Total applications fell from 434,000 to 329,000, and clicks dropped from 2.1 million to 1.4 million. Does this mean brand engagement is collapsing, and how can 15% revenue growth be sustained?

The decline reflects a deliberate shift from raw volume to revenue quality and profitability. The company stopped low ROI marketing campaigns that brought in low-intent visitors. MoneyHero Group members (registered users) actually grew 24% to 9.8 million, indicating core consumers were retained, and the revenue mix shifted to high-margin products. “We didn't lose our core consumers. We simply stop paying for anticlicks that allow us to narrow our adjusted EBITDA loss by connecting high-value users with our commercial partners.”

Hong Kong and Singapore carry 85% of revenue, while Taiwan and Philippines contracted 17% and 12% respectively, with massive drops in unique users. Is this a strategic soft exit or loss of market share?

This is strict execution of the mandate for sustainable adjusted EBITDA profitability. Capital and resources are intentionally allocated to Hong Kong and Singapore due to their strong unit economics. In Taiwan and Philippines, despite organic traffic headwinds, the company optimized for unit economics (e.g., slashing performance marketing spend by 57% in the Philippines) to protect margins, leading to GP growth despite revenue contraction. “We are not so exiting nor are we bleeding out to local competitors. We are proving the absolute resilience of a model. Ultimately, we successfully extracted over 40% more GP from both of these markets.”

What are the takeaways from the recent Board changes, given media speculation?

Board adjustments are aligned with the current business inflection point, moving from restructuring to profitable scaling. The refresh brings expertise in fintech scaling, digital consumer platforms, capital allocation, and M&A governance, critical for the new growth era. There is full alignment between the Board and interim management on strategic priorities. “This Board refresh is intentionally tailored to bring in the exact expertise required for this new growth era.”

MNY

MoneyHero Group (MNY) Q1 FY26 earnings call: guidance and Q&A

Earnings call· Mar 2026 (Q1 FY26)· Industrials· Jun 24, 2026

Source: earnings call transcript

Executive summary

MoneyHero Group Q1 FY26 — AI-Driven Profitable Scaling and Margin Expansion

MoneyHero Group completed its strategic turnaround, delivering Q1 FY26 results that reflect continued progress towards sustainable, profitable scaling. The company achieved encouraging revenue growth and improved operating efficiency, driven by optimizing unit economics and a strategic shift towards higher-margin wealth and insurance products. AI initiatives are reshaping product development and internal workflows, contributing to significant cost reductions and a clear path to sustained profitability.

Highlights

Total revenue grew 15% year-over-year to $16.5 million.
Combined revenue from higher-margin wealth and insurance verticals grew 31% year-over-year to $4.7 million.
Adjusted EBITDA loss narrowed sharply by 68% year-over-year to $1.1 million.
MoneyHero Group members grew 24% year-over-year to 9.8 million registered users.
Approval rate increased from 36% to 48%, with total approved applications growing year-over-year to 156,000.

Concerns

Net loss widened to $6.7 million, primarily due to $1.1 million non-cash fair value adjustment from warrant liabilities and $2.4 million unrealized FX loss.
Revenue in the Philippines declined 17% year-over-year, and Taiwan revenue declined 12% year-over-year, reflecting prioritization of margin quality over volume.
Total applications fell from 434,000 to 329,000, and absolute clicks dropped from 2.1 million to 1.4 million, reflecting a strategic shift from volume to quality.

Guidance & targets

Category	Target	Timeline	Confidence
Incremental capital expenditure	Not outsized medium materiality	Future	Medium

Segment performance

Segment	Revenue	YoY	QoQ	Margin
Hong Kong Solidifying market leadership, capitalizing on stronger consumer demand for higher-margin wealth and insurance products.	$8.5 million	33%	—	Gross profit grew substantially
Singapore Highly stable cash-generated foundation that funds broader regional innovations.	$5.6 million	11%	—	Improved GP
Taiwan Optimized localized product use, driving enhanced conversion efficiencies across core verticals; optimized reward costs and paid marketing.	—	-12%	—	Improved GP
Philippines Prioritized core profitability by pulling back on lower margin volume; slashed performance marketing spend by 57% year-over-year from $1.1 million to roughly $400,000.	—	-17%	—	GP actually grew
Wealth & Insurance (combined) Represents a shift towards higher-margin verticals. Percentage of total group revenue: 28% (up from 25% in prior year)	$4.7 million	31%	—	—
Wealth Driven by successful compliant partnerships with licensed digital asset platforms and top-tier retail brokers.	$2.5 million	53%	—	—
Insurance Result of transition towards end-to-end real-time pricing journeys, utilizing embedded architecture such as partnership with Bolttech.	$2.1 million	12%	—	—
Personal Loans & Mortgages Targeting high intent borrowers.	$2.8 million	13%	—	GP grew substantially
Credit Cards Remains primary volume engine; promotional spend recalibrated as part of reward optimization strategy.	$9 million	10%	—	Slightly compressed GP

