If Uber’s path serves as a guide, Grab may only achieve a quarterly operating profit sometime in 2025 – or later.

GAAP profit is harder to achieve than positive EBITDA as it accounts for expenses such as stock-based compensation and depreciation and amortization.

While it’s difficult to draw firm conclusions because of differences in both businesses – which include the geographies, where they operate, and how they report their financials – Uber’s path to profitability sheds light on what Grab’s might look like.