Treasure Global Inc.

What they do

Treasure Global operates the ZCITY App, a proprietary mobile application launched in Malaysia in June 2020 that offers consumers instant rebates and affiliate cashback programs at online and physical merchants. The app provides e-payment solutions with reward points and cash vouchers, using AI to deliver personalized deals. The company generates revenue by facilitating transactions and partnerships with merchants.

Revenue drivers

• ZCITY App e-commerce platform — Primary revenue source: offers rebates, cashback, and e-payment solutions to consumers and merchants in Malaysia; revenue has fallen sharply from $22.1M in 2024 to $2.3M in 2025.
• Merchant services (2,027 registered merchants) — Provides merchants with a platform to offer rewards and promotions; generates fees or commissions from merchant transactions, though scale has contracted with declining user activity.
• Credit services partnership with Credilab Sdn Bhd — Newer initiative integrating credit services, digital wallet, AI chatbot, and customer support into ZCITY App; expected to drive engagement and create new revenue streams.

Recent performance

For fiscal 2025 (ended June 30, 2025), revenue was $2.3M, down from $22.1M in 2024, with net loss widening to $23.4M from $6.6M. Quarterly revenue fluctuated: $1.2M (June 2025), $0.18M (Sept 2025), $1.1M (Dec 2025), $1.5M (Mar 2026). The latest balance sheet (March 31, 2026) shows cash of $2.9M, total assets $21.6M, total liabilities $6.0M, and shareholder equity $15.6M.

Strategy

The company is shifting from its original O2O platform toward AI and credit services, including a partnership with Credilab to add credit services to ZCITY App, a live streaming platform with AI digital humans via V Gallant, and mini-game modules with Octagram. It is also pursuing acquisitions, having signed a share sale agreement for Tazte Technology in January 2026. Management has raised capital through equity offerings, including a $2.16M registered direct offering in December 2025 and an $18.8M net proceeds from Alumni Capital purchase agreement.

Risks

• Severe revenue decline — Revenue dropped over 90% from FY2024 to FY2025, indicating shrinking user and merchant activity that may not recover.
• Cash burn and liquidity risk — Operating cash flow was negative $9.5M in FY2025, and with only $2.9M cash on hand, the company may need additional financing to sustain operations.
• Dependence on key partnerships — New initiatives rely on external partners (Credilab, V Gallant, Octagram) for credit services, AI, and streaming, whose success is not guaranteed.
• Regulatory and foreign jurisdiction risk — Malaysia-based operations subject to local regulations and economic conditions; any adverse changes could impact the platform's viability.

Outlook

Management plans to complete the integration of CLSB credit services by September 2029 and continue developing AI cloud infrastructure with V Gallant. The proposed acquisition of Tazte Technology is pending, which may expand capabilities. There is no explicit revenue guidance provided in the filings.