Summary by Moomoo AI
Treasure Global Inc. reported Q2 FY2024 revenue of $0.3 million, a 95.5% decrease from $6.7 million in Q2 FY2023. The significant decline was primarily due to strategic product line streamlining and reduced marketing spending. Gross margin improved to 74.2% from 5.1% year-over-year, while net loss narrowed to $0.2 million from $1.2 million.The company strengthened its financial position through multiple funding initiatives, including a $3.5 million November 2023 offering and approximately $2.9 million from market offerings. Strategic partnerships were formed with Credilab for credit services integration and Octagram Investment for mini-game development to enhance the ZCITY platform's capabilities.Looking ahead, management is focusing on cost optimization and platform enhancement through AI integration. The company faces going concern risks due to recurring losses but is pursuing additional equity financing and strategic partnerships. As of December 31, 2024, Treasure Global maintained $0.3 million in cash and had 2.7 million registered users on its platform.
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