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Treasure Global, Inc. (TGL)
NASDAQ:TGL
US Market

Treasure Global, Inc. (TGL) AI Stock Analysis

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TGL

Treasure Global, Inc.

(NASDAQ:TGL)

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Neutral 43 (OpenAI - 5.2)
Rating:43Neutral
Price Target:
$4.50
▼(-33.63% Downside)
Action:ReiteratedDate:02/24/26
The score is primarily held down by heavy losses and ongoing cash burn, reinforced by bearish technical positioning below key moving averages. Corporate actions are mixed—strategic streamlining and financing help near-term flexibility, but the Nasdaq delisting notice is a significant overhang. Valuation provides limited support due to unprofitability and no dividend.
Positive Factors
Revenue Growth
Sustained TTM revenue growth of ~33.8% indicates improving product-market fit and user adoption of its digital platforms. Over 2-6 months this growth supports scale benefits, helps absorb fixed costs, and provides a runway to improve unit economics if maintained through continued platform engagement.
Balance Sheet Strength / Low Leverage
Meaningful positive equity paired with minimal debt materially reduces near-term leverage risk and bankruptcy probability. This structural balance-sheet strength gives management flexibility to fund modernization or bridge operating losses without onerous interest burdens, preserving optionality over the medium term.
Strategic AI Partnership Converted to Equity
Converting excess AI service consideration into an equity stake eliminates future cash obligations and aligns the partner’s incentives with TGL’s platform success. This structural change reduces cash outflows, secures access to AI tech, and supports platform modernization without incremental cash spending.
Negative Factors
Cash Burn / Negative Cash Flow
Material negative operating and free cash flow creates persistent funding needs and increases reliance on equity raises or external financing. Over the next several months this structural cash burn can dilute shareholders, constrain strategic investment, and force prioritization of short-term liquidity over long-term growth initiatives.
Persistent Unprofitability and Weak Margins
Despite decent gross margins (~41%), large operating and net losses show the business has not achieved profitable scale. Structural high operating costs relative to revenue raise questions on sustainable unit economics and whether current revenue trends can translate into consistent margin expansion.
Nasdaq Listing & Market-Access Risk
A Nasdaq delisting notice is a durable corporate-governance and market-access risk. If unresolved, delisting can reduce liquidity, limit access to capital markets, deter institutional investors, and raise the company's cost of capital, materially impairing its ability to finance operations and execute strategy.

Treasure Global, Inc. (TGL) vs. SPDR S&P 500 ETF (SPY)

Treasure Global, Inc. Business Overview & Revenue Model

Company DescriptionTreasure Global, Inc. (TGL) is a technology-driven company focused on enhancing the retail and e-commerce experience through its innovative payment solutions and digital wallet services. Operating primarily in the fintech sector, TGL offers a suite of products that enables consumers and merchants to transact seamlessly and securely. Its core services include digital payment processing, loyalty programs, and advanced analytics that empower businesses to maximize customer engagement and retention.
How the Company Makes MoneyTGL generates revenue through multiple streams. The primary revenue model is based on transaction fees charged to merchants for processing payments through its platform. Additionally, the company earns income from subscription services offered to businesses for access to advanced analytics and customer insights. TGL also benefits from partnerships with financial institutions and retail networks, which help to expand its customer base and enhance service offerings. Furthermore, the company may generate additional revenue through advertising and promotional services integrated within its digital wallet platform, leveraging user engagement to drive further monetization.

