MoneyHero Limited (Nasdaq: MNY) (“MoneyHero” or the “Company”), a
market leading personal finance and digital insurance aggregation
and comparison platform in Greater Southeast Asia, today announced
financial results for its fourth quarter and full year ended
December 31, 2023.
Management Commentary:
Rohith Murthy, Chief Executive Officer, stated:
“In a landmark quarter that capped off a monumental year for the
business, MoneyHero not only reinforced its market leadership in
Asia’s leading financial hubs of Singapore and Hong Kong, but also
continued to capture significant market share away from our closest
competitors, further establishing MoneyHero as the preferred
consumer finance platform for top banks, as well as insurance
partners across Greater Southeast Asia. Our focus on expanding
insurance offerings, starting with travel insurance, has
significantly increased direct purchases from our platform. This
not only improves the user experience and engagement, but also our
unit economics, enabling us to offer a wider range of relevant
insurance products. As a result, our insurance revenue more than
doubled this past year, underlining our growing focus on this
rapidly expanding market. Beyond our core businesses and legacy
markets, our progress in the Philippines was also especially
remarkable, with revenue increasing 64% year-over-year in the
fourth quarter, showcasing our ability to scale and appeal broadly
across the emerging region. Additionally, Creatory, our innovative
B2B2C platform, showed solid performance over the past year and now
contributes to more than 17% of our group revenue, up from 12% last
year. This reflects the strength of our diversified business model
and our adeptness at quickly capitalizing on evolving digital
content trends.”
“Importantly, we ended 2023 by upgrading most of
our leading comparison channels to a more advanced technology
platform which also consolidated our comprehensive data into a
streamlined system, enhancing both operational efficiency and user
experience. As we look ahead in 2024 and beyond, our strategic
direction is concentrated on four fundamental pillars: 1) Best
Site—enhancing our platform to become the most user-friendly
destination for customers, improving user journeys and tools; 2)
Operational Efficiency—we are streamlining workflows, reducing
manual operations, and increasing value for stakeholders through
automation and stronger utilization of our integrated data
platform; 3) Insurance—just as we have done with our personal
finance offerings, we aim to become the premier choice in Greater
Southeast Asia in helping consumers identify and acquire any
general insurance product, broadening our range and simplifying the
acquisition process for our customers; 4) Shareholder
Value—following our public listing in 2023, MoneyHero is now an
organization with a relentless dedication to building trust for our
shareholders, and ultimately, working hard to drive value for them
every day. Building off an accomplished year in 2023, we are now
more than ever better positioned for the future, backed by a
world-class platform, elevated technology and user offerings, and
stronger access to capital than any of our peers. I am proud to
announce these results and look forward to the remainder of 2024
and beyond.”
Shaun Kraft, Chief Financial Officer and Chief
Operating Officer, added: “MoneyHero delivered 18% year-over-year
revenue growth in 2023, while improving Adjusted EBITDA loss to
US$(6.8) million down from $(15.6) million in 2022. In the fourth
quarter, we successfully completed our deSPAC transaction, raising
capital to support our aggressive growth strategy and continue
expanding our market share across Greater Southeast Asia. As of
December 31, 2023, we had a debt-free balance sheet with US$68.6
million in cash, making MoneyHero by far the best capitalized
player in its space. Fueled by this capital position and our
dominant existing footprint, MoneyHero is focused on expanding its
market leadership position through both organic and M&A
initiatives. This strategy has already begun to show positive
results with Q4 2023 revenue increasing 53% year-over-year.”
