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 the quarter ended June 30, 2024.
Management Commentary:
Rohith Murthy, Chief Executive
Officer, stated, ”I am pleased to report that MoneyHero
Group delivered another strong quarter, with revenue increasing by
24% year-over-year to US$20.7 million. This performance underscores
our position as the leading personal finance aggregator in the
region. We have achieved significant market share gains,
highlighted by a 68% year-over-year surge in revenues in Q2 2024 in
Singapore, primarily driven by credit card and insurance product
demand. With 970,000 banking and insurance applications facilitated
in the first half of 2024, our leadership is evident, and we see
substantial opportunities for continued growth in this fragmented
industry.
Our strategic focus on operational efficiency is
already delivering positive results, with Adjusted EBITDA losses
expected to narrow next quarter. We still anticipate achieving
Adjusted EBITDA profitability on a monthly basis within Q4 2024,
supported by targeted actions to streamline operations, optimize
marketing spend, and enhance overall efficiency. Our disciplined
approach, which includes our recent headcount reduction and
implementation of AI-driven processes, is creating significant
operating leverage across the business.
We are transitioning our focus from purely
driving traffic growth to prioritizing monetizable traffic that
leads to conversions and applications. This strategic shift has
already resulted in a 50% increase in approved applications,
highlighting our capability to convert higher-value traffic into
measurable outcomes while optimizing growth.
We are also rolling out innovative new
capabilities, including a redesigned mobile app, a new car
insurance vertical, and enhanced UX/UI across our platforms. These
initiatives are expected to boost customer engagement and drive
higher-margin revenue streams. With a robust membership base of 6.5
million, we are strategically positioned to cross-sell and upsell,
unlocking greater value from our existing user base.
Our capital position remains robust, allowing us
to pursue strategic investments and explore M&A opportunities
to further consolidate our leadership. The recent exit from
Malaysia as an operator, while retaining a strategic stake,
reflects our commitment to focusing on high-growth regions and
forging value-maximizing partnerships.
As we pivot toward driving Adjusted EBITDA
improvements, our focus on efficiency and higher-margin products
such as personal loans, insurance, and advertising revenue, will be
critical drivers of profitability. While we have faced challenges
in certain markets, we have taken corrective actions and anticipate
a return to strong growth. We estimate that MoneyHero will achieve
positive Adjusted EBITDA in the fourth quarter of 2024, positioning
us to deliver sustainable, long-term value for our
shareholders.”
Hao Qian, Chief Financial
Officer, added: “In Q2 2024, MoneyHero’s strategic
expansion generated solid growth in approved applications, which
resulted in 24% year-over-year revenue growth, reaching over
US$20.7 million. We’ve made strong market share gains,
particularly in our core markets, as we continue to expand across
Greater Southeast Asia. However, our investments in strategically
expanding customer acquisition, brand building, technology
re-platforming, and data infrastructure contributed to a loss of
US$(12.2) million and an Adjusted EBITDA loss of US$(9.3) million
for the quarter. During the second quarter, we remained committed
to executing our growth strategy, with a goal to accelerate key
verticals and further extend our market share leadership. The
primary drivers behind the increase in our operating and Adjusted
EBITDA losses include:
- Strategic Investments: We prioritized growth through increased
investments in branding, customer acquisition, data and technology,
aimed at capturing new customers and building infrastructure for
future profitability
- Provider Constraints: In Q2, several providers in Taiwan and
the Philippines paused new card acquisitions due to significant
platform migrations, which temporarily impacted our financial
performance. We expect acquisition volumes to normalize in Q3 as
these migrations near completion. Additionally, the exit of a key
provider from several of our markets had a notable effect on both
revenue and profitability. To offset this, we’ve invested in
expanding other providers’ products and diversified into new
verticals. We anticipate that the revenue and profitability impact
from this provider’s exit will be largely mitigated by Q3 and Q4,
with minimal effect anticipated moving forward.
- Increased Operating Costs: Total operating costs rose
year-over-year, largely due to additional expenses associated with
being a public company, including audit fees, D&O insurance,
and IR/PR-related fees.
