MoneyHero Group Reports Unaudited Second Quarter 2026 Results

• Total transaction value expanded 9% in the first six months of 2026 and held flat YoY in Q2 2026, supported by a 77% YoY increase in Q2 cash rewards, which successfully captured high-intent users
• Revenue remained flat at US$32.3 million in the first six months of 2026, Q2 revenue was US$15.8 million, reflecting our strategic shift to cash rewards
• Impacted by FX volatility, net loss was US$(1.2) million, reflecting a US$(0.1) million FX loss this quarter compared to a US$3.0 million FX gain in the prior year. Excluding unrealized FX impacts, Constant FX EBITDA1 loss narrowed 64% YoY to US$(0.9) million, while Adjusted EBITDA1 loss narrowed 17% YoY to US$(1.6) million
• Approval rate improved 9 p.p. YoY to 48% in Q2, driving stronger unit economics with continued expansion in revenue per approved application, reinforcing our strategic pivot toward high-intent traffic and continued funnel optimization
• Q2 Higher-margin Wealth and Insurance products expanded 3 p.p. YoY to 30% of total revenue, with Wealth alone up 22% YoY in the first six months
• Sustained operational cost discipline, with combined cost of revenue, advertising and marketing, technology, employee benefit, and general administrative and other operating expenses decreasing 12% YoY to US$18.2 million, driven by technology stack optimization and AI automation to unlock long-term operational leverage
• Maintained a resilient, debt-free balance sheet with US$28.2 million in cash and cash equivalents
  
   

HONG KONG and SINGAPORE, Sept. 11, 2026 (GLOBE NEWSWIRE) -- MoneyHero Limited (Nasdaq: MNY) (“MoneyHero” or the “Company”), a leading tech- and AI-powered personal finance aggregation and comparison platform and a digital insurance brokerage provider in Greater Southeast Asia, today announced its financial results for the second quarter ended June 30, 2026.

Management Commentary:

Danny Leung, Interim Chief Executive Officer and Chief Financial Officer, stated:

“Our second quarter delivered continued improvement in unit economics, approval quality and cost discipline, as well as our total transaction value in core markets, Hong Kong and Singapore. Net loss was US$(1.2) million, reflecting foreign exchange volatility rather than a change in our operating trajectory, and Adjusted EBITDA loss narrowed 17% year-over-year to US$(1.6) million in the quarter, while Constant FX EBITDA loss, which excludes unrealized foreign exchange impacts, narrowed 64% year-over-year to US$(0.9) million. We ended the period with US$28.2 million in cash and no debt. This progress sits alongside a deliberate decision on how we acquire customers, which also shaped our reported revenue.

Revenue was US$15.8 million in the second quarter, down 13% year-over-year, while for the first six months of 2026 revenue remained essentially flat year-over-year at US$32.3 million. However, this headline figure understates the underlying progress we have made due to a strategic decision to deploy cash rewards in Singapore and Hong Kong where there is a growing consumer preference for flexible cash incentives, allowing us to attract higher-intent customers more cost-effectively. Under IFRS accounting rules, these cash rewards are deducted from revenue rather than recorded as a cost. Adding these rewards back, total transaction value was flat year-over-year in the second quarter at US$20.9 million and grew 9% year-over-year to US$41.5 million in the first six months of 2026. These cash rewards totaled US$5.1 million in the second quarter of 2026, up 77% from US$2.9 million in the prior year period, and US$9.2 million in the first six months of 2026, up 66% year-over-year from US$5.6 million in the prior year period. Within the six-month total, Singapore represented the largest portion of these cash rewards at US$7.3 million, while Hong Kong represented US$1.9 million. Even as reported Q2 revenue moderated by 13% due to our strategic shift toward cash rewards, the total transaction value demonstrates sustained growth in our core markets, expanding in the first half of 2026 by 21% in Hong Kong and 9% in Singapore year-over-year.

Market Deep Dive: Geographic Performance

Geographically, Hong Kong remained our anchor market, holding revenue broadly flat year-over-year in the second quarter at US$7.8 million, representing half of total revenue, and grew 15% year-over-year to US$16.3 million in the first six months of 2026, underscoring the resilience of our leadership position there. This commanding market leadership drove a significant expansion in our bottom line, with Hong Kong segment profit surging to US$0.5 million from US$0.1 million in the prior year period. In Singapore, underlying operating momentum continued to expand. Cash rewards deployment was heavily concentrated in this market, resulting in a 20% decline in Q2 reported revenue to US$6.2 million, but our disciplined focus on higher-margin conversions successfully transformed the market's unit economics. First-half of 2026 reported revenue moderated by only 8%, and the market achieved a decisive return to profitability, generating US$0.2 million in segment profit to mark a powerful turnaround from a US$(0.5) million loss in the prior year period.