Fourth Quarter 2023 Financial
Highlights
- Revenue increased by 53%
year-over-year to US$26.4 million in the fourth quarter of 2023
- Online financial comparison
platforms revenue increased 44% year-over-year to US$21.8
million
- Creatory, MoneyHero’s B2B business,
revenue increased by 117% year-over-year and contributed to 17% of
Group revenue in the fourth quarter of 2023, as compared to 12% in
the prior year period
- Revenue by markets:
- Singapore revenue increased 94%
year-over-year to US$12.1 million in the fourth quarter, with the
strongest growth coming from the credit cards and insurance
verticals
- Hong Kong revenue increased 46%
year-over-year to US$8.4 million in the fourth quarter, with the
strongest growth coming from the credit cards and insurance
verticals
- Philippines revenue increased 64%
year-over-year to US$3.9 million in the fourth quarter, with the
strongest growth achieved in the credit cards vertical
- Taiwan revenue decreased 22%
year-over-year to US$2.0 million in the fourth quarter due to
paused product offerings for certain key clients; however, the
situation improved in the fourth quarter, with revenue increasing
103% from the third quarter of 2023
- Revenue from insurance products
increased by 106% year-over-year to US$1.9 million in the fourth
quarter of 2023, contributing 7.3% of Group revenue, as compared to
5.4% in the prior year period
- Adjusted EBITDA loss increased to
US$(4.6) million from US$(2.5) million in the fourth quarter of
2023, driven primarily by increased investment into marketing and
customer acquisition as part of the Company’s strategy to expand
market share and increase brand awareness
Full Year 2023 Financial
Highlights
- Revenue increased by 18%
year-over-year to US$80.7 million for the full year of 2023, with a
significant acceleration of revenue growth achieved in the second
half of 2023
- Creatory, MoneyHero’s B2B business,
revenue increased 47% year-over-year to US$13.7 million for the
full year of 2023, contributing 17.0% of Group revenue, as compared
to 13.7% in the prior year
- Revenue from insurance products
increased by 120% year-over-year to US$5.9 million for the full
year of 2023, contributing 7.3% of Group revenue, as compared to
3.9% in the prior year
- Adjusted EBITDA loss decreased to
US$(6.8) million for the full year of 2023 from US$(15.6) million
in the prior year. Adjusted EBITDA margin improved to (8.5)% for
the full year of 2023 from (23.0)% in the prior year
- Operating loss decreased to
US$(30.0) million in the full year of 2023, from US$(41.0) million
in the prior year. Operating loss for 2023 included significant
transaction costs associated with the listing as well as certain
write-offs of intangible assets which are further detailed in the
Adjusted EBITDA reconciliation below
- Loss for the full year 2023 of
US$(172.6) million includes US$143.4 million in non-operating
expenses associated with share-based payments to effect the merger
with Bridgetown Holdings, finance costs and changes in fair value
of financial instruments
- In the fourth quarter of 2023, the
Company repaid all interest-bearing borrowings, and settled warrant
liabilities and other derivative financial instruments through the
issuance of Class A shares in MoneyHero Limited
- As of December 31, 2023, the
Company had a debt-free balance sheet with US$68.6 million in cash
and cash equivalents
Full Year 2023 Operational
Highlights
- Monthly Unique Users grew 12%
year-over-year to 8.7 million for the full year of 2023 on the back
of strong user growth in both Taiwan and the Philippines
- MoneyHero Group Members, to whom we
can provide more tailored product information and recommendations,
grew 41% year-over-year to 5.3 million as of December 31, 2023 due
to member growth across Singapore, Hong Kong, Taiwan and the
Philippines
- Approved Application volumes
increased 60% year-over-year for the full year of 2023 to 636,000
driven by strong growth in the Company’s insurance products
Capital Structure
The table below summarizes the capital structure
of the Company as of December 31, 2023:
|
Share Class |
Issued and Outstanding |
|
Class A Ordinary |
25,280,667 |
|
Class B Ordinary |
13,254,838 |
|
Preference Shares |
3,466,820 |
|
Total Issued Shares |
42,002,325 |
|
Employee Equity Options1 |
2,879,571 |
|
Total Issued and Issuable Shares2 |
44,881,896 |
1 Includes unexercised and exercised options, but not yet issued
as of December 31, 2023.2 Public Warrants, Sponsor Warrants, Class
A-1 Warrants, Class A-2 Warrants and Class A-3 Warrants are
excluded since they are out of money.