Looking ahead, we expect a narrowing of our
Adjusted EBITDA loss in the second half of 2024, with margins
having started to recover in early Q3 and continuing to improve
throughout the year. We have initiated a comprehensive review of
our organizational structure, which began with our recent
reorganization announcement, and we expect it to be completed by
the end of Q3. This will create a more streamlined and
cost-efficient operation. We expect to reach Adjusted EBITDA
profitability on a monthly basis by year end, as we have been
focusing on efficiency and optimizing the returns on our growth
investments.”
Second Quarter 2024 Financial
Highlights
- Revenue increased by 24% year-over-year to US$20.7 million in
the second quarter of 2024
- Online financial comparison platforms revenue increased by 26%
year-over-year to US$17.8 million
- Creatory, MoneyHero’s B2B business, revenue increased by 13%
year-over-year, contributing 14% of Group revenue in the second
quarter of 2024, as compared to 16% in the prior year period
- Revenue by markets:
- Singapore revenue increased by 68% year-over-year to US$9.0
million in the second quarter, with the strongest growth coming
from the credit card and insurance verticals
- Hong Kong revenue increased by 19% year-over-year to US$7.3
million in the second quarter, with the strongest growth coming
from the other banking verticals
- Philippines revenue decreased by 16% year-over-year to US$2.9
million in the second quarter, largely due to reduced volumes with
a key client as it completes system and database migration
post-acquisition
- Taiwan revenue decreased by 4% year-over-year to US$1.4 million
in the second quarter due to paused product offerings for certain
key clients
- Revenue from insurance products increased by 89% year-over-year
to US$2.2 million in the second quarter of 2024, contributing 11%
of Group revenue, as compared to 7% in the prior year period
- Total operating costs and expenses increased to US$34.4 million
in the second quarter of 2024 from US$25.5 million in the prior
year period, driven primarily by increased investment in marketing
and customer acquisition as part of the Company’s strategy to
expand market share and increase brand awareness
- Loss for the period decreased to US$(12.2) million in the
second quarter of 2024 from US$(68.6) million in the prior year
period
- Adjusted EBITDA loss increased to US$(9.3) million in the
second quarter of 2024 from US$(0.6) million in the prior year
period
- As of June 30, 2024, the Company had a debt-free balance sheet
with US$56.5 million in cash and cash equivalents
Second Quarter 2024 Operational
Highlights
- Monthly Unique Users decreased by 17% year-over-year to 7.7
million in the second quarter of 2024
- MoneyHero Group Members, to whom we can provide more tailored
product information and recommendations, grew by 53% year-over-year
to 6.5 million as of June 30, 2024 due to membership growth across
all markets
- Approved Application volumes increased by 50% year-over-year in
the second quarter to 211,000, driven by strong growth in the
Company’s credit card and insurance products
Business Outlook
- For the third quarter of 2024, the Company expects its Adjusted
EBITDA losses to narrow and be between US$5-6 million. This
expectation reflects the Company's current and preliminary view on
the market and operational conditions, which is subject to
change.
