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Increased Registered Users to Over 2.66 Million as of November 6, 2023
Reported Gross Profit of Approximately $0.16 Million for First Quarter Fiscal 2024, up 338% Year-Over-YearUnveiled AI Robot for TikTok Live Commerce, Offering Extended Hours and Personalization of E-Commerce ExperienceLaunched Its ZCITY App Merchant AI Engine in Collaboration with Boost, the Regional Fintech Arm of AxiataAnnounced Partnership with UCSI Hospital to Promote the Malaysia Healthcare Tourism Program, with Revenue Generation Opportunity for TGL
NEW YORK and KUALA LUMPUR, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Treasure Global Inc (NASDAQ: TGL) (“TGL,” or the “Company”), an innovative technology solutions provider, today reported its financial results for the first quarter of fiscal 2024 ended September 30, 2023, and provided a business update.
“TGL has made significant progress as we continue to grow in the technology and Food & Beverage (“F&B”) sectors, while also expanding into new markets,” said Sam Teo, Chief Executive Officer of TGL. “Through the integration of our artificial intelligence (“AI”) technology chatbot into ZCITY, we showed our capability as an agile technology solutions company and a leader in the AI-driven e-commerce space. We have since announced several new offerings across our platforms that demonstrate leading-edge innovation, including TikTok Live Commerce, a platform for live commerce sessions built on AI-technology from Tencent, and the release of TAZTE 2.0, an upgraded version of our digital F&B management system.”
“Through strategic partnerships recently secured, we expanded our addressable markets beyond Malaysia into Indonesia and also into new segments, which we believe will provide new streams to generate revenue. We have proven that we can respond to changing market demand in order to stay relevant to our customers, shifting into areas such as travel and health and wellness. For the remainder of fiscal 2024, we are focused on further growing our total addressable markets, converting them to new revenue channels and continuing to grow margins and profit further,” Mr. Teo concluded.
Recent Business Highlights
Financial Results for the First Quarter of Fiscal Year 2024
Total revenues for the first quarter ended September 30, 2023, were $13.5 million, compared with $15.6 million for the first quarter in 2023. The decrease in revenues was primarily due to the Company’s focus on increasing growth in higher-margin revenue channels.
Gross profit for the first quarter 2024 was approximately $0.16 million, a 338% improvement year-on-year, from approximately $0.04 million for the first quarter 2023. The increase in gross profit was primarily due to initiatives mentioned above that the Company is implementing to grow gross margins.
Net loss of approximately $2.1 million for the first quarter of 2024, compared to $3.7 million for the first quarter of 2023.
Cash and cash equivalents were approximately $2.6 million as of September 30, 2023, compared to approximately $7.0 million as of September 30, 2022.
Outlook for Second Quarter 2024
The Company believes it is well-positioned to capitalize on the economic growth of South-East Asia, executing on its plans to expand further into Indonesia and the region more broadly.
For fiscal year 2024, TGL is focused on increasing gross profit, by increasing user engagement through the development of new products and services to grow engagement and stickiness of users, thereby generating higher profit and margins, as well as further growing its user base and addressable market.
Conference Call and Webcast Information The Company will host a conference call and audio webcast today, Wednesday, November 15th at 8:30 a.m. Eastern Time featuring remarks by Sam Teo, Chief Executive Officer of TGL and Michael Chan, Chief Financial Officer of TGL.
| Event: | Treasure Global First Quarter of Fiscal Year 2024 Results Conference Call |
| Date: | Wednesday, November 15, 2023 |
| Time: | 8:30 a.m. Eastern Time |
| Live Call: | +1-877-704-4453 (Toll Free) or +1-201-389-0920 (International) |
| Webcast: | https://viavid.webcasts.com/starthere.jsp?ei=1639237&tp_key=10cd9eef1c |
For interested individuals unable to join the conference call, a replay will be available through November 29, 2023, at +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International). Participants must use the following code to access the replay of the call: 13742080. An archived version of the webcast will also be available on TGL’s Investor Relations site: https://ir.treasureglobal.co/.
About Treasure Global IncTreasure Global is a Malaysian solutions provider developing innovative technology platforms. Treasure Global has developed two technology solutions: the ZCITY App, a unique digital ecosystem that transforms and simplifies the e-payment experience for consumers, while simultaneously allowing them to earn rewards; and TAZTE, a digital F&B management system providing merchants with a one-stop management and automated solution to digitize their businesses. Treasure Global also acts as a master franchiser in South-East Asia for popular restaurant chains, while providing them with the TAZTE solution. As of November 6, 2023, ZCITY had over 2,660,000 registered users.
For more information, please visit https://treasureglobal.co/.
