TGLNasdaqServices-Business Services, NECUS GAAP · USD

Treasure Global Inc

Treasure Global Inc is a Delaware holding company whose operating business is conducted through its Malaysian subsidiary, TADAA Technologies Sdn. Bhd. The company operates the ZCITY App, an online-to-offline commerce platform that combines merchant rewards, cashback, payment facilitation, and membership programs for consumers and merchants in Malaysia.

Kysy yhtiöstä
Liikevaihto5,2milj. USD
+121,8 %v/v
Liikevoitto (EBIT)−16,4milj. USD
+25,4 %v/v
EBIT-marginaali−317,7%
+627,6 %-yks.v/v
Nettotulos−11,1milj. USD
+52,6 %v/v
Vapaa kassavirta−7,9milj. USD
+16,4 %v/v

Tilikausi 2026 · muutos edellisvuodesta

Kehitys 2022–2026

−250255075100milj. USD2022: 80 milj. USD2022: EBIT −10 milj. USD20222023: 69 milj. USD2023: EBIT −10 milj. USD20232024: 22 milj. USD2024: EBIT −6,1 milj. USD20242025: 2,3 milj. USD2025: EBIT −22 milj. USD20252026: 5,2 milj. USD2026: EBIT −16 milj. USD20265,2−16
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Treasure Global Inc

Liiketoiminta

Osuus liikevaihdosta
Consumer rewards and loyalty45 %

App-based rewards, instant rebates, cashback, and membership benefits for shoppers.

Merchant transaction services20 %

Fees charged to merchants for platform transactions and payment-related services.

Membership subscriptions25 %

Zmember subscription fees for access to savings, bonuses, and referral rewards.

Brand and trademark sublicensing5 %

Fees from sublicensing trademark rights acquired for use in the platform ecosystem.

Customized software development5 %

Technology development services and related implementation work for clients.

Tuotteet

Raportoitu · osuus liikevaihdosta
35,1%23,8%14,9%13,9%12,2%FY2025100 %
  • Health Care Products Computer Products and Food and Beverage Products Revenue35,1 %
  • Loyalty Program Revenue23,8 %
  • Transaction Revenue14,9 %
  • Gift Card E Voucher Revenue13,9 %
  • Member Subscription Revenue12,2 %

Lähde: 10-K/A FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

The company serves two main customer groups: consumers using the ZCITY App for rewards and payment convenience, and merchants that join the platform to attract traffic and drive repeat purchases. It also sells subscription access through Zmember and, at times, technology or licensing-related services to business customers. The model depends on building a large user base first, then monetizing merchant participation and recurring membership engagement.

Consumers / app users

They use ZCITY for rewards, rebates, cashback, and a smoother shopping and payment experience.

Merchants

Retailers and service providers pay fees to access platform users and transaction flow.

Zmember subscribers

Customers pay subscription fees for exclusive savings, bonuses, and referral rewards.

Business and licensing counterparties

Partners and sublicensees pay for transaction support, brand usage, or related services.

Strategia

The company’s strategy is to grow the consumer base and merchant network together, using rewards and cashback to increase transaction frequency and platform stickiness. It also emphasizes partnerships for payment, delivery, and credit-related services to broaden the utility of the app and deepen monetization. Longer term, management aims to extend the ZCITY platform beyond Malaysia into other Southeast Asian markets.

Expand the user and merchant baseLyhyt aikaväli

The platform becomes more valuable as more consumers and merchants participate.

Strengthen partnerships and integrationsLyhyt aikaväli

External partners support payments, delivery, and adjacent services that improve platform utility.

Broaden product functionalityKeskipitkä aikaväli

New features can improve retention and create additional monetization paths.

Expand beyond MalaysiaKeskipitkä aikaväli

Geographic expansion can enlarge the addressable market and reduce dependence on one country.

Maantiede

2025

Treasure Global is incorporated in the United States, but its operating business is centered in Malaysia through TADAA Technologies. The company has stated plans to expand its platform across Southeast Asia and eventually into Japan, so its growth profile is tied to cross-border adoption of mobile commerce and digital payments. Geography matters because the business depends on local merchant networks, payment integrations, and regulatory acceptance in each market.

USA64 %
Malaysia36 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

The business depends on attracting and retaining both consumers and merchants, so weak user growth or merchant adoption can quickly limit monetization. It also relies on third-party payment, reward, and technology partners, which creates operational and integration risk if those relationships change. As a Malaysia-centered platform with cross-border ambitions, it faces regulatory, competitive, and execution risks typical of digital payments and loyalty businesses.

Järjestetty vakavuuden mukaan
Dependence on consumer and merchant network growthKorkea

The platform’s value proposition relies on a two-sided network effect that can weaken if either side stalls.

KohdistuuZCITY AppMerchant feesMembership revenue
Third-party payment and reward facilitator dependenceKorkea

The company relies on external facilitators for payment and reward deployment, which may not be easily replaceable.

Kohdistuu: Payment processing and reward functionality

Geographic concentration in MalaysiaKeskitaso

Most operating activity is tied to one market, increasing sensitivity to local regulation and consumer spending trends.

Kohdistuu: Malaysia operations

Expansion execution riskKeskitaso

Entering new Southeast Asian markets requires local partnerships, compliance, and product localization.

Kohdistuu: Regional expansion plans

Competition from other loyalty and payment platformsKeskitaso

Consumers and merchants can switch to alternative apps with similar cashback or payment features.

Kohdistuu: App-based rewards and merchant acquisition

Kysy Clarifolta: Treasure Global Inc

Kirjanpito

Harkinnanvaraiset erät
Loyalty program revenue recognition

Revenue depends on estimated retail value per point and breakage assumptions.

Vaikutus: Can shift revenue timing and gross margin in the rewards business

Derivative liabilities and warrant fair value

Convertible and equity-linked instruments require periodic valuation updates.

Vaikutus: Can create non-cash gains or losses in earnings

Stock-based compensation

Equity awards create non-cash expense that can vary with issuance activity.

Vaikutus: Affects operating expense and reported profitability

Inventory obsolescence and credit loss reserves

The company carries inventory and receivables that require judgmental reserves.

Vaikutus: Can affect cost of revenue, assets, and earnings

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Päivitetty: 24.9.2026

Treasure Global Inc (TGL) liikevaihto, tulos ja tunnusluvut 2026 – Clarifo