Cashlez (CASH) Prepares Rp 237 Billion Rights Issue Amid Performance Pressures

JAKARTA — PT Cashlez Worldwide Indonesia Tbk (CASH) recorded a decline in performance throughout 2025 amid increasingly competitive conditions in the digital payments industry.

The company booked a 20.35% year-on-year (YoY) revenue decline to Rp 110.18 billion.

This decline was mainly driven by a 26.35% drop in the device sales segment to Rp 77.02 billion, which remains the largest contributor to total revenue.

On the other hand, the Gross Transaction Value (GTV) rose significantly by 77.8% YoY. However, the increase in transaction volume has yet to support the company’s profitability.

The company recorded a net loss of Rp 67.74 billion in 2025, up 94.64% from the previous year. Meanwhile, the net profit margin was also negative at 61.47%.

The increase in net loss was mainly influenced by a significant rise in impairment charges on receivables, in line with previous business expansion.

From a capital structure perspective, the company’s debt-to-equity ratio (DER) increased. As of the end of 2024, the DER was 0.93 times, then jumped to 3.38 times as of 31 December 2025.

This rise aligned with an 86.31% surge in liabilities to Rp 209.60 billion, while equity fell 48.8% to Rp 62.04 billion. The company also recorded an accumulated deficit of Rp 197.38 billion.

To maintain liquidity, the company sought a loan of Rp 31 billion from an affiliated party. The value of this loan exceeds 20% of total equity.

“We recognise that 2025 was a challenging year for the digital payments industry, particularly in balancing transaction volume growth and monetisation. We are currently adjusting our strategy with a focus on merchant quality and utilisation optimisation, rather than just quantitative expansion,” said cashUP management in a press release on Thursday (30/4/2026).

As part of the financial structure improvement strategy, the company plans to issue up to 996.67 million new shares at an exercise price of Rp 238 per share.

From this corporate action, the company could potentially raise funds of Rp 237 billion. The allocation of these funds will focus on debt repayment at 45.44%, operational working capital at 42.17%, and capital expenditure at 12.39%.

“This rights issue is a strategic step to strengthen the capital structure, in line with GTV growth, reduce short-term liquidity pressures, and provide flexibility for us in executing business transformation,” said the company’s management.