Treasure Global, Inc. Earnings Call Summary

Earnings Call Date:May 15, 2024
(Q3-2024)
|
% Change Since: |
Next Earnings Date:May 14, 2026
Earnings Call Sentiment Neutral
Treasure Global demonstrated significant achievements in AI and blockchain, as well as improved profitability and recognition in the e-commerce sector. However, these gains were overshadowed by a substantial revenue decline and reduced cash reserves, indicating challenges in maintaining user engagement and financial stability.
Q3-2024 Updates
Positive Updates
ZCITY Premium Store Success
The launch of the ZCITY Premium Store exceeded expectations, enhancing gross profit margins and driving transactions with over 6,000 Bill Saver Bonanza Packs sold in four months.
AI and Blockchain Initiatives
Treasure Global strengthened its position in the blockchain market with new partnerships and AI initiatives, including an exclusive AI wallet on Telegram and collaboration with AIO Synergy to revolutionize the AI landscape.
Significant Gross Profit Increase
Gross profit reached USD 217,000, marking a substantial increase of 47% compared to the same period last year.
Decrease in Net Losses
Net losses decreased substantially to approximately USD 1.7 million compared to USD 2.9 million in the third quarter of fiscal year 2023.
Marketing Contract Achievement
Secured a USD 2 million marketing contract with Satria Dunia Sdn Bhd to showcase Korean beauty products using ZCITY's AI marketing engine.
Recognition at Asia eCommerce Awards
ZCITY won a silver trophy for the best e-commerce solution at the MARKETING-INTERACTIVE Asia eCommerce Awards 2023.
Negative Updates
Revenue Decline
Total revenue for the quarter was USD 1.6 million, reflecting a decrease of approximately 76% compared to USD 6.7 million in the second quarter of fiscal year 2024.
Decline in Quarterly Active Users
Quarterly active users for the quarter ending March 31, 2024, decreased despite ongoing efforts to enhance ZCITY's features and offerings.
Cash Balance Reduction
Cash balance decreased to approximately USD 0.3 million from USD 4.1 million as of March 31, 2023.
Company Guidance
In the third quarter of fiscal year 2024, Treasure Global Inc. demonstrated significant progress across various metrics, despite a challenging macro environment. The company reported a substantial increase in gross profit, reaching USD 217,000, up by 47% from the previous year. However, total revenue for the quarter saw a decline to USD 1.6 million, a 76% drop compared to the previous quarter, attributed to the strategic shift towards higher-margin business channels. Net losses decreased significantly to approximately USD 1.7 million from USD 2.9 million the previous year, driven by cost management and operational efficiency improvements. The company's cash balance stood at approximately USD 0.3 million as of March 31, 2024, with future sales expected to bolster this position. ZCITY, a key platform for Treasure Global, reported over 2.69 million registered users, 2,027 registered merchants, and 41,455 quarterly active users, with 0.19 million transactions recorded in the quarter. Despite some declines in user engagement, the company remains optimistic about ZCITY's long-term growth potential, focusing on enhancing features and offerings. The call highlighted the company's strategic initiatives, including AI-driven innovations, market expansion, and a new partnership within the blockchain sector, as well as a USD 2 million marketing contract with Satria Dunia Sdn Bhd to promote Korean beauty products. Treasure Global's commitment to innovation and strategic market positioning is poised to drive sustained growth and shareholder value.

Treasure Global, Inc. Financial Statement Overview

Summary
Despite strong TTM revenue growth (+33.79%) and low reported debt, results are dominated by extreme operating losses (EBIT margin ~-1.48), deep net losses (net margin ~-8.89), and continued cash burn (TTM operating cash flow ~-$12.8M; free cash flow ~-$13.8M).
Income Statement
18
Very Negative
TTM (Trailing-Twelve-Months) revenue grew strongly (+33.79%), but profitability remains very weak: gross margin is decent (~41%), yet operating losses are extremely large (EBIT margin ~-1.48) and the company is still deeply unprofitable (net margin ~-8.89). The annual trend shows highly volatile revenue (sharp declines after prior higher revenue years) and persistently negative earnings, indicating the business has not reached a stable, scalable profit model.
Balance Sheet
63
Positive
The balance sheet is currently supported by meaningful positive equity (TTM equity ~$18.0M) and very low debt (TTM debt ~$0.10M; debt is minimal relative to equity), which reduces financial leverage risk. However, returns to shareholders are strongly negative (TTM return on equity ~-1.57) due to ongoing losses, and prior years show periods of negative equity and extreme ratio distortion—highlighting a history of balance-sheet stress even though leverage looks improved today.
Cash Flow
22
Negative
Cash generation is a key weakness: TTM operating cash flow is materially negative (~-$12.8M) and free cash flow is also negative (~-$13.8M), indicating continued cash burn to run the business. While free cash flow growth is reported as positive in TTM, the company is still consuming cash and will likely remain reliant on external funding or balance-sheet resources if losses persist.
BreakdownTTMSep 2025Jun 2024Jun 2023Sep 2022Jun 2021
Income Statement
Total Revenue3.08M2.33M22.07M69.41M79.67M14.02M
Gross Profit1.28M1.67M816.06K523.28K476.19K139.94K
EBITDA-6.46M-4.37M-5.35M-10.10M-10.06M-7.51M
Net Income-27.44M-23.38M-6.59M-11.73M-11.75M-7.92M
Balance Sheet
Total Assets24.23M14.87M4.28M6.37M2.70M3.69M
Cash, Cash Equivalents and Short-Term Investments5.45M236.90K371.65K4.59M1.85M2.84M
Total Debt99.16K159.24K64.71K5.03M14.89M5.07M
Total Liabilities6.27M4.13M897.85K6.50M18.30M10.21M
Stockholders Equity17.96M10.74M3.38M-130.33K-15.60M-6.52M
Cash Flow
Free Cash Flow-13.81M-9.48M-4.92M-9.65M-8.98M-6.88M
Operating Cash Flow-12.83M-9.48M-4.71M-9.56M-8.66M-6.80M
Investing Cash Flow-4.73M-5.77M-252.61K-61.24K-311.74K-84.85K
Financing Cash Flow22.77M15.43M350.47K12.66M8.16M9.80M

