MoneyHero narrows adjusted loss despite lower quarterly revenue

MoneyHero’s ($MNY) second-quarter revenue declined about 13% to $15.8 million, while its adjusted EBITDA loss narrowed to approximately $1.6 million from $2 million. The net loss was about $1.2 million. The company finished the period with $28.2 million in cash and no debt.

Application approval rates improved, but the total number of approved applications declined, underscoring that a better conversion percentage does not necessarily mean higher volumes. Cash-reward costs also increased as the business adjusted its customer-acquisition approach. Foreign-exchange movements influenced the reported net result. The update points to progress in containing the adjusted operating loss, but not to a return to profitability or a recovery in quarterly revenue growth.

Sources:

• MoneyHero — unaudited quarterly release, GlobeNewswire via StockTitan