Currenc Group Inc., following its business combination with Seamless Group Inc. on August 30, 2024, reported a decline in revenue and increased operational losses for the third quarter and nine-month period ending September 30, 2024. Revenue for Q3 2024 was $11.3 million, down 11.0% from $12.7 million in Q3 2023. For the nine months, revenue decreased to $35.4 million from $39.9 million in the prior year. The decline was primarily attributed to a 22.1% drop in global airtime revenue, which fell to $2.3 million from $2.95 million year-over-year.

Gross profit for Q3 2024 was $3.1 million, a decrease from $4.1 million in Q3 2023. The company reported a significant loss from operations of $15.9 million for Q3 2024, compared to a loss of $2.3 million in the same quarter of the previous year. For the nine-month period, the loss from operations increased to $18.7 million from $5.6 million in 2023. The increase in operational losses was largely due to a surge in general and administrative expenses, which rose to $19.1 million in Q3 2024 from $6.5 million in Q3 2023, primarily driven by $13.1 million in share-based compensation related to the merger.

Despite the operational challenges, Currenc reported other income of $15.0 million in Q3 2024, significantly higher than $241,000 in Q3 2023, largely due to a $14.7 million gain from the divestiture of TNGA and GEA. The net loss for Q3 2024 was $5.0 million, compared to a loss of $3.8 million in Q3 2023. For the nine-month period, the net loss increased to $11.3 million from $10.4 million in the previous year.

As of September 30, 2024, Currenc had cash and cash equivalents of $49.1 million, a slight increase from $48.5 million at the end of 2023. However, total current assets decreased to $82.5 million from $103.4 million, while total liabilities fell to $137.7 million from $177.7 million. The company reported a total shareholders’ deficit of $46.9 million, improved from $57.9 million a year earlier.

In terms of strategic developments, Currenc aims to expand its B2C markets in Southeast Asia and the Middle East, focusing on retail remittance and airtime markets. The company processed approximately 8.56 million remittance transactions valued at $3.92 billion for the nine-month period, reflecting a 5.5% increase in transaction volume compared to the previous year. However, the number of unique user accounts for airtime transfers decreased significantly, indicating challenges in maintaining customer engagement in that segment.