| Summary of financial /
KPI performance |
For the Three Months EndedDecember 31, |
|
For the Year EndedDecember 31, |
|
|
2023 |
|
2022 |
|
|
2023 |
|
2022 |
|
|
|
(US$ in thousands, unless otherwise noted) |
| Revenue |
26,397 |
|
17,237 |
|
|
80,671 |
|
68,132 |
|
| Adjusted EBITDA |
(4,643) |
|
(2,512) |
|
|
(6,842) |
|
(15,648) |
|
| |
|
|
|
|
|
| Clicks (in thousands) |
2,247 |
|
1,607 |
|
|
8,222 |
|
5,843 |
|
| Applications (in
thousands) |
504 |
|
339 |
|
|
1,713 |
|
1,303 |
|
| Approved Applications (in
thousands) |
204 |
|
110 |
|
|
636 |
|
397 |
|
| Revenue
breakdown |
For the Three Months Ended December 31, |
|
For the Year EndedDecember 31, |
|
|
2023 |
2022 |
|
2023 |
2022 |
|
|
US$ |
% |
US$ |
% |
|
US$ |
% |
US$ |
% |
|
|
(US$ in thousands, except for percentages) |
| By Geographical
Market: |
|
|
|
|
|
|
|
|
|
|
Singapore |
12,111 |
45.9 |
6,259 |
36.3 |
|
32,070 |
39.8 |
23,468 |
34.4 |
|
Hong Kong |
8,390 |
31.8 |
5,759 |
33.4 |
|
26,947 |
33.4 |
22,247 |
32.7 |
|
Taiwan |
1,967 |
7.5 |
2,527 |
14.7 |
|
6,743 |
8.4 |
11,027 |
16.2 |
|
Philippines |
3,887 |
14.7 |
2,376 |
13.8 |
|
14,169 |
17.6 |
9,858 |
14.5 |
|
Malaysia |
43 |
0.2 |
338 |
2.0 |
|
738 |
0.9 |
1,282 |
1.9 |
|
Other Asia |
(0) |
(0.0) |
(21) |
(0.1) |
|
4 |
0.0 |
250 |
0.3 |
|
|
|
|
|
|
|
|
|
|
|
| Total
Revenue |
26,397 |
100.0 |
17,237 |
100.0 |
|
80,671 |
100.0 |
68,132 |
100.0 |
|
|
|
|
|
|
|
|
|
|
|
| By
Source: |
|
|
|
|
|
|
|
|
|
|
Online financial comparison platforms |
21,831 |
82.7 |
15,133 |
87.8 |
|
66,926 |
83.0 |
58,765 |
86.3 |
|
Creatory |
4,566 |
17.3 |
2,104 |
12.2 |
|
13,746 |
17.0 |
9,368 |
13.7 |
|
|
|
|
|
|
|
|
|
|
|
| Total
Revenue |
26,397 |
100.0 |
17,237 |
100.0 |
|
80,671 |
100.0 |
68,132 |
100.0 |
|
|
|
|
|
|
|
|
|
|
|
| By
Vertical: |
|
|
|
|
|
|
|
|
|
|
Credit cards |
19,976 |
75.7 |
12,203 |
70.8 |
|
60,258 |
74.7 |
49,430 |
72.6 |
|
Personal loans and mortgages |
3,487 |
13.2 |
2,625 |
15.2 |
|
10,166 |
12.6 |
9,655 |
14.2 |
|
Insurance |
1,928 |
7.3 |
935 |
5.4 |
|
5,853 |
7.3 |
2,662 |
3.9 |
|
Other verticals |
1,006 |
3.8 |
1,474 |
8.6 |
|
4,394 |
5.4 |
6,385 |
9.3 |
|
|
|
|
|
|
|
|
|
|
|
| Total
Revenue |
26,397 |
100.0 |
17,237 |
100.0 |
|
80,671 |
100.0 |
68,132 |
100.0 |
|
|
For the Three Months EndedDecember 31, |
|
For the Year EndedDecember 31, |
|
|
2023 |
2022 |
|
2023 |
2022 |
|
|
(in millions, except for percentages) |
|
Monthly Unique Users |
|
|
|
|
|
|
|
|
|
|
Singapore |
1.5 |
18.5% |
1.8 |
22.9% |
|
1.7 |
19.2% |
1.7 |
21.2% |
|
Hong Kong |
1.1 |
13.8% |
1.5 |
19.2% |
|
1.4 |
15.9% |
1.8 |
22.7% |
|
Taiwan |
2.0 |
24.9% |
1.8 |
23.7% |
|
2.4 |
28.0% |
1.7 |
22.4% |
|
Philippines |
3.2 |
39.9% |
2.4 |
30.5% |
|
2.9 |
33.8% |
2.3 |
29.3% |
|
Malaysia |
0.2 |
2.8% |
0.3 |
3.7% |
|
0.3 |
3.0% |
0.3 |
4.3% |
|
Total |
8.1 |
100.0% |
7.7 |
100.0% |
|
8.7 |
100.0% |
7.8 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
| Total
Traffic |
|
|
|
|
|
|
|
|
|
|
Singapore |
4.2 |
13.6% |
4.1 |
14.6% |
|
16.3 |
12.6% |
15.6 |
13.7% |
|
Hong Kong |
4.9 |
15.7% |
6.4 |
23.1% |
|
23.7 |
18.3% |
30.6 |
26.9% |
|
Taiwan |
8.0 |
25.7% |
7.2 |
26.0% |
|
39.3 |
30.4% |
27.3 |
24.0% |
|
Philippines |
13.1 |
42.3% |
9.0 |
32.4% |
|
46.2 |
35.7% |
35.3 |
31.0% |
|
Malaysia |
0.9 |
2.8% |
1.1 |
3.9% |
|
3.9 |
3.0% |
5.0 |
4.4% |