Capital Structure
The table below summarizes the capital structure
of the Company as of June 30, 2024:
|
Share Class |
Issued and Outstanding |
|
Class A Ordinary |
28,227,5791 |
|
Class B Ordinary |
13,254,838 |
|
Preference Shares |
2,407,575 |
|
Total Issued Shares |
43,889,992 |
|
Employee Equity Options |
1,020,6972 |
|
Issued Class A Ordinary Shares Underlying Employee Equity
Options |
(521,630)3 |
|
Total Issued and Issuable Shares4 |
44,389,059 |
| Summary of financial /
KPI performance |
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
|
2024 |
2023 |
|
2024 |
2023 |
|
|
(US$ in thousands, unless otherwise noted) |
|
Revenue |
20,674 |
|
16,650 |
|
|
42,849 |
|
34,553 |
|
| Adjusted EBITDA |
(9,336 |
) |
(593 |
) |
|
(15,775 |
) |
(892 |
) |
| |
|
|
|
|
|
| Clicks (in thousands) |
2,274 |
|
1,993 |
|
|
4,568 |
|
3,877 |
|
| Applications (in
thousands) |
476 |
|
409 |
|
|
970 |
|
784 |
|
| Approved Applications (in
thousands) |
211 |
|
140 |
|
|
416 |
|
260 |
|
| Revenue
breakdown |
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
|
2024 |
2023 |
|
2024 |
2023 |
|
|
US$ |
% |
US$ |
% |
|
US$ |
% |
US$ |
% |
|
|
(US$ in thousands, except for percentages) |
| By Geographical
Market: |
|
|
|
|
|
|
|
|
|
|
Singapore |
9,018 |
43.6 |
5,380 |
32.3 |
|
17,963 |
41.9 |
10,939 |
31.7 |
|
Hong Kong |
7,266 |
35.1 |
6,095 |
36.6 |
|
14,982 |
35.0 |
11,736 |
34.0 |
|
Taiwan |
1,424 |
6.9 |
1,481 |
8.9 |
|
2,826 |
6.6 |
3,805 |
11.0 |
|
Philippines |
2,938 |
14.2 |
3,496 |
21.0 |
|
6,917 |
16.1 |
7,627 |
22.1 |
|
Malaysia |
28 |
0.1 |
197 |
1.2 |
|
161 |
0.4 |
445 |
1.3 |
| Total
Revenue |
20,674 |
100.0 |
16,650 |
100.0 |
|
42,849 |
100.0 |
34,553 |
100.0 |
|
|
|
|
|
|
|
|
|
|
|
| By
Source: |
|
|
|
|
|
|
|
|
|
|
Online financial comparison platforms |
17,760 |
85.9 |
14,077 |
84.5 |
|
35,818 |
83.6 |
28,911 |
83.7 |
|
Creatory |
2,914 |
14.1 |
2,574 |
15.5 |
|
7,030 |
16.4 |
5,642 |
16.3 |
|
|
|
|
|
|
|
|
|
|
|
| Total
Revenue |
20,674 |
100.0 |
16,650 |
100.0 |
|
42,849 |
100.0 |
34,553 |
100.0 |
|
|
|
|
|
|
|
|
|
|
|
| By
Vertical: |
|
|
|
|
|
|
|
|
|
|
Credit cards |
12,734 |
61.6 |
11,945 |
71.7 |
|
28,159 |
65.7 |
25,023 |
72.4 |
|
Personal loans and mortgages |
2,577 |
12.5 |
2,154 |
12.9 |
|
5,874 |
13.7 |
4,491 |
13.0 |
|
Insurance |
2,178 |
10.5 |
1,154 |
6.9 |
|
4,005 |
9.3 |
2,421 |
7.0 |
|
Other verticals |
3,185 |
15.4 |
1,396 |
8.4 |
|
4,810 |
11.2 |
2,618 |
7.6 |
|
|
|
|
|
|
|
|
|
|
|
| Total
Revenue |
20,674 |
100.0 |
16,650 |
100.0 |
|
42,849 |
100.0 |
34,553 |
100.0 |
________________________1 Includes 521,630 shares issued to
Computershare Hong Kong Investor Services Limited
(“Computershare”) which are held in trust pending
exercise of share options and settlement by Computershare to the
underlying exercising option holder.2 Includes granted but
unexercised options as well as exercised options, pursuant to which
the shares have not yet been issued as of June 30, 2024.3 Issued in
advance to Computershare and held in trust pending exercise of
share options and settlement by Computershare to the underlying
exercising option holder.4 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.
