Treasure Global Inc. (NASDAQ: TGL) reported second‑quarter 2025 results that saw revenue jump to $1.08 million, a 260% increase from $0.30 million in the same period a year earlier. Earnings per share fell to $(3.47) from $(11.32) a year ago, narrowing the loss but still reflecting a substantial negative figure.
The revenue growth was driven largely by a sharp rise in gift‑card, or “E‑voucher,” transactions on the company’s ZCITY platform. The platform’s expanded merchant network and increased consumer adoption of digital vouchers contributed to the top‑line lift, while operating expenses rose as the company accelerated investments in platform modernization and the launch of its OXI Wallet initiative.
Net loss widened in the quarter, a result of higher operating costs and the company’s continued reliance on financing activities. A favorable fair‑value adjustment of derivative liabilities helped improve the balance sheet, but the net loss remained larger than the prior year’s loss, underscoring ongoing profitability challenges.
CEO Carlson Thow said, “Our second‑quarter results demonstrate important progress in strengthening our financial position while advancing our ecosystem and technology initiatives. The significant improvement in our balance sheet reflects the success of our financing activities, and we are continuing to invest in platform modernization to support long‑term growth.” He added, “We are focused on enhancing our digital commerce capabilities, improving platform efficiency, and expanding higher‑value opportunities across our ecosystem. These initiatives are designed to position Treasure Global for sustainable growth as we continue scaling across Southeast Asia.”
Following the release, TGL’s shares fell 5.59% in after‑hours trading. Investors reacted to the mixed picture: strong revenue growth was offset by a widening net loss, heavy financing activity, and a negative Altman Z‑Score and low Piotroski F‑Score, which together raised concerns about the company’s financial health and long‑term viability.
The results highlight a clear top‑line acceleration but also signal that the company must convert its growing revenue into profitability. Continued investment in platform upgrades and the OXI Wallet launch will be critical, but the widening loss and reliance on external financing suggest that management’s confidence in achieving sustainable profitability remains tentative.
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