|
Total |
31.0 |
100.0% |
27.8 |
100.0% |
|
129.5 |
100.0% |
113.7 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
| MoneyHero Group
Members |
|
|
|
|
|
|
|
|
|
|
Singapore |
1.2 |
22.1% |
0.9 |
23.3% |
|
1.2 |
22.1% |
0.9 |
23.3% |
|
Hong Kong |
0.7 |
13.0% |
0.5 |
12.2% |
|
0.7 |
13.0% |
0.5 |
12.2% |
|
Taiwan |
0.3 |
4.8% |
0.2 |
5.4% |
|
0.3 |
4.8% |
0.2 |
5.4% |
|
Philippines |
2.9 |
55.3% |
1.9 |
51.8% |
|
2.9 |
55.3% |
1.9 |
51.8% |
|
Malaysia |
0.3 |
4.8% |
0.3 |
7.2% |
|
0.3 |
4.8% |
0.3 |
7.2% |
|
Total |
5.3 |
100.0% |
3.8 |
100.0% |
|
5.3 |
100.0% |
3.8 |
100.0% |
Conference Call Details
The Company will host a conference call and
webcast on Monday, April 29, 2024, at 8:00 a.m. Eastern Standard
Time / 8:00 p.m. Singapore Standard Time to discuss the Company's
financial results. The MoneyHero Limited (NASDAQ: MNY) Q4 2023
Earnings call can be accessed by registering at:
Webcast:
https://edge.media-server.com/mmc/p/imx3hnjmConference
call: https://register.vevent.com/register/BIac979ca014d64018b55b9054336ae024
The webcast replay will be available on the Investor Relations
website for 12 months following the event.
About MoneyHero Group
MoneyHero Limited (NASDAQ: MNY), formerly known
as Hyphen Group or CompareAsia Group, is a market leader in the
online personal finance and digital insurance aggregation and
comparison sector in Greater Southeast Asia. The Company operates
in Singapore, Hong Kong, Taiwan, the Philippines, and Malaysia with
respective brands for each local market. MoneyHero currently
managed 279 commercial partner relationships and services 8.7
million Monthly Unique Users across its platform for the 12 months
ended December 31, 2023. The Company’s backers include Peter
Thiel—co-founder of PayPal, Palantir Technologies, and the Founders
Fund—and Hong Kong businessman, Richard Li, the founder and
chairman of Pacific Century Group. To learn more about MoneyHero
and how the innovative fintech company is driving APAC’s digital
economy, please visit www.MoneyHeroGroup.com.
Key Performance Metrics and Non-IFRS
Financial Measures
“Monthly Unique User” means as a unique user
with at least one session in a given month as determined by a
unique device identifier from Google Analytics. A session initiates
when a user either opens an app in the foreground or views a page
or screen and no session is currently active (e.g., the user’s
previous session has ended). A session ends after 30 minutes of
user inactivity. We measure Monthly Unique Users during a time
period longer than one month by averaging the Monthly Unique Users
of each month within that period.
“Traffic” means the total number of unique
sessions in Google Analytics. A unique session is a group of user
interactions recorded when a user visits the website or app within
a 30-minute window. The current session ends when there is 30
minutes of inactivity or users have a change in traffic source.
“MoneyHero Group Members” means (i) users who
have login IDs with us in Singapore, Hong Kong and Taiwan, (ii)
users who subscribe to our email distributions in Singapore, Hong
Kong, Taiwan, the Philippines and Malaysia, and (iii) users who are
registered in our rewards database in Singapore and Hong Kong. Any
duplications across the three sources above are deduplicated.
