First Half 2025 Financial Highlights
Total Processing Value (TPV) through Tranglo was US$2.8 billion for the first half of 2025, decreasing by 5.8%1 year-over-year. Total number of transactions decreased by 0.1%, from 5.84 million in the first half of 2025, compared with 5.85 million for the same period of 2024. Beginning in Q3 2025, TPV changes were calculated in local currency. Under this method, TPV would have decreased by 8.8% in Q1 2025 and 2.8% in Q2 2025.
Total Revenues, excluding TNG Asia and GEA2, were US$18.8 million for the first half of 2025, representing a year-over-year decrease of 10.8%3, primarily due to a 19% decline in global airtime revenue and a 21% decline in Indonesian Airtime revenue.
For the six-month period ended June 30,
2025
20242
US$
US$
(dollars in thousands)
Remittance revenue excluding TNG Asia & GEA
9,809
9,841
Global Airtime Revenue
4,018
4,962
Indonesian Airtime Revenue
4,933
6,217
Other Revenue
8
89
Total Revenue excluding TNG Asia & GEA
18,768
21,109
Total remittance revenues2 contributed by Tranglo, were US$9.8 million for the first half of 2025, a decrease of 0.3% year-over-year. The decrease in remittance revenue was mainly due to lower contributions from the Hong Kong market following the exit of TNG Asia and GEA from the remittance business at the end of 2024. Tranglo's overall take rate was 0.36% in the first half of 2025, in line with 0.36% in the same period of 2024.
Currenc's global airtime transfer revenues were US$4.0 million for the first half of 2025, representing a year-over-year decrease of 19.0%. 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 first half of 2025. As Currenc expects this trend to continue in Southeast Asian markets, the Company's management plans to deemphasize airtime transfer and reallocate its resources and capital to expand its new AI product offerings.
Total direct costs of revenue were US$12.3 million for the first half of 2025, representing a year-over-year decrease of 22.5%.
The direct payout rate for Tranglo's remittance business was 0.13% for the first half of 2025, a slight increase compared with 0.11% for the same period of 2024. Currenc's overall gross profit margin ratio for the first half of 2025 was 34.3%, compared with 34.0% for the same period of 2024.
Total operating expenses increased to US$15.1 million for the first half of 2025 from US$11.0 million for the same period of 2024. The increase was mainly due to expenses of US$4.3 million in recognition of the incentive shares granted to employees upon the completion of the INFINT SPAC merger.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$1.5 million in operating costs related to these new businesses in the first half of 2025.
Tranglo's operating costs for the first half of 2025 were US$5.8 million, representing an increase of 8.05% from US$5.4 million in the same period of 2024.
WalletKu's operating costs were US$0.3 million for the first half of 2025, compared with US$0.6 million for the same period of 2024.
Professional fees and director fees were US$2.1 million for the first half of 2025.
Net loss was US$9.5 million for the first half of 2025, primarily driven by the net loss of US$10.8 million incurred by headquarters and adjustments.
EBITDA analysis
For the six-month period ended June 30, 2025
Tranglo
WalletKu
TNGAsiaand GEA
Headquartersand adjustments
GroupTotal
US$
US$
US$
US$
US$
(dollars in thousands)
Net income (loss)
1,637
(247
)
-
(10,842
)
(9,452
)
Add:
Income tax expenses
289
-
-
(185
)
104
Interest expense, net
36
-
-
1,990
2,026
EBIT
1,962
(247
)
-
(9,037
)
(7,322
)
Depreciation and amortization
-
-
-
-
1,129
EBITDA
1,962
(247
)
-
(9,037
)
(6,193
)
The Company's total EBITDA for the first half of 2025 was a loss of US$6.2 million.
Tranglo and WalletKu's combined EBITDA for the first half of 2025 was US$1.7 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 loss of US$9.0 million, mainly contributed by:
US$4.3 million in "Operating Expenses" in recognition of the incentive shares granted upon completion of the de-SPAC merger.
US$1.5 million for the expenses incurred on developing AI projects.
US$2.1 million for professional fees.
US$0.8 million for amortization of intangible assets (Tranglo).
For the six-month period ended June 30, 2024
Tranglo
WalletKu
TNGAsiaand GEA
Headquartersand adjustments
GroupTotal
US$
US$
US$
US$
US$
(dollars in thousands)
Net income (loss)
1,656
(254
)
(2,914
)
(4,727
)
(6,239
)
Add:
Income tax expenses
325
-
-
(185
)
140
Interest expense, net
-
-