|
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
|
2024 |
2023 |
|
2024 |
2023 |
|
|
(in millions, except for percentage) |
| Monthly Unique
Users |
|
|
|
|
|
|
|
|
|
|
Singapore |
1.3 |
16.9 |
% |
1.7 |
18.6 |
% |
|
1.4 |
17.1 |
% |
1.8 |
19.3 |
% |
|
Hong Kong |
1.1 |
14.4 |
% |
1.5 |
15.6 |
% |
|
1.1 |
13.9 |
% |
1.5 |
16.6 |
% |
|
Taiwan |
2.2 |
28.5 |
% |
2.7 |
29.2 |
% |
|
2.1 |
26.2 |
% |
2.5 |
28.1 |
% |
|
The Philippines |
3.0 |
38.5 |
% |
3.2 |
33.9 |
% |
|
3.3 |
40.8 |
% |
3.0 |
32.7 |
% |
|
Malaysia |
0.1 |
1.7 |
% |
0.3 |
2.7 |
% |
|
0.2 |
2.1 |
% |
0.3 |
3.2 |
% |
|
Total |
7.7 |
100.0 |
% |
9.3 |
100.0 |
% |
|
8.1 |
100.0 |
% |
9.1 |
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
| Total
Traffic |
|
|
|
|
|
|
|
|
|
|
Singapore |
3.8 |
13.0 |
% |
4.3 |
12.4 |
% |
|
7.8 |
12.6 |
% |
8.0 |
12.1 |
% |
|
Hong Kong |
4.9 |
16.8 |
% |
6.1 |
17.8 |
% |
|
9.9 |
16.0 |
% |
12.7 |
19.2 |
% |
|
Taiwan |
8.7 |
29.7 |
% |
11.1 |
32.0 |
% |
|
16.8 |
27.1 |
% |
20.7 |
31.3 |
% |
|
The Philippines |
11.4 |
38.9 |
% |
12.1 |
35.1 |
% |
|
26.2 |
42.2 |
% |
22.6 |
34.2 |
% |
|
Malaysia |
0.5 |
1.7 |
% |
0.9 |
2.7 |
% |
|
1.2 |
2.0 |
% |
2.1 |
3.2 |
% |
|
Total |
29.4 |
100.0 |
% |
34.6 |
100.0 |
% |
|
62.1 |
100.0 |
% |
66.0 |
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
| MoneyHero Group
Members5 |
|
|
|
|
|
|
|
|
|
|
Singapore |
1.3 |
20.2 |
% |
1.0 |
24.0 |
% |
|
1.3 |
20.2 |
% |
1.0 |
24.0 |
% |
|
Hong Kong |
0.8 |
12.2 |
% |
0.5 |
12.1 |
% |
|
0.8 |
12.2 |
% |
0.5 |
12.1 |
% |
|
Taiwan |
0.3 |
4.7 |
% |
0.2 |
5.4 |
% |
|
0.3 |
4.7 |
% |
0.2 |
5.4 |
% |
|
The Philippines |
3.8 |
58.3 |
% |
2.3 |
53.5 |
% |
|
3.8 |
58.3 |
% |
2.3 |
53.5 |
% |
|
Malaysia |
0.3 |
4.5 |
% |
0.2 |
5.0 |
% |
|
0.3 |
4.5 |
% |
0.2 |
5.0 |
% |
|
Total |
6.5 |
100.0 |
% |
4.3 |
100.0 |
% |
|
6.5 |
100.0 |
% |
4.3 |
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________5 MoneyHero Group
Members as of June 30, 2024 and June 30, 2023.
Conference Call Details
The Company will host a conference call and
webcast on Thursday, September 19 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) Q2
2024 Earnings call can be accessed by registering at:
Webcast: https://edge.media-server.com/mmc/p/bb5mvvro/Conference
call:
https://register.vevent.com/register/BI804ba1fd51b0491182b7ed7fccf35400
The webcast replay will be available on the Investor Relations
website for 12 months following the event.
About MoneyHero Group
MoneyHero Limited (NASDAQ: MNY) 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 and the
Philippines. Its brand portfolio includes B2C platforms
MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the
B2B platform Creatory. The Company also retains an equity
stake in Malaysian fintech company, Jirnexu Pte. Ltd., parent
company of Jirnexu Sdn. Bhd., the operator of RinggitPlus,
Malaysia’s largest operating B2C platform. MoneyHero currently
manages 279 commercial partner relationships and services 8.1
million Monthly Unique Users across its platform for the six months
ended June 30, 2024. 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), equity-settled share option expense, transaction
expenses, impairment of non-financial assets, other long-term
employee benefits credit, other non-recurring costs related to
strategic transaction, changes in fair value of financial
instruments, non-recurring legal fees, and unrealized foreign
exchange differences. 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
respects from U.S. GAAP.
