MoneyHero Limited (NASDAQ: MNY), a leading personal finance and digital insurance platform in Greater Southeast Asia, reported its financial results for the quarter ended September 30, 2024.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | YoY Change |
|---|---|---|---|
| Revenue | $20.9M | $19.7M | +6% |
| Net Income | $5.7M | $(7.2)M | N/A |
| Adjusted EBITDA | $(5.5)M | $(1.3)M | N/A |
In Q3 2024, MoneyHero reported a 6% year-over-year increase in revenue to USD 20.9 million, reflecting strong growth across its platform. The company achieved a net income of USD 5.7 million, a significant turnaround from a loss in the previous quarter. However, the adjusted EBITDA reflected a loss of USD 5.5 million, indicating ongoing strategic investments despite improvements in efficiency.
Revenue Breakdown by Segment
| Segment | YoY Change | % of Total Revenue |
|---|---|---|
| Online Financial Platforms | +8% | 83% |
| B2B Business (Creatory) | flat | 17% |
| Insurance Products | +36% | 10% |
MoneyHero's online financial platforms experienced an 8% YoY increase, driving the bulk of the revenue. Revenues from insurance grew by 36% YoY, reflecting a strategic shift towards higher-margin products.
Key Developments & Operational Highlights
- Initiated a comprehensive reorganization to streamline operations.
- Centralized data platform completed, enhancing customer view and marketing efficiency.
- Phase one of Singapore site revamp completed; enhancements to extend to Hong Kong.
- Growth in high-margin products such as personal loans and insurance.
- Completed development of Car Insurance vertical in Hong Kong with real-time pricing.
- New membership and loyalty programs launched.
Management Commentary
Chief Executive Officer, Rohith Murthy, emphasized the company's shift to an efficiency strategy, reducing costs while scaling high-margin products like personal loans and insurance. He noted enhancements in operations due to strategic restructuring and data integration, setting a foundation for sustainable growth. Chief Financial Officer, Hao Qian, underscored strategic investments in customer acquisition and technology to bolster future profitability and competitiveness.
Dividends/Share Repurchase Program & Forward Guidance
There was no announcement regarding dividends or share repurchase programs. The company anticipates continued improvement in Adjusted EBITDA as it advances towards a more efficient and high-margin operational model. The strategic shift aims to position the company for improved financial performance in 2025, though exact future guidance was not detailed.
Overall, MoneyHero's strategic efforts in enhancing operational efficiency and focusing on high-margin products have shown fruitful results, as reflected in its third-quarter performance, positioning the company for further growth heading into the next fiscal year.
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