MoneyHero Group (MNY) Q2 2026 Financial Results
QuoteReporter
MoneyHero Group (MNY) Q2 2026: Revenue Decline, Strategic Shift to Cash Rewards — Cautiously Optimistic
In the second quarter of 2026, MoneyHero Group reported revenue of US$15.8 million, a 13% decrease from US$18.0 million in the same period last year. This decline reflects the company's strategic pivot towards cash rewards, which, while beneficial for attracting high-intent users, has impacted reported revenue figures.
Despite the revenue drop, I view this quarter as cautiously optimistic for shareholders. The strategic shift towards cash rewards has led to a 77% increase in cash rewards to users, totaling US$5.1 million in Q2, indicating a successful capture of high-intent customers and a potential for future revenue growth.
Key Financial Metrics:
- Revenue: US$15.8 million (down 13% YoY from US$18.0 million)
- Operating Income: US$(2.5) million (compared to US$0.4 million profit in Q2 2025)
- Net Income: US$(1.2) million (compared to US$0.2 million profit in Q2 2025)
- EPS (Basic): US$(0.03) (compared to US$0.01 in Q2 2025)
- Gross Margin: 52% (improved from 49% YoY)
- Cash and Cash Equivalents: US$28.2 million (debt-free balance sheet)
- Total Transaction Value: US$20.9 million (flat YoY)
- Cash Rewards: US$5.1 million (up 77% YoY)
Operational Highlights:
- The approval rate improved by 9 percentage points YoY to 48%, indicating enhanced unit economics and a more efficient customer acquisition strategy.
- The cost of revenue decreased by 17% YoY to US$7.6 million, reflecting improved operational efficiencies.
- Adjusted EBITDA loss narrowed 17% YoY to US$(1.6) million, showcasing progress in cost management.
Market Performance:
- Revenue from Hong Kong remained stable at US$7.8 million, contributing 50% of total revenue, while Singapore saw a decline to US$6.2 million, down 20% YoY.
- The Wealth and Insurance verticals accounted for 30% of total revenue, up from 27% in the prior year, with Wealth revenue alone increasing 22% YoY.
Strategic Initiatives:
Management has emphasized a disciplined approach to customer acquisition, focusing on high-intent users. This strategy has resulted in a 24% increase in revenue per average monthly unique user, despite a 30% decline in application volume. The company is also expanding its product offerings, including the upcoming launch of a Home Loans comparison category in Singapore, which is a key catalyst to watch in the next quarter.
Conclusion:
While the revenue decline is concerning, the strategic shift towards cash rewards and improved operational efficiencies provide a foundation for future growth. The upcoming product launches and continued focus on high-intent traffic are critical to restoring revenue momentum. Investors should monitor these developments closely as MoneyHero navigates this transitional phase.
Income Statement
Currency: US$ in thousands
| For the Three Months Ended | For the Six Months Ended | |
| June 30, 2026 | June 30, 2026 | |
| Revenue | 15,752 | 32,268 |
| Cost and expenses: | ||
| Cost of revenue | (7,567) | (15,432) |
| Advertising and marketing expenses | (4,023) | (7,943) |
| Technology costs | (462) | (1,001) |
| Employee benefit expenses | (3,910) | (7,908) |
| General, administrative and other operating expenses | (2,229) | (5,741) |
| Foreign exchange differences, net | (83) | (2,487) |
| Operating (loss)/income | (2,522) | (8,244) |
| Other income/(expenses): | ||
| Other income | 284 | 385 |
| Finance costs | (10) | (22) |
| Changes in fair value of financial instruments | 1,051 | (53) |
| (Loss)/Profit before tax | (1,197) | (7,934) |
| Income tax expense | (6) | (13) |
| (Loss)/Profit for the period | (1,203) | (7,947) |
| Other comprehensive income/(loss) | ||
| Other comprehensive income/(loss) that may be classified to profit or loss in subsequent periods (net of tax): | ||
| Exchange differences on translation of foreign operations | 648 | 2,512 |
| Other comprehensive income/(loss) that will not be reclassified to profit or loss in subsequent periods (net of tax): | ||
| Remeasurement gains on defined benefit plan | 12 | 11 |
| Fair value loss on non-current financial asset | - | (71) |
| Other comprehensive income/(loss) for the period, net of tax | 660 | 2,452 |
| Total comprehensive loss for the period, net of tax | (543) | (5,495) |
| (Loss)/Earnings per share attributable to ordinary equity holders of the parent | ||
| Basic | (0.03) | (0.18) |
| Diluted | (0.03) | (0.18) |
Balance Sheet
Currency: US$ in thousands
| As of June 30, 2026 | As of December 31, 2025 | |
| NON-CURRENT ASSETS | ||
| Non-current financial asset | 473 | 544 |
| Intangible assets | 774 | 626 |
| Property and equipment | 379 | 171 |
| Right-of-use assets | 542 | 935 |
| Deposits | 34 | 58 |
| Total non-current assets | 2,202 | 2,334 |
| CURRENT ASSETS | ||
| Accounts receivable | 15,748 | 18,745 |
| Contract assets | 14,863 | 17,898 |
| Prepayments and other assets | 6,837 | 6,255 |
| Tax recoverable | 42 | 43 |
| Pledged bank deposits | 145 | 185 |
| Cash and cash equivalents | 28,160 | 31,185 |
| Total current assets | 65,795 | 74,311 |
| CURRENT LIABILITIES | ||
| Accounts and other payables | 31,549 | 34,935 |
| Warrant liabilities | 1,183 | 1,130 |
| Lease liabilities | 400 | 702 |
| Tax payable | 2 | 2 |
| Provisions | 45 | 45 |
| Total current liabilities | 33,179 | 36,814 |
| NET CURRENT ASSETS | 32,616 | 37,497 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 34,818 | 39,831 |
| NON-CURRENT LIABILITIES | ||
| Lease liabilities | 158 | 240 |
| Deferred tax liabilities | 43 | 39 |
| Defined benefit liabilities | 145 | 141 |
| Total non-current liabilities | 346 | 420 |
| Net assets | 34,472 | 39,411 |
| EQUITY | ||
| Issued capital | 5 | 5 |
| Reserves | 34,467 | 39,406 |
| Total equity | 34,472 |
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