|
|
For the Three MonthsEnded June 30, |
|
For the Six MonthsEnded June 30, |
|
|
2024 |
2023 |
|
2024 |
2023 |
|
|
(US$ in thousands) |
|
Loss for the period |
(12,223 |
) |
(68,571 |
) |
|
(25,323 |
) |
(71,101 |
) |
| Tax expenses |
5 |
|
24 |
|
|
57 |
|
34 |
|
| Depreciation and
amortization |
1,066 |
|
1,255 |
|
|
2,047 |
|
2,400 |
|
| Interest income |
(356 |
) |
(98 |
) |
|
(951 |
) |
(126 |
) |
| Finance costs |
5 |
|
1,803 |
|
|
13 |
|
3,569 |
|
| |
|
|
|
|
|
| EBITDA |
(11,501 |
) |
(65,587 |
) |
|
(24,156 |
) |
(65,224 |
) |
| |
|
|
|
|
|
| Non-cash items: |
|
|
|
|
|
| Changes in fair value of
financial instruments |
(1,109 |
) |
58,038 |
|
|
237 |
|
57,937 |
|
| Impairment of non-financial
assets |
92 |
|
- |
|
|
92 |
|
- |
|
| Equity settled share-based
payment arising from employee share option scheme |
1,015 |
|
268 |
|
|
1,638 |
|
795 |
|
| Unrealized foreign exchange
differences, net |
1,766 |
|
3,216 |
|
|
5,802 |
|
2,070 |
|
| |
|
|
|
|
|
| Listing and other
non-recurring strategic exercises related items: |
|
|
|
|
|
| Transaction expenses |
20 |
|
3,556 |
|
|
55 |
|
3,613 |
|
| Other non-recurring costs
related to strategic transaction |
61 |
|
- |
|
|
61 |
|
1 |
|
| |
|
|
|
|
|
| Other non-recurring
items: |
|
|
|
|
|
| Other long-term employee
benefits credit |
- |
|
(84 |
) |
|
- |
|
(84 |
) |
| Non-recurring legal fees |
323 |
|
- |
|
|
497 |
|
- |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Adjusted
EBITDA |
(9,336 |
) |
(593 |
) |
|
(15,775 |
) |
(892 |
) |
| |
|
|
|
|
|
| Revenue |
20,674 |
|
16,650 |
|
|
42,849 |
|
34,553 |
|
| Adjusted EBITDA |
(9,336 |
) |
(593 |
) |
|
(15,775 |
) |
(892 |
) |
| Adjusted EBITDA
Margin |
(45.2 |
)% |
(3.6 |
)% |
|
(36.8 |
)% |
(2.6 |
)% |
| |
|
|
|
|
|
|
|
|
|
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 Company and its subsidiaries (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 annual report for the year ended December 31, 2023 on
Form 20-F (File No.: 001-41838), registration statement on Form F-1
(File No.: 333-275205), and other documents to be filed by the
Company from time to time with the U.S. Securities and Exchange
Commission. 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 Unaudited
Consolidated Statements of Profit or Loss and Other Comprehensive
(Loss)/Income
| |
For the Three MonthsEnded June 30, |
|
For the Six MonthsEnded June 30, |
|
|
2024 |
2023 |
|
2024 |
2023 |
|
|
(US$ in thousands except for loss per share) |
|
Revenue |
20,674 |
|
16,650 |
|
|
42,849 |
|
34,553 |
|
| |
|
|
|
|
|
| Cost and
expenses: |
|
|
|
|
|
|
Cost of revenue |
(13,795 |
) |
(7,178 |
) |
|
(27,901 |
) |
(15,655 |
) |
|
Advertising and marketing expenses |
(6,581 |
) |
(3,925 |
) |
|
(12,714 |
) |
(7,488 |
) |
|
Technology costs |
(2,194 |
) |
(1,722 |
) |
|
(4,046 |
) |
(3,256 |
) |
|
Employee benefit expenses |
(6,712 |
) |
(4,474 |
) |
|
(12,590 |
) |
(9,559 |
) |
|
General, administrative and other operating expenses |
(3,222 |
) |
(4,867 |
) |
|
(5,609 |
) |