Forward Looking StatementsThis press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are characterized by future or conditional verbs such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023 and subsequent filings filed with the Securities Exchange Commission (“SEC”). Copies of these documents are available on the SEC’s website, www.sec.gov. These forward-looking statements cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
For further information, please contact:
U.S. Investor ContactPhill CarlsonKCSA Strategic Communicationsir_us@treasuregroup.co
Malaysian Investor Contactsir_my@treasuregroup.co
Media ContactSue Chuah, Chief Marketing OfficerTreasure Global Incmediacontact@treasuregroup.co
| TREASURE GLOBAL INC. AND SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| September 30, | June 30, | |||||||
| 2023 | 2023 | |||||||
| (Unaudited) | (Audited) | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 2,616,384 | $ | 4,593,634 | ||||
| Accounts receivable, net | 152,823 | 163,169 | ||||||
| Inventories | 382,995 | 400,543 | ||||||
| Other receivables and other current assets | 761,631 | 613,125 | ||||||
| Other receivable, a related party | 12,303 | 12,379 | ||||||
| Prepayments | 254,220 | 248,551 | ||||||
| Total current assets | 4,180,356 | 6,031,401 | ||||||
| Other assets | ||||||||
| Property and equipment, net | 247,403 | 279,600 | ||||||
| Operating lease right-of-use assets | 51,351 | 61,377 | ||||||
| Investment in marketable securities | 1,060,172 | - | ||||||
| Total other assets | 1,358,926 | 340,977 | ||||||
| Total assets | $ | 5,539,282 | $ | 6,372,378 | ||||
| LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | ||||||||
| Current liabilities | ||||||||
| Related party loan, current portion | $ | 5,494 | $ | 5,323 | ||||
| Insurance loan | 80,736 | 160,292 | ||||||
| Convertible notes payable, net of unamortized discounts of $119,402 and $358,284 as of September 30, 2023 and June 30, 2023, respectively | 3,730,598 | 4,791,716 | ||||||
| Accounts payable | 133,847 | 42,853 | ||||||
| Customer deposits | 152,814 | 161,475 | ||||||
| Contract liability | 1,209,171 | 157,080 | ||||||
| Other payables and accrued liabilities | 717,600 | 723,396 | ||||||
| Other payables, related parties | 3,948 | 1,660 | ||||||
| Amount due to related parties | 319,815 | 320,960 | ||||||
| Operating lease liabilities | 31,733 | 40,274 | ||||||
| Income tax payables | 62,589 | 67,546 | ||||||
| Total current liabilities | 6,448,344 | 6,472,575 | ||||||
| Non-current liabilities | ||||||||
| Operating lease liabilities, non-current | 20,546 | 22,036 | ||||||
| Related party loan, non-current portion | 6,755 | 8,099 | ||||||
| Total non-current liabilities | 27,301 | 30,135 | ||||||
| Total liabilities | 6,475,645 | 6,502,710 | ||||||
| Commitments and contingencies (Note 16) | ||||||||
| STOCKHOLDERS’ DEFICIENCY | ||||||||
| Common stock, par value $0.00001; 170,000,000 shares authorized, 20,723,825 and 17,901,353 shares issued and outstanding as of September 30, 2023 and June 30, 2023, respectively | 208 | 180 | ||||||
| Additional paid-in capital | 32,811,166 | 31,485,556 | ||||||
| Accumulated deficit | (33,575,163 | ) | (31,443,451 | ) | ||||
| Accumulated other comprehensive loss | (172,574 | ) | (172,617 | ) | ||||
| Total stockholders’ deficiency | (936,363 | ) | (130,332 | ) | ||||
| Total liabilities and stockholders’ deficiency | $ | 5,539,282 | $ | 6,372,378 | ||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| TREASURE GLOBAL INC. AND SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||
| For the Three MonthsEnded September 30, | ||||||||
| 2023 | 2022 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Revenue | $ | 13,463,895 | $ | 15,556,340 | ||||
| Cost of revenue | (13,301,261 | ) | (15,519,247 | ) | ||||
| Gross profit | 162,634 | 37,093 | ||||||
| Selling | (761,703 | ) | (1,293,030 | ) | ||||
| General and administrative | (1,237,167 | ) | (810,746 | ) | ||||
| Research and development | (82,392 | ) | (129,297 | ) | ||||
| Stock-based compensation | - | (439,332 | ) | |||||
| Total operating expenses | (2,081,262 | ) | (2,672,405 | ) | ||||
| Loss from operations | (1,918,628 | ) | (2,635,312 | ) | ||||
| Other (expense) income | ||||||||
| Other income, net | 28,400 | 14,325 | ||||||
| Interest expense | (47,849 | ) | (41,785 | ) | ||||
| Unrealized holding gain on marketable securities | 60,172 | - | ||||||
| Amortization of debt discount | (238,882 | ) | (998,076 | ) | ||||
| Total other expense, net | (198,159 | ) | (1,025,536 | ) | ||||
| Loss before income taxes | (2,116,787 | ) | (3,660,848 | ) | ||||
| Provision for income taxes | (14,925 | ) | (11,500 | ) | ||||
| Net loss | (2,131,712 | ) | (3,672,348 | ) | ||||
| Other comprehensive income (loss) | ||||||||
| Foreign currency translation adjustment | 43 | (135,276 | ) | |||||
| Comprehensive loss | $ | (2,131,669 | ) | $ | (3,807,624 | ) | ||
| Loss per share | ||||||||
| Basic and diluted | $ | (0.11 | ) | $ | (0.26 | ) | ||
| Weighted average number of common shares outstanding | ||||||||
| Basic and diluted | 19,051,153 | 13,909,851 | ||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
