MoneyHero (MNY) Q2 2025 earnings summary

Executive summary

• Q2 revenue reached $18 million, with adjusted EBITDA loss narrowing to $2 million and net income at $0.2 million, reflecting a shift to higher margin verticals, disciplined cost management, and AI-driven efficiencies.

• Sequential revenue grew over 20% from Q1 to Q2, driven by premium insurance, wealth products, and operational improvements.

• Insurance and Wealth verticals now comprise 27% of revenue, up from 22% last year, with group membership expanding 33% YoY to 8.6 million.

• Strategic focus on higher-margin verticals and operational discipline underpins sustainable profitability.

• AI integration and provider partnerships are enhancing conversion rates, lowering costs, and supporting scalable growth.

Financial highlights

• Revenue declined 13% year-over-year to $18 million due to a strategic pivot away from lower margin credit card volume.

• Insurance revenue grew 18% YoY to $2.6 million (14% of total), Wealth revenue flat at $2.3 million (13% of total), while credit cards decreased to 61%.

• Cost of revenue improved to 51% of revenue, down from 67% in Q2 last year, with gross margin gains.

• Operating expenses (excluding FX) fell 37% year-over-year to $20.6 million, with broad-based savings.

• Adjusted EBITDA loss narrowed to $2 million from $9.3 million a year ago; net income turned positive from a $12.2 million loss.

Outlook and guidance

• H2 guidance anticipates continued 20%+ sequential revenue growth and adjusted EBITDA breakeven in the second half of 2025.

• Insurance and Wealth verticals expected to reach 28%–30% of group revenue in H2, supporting profitability milestones.

• Strategic focus on scaling insurance, wealth, and fixed-fee programs, with a target of 5% to 10% adjusted EBITDA margins over the next 2–3 years.

• Launch of Credit Hero Club in Hong Kong with TransUnion in Q4 to deepen engagement and drive conversions.

• Continued investment in product innovation, AI, and long-term growth, balanced with cost discipline.