MoneyHero (MNY) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached $20.9M, up 6% year-over-year, driven by high-margin product growth, operational efficiency, and strong market share gains in the Philippines (up 49%) and Hong Kong (up 18%).

• Net income was $5.7M, reversing a net loss of $7.2M in Q3 2023, mainly due to a $10M unrealized FX gain.

• Strategic reorganization and cost optimization led to a leaner structure, with a 40% quarter-on-quarter improvement in Adjusted EBITDA loss (from -$9.3M in Q2 to -$5.5M in Q3).

• Centralized all customer data onto a single platform, enabling unified customer insights and supporting cross-sales and efficient marketing.

• Launched new high-margin product categories, including a car insurance vertical in Hong Kong with real-time pricing, and enhanced travel insurance purchase flows.

Financial highlights

• Q3 2024 revenue grew 6% year-over-year to $20.9 million.

• Adjusted EBITDA loss improved to -$5.5 million from -$9.3 million in Q2 2024, but widened year-over-year from -$1.3 million.

• Net income for Q3 2024 was $5.7 million, up from a loss of $7.2 million in the prior year, primarily due to unrealized FX gains.

• Insurance revenue increased 36% year-over-year to $2.1 million, now contributing 9-10% of group revenue for the first nine months.

• B2B business remained flat year-over-year at $3.5 million, representing 17% of group revenue.

Outlook and guidance

• Expect continued improvement in Adjusted EBITDA and margin recovery in Q4 2024, with full benefits of restructuring and cost optimization to be realized in the coming quarters.

• Focus remains on scaling high-margin products and maintaining disciplined cost management for sustainable growth.

• Pursuing strategic acquisitions and investments to drive industry consolidation in Greater Southeast Asia.