Treasure Global, Inc. Technical Analysis

Technical Analysis Sentiment
Negative
Last Price6.78
Price Trends
50DMA
5.86
Negative
100DMA
10.96
Negative
200DMA
17.80
Negative
Market Momentum
MACD
-0.52
Negative
RSI
43.76
Neutral
STOCH
43.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TGL, the sentiment is Negative. The current price of 6.78 is above the 20-day moving average (MA) of 4.71, above the 50-day MA of 5.86, and below the 200-day MA of 17.80, indicating a bearish trend. The MACD of -0.52 indicates Negative momentum. The RSI at 43.76 is Neutral, neither overbought nor oversold. The STOCH value of 43.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TGL.

Treasure Global, Inc. Risk Analysis

Treasure Global, Inc. disclosed 48 risk factors in its most recent earnings report. Treasure Global, Inc. reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks

Treasure Global, Inc. Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$37.18B12.37-10.20%1.83%8.50%-7.62%
53
Neutral
$4.72M0.032.46%
49
Neutral
$1.01M0.550.62%-28.50%
47
Neutral
$11.21M
44
Neutral
$16.66M-0.14-36.45%82.61%
43
Neutral
$7.07M-0.05-269.14%-73.83%98.11%
* Technology Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TGL
Treasure Global, Inc.
4.62
-155.78
-97.12%
QH
Quhuo
1.12
-132.08
-99.16%
GITS
Global Interactive Technologies
3.06
0.69
29.11%
SGN
Signing Day Sports, Inc.
0.64
-0.98
-60.37%
LGCL
Lucas GC Limited
1.65
-20.30
-92.48%

Treasure Global, Inc. Corporate Events

Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Treasure Global Adopts Flexible At-The-Market Equity Program
Neutral
Feb 3, 2026

On January 28, 2026, Treasure Global Inc. entered into an at-the-market offering agreement with Kingswood Capital Partners to potentially sell up to $10.1 million of its common stock from time to time under an existing shelf registration, with the sales agent earning a 2.5% commission and the company retaining full discretion over if, when and how many shares are sold based on market conditions and capital needs, signaling a flexible approach to raising equity financing. Separately, on January 30, 2026, the company amended its October 23, 2025 Management Consultancy Agreement with Astute All Advisory Ltd. by deleting Clause 4.5 while leaving all other provisions intact, indicating a targeted adjustment to its consultancy arrangement without broader changes to the underlying advisory relationship.

The most recent analyst rating on (TGL) stock is a Sell with a $4.50 price target. To see the full list of analyst forecasts on Treasure Global, Inc. stock, see the TGL Stock Forecast page.

Business Operations and Strategy
Treasure Global Amends AI Services Deal, Gains Equity Stake
Positive
Jan 2, 2026

On December 26, 2025, Treasure Global, Inc. entered into a third supplemental letter agreement with V Gallant SDN BHD to amend their existing services arrangement for generative AI solutions and AI digital human technology, reducing the total consideration from $16 million to $10.8 million. As the company had already paid $16 million under the original terms, the amended consideration is deemed fully satisfied, and the $5.2 million excess will be converted into V Gallant Limited shares at $4.00 per share, giving Treasure Global an equity stake in its AI technology partner and eliminating any further payment obligations for these services.

The most recent analyst rating on (TGL) stock is a Sell with a $9.50 price target. To see the full list of analyst forecasts on Treasure Global, Inc. stock, see the TGL Stock Forecast page.

