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Currenc Group Inc. (CURR-0.68%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $11.3 million from $12.7 million in the same quarter the previous year. The decline is attributed to a reduction in global airtime revenue and a decrease in remittance revenue.
Cost of revenue for the quarter was $8.1 million, representing a decrease from $8.6 million in the same quarter of the previous year. This decrease is due to efforts to lower direct costs for remittance.
The company reported a gross profit of $3.1 million for the quarter, compared to $4.1 million in the previous year, with the decline attributed to reduced revenue.
Operating expenses increased to $19.1 million from $6.5 million, primarily due to share-based compensation expenses and costs related to the merger with INFINT SPAC.
Net loss for the quarter was $5.0 million, compared to $3.8 million in the previous year. The increase in loss is due to higher operating expenses.
Cash used in operating activities was $11.7 million for the nine months ended September 30, 2024, compared to $10.8 million in the previous year.
Currenc had a working capital deficit of $54.1 million as of September 30, 2024. The company is evaluating funding alternatives to support its business development activities.
The filing also details the completion of a business combination with INFINT Acquisition Corporation, resulting in a reverse recapitalization and listing on the Nasdaq Capital Market under the symbol 'CURR'.
Currenc does not anticipate a turnaround in its global airtime business in the near future due to changing consumer behavior and increased availability of free Wi-Fi in Southeast Asia.
The company continues to focus on expanding its remittance and airtime services in Southeast Asia and the Middle East, aiming to increase its user base and revenue.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Currenc Group Inc. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.