAAS) ("DigiAsia"), Indonesia's leading Fintech-as-a-Service (FaaS) platform, today announced its unaudited financial results for the first half of 2024, ended June 30, 2024. The results highlight strong improved operating leverage, and clear progress toward profitability as enterprise demand for embedded finance continues to accelerate across Indonesia.

First Half 2024 Financial Highlights (Unaudited)

• Revenue: $51,110,222, up 45% from $35,321,776 in 1H 2023
• Net Loss: Reduced to -$1,478,828, improving 59% from -$3,675,431 in 1H 2023

"We are pleased to report strong growth in the first half of 2024, with improvements across all key financial metrics," said Prashant Gokarn, Co-CEO of DigiAsia. "Comparing our performance in the first half of 2024 to the same period in 2023, Revenue increased by 45% to over $51 million, demonstrating the operating leverage of our model. Our significantly narrowed net loss reflects prudent execution and demand for our API-driven platform in Indonesia."

Business Commentary

• DigiAsia's API-first platform, which powers digital payments, lending, eKYC, and insurance, was the primary growth driver, supported by increased enterprise integration and higher transaction volume.
• Management attributes the company's positive EBITDA and narrowing net loss to operational discipline, expanding digital infrastructure, and accelerating platform adoption.

Looking Ahead

Building on its strong first-half 2024 performance, DigiAsia is actively advancing key strategic initiatives for 2025. Among these is the planned establishment of a corporate Bitcoin (BTC) treasury, designed to enhance long-term balance sheet strength and align with the company's digital-first asset strategy. The BTC treasury initiative reflects DigiAsia's commitment to leveraging blockchain-based financial infrastructure as a complement to its embedded fintech services.

About DigiAsia Corp.

DigiAsia Corp. (NASDAQ: FAAS) is a Fintech-as-a-Service (FaaS) provider operating a B2B2X model across emerging markets. DigiAsia's embedded finance APIs empower SMEs with seamless financial service integration. DigiAsia's solutions drive financial inclusion. Offerings include cashless payments, digital wallets, and digital banking. DigiAsia is expanding its AI-powered FaaS solutions across Southeast Asia, India, and the Middle East.

Non-U.S. GAAP Financial Measures

This press release includes information about certain financial measures not prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). These non-GAAP measures lack standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures from other companies. The Company's management and board utilize these non-GAAP financial measures to assess performance. The Company offers these non-GAAP measures to investors because management believes they help identify underlying trends in ongoing operations when viewed alongside GAAP results and reconciliations.

Forward-Looking Statement:

This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, identified by words like "believe," "expect," or "will." These statements, including DigiAsia's operations and financial performance, involve risks and uncertainties (e.g., regulations, competition, economic conditions) detailed in our SEC filings. Actual results may differ. We disclaim any obligation to update these statements, except as required by law.

Contact: Prashant Gokarn, prashant.gokarn@digiasia.asia

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/255451

FAQ

What was DigiAsia (FAAS) revenue growth in H1 2024?

DigiAsia reported revenue of $51.1M in H1 2024, representing a 45% increase from $35.3M in H1 2023.

How much did DigiAsia (FAAS) reduce its net loss in H1 2024?

DigiAsia reduced its net loss by 59%, from -$3.68M in H1 2023 to -$1.48M in H1 2024.

What services does DigiAsia's API-first platform provide?

DigiAsia's API-first platform provides digital payments, lending, eKYC, and insurance services.

What is DigiAsia's (FAAS) strategic plan for 2025?

DigiAsia plans to establish a corporate Bitcoin (BTC) treasury in 2025 to enhance balance sheet strength and align with its digital-first asset strategy.

Is DigiAsia (FAAS) profitable as of H1 2024?

While DigiAsia achieved positive EBITDA, it still reported a net loss of -$1.48M in H1 2024, though significantly improved from previous year.