Third Quarter 2025 Financial Highlights
Total Processing Value (TPV) through Tranglo was US$1.41 billion for the third quarter of 2025, increasing by 10.1%1 year-over-year. Total number of transactions increased to 3.0 million for the third quarter of 2025 from 2.7 million for the same period of 2024.
Total revenues, excluding TNG Asia and GEA2, were US$10.4 million for the third quarter of 2025, representing a year-over-year decrease of 3.9%3, primarily due to lower Indonesian Airtime revenue, partly offset by growth in remittance revenue.
For the three-month period ended September 30,
2025
20242
$
$
(dollars in thousands)
Remittance revenue excluding TNG Asia & GEA
6,970
4,501
Global Airtime Revenue
2,016
2,298
Local Airtime Revenue
1,402
3,992
Other Revenue
6
24
Total Revenue excluding TNG Asia & GEA
10,394
10,815
Total remittance revenues2, excluding TNG Asia and GEA, i.e., remittance revenues contributed by Tranglo, were US$7.0 million for the third quarter of 2025, an increase of 54.8% year-over-year. The increase in remittance revenue was mainly due to a 10.1%1 increase in TPV. Tranglo's overall take rate improved to 0.38% in the third quarter of 2025 from 0.37% in the same period of 2024.
Currenc's global airtime transfer revenues were US$2.0 million for the third quarter of 2025, representing a year-over-year decrease of 12.3%. 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 third quarter of 2025. As Currenc expects this trend to continue in Southeast Asian markets, the Company's management is deemphasizing airtime transfer and reallocating its resources and capital to expand its new AI product offerings.
Total direct costs of revenue were US$5.1 million for the third quarter of 2025, representing a year-over-year decrease of 37.0%.
The direct payout rate for Tranglo's remittance business was 0.13% for the third quarter of 2025, a slight increase compared to 0.12% for the same period of 2024. Currenc's overall gross profit margin ratio for the third quarter of 2025 was 50.8%, compared to 27.8% for the same period of 2024.
Total operating expenses decreased to US$0.5 million for the third quarter of 2025 from US$19.1 million for the same period of 2024. The decrease in operating expenses was mainly due to US$1.7 million income from adjustments on incentive shares expenses in the third quarter of 2025, compared to US$13.1 million expenses in recognition of the incentive shares granted to employees upon the completion of the INFINT SPAC merger for the same period of 2024.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$0.4 million in operating costs related to these new businesses in the third quarter of 2025.
Tranglo's operating costs for the third quarter of 2025 were US$2.9 million, representing a 12.1% decrease compared to US$3.3 million in the same period of 2024.
WalletKu's operating costs were US$0.17 million for the third quarter of 2025, representing a 17.0% decrease compared to US$0.2 million for the same period of 2024.
Professional fees and director fees were an income of US$1.3 million for the third quarter of 2025, mainly due to the reversal of professional fee accruals of US$1.6 million made in the third quarter of 2025.
Net income was US$3.1 million for the third quarter of 2025, primarily driven by net profit of US$1 million from Tranglo, and adjustment on incentive shares granted to employees of US$1.6 million.
EBITDA analysis
For the three-month period endedSeptember 30, 2025
Tranglo
WalletKu
TNGAsiaand GEA
Headquartersandadjustments
GroupTotal
(dollars in thousands)
Net income (loss)
925
(90
)
-
2,305
3,140
Add:
Income tax expenses
62
-
-
(93
)
(31
)
Interest expense, net
-
-
(98
)
(98
)
EBIT
987
(90
)
-
2,114
3,011
Depreciation and amortization
-
-
-
-
550
EBITDA
987
(90
)
-
2,114
3,561
The Company's total EBITDA for the third quarter of 2025 was a profit of US$3.6 million.
Tranglo and WalletKu's combined EBITDA for the third quarter of 2025 was US$0.9 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 profit of US$2.1 million, mainly contributed by:
US$1.6 million for reversal of professional fee accrual.
For the three-month period endedSeptember 30, 2024
Tranglo
WalletKu
TNG Asiaand GEA
Headquarters and adjustments
GroupTotal
(dollars in thousands)
Net income (loss)
(131
)
(39
)
(826
)
(4,025
)
(5,021
)
Add:
Income tax expenses
179
-
-
(93
)
86
Interest expense, net
-
-
76
3,780
3,856
EBIT
48
(39
)
(750
)
(338
)
(1,079
)
Depreciation and amortization
-
-
-
-
888
EBITDA
48
(39
)
(750
)