“Clicks” means the sum of unique clicks by
product vertical on a tagged “Apply Now” button on our website,
including product result pages and blogs. We track Clicks to
understand how our users engage with our platforms prior to
application submission or purchase, which enables us to further
optimize conversion rates.
“Applications” means the total number of product
applications submitted by users and confirmed by our commercial
partners.
“Approved Applications” means the number of
applications that have been approved and confirmed by our
commercial partners.
In addition to MoneyHero Group’s results
determined in accordance with IFRS, MoneyHero Group believes that
the key performance metrics above and the non-IFRS measures below
are useful in evaluating its operating performance. MoneyHero Group
uses these measures, collectively, to evaluate ongoing operations
and for internal planning and forecasting purposes. MoneyHero Group
believes that non-IFRS information, when taken collectively, may be
helpful to investors because it provides consistency and
comparability with past financial performance and may assist in
comparisons with other companies to the extent that such other
companies use similar non-IFRS measures to supplement their IFRS
results. These non-IFRS measures are presented for supplemental
informational purposes only and should not be considered a
substitute for financial information presented in accordance with
IFRS and may be different from similarly titled non-IFRS measures
used by other companies. Accordingly, non-IFRS measures have
limitations as analytical tools, and should not be considered in
isolation or as substitutes for analysis of other IFRS financial
measures, such as loss for the year/period and loss before income
tax.
Adjusted EBITDA is a non-IFRS financial measure
defined as loss for the year/period plus depreciation and
amortization, interest income, finance costs, income tax
expenses/(credit), impairments of assets, equity-settled share
option expense, other long-term employee benefits expense/(credit),
employee severance expenses, transaction expenses, changes in fair
value of financial instruments, gain on derecognition of
convertible loan and bridge loan, unrealized foreign exchange
differences, net minus government subsidies which are mainly
COVID-related. Adjusted EBITDA Margin is defined as Adjusted EBITDA
as a percentage of revenue.
A reconciliation is provided for each non-IFRS
measure to the most directly comparable financial measure stated in
accordance with IFRS. Investors are encouraged to review the
related IFRS financial measures and the reconciliations of these
non-IFRS measures to their most directly comparable IFRS financial
measures. IFRS differs from U.S. GAAP in certain material respects
and thus may not be comparable to financial information presented
by U.S. companies. We currently, and will continue to, report
financial results under IFRS, which differs in certain significant
respect from U.S. GAAP.
|
|
For the Three Months EndedDecember 31, |
|
For the Year EndedDecember 31, |
|
|
2023 |
2022 |
|
2023 |
2022 |
|
|
(US$ in thousands) |
| Loss for the
period |
(94,296) |
(2,849) |
|
(172,601) |
(49,442) |
| Tax expenses/(credit) |
3 |
6 |
|
63 |
(252) |
| Depreciation and
amortization |
3,563 |
1,478 |
|
7,165 |
4,789 |
| Interest income |
(679) |
(19) |
|
(873) |
(28) |
| Finance costs |
13,657 |
1,003 |
|
19,028 |
7,801 |
| |
|
|
|
|
|
| EBITDA |
(77,752) |
(380) |
|
(147,217) |
(37,132) |
| |
|
|
|
|
|
| Non-cash items: |
|
|
|
|
|
| Changes in fair value of
financial instruments |
(123) |
(134) |
|
57,333 |
1,101 |
| Impairment of goodwill |
- |
289 |
|
- |
4,383 |
| Impairment of other intangible
assets |