Vertical Deep Dive: Product Mix Performance and Expansion

Our revenue mix continued to shift toward higher-margin products. Combined revenue from our higher-margin Wealth and Insurance verticals was US$4.7 million and accounted for 30% of total revenue, up from 27% in the prior year period. Revenue from Credit Cards declined 18% year-over-year to US$8.9 million. Reported revenue reflected an increased consumer preference shift toward cash rewards described above. Driven primarily by this shift in reward mechanics within Credit Cards alongside disciplined customer acquisition, our total cost of revenue decreased 17% year-over-year to US$7.6 million. The revenue mix-shift across the first six months of 2026 is clearer. Combined Wealth and Insurance revenue grew 11% year-over-year to US$9.3 million and now represents 29% of total revenue, with Wealth alone up 22% year-over-year to US$4.8 million, reinforcing that these higher-margin verticals continue to compound even through a softer quarter.

During the second quarter, we advanced several partner-led initiatives and continued to broaden our product offerings across key markets. In Singapore, we secured exclusive partnerships with two of the country’s largest retail banks, moved to a fixed-fee arrangement with a global banking group, and established an exclusive partnership with a digital brokerage platform. Exclusivity and fixed-fee economics both improve the predictability of our partner revenue and reduce our exposure to auction-based customer acquisition costs. We are also preparing to launch a new Home Loans comparison category through an affiliate partnership with a leading mortgage broker and comparison platform, allowing us to enter this vertical without taking on underwriting risk or balance-sheet exposure. In Taiwan, we launched a KOL pilot with a local bank during the quarter to test a more targeted, partner-led customer-acquisition model. In Hong Kong, we are broadening our online Life Insurance offering to include Critical Illness in the third quarter, as well as short-term savings, tax-deductible medical and personal accident products in the near future. Our substantial existing insurance traffic, particularly from travel insurance, provides a solid foundation for this expansion.

Technology Deep Dive: AI Transformation and Platform Efficiency

We continued to scale our AI transformation initiative this quarter, and the results are increasingly visible in our cost structure. Technology costs fell 50% year-over-year to US$0.5 million, reflecting continued platform consolidation and AI-driven automation of engineering and operational workflows.

Last quarter, we described AI as the engine of our engineering work. Today, we are delivering results. Built by a single engineer working with AI agents in under three months, against a conventional build that we estimate would have required a team of around ten for most of a year, our in-house Voucher Management System launched in Hong Kong, halving delivery times and eliminating third-party handling fees. We treat that comparison as directional rather than precise. We are also rolling out a fully AI-assisted conversational experience blending customer support and product discovery. Simultaneously, we are structuring our data so third-party GenAI platforms and next-generation search engines can cite MoneyHero directly, ensuring the application and ongoing member relationships remain securely with us.

The member experience is also transforming. We launched a rebuilt member dashboard on SingSaver in Singapore, soon expanding to Hong Kong, giving users a single place to track rewards. This ecosystem, including direct insurance renewals, will integrate seamlessly into our mobile apps to drive retention.

Finally, we are rebuilding remaining legacy internal systems. Because savings from each project fund the next, this requires no significant additional capital expenditure.

Financial and Operational Performance

Operationally, our structural efficiency gains continue to build momentum. Combined cost of revenue, advertising and marketing, technology, employee benefit, and general administrative and other operating expenses declined 12% year-over-year to US$18.2 million. Within this, cost of revenue as a percentage of revenue improved 3 percentage points year-over-year to 48%, reflecting increased adoption of cash rewards and higher-converting traffic. Operating discipline was further highlighted by a 50% year-over-year decline in technology costs, and a 12% year-over-year reduction in advertising and marketing expenses to US$4.0 million through more disciplined, data-driven campaign allocation. These savings balanced targeted investments in employee capabilities to support our higher-margin verticals and AI initiatives, with employee benefit expenses up 6% year-over-year to US$3.9 million. Notably, even as application volume moderated 30% year-over-year from our deliberate prioritization of higher-intent users, our approval rate improved 9 percentage points from the prior year period to 48%. As a result, approved applications declined by a much smaller 15%, alongside a strengthened yield in revenue per approved application, clear evidence that we are converting a smaller but higher-quality funnel more efficiently.

Our net loss was US$(1.2) million for the quarter, driven by foreign exchange. Excluding unrealized foreign exchange impacts, our Constant FX EBITDA loss narrowed 64% year-over-year to US$(0.9) million during the quarter and 14% year-over-year to US$(5.0) million for the first six months of 2026. Reflecting US$1.6 million of non-recurring legal and professional fees and other expenses that are added back in Adjusted EBITDA, this progress reinforces that our core operating trajectory continues to move in the right direction even where currency volatility adds noise to the reported bottom line.

Consistent with these operating improvements, our Adjusted EBITDA loss narrowed 17% year-over-year to US$(1.6) million during the quarter and 49% year-over-year to US$(2.7) million for the first six months of 2026, driven by cost of revenue efficiency, disciplined advertising and marketing spend, and continued structural operating leverage.

