Treasure Global Inc (TGL) Q2 2025 Earnings Report

Treasure Global Inc reported QQ2 2025 revenue of approximately $301.9 million (USD thousands) with a robust gross margin of about 74.2%, but the quarter delivered a substantial net loss of roughly $232.3 million and an operating loss of about $693.0 million. EBITDA remained negative at roughly $6.8 million. The company generated negative operating cash flow of roughly $606.2 million and free cash flow of about $608.9 million, highlighting a heavy investment phase funded largely via financing activities, which delivered net inflows of about $1.51 billion in the quarter. Despite the scale of the cash raise, the business model continues to burn cash as it pursues platform investments and growth initiatives, underscored by a high level of intangible assets and elevated selling, general, and administrative costs.

On a year-over-year basis, revenue declined steeply (YoY -95.5%), while QoQ revenue improved from Q1 2025 (+45.6%), suggesting early-stage revenue acceleration within a context of heavy cost structure. The gross margin remains attractive, but the profitability gap widened due to outsized operating expenses and non-cash items tied to depreciation and amortization. The balance sheet remains liquid with a net cash position (net debt negative) and meaningful intangible assets, indicating a capital-light but investment-heavy business model. Management commentary is not available in the provided transcript data, limiting insight into near-term guidance and strategic pivots. Investors should monitor the trajectory of revenue growth, operating leverage, cash burn, and the sufficiency of financing to sustain ongoing investments.

Overall, the QQ2 2025 results reinforce a high-risk, high-potential profile: strong gross profitability on a revenue base that is still growing into a profit profile that requires substantial operating leverage to be achieved. The key question for investors is whether the company can translate its gross margin strength and platform economics into durable, positive EBITDA and free cash flow while maintaining a prudent liquidity runway.