Bukalapak hits adjusted EBITDA profitability, logs 16% revenue jump in Q1

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Bukalapak reached profitability in the first quarter of financial year 2024, generating US$922,500 in adjusted EBITDA.

This indicates a 142% year-on-year improvement from FY 2023, when the Indonesia-based ecommerce firm posted US$14.2 million in adjusted losses.

It also grew its revenue by 16% year on year to US$72.9 million. Bukalapak’s core earnings were also up 60% on a quarter over quarter basis to US$11.4 million.

“This is a fantastic result for the company and a result which has been achieved with strong top-line revenue growth, a thriving take rate – especially in the O2O [online-to-offline] segment – and excellent cost control,” said Teddy Oetomo, Bukalapak’s president.

The company attributed the growth in its O2O unit, MitraBukalapak, to improvements in its service offerings to clients. The business contributed 55% of the firm’s total revenues for the period.

Oetomo also highlighted that the company placed outright growth in the backburner and has been prioritizing profitability – a feat it previously aimed to achieve by the end of 2023.

Nevertheless, Bukalapak’s overall group expenses improved in Q1 2024, mostly due to a decrease in general and administrative expenses. This is despite a slight year-on-year jump in cost of revenue.

“We’re very focused on executing towards our stated goal of sustainable and profitable growth in the coming quarters and throughout 2025 as we continue to capture the growth opportunities that exist within our mitra, gaming, and e-retailing businesses,” Oetomo noted.

See also: Bukalapak’s financial health in 9 charts