Business Operations and StrategyM&A Transactions
Treasure Global Divests Non-Core Platform to Refocus Strategy
Positive
Dec 29, 2025

Treasure Global, Inc. has entered into a Share Sale Agreement dated December 22, 2025, to divest a non-core food and beverage platform, after which it will no longer own any equity interest in the target or its subsidiary nor manage or operate that business. The transaction, which is not deemed a disposition of a significant amount of assets under applicable regulations, is intended to streamline and simplify the company’s corporate and operating structure and reallocate capital and management attention toward its core, asset-light, and more scalable fintech and digital-asset initiatives, aligning its asset base with its growth, capital markets, and listing objectives and enabling a greater share of resources to be directed to higher-margin digital operations over time.

The most recent analyst rating on (TGL) stock is a Sell with a $9.50 price target. To see the full list of analyst forecasts on Treasure Global, Inc. stock, see the TGL Stock Forecast page.

Business Operations and StrategyExecutive/Board Changes
Treasure Global Names New CFO Amid Leadership Shift
Neutral
Dec 17, 2025

On December 15, 2025, Treasure Global, Inc. announced the resignation of its Chief Financial Officer, Ms. Chan See Wah, effective December 31, 2025, and the promotion of Mr. Pusparajan a/l Vadiveloo as her replacement, effective December 17, 2025. Mr. Pusparajan, who has over 11 years of experience in accounting and finance, brings expertise in IT, telecommunications, and manufacturing, positioning the company to benefit from his leadership. This transition reflects the company’s continuity in operations with no significant changes to compensation terms, ensuring stability for stakeholders and clients alike.

The most recent analyst rating on (TGL) stock is a Sell with a $9.50 price target. To see the full list of analyst forecasts on Treasure Global, Inc. stock, see the TGL Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Treasure Global Raises $2.5M in Direct Offering
Positive
Dec 15, 2025

On December 10, 2025, Treasure Global Inc. announced the pricing of a registered direct offering, raising USD 2,500,000 through the sale of 250,000 shares of common stock. The offering, which closed on December 12, 2025, was conducted under the company’s shelf registration statement and involved D. Boral Capital LLC as the exclusive placement agent. This capital raise is expected to support Treasure Global’s ongoing efforts to expand its digital platforms and enhance its market position in Southeast Asia.

The most recent analyst rating on (TGL) stock is a Sell with a $9.50 price target. To see the full list of analyst forecasts on Treasure Global, Inc. stock, see the TGL Stock Forecast page.

Delistings and Listing ChangesRegulatory Filings and ComplianceStock Split
Treasure Global Announces Reverse Stock Split for Nasdaq Compliance
Neutral
Dec 8, 2025

Treasure Global Inc. announced a 1-for-20 reverse stock split of its common stock, effective December 5, 2025, to comply with Nasdaq’s minimum bid price requirement. This move consolidates every 20 shares into one, reducing the total outstanding shares and adjusting equity awards proportionately, while maintaining the same par value and authorized shares. The reverse split aims to stabilize the stock’s trading price and ensure continued Nasdaq listing compliance.

The most recent analyst rating on (TGL) stock is a Hold with a $24.50 price target. To see the full list of analyst forecasts on Treasure Global, Inc. stock, see the TGL Stock Forecast page.

Delistings and Listing ChangesRegulatory Filings and Compliance
Treasure Global Faces Nasdaq Delisting Notice
Negative
Dec 3, 2025

On December 2, 2025, Treasure Global Inc. received a delisting notice from Nasdaq due to non-compliance with the minimum bid price requirement and previous reverse stock splits exceeding a 250-for-1 ratio. The company plans to appeal this decision and present a compliance plan to a Nasdaq Hearings Panel, allowing its stock to continue trading on Nasdaq during the appeal process. The delisting notice does not impact the company’s business operations or reporting obligations.

The most recent analyst rating on (TGL) stock is a Sell with a $0.49 price target. To see the full list of analyst forecasts on Treasure Global, Inc. stock, see the TGL Stock Forecast page.

Regulatory Filings and ComplianceShareholder MeetingsStock Split
Treasure Global Approves Reverse Stock Split Amendment
Neutral
Nov 25, 2025

On November 24, 2025, Treasure Global Inc. held its virtual 2025 Special Stockholders Meeting, where a quorum was present with 53.47% of the voting shares represented. During the meeting, stockholders approved an amendment to the Company’s Certificate of Incorporation to allow the Board to effect a reverse stock split to maintain compliance with Nasdaq Listing Rule 5550(a)(2), and also approved the potential adjournment of the meeting to solicit additional proxies if necessary.

The most recent analyst rating on (TGL) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on Treasure Global, Inc. stock, see the TGL Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Feb 24, 2026