Coda Payments cut loss as revenue dropped

Segno Pte Ltd, the holding company of Coda, reported a net loss of $11.8 million for the year ended December 31, 2024, compared with $17.95 million in 2023

Singapore-based Coda Payments, the operator of Codashop and Codapay, narrowed its annual loss in 2024 even as revenue edged lower, according to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) seen by DealStreetAsia.

Segno Pte Ltd, the holding company of Coda, reported a net loss of $11.8 million for the year ended December 31, 2024, compared with $17.95 million in 2023.

The 34% improvement was driven by reduced legal, professional, and marketing expenses.

Group revenue slid to $167.8 million, down marginally from $169.3 million a year earlier.

Digital content monetisation brought in $105.2 million, an 8.7% decline, while voucher code sales rose 16.4% to $63.8 million. Gross profit dropped 9.5% to $43.4 million.

The cost base shifted significantly. Legal and professional fees declined to $5.4 million from $10.4 million, and marketing spend dropped to $4.0 million from $6.3 million.

Employee costs were stable at $36.8 million, while depreciation and amortisation increased to $2.9 million from $1.7 million, reflecting higher technology investment.

Other income stayed at $5.3 million, while net other losses narrowed sharply to $0.75 million from $4.7 million.

Cash burn rose, with net operating outflows of $9.4 million, up from $3.9 million in 2023.

Investing outflows jumped to $4.4 million, and financing outflows widened to $0.6 million.

Cash and equivalents stood at $96.8 million at end-2024, down from $112.4 million.

Total assets dropped to $164.4 million, while liabilities declined to $109.4 million, leaving net assets of $55.1 million.

Founded in Indonesia in 2011, Coda enables digital publishers, particularly in gaming, to monetise content in markets with limited credit card use.

The company works with more than 300 publishers and counts GIC, Apis Partners, Insight Partners and GMO Venture Partners as shareholders.