MoneyHero's Q3 2025: Contradictions Emerge on AI Strategy, Revenue Markets, and Margin Expectations

Date of Call: December 5, 2025

Financials Results

• Revenue: $21.1M, up 17% sequentially (Q/Q) and 1% year-over-year (Y/Y)

Guidance:

• Q4 expected to be first positive adjusted EBITDA quarter since listing.
• 2026 target: solid top-line growth and meaningful improvement in profitability.
• Continue shifting revenue mix toward higher-margin insurance and wealth (above current ~23%).
• Ongoing investment in Project Odyssey, Credit Hero Club and real-time car insurance journeys.
• Pursue disciplined M&A for clear revenue/cost synergies and consider buybacks once free cash flow is established.

Business Commentary:

* Revenue Growth and Mix Shift: - MoneyHero reported revenue of $21.1 million for Q3, up 17% quarter-on-quarter and 1% year-on-year. - The growth was driven by a shift in revenue mix towards higher-margin verticals, particularly insurance and wealth, which now account for 23% of revenue.

• Operating Leverage and Cost Reduction:
• Adjusted EBITDA loss improved by 68% year-on-year to a loss of $1.8 million.

• This was due to a 13% reduction in operating costs, excluding FX, to $23.9 million, attributed to AI-driven automation and platform consolidation.

• Project Odyssey and AI Integration:

• Project Odyssey, the company's AI stack, is set to improve CAC efficiency and funnel conversion, contributing to structural operating leverage.

• It is projected to deliver a substantial improvement in annual EBITDA, driven by lower CAC, higher approval quality, and smarter routing across lenders and insurers.

• Q4 Profitability Inflection Point:

• MoneyHero expects Q4 to be the first profitable quarter on an adjusted EBITDA basis since listing.
• This is driven by revenue mix tailwinds in insurance and wealth, strong partner budgets, and ongoing improvements in marketing efficiency.

Sentiment Analysis:

Overall Tone: Positive

• Management emphasized a clear profitability inflection: "Q4 adjusted EBITDA to be positive"; adjusted EBITDA loss improved 68% Y/Y to negative $1.8M and margin improved ~1,800 bps Y/Y. Executives highlighted structural operating leverage, revenue mix shift to insurance/wealth (23% of revenue) and Project Odyssey as drivers of margin expansion.

Q&A:

• Question from Calvin Wong (Sticker Capital): I would like to ask 4 questions, if I may. And then pre more on business strategies and one on financials. The first one related to your crypto. What is the plan for the crypto segment since you have announced the partnership with OSL, HashKey and the survey with Coinbase so any revenue target or goal from this segment; and two, about AI. Can you elaborate about the AI displacement risk because you are a comparison platform. And three, you've mentioned many times in the press release that you're backed by a few partners like Palantir, [ Thiel ], Pacific Century. Can you share with us if there is any further partnership potential? And finally, on financials, we've seen that revenue basically flat year-on-year in the third quarter, but adjusted EBITDA actually improved quite significantly. So is that within your expectation? Any -- what are the drivers of this improvement? And why are you so confident in Q4 and beyond. So to recap one on crypto and one on AI and then another one on partnership and finally, about your profitability.
  Response: Core takeaway: Adjusted EBITDA improved 68% Y/Y driven by a higher-margin revenue mix (insurance +13% Y/Y; wealth +5% Y/Y) and structurally lower operating costs (operating costs ex-FX down 13% to $23.9M; tech costs $2.0M→$0.9M; employee benefits $5.7M→$4.2M), supporting management's expectation of positive adjusted EBITDA in Q4; crypto will be a regulated, partner-led wealth upside; AI (Project Odyssey) is framed as an amplifier, not a displacement risk.

• Question from William Gregozeski (Greenridge Global LLC): Rohith, yes, congratulations on the work you guys have done over the last year, really reshaping the company and getting ready for profitability. A couple of questions for you. With the talk about the positive cash flow coming here, is there any plans to use that on M&A? Or do you think you're just going to focus on the existing business and driving that profitability before looking outside the company?
  Response: Core takeaway: Priority is organic investment (scale Odyssey, Credit Hero Club, product journeys); M&A will be pursued selectively and only if clear revenue/cost synergies and fit the AI-enabled operating model.

• Question from William Gregozeski (Greenridge Global LLC): Okay. Great. You mentioned the Credit Hero Club and you just launched that. Can you kind of talk about how that reception is going and just kind of give an update on how the loan segment is looking for the fourth quarter with that launch and then in 2026?
  Response: Core takeaway: Credit Hero Club (launched in Hong Kong with TransUnion) provides free credit profiles and enables personalized credit offers, amplifying tax-loan season benefits and improving off-season conversion—a key lever to scale personal loans.

