Adjusted EBITDA loss narrowed by 68% YoY to US$(1.8) million and Adjusted EBITDA margin improved to -8.4%, supported by an improving revenue mix, growing partnership ecosystem, and AI-driven efficiency gains
Total operating costs and expenses, excluding net foreign exchange differences, fell by 13% YoY to US$23.9 million, driven by disciplined cost management and AI-enabled efficiency gains in marketing and advertising, technology, and employee expenses
SINGAPORE, Dec. 05, 2025 (GLOBE NEWSWIRE) -- MoneyHero Limited (NASDAQ:MNY) ("MoneyHero" or the "Company"), a leading tech- and AI-powered personal finance aggregation and comparison platform and a digital insurance brokerage provider in Greater Southeast Asia, today announced its financial results for the third quarter ended September 30, 2025.
Management Commentary:
Rohith Murthy, Chief Executive Officer, stated:
"The third quarter was another quarter of disciplined execution as we continue to reshape MoneyHero into a higher-margin, cash-generative business. Revenue regained growth momentum, increasing to US$21.1 million, up 17% sequentially and 1% year-over-year, as we deliberately focused on higher-quality volume in certain markets and verticals. We had a net loss of US$(3.5) million versus a quarterly net income of US$5.7 million during the same period last year, with the prior period primarily driven by unrealized foreign exchange gain and loss. Our Adjusted EBITDA loss narrowed by 68% year-over-year to US$(1.8) million, with Adjusted EBITDA margin improving from -26.5% to -8.4%. For the first nine months of 2025, our net loss narrowed sharply to US$(5.7) million from US$(19.6) million during the same period last year and our Adjusted EBITDA loss improved by 67% year-over-year to US$(7.0) million from US$(21.3) million, a clear early proof-point that the strategic pivot we began in the second half of 2024 is now driving structural operating leverage and making the turnaround visible in our financials.Under the hood, the quality of our revenue mix continues to improve and is central to our margin story. For the third quarter, Insurance and Wealth, our higher-margin revenue streams, now contribute 23% of Group revenue, up 2 percentage points year-over-year, with Insurance revenue up 13% year-over-year and Wealth up 5% year-over-year. In Singapore, our largest market, revenue grew strongly year-over-year as banks and insurers increased activity on our platforms. At the same time, total operating costs and expenses, excluding net foreign exchange differences, fell by 13% year-over-year to US$23.9 million, reflecting sustained efficiencies across marketing and advertising, technology and employee expenses and demonstrating the kind of operating leverage that will not reinflate as we return to growth.
Our AI transformation, spearheaded by our recently launched Project Odyssey, which positions MoneyHero as a tech- and AI-powered personal financial platform, is embedding smart automation and conversational AI into core customer journeys. This includes the public rollout of our AI-powered Car Insurance SaverBot Beta on WhatsApp in Singapore, designed to simplify product discovery and accelerate conversions. These capabilities are already helping us lower customer acquisition cost per approval, increase approval quality for partners, and process higher service volumes with a flat headcount base. At the same time, Credit Hero Club in Hong Kong is cultivating a recurring base of high-intent users by providing personalized credit insights, monitoring tools, and tailored product recommendations. Collectively, these capabilities will create more personalized, multi-product experiences for our 8.8 million Members, enabling us to increase repeat usage and cross-sell in categories such as Insurance, Wealth and Personal Loans, further strengthening our market leadership in digital personal finance. Over time, we expect Odyssey and our higher-margin verticals to contribute meaningfully to EBITDA margin expansion and free cash flow generation as we scale.Looking ahead, we expect Q4 2025 to be our first quarter of positive Adjusted EBITDA since listing - the profitability inflection we have been signaling, driven by continued mix shift toward higher-margin verticals, further benefits from AI-driven optimization and a structurally leaner cost base.As we move into 2026, our focus is clear: scale higher-value revenue from Insurance, Wealth and other verticals; expand margins through AI-driven operating leverage; and convert more of our 8.8 million Members into repeat, multi-product customers. We expect full-year 2026 Adjusted EBITDA to be significantly better than 2025, supported by increasing operating leverage and the early financial benefits of our AI-driven transformation agenda. Executed well, this model positions us to deliver sustainable, capital-efficient growth and create long-term value creation for our shareholders."
Danny Leung, Chief Financial Officer, added:
"For the third quarter, we reported US$21.1 million in revenue, representing a 17% sequential increase from Q2 and 1% year-over-year growth. This is now our second consecutive quarter of double-digit revenue growth, demonstrating a consistent recovery pattern built on healthy unit economics rather than the volume-driven growth we saw prior to our operating model reset last year.
Insurance revenue grew 13% year-over-year to US$2.3 million, and Wealth revenue grew 5% to US$2.6 million. Together they represented 23% of revenue, compared to 21% a year ago. This shift reflects a fundamental change in our revenue mix, one that is already raising margins, improving predictability, and strengthening the durability of earnings. Both internal data and external research highlight Insurance and Wealth as the core engines of long-term gross profit compounding, and the Q3 data confirms that momentum.
Total operating costs and expenses, excluding net foreign exchange differences, fell to US$23.9 million, a 13% reduction year-over-year. This is consistent with our stated objective of reshaping our cost base and reflects progress across every major category. Advertising and marketing costs declined as we executed more cost efficient campaigns and improved our fee structures with partners.
Technology costs also declined meaningfully year-over-year, decreasing from US$2.0 million to US$0.9 million, as we have consolidated platforms, reduced vendor count, and embedded AI-driven automation in internal workflows. These improvements to our technology stack are enabling the business to ship more product features and achieve cost efficiencies across our operations.
