My Rewards International Limited (MRI) has released its Appendix 4D for the half-year ended December 31, 2024, revealing a 75.1% decrease in revenue, totaling $751,905, compared to $3,015,988 in the prior corresponding period. The net loss after tax attributable to owners was $1,731,761, a 21.5% improvement from the $2,205,605 loss in the previous half-year. The revenue decline is attributed to changes in rewards offers from key suppliers, impacting transaction volumes, and the loss of two key clients. Management implemented strategic cost-cutting initiatives, leading to the reduced net loss.
The company continues to expand and enhance its rewards and loyalty program offerings through its strategic partnership with Fly Wallet Pty Ltd, launching the Klevo MasterCard in Bangkok, Thailand. Alexander Gold was appointed as CEO and Managing Director on September 20, 2024. MRI has secured additional investments from sophisticated investors and amended its $15 million put option facility with LDA Capital Limited, assigning it to LDA Capital Group and structuring the remaining commitment fee payment. MRI has also settled a dispute with Frankly Agency Pty Ltd and fully repaid the iGoDirect Group Loan. Connect National Audit Pty Ltd was appointed as the new auditor.
MRI is actively working with the ASX to lift its suspension from quotation, confirming it has met the financial reporting requirements under Listing Rule 12.2. Subsequent to the half-year, MRI amended its agreement with LDA, assigning rights to LDA Capital Group and outlining commitment fee payments. The auditor’s report highlights a material uncertainty related to going concern, based on the net loss, cash outflows, and net current liabilities. MRI needs to raise capital via rights issue and LDA drawdowns. The company is in negotiations with the ATO and third-party lenders for payment plans and potential settlement of debts with shares.
