MoneyHero (MNY) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue rose 24% YoY to $20.7M, driven by strong growth in Singapore, Hong Kong, and insurance products, with market share gains in core markets.

• Online financial comparison business grew 26% YoY; B2B Creatory business up 13% YoY.

• Insurance revenue surged 89% YoY to $2.2M, now 11% of group revenue.

• Membership base expanded to 6.5M as of June 30, 2024, up 53% YoY, with a 50% increase in approved applications.

• Strategic focus on operational efficiency, monetizable traffic, higher-margin products, and AI-driven processes.

Financial highlights

• Q2 2024 revenue: $20.7M (+24% YoY); online comparison platforms: $17.8M (+26% YoY); Creatory B2B: $2.9M (+13% YoY).

• Insurance revenue for H1 2024 reached $4M, up 65% YoY.

• Adjusted EBITDA loss widened to $9.3M from $6.4M in Q1 2024, driven by strategic investments and increased operating costs.

• Q2 loss for the period: $(12.2)M, improved from $(68.6)M YoY; operating costs rose to $34.4M from $25.5M YoY.

• As of June 30, 2024: $56.5M cash, debt-free balance sheet.

Outlook and guidance

• Adjusted EBITDA loss expected to narrow to $5-6M in Q3 2024; targeting monthly Adjusted EBITDA profitability by Q4 2024.

• Revenue and profitability loss from provider exits in Taiwan and Philippines expected to be minor from Q4 onward.

• Focused on organic growth, insurance expansion, and leveraging seasonal demand in core markets.

• Margins began recovering in early Q3; expects normalized acquisition volumes.