Treasure Global Reports 7x ARPU Growth on ZCITY; TAZTE Enters Strategic Redevelopment

Rhea-AI Summary

Treasure Global (NASDAQ: TGL) reported sharply higher engagement and monetization on its ZCITY Super App for the quarter ended December 2025, with high-frequency users at 70.1% (up from 43.9% prior quarter) and ARPU rising 7x quarter-over-quarter. Registered users reached 2.71 million and registered merchants exceeded 2,000.

The company also initiated a strategic redevelopment of TAZTE to strengthen infrastructure, analytics, and user experience, aiming to support future commercialization and scalability across its digital ecosystem.

Positive

• High-frequency users 70.1%, up from 43.9% prior quarter
• ARPU growth 7x quarter-over-quarter
• Registered users 2.71 million
• Registered merchants 2,000+

Negative

• ARPU reported as quarter-over-quarter growth, limiting annual comparability
• TAZTE redevelopment announced with no disclosed timeline or cost

News Market Reaction – TGL

-1.54% 18.2x vol

12 alerts

-1.54% Session close to close

+22.5% Peak Tracked

-14.0% Trough Tracked

$6.95M Market Cap

18.2x Rel. Volume

In the Mar 26 session, TGL declined 1.54%, reflecting a mild negative market reaction. Argus tracked a peak move of +22.5% during that session. Argus tracked a trough of -14.0% from its starting point during tracking. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. Trading volume was exceptionally heavy at 18.2x the daily average, suggesting significant selling pressure.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement underscores record ZCITY engagement, with high-frequency users at 70.1% and ARPU u...

Analysis

This announcement underscores record ZCITY engagement, with high-frequency users at 70.1% and ARPU up 7x, alongside a strategic redevelopment of TAZTE. Recent filings, however, highlight a net loss of $5,243,767 and an accumulated deficit of $66,651,329, as well as ongoing going-concern risk. Investors may focus on whether improving platform metrics and ecosystem investments translate into sustained revenue growth and narrower losses over time.

Key Figures

High-frequency users: 70.1% of paid users Prior high-frequency level: 43.9% of paid users ARPU growth: 7x quarter-over-quarter +5 more

8 metrics

High-frequency users 70.1% of paid users Quarter ended December 2025 on ZCITY; ≥3 transactions

Prior high-frequency level 43.9% of paid users Previous quarter benchmark for ZCITY high-frequency users

ARPU growth 7x quarter-over-quarter ZCITY ARPU for quarter ended December 2025

Registered users 2.71 million ZCITY Super App user base as of quarter ended December 2025

Registered merchants 2,000+ ZCITY merchant base supporting the platform ecosystem

Six-month revenue $1,263,519 Revenue for six months ended December 31, 2025 (10-Q)

Six-month net loss $5,243,767 Net loss for six months ended December 31, 2025 (10-Q)

Accumulated deficit $66,651,329 Accumulated deficit referenced as going concern factor (10-Q)

Historical Context

5 past events · Latest: Mar 12 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 12	Industry recognition	Positive	-5.2%	CEO received ASEAN Fintech Icon Award and highlighted ZCITY strategy.
Feb 24	Earnings update	Neutral	-8.5%	Reported revenue growth, higher cash, but ongoing net losses for Q2 FY2026.
Jan 06	Capital structure	Positive	-8.5%	Concluded Alumni equity line, removing further dilution from that facility.
Jan 05	Listing compliance	Positive	-1.6%	Regained compliance with Nasdaq minimum bid price requirements.
Dec 11	Equity offering	Negative	-15.6%	Closed $2.5M registered direct offering of common stock under shelf.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent history shows multiple ostensibly positive or de-risking announcements followed by negative 24-hour price reactions, particularly around financing and corporate developments.