3,106 |
(53) |
|
3,106 |
1,451 |
| Equity settled share-based
payment arising from employee share option scheme |
5,653 |
7,983 |
|
6,629 |
14,431 |
| Unrealized foreign exchange
differences, net |
(4,763) |
(7,349) |
|
(895) |
3,389 |
| |
|
|
|
|
|
| Listing and other
non-recurring strategic exercises related items: |
|
|
|
|
|
| Share-based payment on
listing |
67,027 |
- |
|
67,027 |
- |
| Equity settled share-based
payment arising from professional services in relation to
listing |
500 |
- |
|
500 |
- |
| Transaction expenses |
1,739 |
638 |
|
6,643 |
1,139 |
| Gain on derecognition of
convertible loan and bridge loan |
- |
- |
|
- |
(135) |
| Equity-settled share-based
payment expense arising from other fundraising activities |
- |
882 |
|
- |
882 |
| |
|
|
|
|
|
| Other non-recurring
items: |
|
|
|
|
|
| Government subsidies |
(30) |
(83) |
|
(79) |
(734) |
| Other long-term employee
benefits expense/(credit) |
- |
(4,614) |
|
110 |
(4,951) |
| Employee severance
expenses |
- |
308 |
|
1 |
528 |
| |
|
|
|
|
|
| Adjusted
EBITDA |
(4,643) |
(2,512) |
|
(6,842) |
(15,648) |
| |
|
|
|
|
|
| Revenue |
26,397 |
17,237 |
|
80,671 |
68,132 |
| Adjusted EBITDA |
(4,643) |
(2,512) |
|
(6,842) |
(15,648) |
| Adjusted EBITDA
Margin |
(17.6)% |
(14.6)% |
|
(8.5)% |
(23.0)% |
| |
|
|
|
|
|
Revision to Preliminary, Unaudited
Financial Information in Prior Press Releases
On January 24, 2024, and April 3, 2024, the
Company issued certain press releases (the “January 24 and April 3
Press Releases”) announcing certain preliminary, unaudited
financial information for the fourth quarter and the fiscal year
ended December 31, 2023, including the unaudited fiscal year 2023
enterprise-wide revenue growth and fourth quarter 2023 revenue
growth and the corresponding revenue growth in the Singapore and
Hong Kong markets.
The financial information included in the
January 24 and April 3 Press Releases are unaudited and preliminary
estimates that (i) represent the most current information available
to management as of the date of the January 24 and April 3 Press
Releases respectively, (ii) are subject to completion of financial
closing and procedures that could result in significant changes to
the estimated amounts, and (iii) do not present all information
necessary for an understanding of the Company’s financial condition
as of, and its results of operations for 2023. Accordingly, undue
reliance should not be placed on such preliminary estimates set
forth in the January 24 and April 3 Press Releases. Such
information shall not be deemed “filed” for purposes of Section 18
of the Securities Exchange Act of 1934 or otherwise subject to the
liabilities of that Section, nor shall it be deemed incorporated by
reference in any registration statement or other document under the
Securities Act of 1933.
On 23 April, 2024, the Board of Directors of the
Company (the “Board”), based on the recommendations of the Audit
Committee of the Board and management, concluded that such
preliminary, unaudited 2023 financial information should be revised
to reflect the finalized estimates for the Group’s cost to fulfil
rewards accrued for users, including estimated cash incentives.
Both the revenue and cost of revenue for 2023 is revised downward
by US$2.9M. The revision did not have an impact on the net loss and
adjusted EBITDA for 2023.
While these adjustments had an impact on the
results of operations of the Company for the fourth quarter and the
fiscal year ended December 31, 2023, they have no impact on the
results of operation of the Company in prior years. The preliminary
results for the fourth quarter and the fiscal year ended December
31, 2023 set forth in this earnings release reflect these
adjustments.
