Treasure Global Inc. (NASDAQ:TGL) Q2 2024 Earnings Call Transcript
Treasure Global Inc. (NASDAQ:TGL) Q2 2024 Earnings Call Transcript February 15, 2024
Treasure Global Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day, everyone, and welcome to Treasure Global Inc.'s Second Quarter of Fiscal Year 2024 Conference Call. At this time, all participants are in a listen-only mode. This conference call is being recorded. A replay of today's call will be available on the Investor Relations section of TGL's website and will remain posted there for the next 30 days. I will now hand the call over to Erika Kay, Vice President, Investor Relations at KCSA for instructions and the reading of the safe harbor statement. Please go ahead.
Erika Kay: Thank you, operator. Good morning, everyone, and welcome to Treasure Global's second quarter fiscal 2024 results conference call. With us on today's call are Sam Teo, Chief Executive Officer; Michael Chan, Chief Financial Officer; and Jeremy Roberts, Independent Director. Before we begin, I would like to remind you that today's call contains certain forward-looking statements from Treasure Global's management made within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities and Exchange Act of 1934 as amended, concerning future events. Words such as may, should, project, expect, intend, plan, believes, anticipates, hopes, estimates and variations of such words and similar expressions are intended to identify forward-looking statements.
These statements are subject to numerous conditions, many of which are beyond the control of the company, including those set forth in the Risk Factors section of the company's Form 10-K for the year ended June 30, 2023, and subsequent filings filed with the SEC. Copies of this document are available on the SEC's website at www.sec.gov. Actual results may differ materially from those expressed or implied by such forward-looking statements. The company undertakes no obligation to update these statements for revisions or changes after the date of this call, except as required by law. Now it is my pleasure to introduce Sam Teo, CEO of TGL. Sam, please go ahead.
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Sam Teo: Thanks, Erika, and thank you, everyone, for joining us today on our second quarter of fiscal 2024 earnings conference call for the period ended December 31, 2023. I'm pleased to be with you today to update you on the progress that we are making toward Treasure Global business strategy and to provide you with our results for the quarter. Before I review sort of the exciting innovation that we announced during the quarter, I want to update you on some steps that we took that we believe will help Treasure Global to achieve our growth and enhance shareholder value. This action which has centered on our ability to leverage new cutting edge artificial intelligence capability, further our strategy to be a leading innovator in our region, create new opportunity for profitable growth.
We believe this action has made us a stronger company and will lead to a new state of growth for Treasure Global. Supporting our operation growth in the second quarter, we announced a public offering, raising $4 million, less fees and expenses. We used a portion of the fund to retire the remaining $2.1 million of convertible notes. This action help us to fortify our financial position and to optimize our capital structure, freeing up funds so that we can continue to develop new innovative products and services for customers. And shift our focus to higher margin businesses. Much of Treasure Global success is built on our ability to innovate. Throughout the quarter, we announced several initiatives that utilize artificial intelligence or AI to enhance our product offering and to engage more meaningful with our customer.
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