• Question from William Gregozeski (Greenridge Global LLC): Okay. Great. Great. And last question is, you've been touching on the revenue mix and the margin profiles of the different segments. Can you just kind of give not necessarily guidance, but just some kind of outlook we should be looking for on the different segments for '26?
  Response: Core takeaway: Strategy is to shift mix from lower-margin credit cards toward recurring, higher-margin verticals (insurance and wealth) to move insurance+wealth above the current ~23% into a higher mix band over the next few years, driving EBITDA leverage.

Contradiction Point 1

AI Strategy and Role

It involves the company's strategic approach to AI and its role in enhancing the platform, which impacts the company's competitive positioning and future growth potential.

Can you discuss the AI displacement risk as a comparison platform? - Unknown Analyst (Sticker Capital)

2025Q3: If we were just a static comparison platform, AI would be a risk. However, we have vertical integration and deeper data-driven insights. Project Odyssey amplifies our value by enhancing user-provider interactions. We remain the curator and aggregator, not just a list. - Rohith Murthy(CEO & Director)

What key strategies and factors support your confidence in meeting the $100 million revenue target? What was the rationale behind the MoneySmart acquisition, and how will inorganic growth be approached moving forward? How are AI, the ShopHero app, and the Creatory platform enhancing application conversion rates, and which KPIs indicate success? - Milo Bussell (Edison Group)

2024Q2: AI is used for operational efficiencies, personalization, and workflow automation. The ShopHero app will enhance user experience. - Rohith Murthy(CEO)

Contradiction Point 2

Revenue Growth Markets

It involves the company's focus on specific markets for revenue growth, which are critical for understanding the company's strategic direction and investment opportunities.

What is the plan for the crypto segment given the partnerships with OSL and HashKey and the survey with Coinbase? Are there any revenue targets or goals for this segment? - Unknown Analyst (Sticker Capital)

2025Q3: We work closely with regulators for user journey suitability. Our role is to educate and route users to regulated platforms. We underwrite crypto as upside within the wealth segment, aiming to become a meaningful contributor in the next 2-3 years. - Rohith Murthy(CEO & Director)

Which markets will drive revenue growth over the next two years? - Nirgunan Tiruchelvam (Aletheia Capital)

2024Q2: Sustained growth from core markets Singapore and Hong Kong, with insurance as the fastest-growing vertical. Enhancements in mobile app, membership features, and car insurance vertical. - Rohith Murthy(CEO)

Contradiction Point 3

Revenue and Margin Expectations

It involves changes in financial forecasts, specifically regarding revenue expectations and the impact of margin improvement, which are critical indicators for investors.

Was revenue remaining flat YoY in Q3 and adjusted EBITDA rising significantly expected? What drove this improvement? Why are you confident in Q4 and beyond? - Unknown Analyst (Sticker Capital)

2025Q3: Revenue quality improved despite flat figures. Insurance grew 13% and wealth 5%, enhancing margins. Operating costs fell 13%. Structural revenue mix, operating leverage, and AI efficiencies support Q4's positive adjusted EBITDA expectation. - Danny Leung(CFO)

What initiatives will the company take to restore revenue to last year's level? - Unknown Analyst (Speaker Capital)

2025Q2: We remain focused on scaling higher-margin verticals like insurance and wealth, expanding real-time pricing and end-to-end integration. Continuing regulatory-first partner-led approach in wealth and digital assets. Deepen member engagement with Credit Hero Club. Leverage AI for efficiency in journeys. Reinvest selectively in growth channels and content while keeping costs flat. Aim to move insurance and wealth to 28-30% of revenue in the second half. - Ka Yip Leung(Interim CFO)

Contradiction Point 4

AI Application and Integration

It highlights differing descriptions of the role and extent of AI implementation within the company, particularly in the context of customer interactions and revenue generation.

Are there further partnership opportunities with companies like Palantir, Thiel, or Pacific Century? - Unknown Analyst (Sticker Capital)

2025Q3: We are in close dialogue with major backers, exploring partnerships in Hong Kong. Our collaboration with Bolttech is an example of such value-creation. We continually assess strategic threats and opportunities. - Rohith Murthy(CEO)

Can you elaborate on your AI initiatives in the business, including cost savings, revenue generation, and the depth of AI implementation? - William Gregozeski (Greenridge Global LLC)

2025Q2: We're embedding AI in acquiring, converting, and serving customers. Use cases include AI in customer support, automating 70-80% of inquiries, improving response times and handling volume spikes. AI competitive intelligence platform improves pricing and rewards decisions. AI media creation and experimentation aim for 70-80% reduction in creative production costs. Unit economics improve with lower cost per approval and cost to serve. AI supports operating leverage and conversion. - Rohith Murthy(CEO)