MoneyHero NASDAQ: MNY reported a return to profitability in the fourth quarter of 2025, highlighting what management described as the completion of a two-year strategic repositioning focused on higher-quality revenue, lower costs, and increased use of AI across the business.
Leadership transition framed as shift from turnaround to scaling
Danny Leung, interim CEO and CFO, opened the call by addressing a leadership change announced earlier in the month. Leung said the board has initiated a search for a permanent CEO as the company moves from transformation to a “scaling phase” of “profitable growth.” He thanked former CEO Rohith Murthy for his contributions and said the transition was “deliberate” rather than a change in direction.
In response to a question from William Gregozeski of Greenridge Global on the timing of the transition, Leung said the foundational turnaround work is “successfully complete,” pointing to the company’s first positive adjusted EBITDA since listing. While the CEO search proceeds, he said his focus is maintaining “operational discipline” and improving EBITDA in 2026 versus 2025.
Q4 profit and first positive adjusted EBITDA since listing
Leung said MoneyHero delivered fourth-quarter net profit of $0.5 million, compared with a net loss of $18.8 million in the same period last year. Adjusted EBITDA was $0.7 million, which he characterized as the company’s first adjusted EBITDA gain since it listed on Nasdaq.
He also described sequential improvement in adjusted EBITDA throughout 2025:
- Adjusted EBITDA loss of $3.3 million in Q1
- Loss of $2.0 million in Q2
- Loss of $1.8 million in Q3
- Positive adjusted EBITDA in Q4
For the full year 2025, Leung said adjusted EBITDA loss improved 73% to $6.4 million from $23.7 million in the prior year. He also said net loss narrowed 86% to $5.2 million from $37.8 million.
Revenue mix shift toward insurance and wealth, with Singapore and Hong Kong leading
Fourth-quarter revenue grew 27% year-over-year to $20 million, which Leung called the strongest quarterly top-line growth of the year. Full-year 2025 revenue was $73.4 million, down 8% year-over-year. Leung emphasized that the annual decline reflected a deliberate pullback from “low margin, high volume products” earlier in the year to prioritize “margin discipline and healthier revenue quality.”
Geographically, Leung said Singapore revenue surged 56% year-over-year in the quarter to $7.9 million, while Hong Kong grew 27% to $9.4 million. He said those two markets represented 86% of fourth-quarter revenue, up from 79% a year earlier, reflecting a focus on markets with stronger unit economics. Taiwan and the Philippines contributed $1.2 million and $1.5 million, respectively, in Q4, and Leung said both were steadily recovering as operational disruptions earlier in the year following the exit of Citibank “are now firmly behind us.”
By product, Leung said the company is shifting toward higher-margin verticals, particularly insurance and wealth. In the fourth quarter, combined insurance and wealth revenue increased 31% year-over-year to $5.9 million and accounted for about 30% of total revenue. For the full year, he said wealth revenue grew 19% to $10.1 million, with wealth accelerating to 50% year-over-year growth in Q4. Insurance revenue grew 11% to $9.1 million. Together, insurance and wealth represented 26% of full-year revenue, up from 21% a year earlier and 12% in 2023.
Leung also pointed to “a resurgence” in the company’s core credit card vertical, which he said grew 38% year-over-year in the fourth quarter.
Cost reductions, AI automation, and operating leverage
Management repeatedly tied improved profitability to changes in the cost structure and increased automation. Leung said cost of revenue declined seven percentage points year-over-year to 51% of revenue for the full year, driven by revenue mix and “optimized reward cost.” Cost of revenue for the full year decreased 19% year-over-year to $37.3 million, he said.
Total operating costs and expenses excluding foreign exchange differences decreased 15% year-over-year in Q4 to $21.4 million and fell 27% year-over-year for the full year to $84.2 million. Technology costs declined 71% year-over-year in Q4 to $0.4 million and declined 59% for the full year to $3.0 million, which Leung attributed to retiring legacy platforms, consolidating vendors, and implementing AI-driven automation. Employee benefit expenses decreased 32% year-over-year to $4.0 million in Q4 and fell 33% for the full year to $16.2 million.
Leung said AI automation now touches up to 70% of customer service queries, and in December 2025 AI resolved 47% of customer service queries without human intervention. He said this operating leverage allowed MoneyHero to deliver 12% more approved applications year-over-year in Q4 while cutting employee benefit expenses by 32%. In a later answer, he quantified fourth-quarter approved applications at 190,000, up 12%.
In discussing product initiatives, Leung said the company’s Singapore car insurance chatbot is in beta on WhatsApp, describing a conversational experience intended to simplify the customer journey, reduce acquisition costs, and improve application quality. He also said Hong Kong’s Credit Hero Club is building a recurring base of users through personalized credit insights and monitoring. Leung added that MoneyHero’s AI models are trained on proprietary intent, behavioral, and approval data from its 9.4 million members.
Balance sheet, 2026 outlook, and response to bolttech speculation
Leung said MoneyHero ended the year debt-free with $31.2 million in cash and cash equivalents and $37.5 million in net current assets. He noted cash increased sequentially by $3.3 million from $27.9 million in Q3, which he said reflected a gradual transition into a cash-generative business.
Looking ahead, Leung said the company expects full-year 2026 adjusted EBITDA to exceed 2025 levels, driven by continued expansion in insurance and wealth, AI-driven operating leverage, and conversion of its member base into recurring multi-product customers. He also said the company does not anticipate needing “any outsized” capital expenditure for AI, and described a 2026 goal to integrate back-end systems with AI to reach a 60% “zero-touch resolution rate” for more complex inquiries.
Asked about media reports regarding potential merger talks with bolttech, Leung said the company is aware of the reports but, as a matter of policy, does not confirm, deny, or comment on market speculation. He said management remains focused on executing its long-term strategy and advised shareholders to rely on official company disclosures.
In closing remarks, Leung reiterated that 2025 marked the completion of MoneyHero’s strategic repositioning and said the company’s mandate for 2026 is to “scale profitable growth,” with AI playing a central role in further separating operating costs from growth.
About MoneyHero NASDAQ: MNY
MoneyHero Group Ltd NASDAQ: MNY operates an online comparison marketplace that helps consumers research, compare and select a broad array of financial and lifestyle products. Through its digital platform, MoneyHero presents side-by-side comparisons for credit cards, personal loans, mortgages, various insurance policies, broadband and mobile plans, as well as utility services. The site features interactive tools such as personalized calculators, user reviews and curated offer alerts, designed to simplify complex product information and enhance consumer decision making.
Founded in Hong Kong in 2014, MoneyHero has expanded its presence to serve customers in Singapore and Malaysia.
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