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In focus
- Ninja Van adapts to a tougher ecommerce logistics market in FY2025
- Sea Group’s growth streak continues as revenue and net profit increase in Q1 2026
- Indonesian prosecutors seek 18 years for Nadiem Makarim
Hello reader,
For quite some time now, most of my ecommerce orders have been delivered by either SPX or Lazada Logistics. Deliveries from third-party logistics (3PL) providers have become increasingly rare, although there are still a few from time to time.
3PL players now seem to serve mainly as backup providers whenever in-house logistics units are overwhelmed.
The hopes of many 3PL firms now rest on TikTok Shop, which does not yet have its own in-house logistics fleet. Even so, J&T Express is known to dominate deliveries on the social commerce platform.
This situation is reflected in the earnings report 3PL firm Ninja Van for the financial year ended June 2025. Its revenue slipped 3% to US$702 million, although net losses improved by 32% thanks to operational efficiencies.
In today’s first Top Story, I examine Ninja Van’s financial statements for the period, breaking down which business units the company streamlined to improve efficiency. This is particularly important given that the firm’s cash balance also declined quite drastically by the end of FY2025.
Meanwhile, Sea Group, the parent company of Shopee, continued to post increases in both revenue and net profit in Q1 2026. My colleague, Duc, visualizes Sea’s financial performance for the quarter and previous quarters through compelling charts in our second Top Story.
Shopee also appears to be continuing its year-on-year revenue growth. Revenue from its core marketplace business rose 61% year on year to US$3.8 billion. I take a deeper look into Shopee’s financials for the quarter in this week’s Spotlight.
Jofie Yordan, journalist
Top Stories
1️⃣ Ninja Van’s revenue shrinks, losses narrow 31% in FY2025
Photo credit: Ninja Van
Ninja Van has been gradually moving away from ecommerce logistics as it faces intense competition from in-house logistics players. Over the past two years, the company has shut down its delivery services in Vietnam and Thailand.
Spotlight
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