Forward Looking Statements
This document includes “forward-looking
statements” within the meaning of the United States federal
securities laws and also contains certain financial forecasts and
projections. All statements other than statements of historical
fact contained in this communication, including, but not limited
to, statements as to the Group’s growth strategies, future results
of operations and financial position, market size, industry trends
and growth opportunities, are forward-looking statements. Some of
these forward-looking statements can be identified by the use of
forward-looking words, including “outlook,” “believes,” “expects,”
“potential,” “continues,” “may,” “will,” “should,” “could,”
“seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,”
“anticipates” or the negative version of these words or other
comparable words. All forward-looking statements are based upon
estimates and forecasts and reflect the views, assumptions,
expectations, and opinions of the Company, which are all subject to
change due to various factors including, without limitation,
changes in general economic conditions. Any such estimates,
assumptions, expectations, forecasts, views or opinions, whether or
not identified in this communication, should be regarded as
indicative, preliminary and for illustrative purposes only and
should not be relied upon as being necessarily indicative of future
results. The forward-looking statements and financial forecasts and
projections contained in this communication are subject to a number
of factors, risks and uncertainties. Potential risks and
uncertainties that could cause the actual results to differ
materially from those expressed or implied by forward-looking
statements include, but are not limited to, changes in business,
market, financial, political and legal conditions; the Company’s
ability to attract new and retain existing customers in a cost
effective manner; competitive pressures in and any disruption to
the industries in which the Group operates; the Group’s ability to
achieve profitability despite a history of losses; and the Group’s
ability to implement its growth strategies and manage its growth;
the Group’s ability to meet consumer expectations; the success of
the Group’s new product or service offerings; the Group’s ability
to attract traffic to its websites; the Group’s internal controls;
fluctuations in foreign currency exchange rates; the Group’s
ability to raise capital; media coverage of the Group; the Group’s
ability to obtain adequate insurance coverage; changes in the
regulatory environments (such as anti-trust laws, foreign ownership
restrictions and tax regimes) and general economic conditions in
the countries in which the Group operates; the Group’s ability to
attract and retain management and skilled employees; the impact of
the COVID-19 pandemic or any other pandemic on the business of the
Group; the success of the Group’s strategic investments and
acquisitions, changes in the Group’s relationship with its current
customers, suppliers and service providers; disruptions to the
Group’s information technology systems and networks; the Group’s
ability to grow and protect its brand and the Group’s reputation;
the Group’s ability to protect its intellectual property; changes
in regulation and other contingencies; the Group’s ability to
achieve tax efficiencies of its corporate structure and
intercompany arrangements; potential and future litigation that the
Group may be involved in; and unanticipated losses, write-downs or
write-offs, restructuring and impairment or other charges, taxes or
other liabilities that may be incurred or required and
technological advancements in the Group’s industry. The foregoing
list of factors is not exhaustive. You should carefully consider
the foregoing factors and the other risks and uncertainties
described in the “Risk Factors” section of the Company’s
registration statement on Form F-1, which was initially filed with
the U.S. Securities and Exchange Commission (the “SEC”) on October
27, 2023, and other documents to be filed by the Company from time
to time with the SEC. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. In addition, there may be additional
risks that the Company currently does not know, or that the Company
currently believes are immaterial, that could also cause actual
results to differ from those contained in the forward-looking
statements. Forward-looking statements reflect the Company’s
expectations, plans, projections or forecasts of future events and
view. If any of the risks materialize or the Company’s assumptions
prove incorrect, actual results could differ materially from the
results implied by these forward-looking statements.
Forward-looking statements speak only as of the date they are made.
The Company anticipates that subsequent events and developments may
cause their assessments to change. However, while the Company may
elect to update these forward-looking statements at some point in
the future, the Company specifically disclaims any obligation to do
so, except as required by law. The inclusion of any statement in
this document does not constitute an admission by the Company or
any other person that the events or circumstances described in such
statement are material. These forward-looking statements should not
be relied upon as representing the Company’s assessments as of any
date subsequent to the date of this document. Accordingly, undue
reliance should not be placed upon the forward-looking statements.
In addition, the analyses of the Company contained herein are not,
and do not purport to be, appraisals of the securities, assets, or
business of the Company.