Recent Company History

Over the last few months, Treasure Global issued several notable updates. On Dec 11, 2025, it closed a registered direct offering with a -15.62% reaction. Subsequent news on Nasdaq bid-price compliance, concluding an equity line, and an ASEAN fintech award all saw negative next-day moves between -1.56% and -8.53%. Q2 FY2026 earnings showed revenue growth but continued losses, also met with a -8.46% reaction. Today’s engagement-focused ZCITY update fits into this sequence of platform and capital-structure milestones.

Key Terms

arpu, super app, form 10-q, going concern, +4 more

8 terms

arpu financial

"High-Frequency Users on ZCITY Surge to 70%, ARPU Grows Sevenfold"

ARPU, or Average Revenue Per User, measures how much money a company earns, on average, from each of its customers over a set period. It helps investors understand how effectively a business is generating income from its customer base, similar to calculating how much each customer spends at a store. Higher ARPU often indicates stronger sales per customer and better revenue performance.

super app technical

"record engagement and monetization on its ZCITY Super App platform"

A super app is a single mobile platform that combines many everyday services—such as messaging, payments, shopping, ride-hailing and financial tools—so users can do a lot without leaving one place. For investors it matters because a successful super app can lock in customers, spread revenue across multiple sources like a mall hosting many shops, and scale quickly as more users and services attract each other, but it also faces higher operational and regulatory risks.

form 10-q regulatory

"Quarterly Report on Form 10-Q for the period ended December 31, 2025"

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

going concern financial

"factors creating significant doubt about the company’s ability to continue as a going concern."

Going concern is the accounting assumption that a company will keep operating and meeting its obligations for the foreseeable future. The phrase matters most when a company or its auditors disclose substantial doubt about it, a formal warning that the business may not have enough resources to continue without raising money, restructuring, or selling assets. That language in a filing or press release signals elevated financial risk.

at-the-market stock offering financial

"entered into an at-the-market stock offering agreement with Kingswood Capital Partners LLC"

An at-the-market stock offering is a way for a company to raise cash by selling newly issued shares directly into the open market at the current trading price over time, rather than all at once. Investors should care because it provides flexible funding with potentially lower immediate price pressure, but it also gradually reduces each existing share’s slice of ownership and can affect market supply and share price.

prospectus supplement regulatory

"Prospectus Supplement (Debt Securities)"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

reverse stock split financial

"reflect a 1‑for‑20 reverse stock split effective December 5, 2025"

A reverse stock split reduces a company's number of outstanding shares while raising the price per share proportionally, so the total value of each investor's holding is unchanged; a 1-for-10 split turns 100 shares worth $1 each into 10 shares worth $10 each. Companies often do this to regain compliance with an exchange's minimum price rule or to attract investors who avoid very low-priced stocks.

nasdaq capital market regulatory

"back in compliance with the Nasdaq Capital Market listing requirements"

The Nasdaq Capital Market is a platform where smaller, emerging companies can list their shares for trading by investors. It provides these companies with access to funding and visibility, helping them grow, much like a local marketplace where new vendors can introduce their products to potential customers. For investors, it offers opportunities to discover early-stage companies with growth potential.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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High-Frequency Users on ZCITY Surge to 70%, ARPU Grows Sevenfold

KUALA LUMPUR, Malaysia, March 26, 2026 (GLOBE NEWSWIRE) -- Treasure Global Inc. (NASDAQ: TGL) (“Treasure Global” or the “Company”), a Southeast Asia–anchored technology company, today announced record engagement and monetization on its ZCITY Super App platform, alongside a strategic redevelopment of its TAZTE platform to strengthen its digital ecosystem.

ZCITY Delivers Record Engagement and Monetization
For the quarter ended December 2025:

• High-frequency users: 70.1% of paid users completed three or more transactions, up from 43.9% in the prior quarter
• ARPU growth: 7x quarter-over-quarter increase
• Registered users: 2.71 million
• Registered merchants: 2,000+

These results reflect stronger engagement, repeat transactions, and improved platform economics. Initiatives including AI-powered personalization, optimized rewards, and deeper merchant integrations are driving sustainable ARPU expansion and platform scalability.