MNY operating KPIs by quarter

MNY operating KPIs stated on its earnings calls, by fiscal quarter
KPI	This call Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Registered members	9.8M Money Hero Group members grew by 24% year-over-year to 9.8 million registered users. Source: earnings call transcript	10.1M This position, together with a member base of $10.1 million, which is up 17% year-over-year, continues to fund our organic growth road map and support broader market reach. Source: earnings call transcript	+3.1%
Approval rate	48% Despite this lean marketing framework, our approval rate increased meaningfully from 36% a year ago to 48% this quarter and total approved application still grew year-over-year, reaching 156,000. Source: earnings call transcript	48% Approval rate nonetheless expanded 9 percentage points from the prior year period to 48% and approved applications declined by a smaller 15%, alongside continued growth in revenue per approved application in both the quarter and the first half of the year, clear evidence that we are converting a smaller but higher quality funnel more efficiently. Source: earnings call transcript	0 pt

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Product announcements

Product	Type	Timeline	Details
Membership ecosystem expanded capabilities	roadmap	in phases across individual markets

Deals & partnerships

Licensed digital asset platforms and top-tier retail brokers Partnership

Successful compliant partnerships for the Wealth vertical.

Bolttech Partnership (embedded architecture)

Partnership for end-to-end real-time pricing journeys in the Insurance vertical.

Risks & headwinds

Dynamic operating environment

null

Mitigation:Remain highly focused on executing against our broader full year 2026 objectives.

Highly competitive Singapore market

null

Mitigation:Leveraging deep commercial partnerships and local lines campaigns.

Organic traffic headwinds in Taiwan and Philippines

Contraction in organic traffic visits year-over-year.

Mitigation:Actively managing the P&L by optimizing for unit economics and slashing performance marketing spend (e.g., 57% reduction in Philippines).

Net loss widening due to non-cash and FX adjustments Q1 2026

Net loss of $6.7 million, including $1.1 million noncash fair value accounting adjustment from warrant liabilities and $2.4 million unrealized FX loss.

Mitigation:Management emphasizes these are macroeconomic, noncash accounting adjustments and that underlying core operational metrics remain robust.

Q&A highlights

Why did adjusted EBITDA narrow significantly while statutory net loss widened to $6.7 million?

The net loss was primarily due to non-cash and one-time items: $1.1 million non-cash fair value adjustment from warrant liabilities, $2.4 million unrealized FX loss, and $1.6 million non-recurring legal/professional fees. Core operating costs declined, and the business is scaling responsibly.

“So if you strip away these noncash and onetime items, our core operating cost base actually declined compared to the same period last year, even as our top line grew strongly by 15%.”

asked by Calvin Wong · answered by Ka Yip Leung

2 min read 6 chapters

Detailed narrative

Strategic Turnaround and Profitable Scaling

MoneyHero Group has completed its multi-year strategic turnaround, transitioning from restructuring and cost optimization to a phase of profitable scaling. The Q1 FY26 results demonstrate continued progress, with a focus on sustainable growth, improved operating efficiency, and execution against broader full-year objectives. The company emphasizes optimizing unit economics and driving stronger monetization across core markets and verticals.

Geographic Performance and Market Prioritization

The company's growth is primarily driven by Hong Kong and Singapore, which together account for over 85% of group revenue. Hong Kong revenue surged 33% year-over-year to $8.5 million, capitalizing on stronger consumer demand for wealth and insurance products. Singapore delivered steady 11% year-over-year revenue growth to $5.6 million, serving as a stable cash-generating foundation.

In contrast, Taiwan and the Philippines saw revenue declines of 12% and 17% respectively, as the company prioritized margin quality over volume by pulling back on aggressive marketing spend and optimizing localized product offerings.

Product Vertical Mix Shift

MoneyHero is actively shifting its revenue mix towards higher-margin wealth and insurance products, moving away from heavy reliance on lower-margin credit card acquisitions. Combined revenue from wealth and insurance grew 31% year-over-year to $4.7 million, now representing over 28% of total group revenue, up from 25% in the prior year.

Wealth revenue expanded 53% to $2.5 million, driven by compliant partnerships, while insurance revenue grew 12% to $2.1 million due to end-to-end real-time pricing journeys.

AI Transformation and Operational Efficiency

AI has become central to MoneyHero's operations, driving structural efficiencies and reshaping product development. Approximately 90% of new code is now AI-written, enabling faster product updates and lower technology costs. AI automation handles up to 70% of frontline consumer service inquiries, reducing employee benefit expenses.

Data-driven AI-assisted targeting has also reduced advertising and marketing costs by 13% year-over-year to $8.5 million, while improving approval rates from 36% to 48%.

Financial Position and Capital Allocation

The company ended the quarter with a debt-free balance sheet, $28 million in cash and cash equivalents, and $32.8 million in net current assets. This strong financial position provides strategic flexibility to fund organic growth and AI initiatives without needing to raise dilutive capital.

While the net loss widened to $6.7 million due to non-cash adjustments like warrant liabilities and unrealized FX losses, the underlying operational metrics and adjusted EBITDA trajectory remain robust, with the loss narrowing by 68% to $1.1 million.

Board Changes and CEO Search

Recent Board adjustments are aligned with the company's new phase of profitable scaling, bringing in expertise in fintech scaling, digital consumer platforms, capital allocation, and M&A governance. The search for a permanent CEO is active and ongoing, with the Board focused on finding a leader for disciplined execution, product innovation, and sustained shareholder value creation.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.