For investor and media inquiries, please
contact:
Investor Relations: ir@moneyherogroup.com
Media: MoneyHero@gbpr.com Consolidated
Statements of Profit or Loss and Other Comprehensive
(Loss)/Income
|
|
For the Three Months EndedDecember 31, |
|
For the Year EndedDecember 31, |
|
|
2023 |
2022 |
|
2023 |
2022 |
|
|
(US$ in thousands except for loss per share) |
| Revenue |
26,397 |
17,237 |
|
80,671 |
68,132 |
|
|
|
|
|
|
|
| Cost and
expenses: |
|
|
|
|
|
|
Cost of revenue |
(17,601) |
(8,120) |
|
(43,930) |
(33,881) |
|
Advertising and marketing expenses |
(5,111) |
(3,246) |
|
(16,245) |
(16,473) |
|
Technology costs |
(4,451) |
(1,876) |
|
(9,522) |
(6,554) |
|
Employee benefit expenses |
(10,536) |
(9,081) |
|
(24,931) |
(34,290) |
|
General, administrative and other operating expenses |
(7,863) |
(3,433) |
|
(16,725) |
(13,855) |
|
Foreign exchange differences, net |
4,802 |
7,164 |
|
657 |
(4,052) |
|
|
|
|
|
|
|
| Operating
loss |
(14,362) |
(1,355) |
|
(30,026) |
(40,973) |
|
|
|
|
|
|
|
| Other
income/(expenses): |
|
|
|
|
|
|
Other income |
631 |
(619) |
|
878 |
182 |
|
Share-based payment on listing |
(67,027) |
- |
|
(67,027) |
- |
|
Finance costs |
(13,657) |
(1,003) |
|
(19,028) |
(7,801) |
|
Changes in fair value of financial instruments |
123 |
134 |
|
(57,333) |
(1,101) |
|
|
|
|
|
|
|
| Loss before
tax |
(94,293) |
(2,843) |
|
(172,538) |
(49,694) |
|
Income tax (expense)/credit |
(3) |
(6) |
|
(63) |
252 |
| Loss for the
period |
(94,296) |
(2,849) |
|
(172,601) |
(49,442) |
| Other comprehensive
(loss)/income |
|
|
|
|
|
|
Other comprehensive (loss)/income that may be classified to profit
or loss in subsequent periods (net of tax): |
|
|
|
|
|
|
Exchange differences on translation of foreign operations |
(4,098) |
(5,696) |
|
(820) |
3,088 |
|
Other comprehensive (loss)/income that will not be reclassified to
profit or loss in subsequent periods (net of tax): |
|
|
|
|
|
|
Remeasurement (loss)/gains on defined benefit plan |
(9) |
(16) |
|
(30) |
42 |
| Other comprehensive
(loss)/income, net of tax |
(4,107) |
(5,711) |
|
(850) |
3,130 |
|
|
|
|
|
|
|
| Total comprehensive
loss, net of tax |
(98,403) |
(8,560) |
|
(173,451) |
(46,312) |
|
|
|
|
|
|
|
| Loss per share
attributable to ordinary equity holders of the parent |
|
|
|
|
| Basic and diluted |
(2.8) |
(2.2) |
|
(17.9) |
(102.4) |
Consolidated Statements of Financial
Position
|
|
As ofDecember 31, |
As ofDecember 31, |
| (US$ in thousands) |
2023 |
2022 |
|
|
|
|
| NON-CURRENT ASSETS |
|
|
| Other intangible assets |
7,294 |
14,407 |
| Property and equipment |
190 |
294 |
| Right-of-use assets |
590 |
778 |
| Deposits |
26 |
129 |
| |
|
|
| Total non-current assets |
8,100 |
15,608 |
| |
|
|
| CURRENT ASSETS |
|
|
| Accounts receivable |
17,236 |
9,684 |
| Contract assets |
16,025 |
11,140 |
| Prepayments, deposits and
other receivables |
4,855 |
3,524 |
| Tax recoverable |
- |
22 |
| Pledged bank deposits |
189 |
196 |
| Cash and cash equivalents |
68,641 |
24,078 |
| |
|
|
| Total current assets |
106,947 |
48,644 |
| |
|
|
| CURRENT LIABILITIES |
|
|
| Accounts payable |
23,840 |
16,654 |
| Other payables and
accruals |
9,382 |
6,553 |
| Convertible loans |
- |
- |
| Interest-bearing
borrowings |
- |
- |
| Other derivative financial
instruments |
- |
2,796 |
| Warrant liabilities |
1,840 |
12,449 |
| Lease liabilities |
575 |
493 |
| Provisions |
72 |
66 |
| |
|
|
| Total current liabilities |
35,708 |
39,011 |
| |
|
|
| NET CURRENT ASSETS |
71,239 |
9,633 |
| TOTAL ASSETS LESS CURRENT
LIABILITIES |
79,339 |
25,241 |
| |
|
|
| NON-CURRENT LIABILITIES |
|
|
| Lease liabilities |
31 |
293 |
| Other payables |
- |
209 |
| Interest-bearing
borrowings |
- |
8,745 |
| Deferred tax liabilities |
29 |
36 |
| Provisions |
194 |
136 |
| |
|
|
| Total non-current
liabilities |
255 |
9,419 |
| |
|
|
| Net assets |
79,084 |
15,822 |
| |
|
|
| EQUITY |
|
|
| Issued capital |
4 |
2 |
| Reserves |
79,080 |
15,820 |
| |
|
|
| Total equity |
79,084 |
15,822 |
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