Triller Group Inc. (formerly AGBA Group Holding Limited) reported significant financial changes in its 10-Q filing for the three and nine months ended September 30, 2024. The company experienced a substantial decline in revenue, with total revenues for Q3 2024 at $5.4 million, down 58.8% from $13.2 million in Q3 2023. For the nine-month period, revenues totaled $18.0 million, a decrease of 56.7% compared to $41.7 million in the same period last year. The Distribution Business, which remains the largest segment, generated $4.7 million in Q3 2024, down from $11.9 million in Q3 2023, primarily due to economic challenges in Hong Kong.

Despite the revenue drop, Triller Group reported a reduction in operating expenses, which fell to $15.6 million in Q3 2024 from $24.5 million in Q3 2023, marking a 36.4% decrease. This led to a loss from operations of $10.2 million for Q3 2024, an improvement from a loss of $11.3 million in the prior year. The net loss for Q3 2024 was $9.4 million, down from $12.9 million in Q3 2023, reflecting a 27.1% improvement.

For the nine months ended September 30, 2024, the net loss was $28.8 million, a decrease from $35.6 million in the same period of 2023. The company’s accumulated deficit increased to $94.4 million as of September 30, 2024. Cash and cash equivalents rose to $5.1 million, up from $1.9 million at the end of 2023, while total current assets increased significantly to $52.1 million from $25.6 million.

Strategically, Triller Group completed a merger with Triller Corp. on October 15, 2024, which included a name change and a shift in its jurisdiction from the British Virgin Islands to Delaware. The merger involved the issuance of approximately 107.7 million shares of common stock and 11.8 million shares of Series A-1 preferred stock. The company is also exploring funding alternatives to support its operations and business development, including potential debt and equity offerings.

The company’s financial health remains a concern, with a working capital deficit of approximately $40.5 million as of September 30, 2024, up from $22.2 million at the end of 2023. Management has expressed doubts about its ability to continue as a going concern for at least the next year, citing ongoing liquidity risks.