MoneyHero Limited

Good day. Thank you for standing by. Welcome to Money Hero Group third quarter 2024 earnings conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automatic message advising your hand is raised. Please be advised that today's conference is being recorded. I would now like to turn the conference over to Chad Victoria, Strategic Finance Lead. Please go ahead.

Thank you, Lucio. Hello, everyone. Very good morning or good evening, depending on where you are. My name is Chadwick Durai, and I'm Strategic Finance Lead for Money Hero Group, overseeing our investor relations activities. We're excited to have you join us for Money Hero Group's third quarter 2024 earnings conference call. Today, we have with us Rohit Murthy, our CEO, and Hao Tian, our CFO. Let's start with a few friendly reminders. First off, you can find detailed results in our earnings release located in the investor relations section of our website. Also, we are recording today's webcast, so don't worry if you miss anything. A replay and a transcript will be posted on our website under the investor relations section. A heads up, during this call, we'll discuss some future projections and expectations for our business. Keep in mind, these forward-looking statements are based on what we currently expect and are subject to risk and uncertainties that could cause our actual results to differ. We also encourage you to look at our earnings release and SEC filings for a detailed discussion of these risk factors. Remember, these forward-looking statements reflect our views as of today, and we are not obligated to update them unless required by law. Also, we'll talk about some non-IFRS financial measures today. For a reconciliation of non-IFRS financial measures, to the most directly comparable IFRS metric, please see our earnings press release. And one last thing, all Money Tree references will be in United States dollars, unless we state otherwise. Shortly, Rohit and Hao will be discussing our Q3 performance. With that, let me pass on the time to Rohit Muti, CEO of Money Hero Group. Over to you, Rohit.

Thank you, Chad. Hello, everyone. our performance update for the third quarter that ended 30th of September this year. This quarter, we made critical advancements in executing our efficiency strategy, which we introduced earlier this year. Our deliberate focus has been on optimizing our cost base, enhancing operational effectiveness, and strategically expanding high margin product categories to drive scalable and sustainable growth. Q3 marked the launch of a comprehensive reorganization and restructuring exercise, streamlining our operations, and optimizing team structures across marketing, product, and customer operations. These initiatives significantly improved our adjusted EBITDA by over 40% quarter-on-quarter, from a loss of $9.3 million in Q2 to a loss of $5.5 million in Q3. These foundational changes position us to enter Q4 with a leaner cost base, greater financial discipline, and a clear trajectory towards operational leverage with the benefits we expect to be fully realized in the coming quarters.