Temasek-backed Trustana cuts losses in 2024 but still bleeds

Consecutive years of net losses and shrinking revenue at Singapore-based Trustana indicate “material uncertainty” and cast “significant doubt” on the company’s ability to continue as a going concern, says auditing firm EY of the business’ latest financial statements.

Trustana, an AI-powered product data platform for retailers backed by Temasek-founded investment firm LemmaTree, saw its revenue fall 75% in 2024.

Financial filings for Trustana Singapore Pte Ltd, the company’s primary operating entity, show that net losses shrank by 51% to -US$4.5 million during the period.

Despite conducting cost-cutting measures and reducing its workforce, the firm ended the year with a net liability position of US$4.3 million and US$7.6 million in cash used in operations.

“There is a possibility that the company may not be able to realize its assets and to discharge its liabilities in the normal course of business,” auditors from EY wrote in the statement dated August 29, 2025.

The decline comes as the company continues to shift from a cross-border trade platform to a SaaS provider for retailers, distributors, and marketplaces.

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Since the firm began its transition in late 2022, it has cut operating costs by nearly 4x and narrowed its net losses, a Trustana spokesperson tells Tech in Asia.

It is now working with more than 30 global retailers, including Toys R Us and ecommerce roll-up firm Rainforest, the spokesperson shares.

From trading platform to AI

Founded in 2020, Trustana set out to connect buyers and suppliers to international trade partners, with a focus on the F&B sector. In 2021, the firm said it was serving over 5,000 SMEs in China as well as the Asia Pacific.

In 2022, it shut down its inventory-based trade service and pivoted to building an AI platform that helps retailers, distributors, and marketplaces manage their product data more efficiently.

Its software tools automatically fill in gaps and tidy up information in a business’ product data, in turn powering their online businesses.

In 2024, employee benefits expenses fell 33%, reflecting the impact of a group-wide reorganization of LemmaTree in 2023. Trustana’s headcount has since gone down from the triple digits to a few dozen employees, Tech in Asia understands.

Its cost of sales also plunged 84% last year, an effect of its continued shift away from a logistics-heavy trade business toward an asset-light software model.

The pivot was a “deliberate decision” to enable the firm to stay ahead of the industry’s rapid shift toward AI, the Trustana spokesperson says, adding that the startup is now focusing on building profitability.

Sustainability in question