(6,116 |
) |
|
Foreign exchange differences, net |
(1,848 |
) |
(3,291 |
) |
|
(5,959 |
) |
(2,170 |
) |
|
|
|
|
|
|
|
| Operating
loss |
(13,679 |
) |
(8,808 |
) |
|
(25,970 |
) |
(9,691 |
) |
|
|
|
|
|
|
|
| Other
income/(expenses): |
|
|
|
|
|
|
Other income |
357 |
|
102 |
|
|
954 |
|
130 |
|
|
Finance costs |
(5 |
) |
(1,803 |
) |
|
(13 |
) |
(3,569 |
) |
|
Changes in fair value of financial instruments |
1,109 |
|
(58,038 |
) |
|
(237 |
) |
(57,937 |
) |
|
|
|
|
|
|
|
| Loss before
tax |
(12,217 |
) |
(68,548 |
) |
|
(25,265 |
) |
(71,067 |
) |
|
Income tax expense |
(5 |
) |
(24 |
) |
|
(57 |
) |
(34 |
) |
| Loss for the
period |
(12,223 |
) |
(68,571 |
) |
|
(25,323 |
) |
(71,101 |
) |
| Other comprehensive
income |
|
|
|
|
|
|
Other comprehensive income that may be classified to profit or loss
in subsequent periods (net of tax): |
|
|
|
|
|
|
Exchange differences on translation of foreign operations |
1,279 |
|
2,677 |
|
|
4,992 |
|
1,673 |
|
|
Other comprehensive loss that will not be reclassified to profit or
loss in subsequent periods (net of tax): |
|
|
|
|
|
|
Remeasurement of defined benefit plan |
(6 |
) |
(35 |
) |
|
(5 |
) |
(35 |
) |
| Other comprehensive income,
net of tax |
1,273 |
|
2,643 |
|
|
4,987 |
|
1,638 |
|
|
|
|
|
|
|
|
| Total comprehensive
loss, net of tax |
(10,950 |
) |
(65,928 |
) |
|
(20,336 |
) |
(69,463 |
) |
|
|
|
|
|
|
|
| Loss per share attributable to
ordinary equity holders of the parent |
|
|
|
Basic and diluted |
(0.3 |
) |
(47.3 |
) |
|
(0.6 |
) |
(49.1 |
) |
Unaudited Consolidated Statements of Financial
Position
|
|
As of June 30, |
As of December 31, |
| (US$ in thousands) |
2024 |
2023 |
|
|
|
|
| NON-CURRENT ASSETS |
|
|
| Other intangible assets |
6,177 |
7,294 |
| Property and equipment |
337 |
190 |
| Right-of-use assets |
338 |
590 |
| Deposits |
24 |
26 |
| |
|
|
| Total non-current assets |
6,877 |
8,100 |
| |
|
|
| CURRENT ASSETS |
|
|
| Accounts receivable |
16,968 |
17,236 |
| Contract assets |
12,521 |
16,025 |
| Prepayments, deposits and
other receivables |
5,199 |
4,855 |
| Pledged bank deposits |
182 |
189 |
| Cash and cash equivalents |
56,497 |
68,641 |
| |
|
|
| Total current assets |
91,367 |
106,947 |
| |
|
|
| CURRENT LIABILITIES |
|
|
| Accounts payable |
25,267 |
23,840 |
| Other payables and
accruals |
9,856 |
9,382 |
| Warrant liabilities |
2,076 |
1,840 |
| Lease liabilities |
347 |
575 |
| Provisions |
71 |
72 |
| |
|
|
| Total current liabilities |
37,617 |
35,708 |
| |
|
|
| NET CURRENT ASSETS |
53,750 |
71,239 |
| TOTAL ASSETS LESS CURRENT
LIABILITIES |
60,627 |
79,339 |
| |
|
|
| NON-CURRENT LIABILITIES |
|
|
| Lease liabilities |
5 |
31 |
| Deferred tax liabilities |
26 |
29 |
| Provisions |
210 |
194 |
| |
|
|
| Total non-current
liabilities |
241 |
255 |
| |
|
|
| Net assets |
60,386 |
79,084 |
| |
|
|
| EQUITY |
|
|
| Issued capital |
4 |
4 |
| Reserves |
60,382 |
79,080 |
| |
|
|
| Total equity |
60,386 |
79,084 |
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