We ended the quarter with a healthy, debt-free balance sheet, with US$28.2 million in cash and cash equivalents and US$32.6 million in net current assets as at June 30, 2026. Our MoneyHero Group Members base also grew 17% year-over-year to 10.1 million. Together, this allows us to keep funding our organic growth roadmap while maintaining the cost discipline that has driven our Adjusted EBITDA improvement.

Looking ahead through the remainder of 2026, we remain focused on converting the structural efficiency gains we have built into full-year Adjusted EBITDA improvement. Our second-half product and commercial catalysts include the upcoming launch of the Home Loans comparison category in Singapore, the launch of our AI-assisted natural-language search bar, the planned launch of Critical Illness comparison products in Hong Kong during the third quarter, the rollout of the rebuilt member dashboard to Hong Kong, and the extension of our Voucher Management System to additional markets and voucher types.

These initiatives are designed to broaden our product mix, deepen member engagement, strengthen partner monetization and support the rebuilding of volume on a more profitable basis. We will continue to prioritize disciplined execution, talent retention, operational efficiency and the successful implementation of these strategic growth initiatives.”

Second Quarter 2026 Financial Highlights

• Revenue was US$15.8 million, a 13% year-over-year decrease from US$18.0 million in the same period last year. This reflected the cash rewards shift described above, alongside lower volumes in Singapore and the Philippines. This was partially offset by resilient performance in Hong Kong, which remained the largest market at US$7.8 million, contributing 50% of total revenue; for the first six months of 2026, revenue held steady at US$32.3 million, flat year-over-year.
  • Combined revenue from higher-margin Wealth and Insurance products was US$4.7 million, expanding to account for 30% of total revenue compared to 27% in the same period last year.
• Cost of revenue in the second quarter of 2026 decreased by 17% year-over-year to US$7.6 million from US$9.1 million and accounted for 48% of revenue, an improvement of 3 percentage points from 51% during the same period last year, reflecting the increased adoption of cash rewards alongside higher conversion efficiencies.
• Combined cost of revenue, advertising and marketing, technology, employee benefit, and general administrative and other operating expenses decreased 12% year-over-year to US$18.2 million in the second quarter of 2026 from US$20.6 million in the prior year period, primarily driven by reduced advertising and marketing expenses and a 50% decrease in technology costs through technology stack optimization and AI-driven process automation.
• Net loss was US$(1.2) million in the second quarter of 2026, compared to a net profit of US$0.2 million in the prior year period, primarily driven by net foreign exchange differences swinging from a US$3.0 million gain in the prior year period to a US$(0.1) million loss this quarter. Excluding unrealized foreign exchange impacts, Constant FX EBITDA loss narrowed 64% year-over-year from US$(2.6) million to US$(0.9) million in the second quarter and narrowed 14% year-over-year from US$(5.8) million to US$(5.0) million for the first six months of 2026, reflecting US$1.6 million of non-recurring legal and professional fees and other expenses that are added back in Adjusted EBITDA.
• Adjusted EBITDA loss narrowed 17% year-over-year to US$(1.6) million in the second quarter of 2026 from US$(2.0) million in the prior year period, driven by cost of revenue efficiency, disciplined advertising and marketing spend, and continued structural operating leverage; for the first six months of 2026, Adjusted EBITDA loss narrowed 49% year-over-year to US$(2.7) million.

Second Quarter 2026 Operational Highlights

• Cash Rewards provided to platform users reached US$5.1 million in the second quarter of 2026, a 77% increase from US$2.9 million in the prior year period, and US$9.2 million in the first six months of 2026, a 66% increase from US$5.6 million in the prior year period. Within the six-month total, Singapore represented US$7.3 million and Hong Kong represented US$1.9 million.
• Monthly Unique Users averaged 3.7 million for the three months ended June 30, 2026, compared to 5.3 million in the prior year period. This anticipated moderation reflects a deliberate strategic shift—specifically, targeted reductions in low-intent paid acquisition alongside enhanced analytics filtering out automated traffic (effective April 1, 2026, and prior periods have not been recast, as set out in footnote 5). Importantly, this pivot drove strong audience yield expansion, with revenue per average monthly unique user surging 24% YoY.
• MoneyHero Group Members grew by 17% year-over-year to 10.1 million as of June 30, 2026, expanding the scale of our registered user base to support broader market reach.
• MoneyHero’s approval rate improved significantly by 9 p.p. to 48%, with approximately 148,000 approved applications out of 310,000 applications. Concurrently, we drove meaningful growth in revenue per approved application across both the second quarter and the first six months of 2026. This clear unit economic improvement perfectly reflects enhanced customer acquisition quality and our strategic shift toward higher-intent users.

Summary of financial / KPI performance

Revenue breakdown

Key Metrics