Employee benefit expenses were notably lower versus last year, decreasing from US$5.7 million to US$4.2 million. This is partly due to our restructuring efforts completed earlier in 2024, and just as importantly, due to scaling impact of AI in increasing operational efficiencies. With 70–80% of incoming service queries now handled through support and service automation, we are able to grow applications and engagement without increasing headcount, which is a key driver of multi‑year operating leverage.
For Q3, Adjusted EBITDA improved to a loss of US$1.8 million, compared to a loss of US$5.5 million a year ago, an improvement of 68%. Adjusted EBITDA margin improved from -26.5% to -8.4%. This is the second consecutive quarter of sequential improvement, and the underlying drivers, mix shift, operating leverage, and reduced cost of revenue, remain consistent.
We expect Q4 to be our first quarter of positive Adjusted EBITDA. Our cost base is structurally lower, our revenue mix is structurally stronger, and the benefits of Project Odyssey are becoming visible not only in service automation but also in conversion and acquisition efficiency. We will continue allocating capital to the highest-return verticals, namely Insurance, Wealth, and Personal Loans.
We ended the quarter with US$27.9 million in cash and cash equivalents, US$35.5 million in net current assets, and no material financial debt, giving us a solid liquidity position to support disciplined investment in AI, product innovation and higher-margin verticals.
Overall, Q3 reflects a business progressing steadily, operationally, financially, and structurally, toward our goal of sustainable, profitable growth."
Third Quarter 2025 Financial Highlights
Revenue increased by 1% year-over-year to US$21.1 million in the third quarter of 2025, reflecting a strategic shift toward diversifying revenue mix to enhance revenue quality.
Revenue from insurance products increased by 13% year-over-year to US$2.3 million in the third quarter of 2025, accounting for 11% of total revenue, compared to 10% during the same period last year.
Revenue from wealth products increased by 5% year-over-year to US$2.6 million in the third quarter of 2025, accounting for 12% of total revenue, consistent with the same period last year.
Total operating costs and expenses, excluding net foreign exchange differences, decreased by 13% to US$23.9 million in the third quarter of 2025 from US$27.4 million during the same period last year. This reduction was driven by optimized advertising and marketing spend, lower technology costs from platform efficiencies and vendor consolidations, and streamlined employee benefits following our restructuring initiatives.
Total operating costs and expenses include unrealized foreign exchange gains of US$0.9 million in the third quarter of 2025 and US$10.1 million in the prior year period. These gains resulted from local currencies strengthening against the US dollar during the quarter and are excluded from Adjusted EBITDA calculations.
Net loss was US$(3.5) million in the third quarter of 2025 compared to a net income of US$5.7 million in the prior year period. The net income in the prior year period was primarily driven by the unrealized foreign exchange gain mentioned above.
Adjusted EBITDA loss improved to US$(1.8) million in the third quarter of 2025 from US$(5.5) million in the prior year period.
Third Quarter 2025 Operational Highlights
Monthly Unique Users of 5.1 million for the three months ended September 30, 2025.
MoneyHero Group Members, to whom the Company provides more tailored product information and recommendations, grew by 27% year-over-year to 8.8 million as of September 30, 2025.
MoneyHero sourced 370,000 applications and had 176,000 approved applications in the third quarter of 2025.
Capital Structure
The table below summarizes the capital structure of the Company as of September 30, 2025:
Share Class
Issued and Outstanding
Class A Ordinary
30,533,9521
Class B Ordinary
13,254,838
Preference Shares
2,407,575
Total Issued Shares2
46,196,365
Summary of financial / KPI performance
For the Three Months EndedSeptember 30,
For the Nine Months EndedSeptember 30,
2025
2024
2025
2024
(US$ in thousands, unless otherwise noted)
Revenue
21,124
20,939
53,460
63,788
Adjusted EBITDA3
(1,776
)
(5,539
)
(7,035
)
(21,314
)
Clicks (in thousands)4
1,884
2,424
5,987
N/A
Applications (in thousands)5
370
446
1,177
1,416
Approved Applications (in thousands)5
176
179
505
595
Revenue breakdown
For the Three Months EndedSeptember 30,
For the Nine Months EndedSeptember 30,
2025
2024
2025
2024
US$
%
US$
%
US$
%
US$
%
(US$ in thousands, except for percentages)
By Geographical Market:
Singapore
10,208
48.3
7,868
37.6
23,065
43.1
25,831
40.5
Hong Kong
7,540
35.7
8,075
38.6
21,735
40.7
23,057
36.1
Taiwan
1,004
4.8
1,015
4.8
2,813
5.3
3,841
6.0
Philippines
2,372
11.2
3,950
18.9
5,848
10.9
10,867
17.0
Malaysia
-
-
31
0.1
-
-
192
0.3
Total Revenue
21,124
100.0
20,939
100.0
53,460
100.0
63,788
100.0
By Source:
Online financial comparison platforms
19,212
90.9
17,403
83.1
47,916
89.6
53,221
83.4
Creatory
1,912
9.1
3,536
16.9
5,544
10.4
10,567
16.6
Total Revenue
21,124
100.0
20,939
100.0
53,460
100.0
63,788
100.0
By Vertical:
Credit cards
14,214
67.3
13,239
63.2
33,342
62.4
41,399
64.9
Personal loans and mortgages
1,818
8.6
2,938
14.0
6,400
12.0
8,812
13.8
Wealth
2,562
12.1
2,437
11.6
6,517
12.2
6,106
9.6
Insurance
2,317
11.0
2,052
9.8
6,784
12.7
6,056
9.5
Other verticals
213
1.0
273
1.3
417
0.8
1,414
2.2
Total Revenue
21,124
100.0
