Treasure Global Inc.

For the third quarter ended March 31, 2024, Treasure Global reported gross profit of $217,000, up 47% year over year. Revenue was $1.6 million, down from $6.7 million in the second quarter of fiscal 2024, and net loss was about $1.7 million versus about $2.9 million in the third quarter of fiscal 2023. Cash balance was approximately $0.3 million as of March 31, 2024, compared with approximately $4.1 million a year earlier. Looking ahead, management did not provide formal numeric guidance, but said it is reallocating resources away from lower-margin e-voucher products, expects future ATM share sales to improve cash, and remains focused on higher-margin AI, blockchain, and premium-store initiatives.

Sam Teo framed the quarter as a transition toward a higher-margin business mix and said the company is maintaining a positive outlook despite a challenging macro environment. He pointed to the ZCITY Premium Store, AI-enabled live shopping, Meta platform expansion, and blockchain partnerships as evidence that the company is building new revenue avenues. His tone was upbeat and strategic, but it was also clear the company is intentionally sacrificing some near-term revenue from lower-margin products to pursue longer-term profitability.

The prepared remarks did not include a separate CFO, so the financial commentary came from the CEO. He cited gross profit of $217,000, up 47% year over year, and net loss of about $1.7 million versus about $2.9 million last year, attributing the improvement to cost control and lower selling and administrative expenses. He also noted cash of about $0.3 million at March 31, 2024, versus $4.1 million a year earlier, and said the balance should improve after future sales under the ATM offering, which has an aggregate offering price of up to $2.99 million.

There was no analyst Q&A segment in the transcript, so no direct questions or back-and-forth were included. The closest thing to investor concerns addressed on the call was the sharp decline in revenue and the drop in cash, which management explained as the result of shifting away from lower-margin products and relying on future ATM proceeds for liquidity. Management also acknowledged lower quarterly active users and paid users versus the prior quarter, but said it remains confident in ZCITY's long-term potential.