Bukalapak’s Q3 revenue up 1%, adjusted EBITDA negative

Bukalapak reported revenue of 1.6 trillion rupiah (around US$96.3 million) for Q3 2025, a 1% rise from the previous quarter.

The company saw net profit jump to 2.4 trillion rupiah (around US$144.5 million) in the same quarter, mainly due to investment revaluation gains.

Adjusted EBITDA was negative 18 billion rupiah (around US$1.1 million), while adjusted EBITDA plus net interest income dropped to 175 billion rupiah (around US$10.5 million) from 201 billion rupiah (around US$12.1 million) in Q2.

Total cash, cash equivalents, and liquid investments reached 17.9 trillion rupiah (around US$1.1 billion) at the end of September 2025.

The company’s gaming segment remained its top earner, posting 1.4 trillion rupiah (around US$84.3 million) in revenue, up 2% quarter-on-quarter.

Investment segment revenue rose 30% to 18 billion rupiah, while Mitra Bukalapak’s contribution margin improved 44% despite lower revenue.

The retail segment delivered a 23.6% contribution margin in Q3 2025.

Bukalapak is listed on the Indonesia Stock Exchange and operates across gaming, investment, retail, and Mitra Bukalapak business units.

🔗 Source: Bukalapak

🧠 Food for thought

Implications, context, and why it matters.

Net profit surge masks operational challenges, as revaluation gains obscure core business performance

Bukalapak posted IDR 2.4 trillion in Q3 net profit, driven by investment revaluation gains. Adjusted EBITDA (earnings before interest/taxes/depreciation/amortization) was still negative at IDR 18 billion 1.
Operating margin (operating profit as a percentage of revenue) was -11.87% over the last 12 months, which signals ongoing losses in the core business 2.
Cash/cash equivalents/liquid investments were IDR 17.9 trillion at the end of September 2025, which adds liquidity while adjusted EBITDA stays negative 1.
Adjusted EBITDA plus net interest income fell around 13% quarter on quarter to IDR 175 billion from IDR 201 billion in Q2, even as gaming revenue grew 2% 1.

Gaming voucher distributors can tap Bukalapak’s rural reach to scale digital goods sales

Gaming made up about 88% of Bukalapak’s IDR 1.6 trillion quarterly revenue (IDR 1.4 trillion). It grew 2% quarter on quarter 1.
Bukalapak partnered with itemku (an Indonesian marketplace for game vouchers and in-game items) to extend access in rural Indonesia, where mobile game use jumped 75% during early pandemic lockdowns 3.
Game publishers or payment processors can use Bukalapak’s setup and its online-to-offline network (digital purchases fulfilled via neighborhood agents, small shops) to reach more players in underserved areas 3.
Headcount stands at 556 full-time employees 4.