“The surge in high-frequency users demonstrates the growing strength of our ZCITY ecosystem. Our data-driven initiatives are translating into higher engagement and monetization efficiency, reinforcing our strategy of building a scalable digital platform,” said Carlson Thow, CEO of Treasure Global.

TAZTE Platform Strategic Redevelopment
Treasure Global’s subsidiary, TADAA Technologies Sdn Bhd, has initiated a strategic redevelopment of the TAZTE platform to enhance technological infrastructure, analytics capabilities, and user experience. This redevelopment prioritizes long-term scalability and positions TAZTE for future commercialization opportunities.

“Redeveloping TAZTE strengthens the technological foundation of our digital ecosystem and ensures we are ready for future growth opportunities,” added Carlson Thow.

Business Outlook
ZCITY’s engagement and monetization momentum, combined with TAZTE’s technology-focused redevelopment, reinforce Treasure Global’s integrated approach across digital commerce, fintech, and F&B services.

The Company plans to accelerate growth through AI-driven personalization, enhanced merchant solutions, and reward optimization, aiming to increase retention, transaction frequency, and ARPU, while strengthening long-term platform economics across Southeast Asia.

About Treasure Global:
Treasure Global is a Malaysia-based technology solutions provider specializing in innovative platforms that drive digital transformation in retail and services. The Company’s flagship product is the ZCITY Super App, which integrates e-payment solutions with customer loyalty rewards to create a seamless online-to-offline user experience. As of December 2025, ZCITY has attracted 2.71 million registered users, positioning Treasure Global as a key player in Malaysia’s digital economy. Treasure Global continuously leverages cutting-edge technologies, including artificial intelligence and data analytics, to enhance its platform’s capabilities across e-commerce, fintech, and other verticals.

Visit treasureglobal.org for more information.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect the Company’s current expectations, assumptions, and projections about future events and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking statements typically include terminology such as “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” or similar expressions.

Factors that could cause actual results to differ materially include, without limitation, the Company’s ability to expand its e-commerce platform and F&B distribution business, customer acceptance of new products and services, changes in economic conditions affecting its operations, the outcome of partnership discussions, the impact of global health crises, supply chain disruptions, competition, and regulatory risks related to data privacy and security. Additional risks include volatility in digital asset markets, potential vulnerabilities in custodial security, and evolving global and domestic regulatory frameworks applicable to blockchain technologies. These risks, along with other factors, are discussed in more detail in the Company’s filings with the U.S. Securities and Exchange Commission.

The forward-looking statements in this press release speak only as of the date hereof. The Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

CONTACT
Investor and media contact:
Investor Relations Team
Treasure Global
ir_us@treasureglobal.org

FAQ

What did Treasure Global (TGL) report for ZCITY engagement in December 2025?

ZCITY reported 70.1% high-frequency users for the quarter ended December 2025, up from 43.9% the prior quarter. According to Treasure Global, this reflects stronger repeat transactions, AI personalization, rewards optimization, and deeper merchant integrations driving engagement.

How much did ARPU increase on ZCITY according to Treasure Global's March 26, 2026 release?

ARPU increased 7x quarter-over-quarter for the quarter ended December 2025. According to Treasure Global, AI-driven personalization and optimized rewards contributed to the rapid monetization and platform scalability.

How many users and merchants did Treasure Global report on ZCITY by December 2025?

ZCITY reached 2.71 million registered users and more than 2,000 registered merchants in the quarter ended December 2025. According to Treasure Global, these figures support deeper merchant integrations and repeat transactions.

What is the purpose of the TAZTE redevelopment announced by Treasure Global on March 26, 2026?

The TAZTE redevelopment aims to improve infrastructure, analytics, and user experience to support long-term scalability. According to Treasure Global, the initiative positions TAZTE for future commercialization opportunities within its ecosystem.

What investor implications did Treasure Global highlight from ZCITY momentum in March 2026?

The company emphasized that ZCITY's engagement and monetization momentum supports platform scalability and improved platform economics. According to Treasure Global, the firm will accelerate growth via AI personalization, enhanced merchant solutions, and reward optimization.