GoTo’s Q4 losses narrow to $56m as adjusted EBITDA surges

Photo credit: GoTo Group

GoTo Group reported a net loss of 926 billion rupiah (USS$56.3 million) for the fourth quarter ended December 2024, narrowing from US$4.9 billion from the year-ago period.

This comes as the Indonesian tech giant’s revenue dropped marginally to US$255.3 million, from US$261.4 million the year before.

For the last three months of 2024, GoTo’s adjusted EBITDA surged to US$24.3 million from US$4.7 million in 2023.

Net revenue for the full year, meanwhile, stood at US$966.6 million, 8% higher than in 2023. The group also reported a loss of US$334.3 million, down from US$5.5 billion a year ago.

At the same time, recurring cash fixed costs declined by 3% year on year to US$322.2 million.

According to Patrick Walujo, the group’s chief executive officer, the company “saw a significant increase” in its user numbers throughout the year, momentum it expects will continue into 2025.

By operating segment, revenue for GoTo’s financial technology business grew 95% year on year to US$224.9 million in 2024. Its adjusted EBITDA loss narrowed to US$28.4 million.

The group expects its financial technology segment to expand further in 2025 as the GoPay app user base increases.

Gross revenue for its on-demand services business, meanwhile, grew 17% to US$863.2 million last year. It posted an adjusted EBITDA of US$41.3 million compared to a loss of US$13.3 million in 2023.

Four years ago, GoTo was formed after a merger between Gojek and Tokopedia.

For 2025, the group is expecting full-year adjusted EBITDA to be between US$85.1 million and US$97.3 million based on current market conditions.

Shares of GoTo closed up 3.8% at US$0.005 on Wednesday before the announcement.

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