Monitor closing milestones for the Tranglo sale (requires BNM and MAS approvals by Sep 30, 2026) and the Animoca merger (shareholder vote). The improved gross margin and cash position provide some buffer, but the core revenue decline and reliance on transformative deals make the stock binary on execution. Watch for any updates on regulatory approvals or alternative financing.
Price Chart
Executive Summary
Currenc Group reported FY2025 revenue of $37.8M (down 18.5% reported, 10.3% on a like-for-like basis), with gross margin expanding to 40.8% from 31.4% and net loss narrowing to $18.5M from $38.8M. The strategic narrative dominates: a proposed reverse merger with Animoca Brands (granting Animoca shareholders 95% of the combined entity), a $400M Tranglo sale, and a $54.6M CEO debt-to-equity conversion position the company as a Web3/AI play, but core remittance/airtime revenues are declining.
Key Financial Metrics
Key Facts
- Revenue (excluding TNG Asia & GEA) $37.8M, down 10.3% YoY as airtime revenue declined 14.9% globally and 47.1% locally
- Gross profit $15.4M, margin 40.8% vs 31.4% in FY2024, driven by cost reductions and better mix
- Net loss attributable to Currenc $18.4M vs $39.5M in FY2024, improved on lower share-based comp and divestitures
- EBITDA loss of $13.2M vs $26.5M in FY2024; Tranglo and WalletKu combined EBITDA positive at $2.6M
- Cash and cash equivalents $75.2M as of Dec 31, 2025, up from $63.8M a year earlier
- Proposed reverse merger with Animoca Brands (Nov 2025) would give Animoca shareholders 95% of merged entity
- Planned sale of 60% Tranglo stake to New Margin for $400M (Jan 2026), with $200M at close and $200M within 90 days
- CEO Alex Kong converted $54.6M in related party loans to equity at $1.53/share, issuing 35.7M shares (Mar 2026)
Financial Impact
Revenue declined ~10% on a like-for-like basis; gross margin improved ~9pp; net loss halved; pending transactions valued at $400M (Tranglo sale) and a reverse merger that implies significant ownership change
Risk Factors
- Continued revenue decline in core remittance/airtime as competition and free Wi-Fi pressure volumes
- Execution risk on Tranglo sale (regulatory approvals) and Animoca merger (shareholder approval, valuation)
- Dilution from share issuances (CEO loan conversion added 35.7M shares, potentially dilutive to current holders)
- Integration risk and profitability timeline for new AI initiatives and Web3 strategy
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3285880 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 19d ago | 6-K | $2.77 $2.67 | ▲ +3.61% | ▲ +3.33% | $2.21 (+20.22%) |
Sep 24, 2026 4w ago | 6-K | $3.00 $3.10 | ▼ −3.33% | ▼ −3.56% | $2.21 (+26.33%) |
Sep 21, 2026 5w ago | 6-K | $3.06 $3.11 | ▼ −1.63% | ▼ −2.82% | $2.21 (+27.78%) |
Jun 24, 2026 17w ago | 6-K | $2.88 $2.61 | ▼ −9.38% | ▼ −10.94% | $2.21 (−23.26%) |
May 28, 2026 21w ago | 6-K | $3.19 $3.11 | ▼ −2.51% | ▼ −2.46% | $2.21 (−30.72%) |
May 6, 2026 24w ago | 6-K | $3.88 $4.42 | ▲ +13.92% | ▲ +12.79% | $2.21 (−43.04%) |
May 4, 2026 25w ago | 6-K | $3.29 $4.49 | ▲ +36.47% | ▲ +33.54% | $2.21 (−32.83%) |
May 1, 2026 25w ago | Press Release | $3.41 $4.31 | ▲ +26.39% | ▲ +24.05% | $2.21 (−35.19%) |
Apr 9, 2026 28w ago | 6-K | $3.16 $3.23 | ▲ +2.22% | ▼ −0.97% | $2.21 (−30.06%) |
US Market Status
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