On‑demand services lift Line Man Wongnai’s 2025 revenue to $544m

Line Man Wongnai (LMWN), a Thailand-based platform backed by GIC and Line Corporation, recorded double-digit revenue growth for the second straight year in 2025 as food delivery and other businesses continued to expand.

Revenue grew 21% year on year to US$544 million while net loss widened nearly 91% to US$43 million that year, according to its audited financial statements.

Photo credit: Line Man Wongnai

CEO Yod Chinsupakul tells Tech in Asia in a statement that LMWN’s broader loss was primarily due to one-off, non-cash accounting items recorded in 2025, though he didn’t specify which.

He stresses that these did not affect the company’s cash position or core operations.

Chinsupakul also says that, excluding these items, LMWN’s operating performance continued to improve. Outpacing revenue, gross profit rose 39% year on year to US$141 million.

“We are making solid progress toward profitability, and we expect adjusted EBITDA to improve significantly in 2026,” the CEO notes.

On-demand leads the pack

All three of LMWN’s main business segments – on-demand services, payment and financial services, and merchant digital solutions – contributed to revenue growth last year, Chinsupakul says.

On-demand services, which include food and grocery delivery as well as ride-hailing and messenger services, remained the company’s largest business in the same year, accounting for 88% of total revenue.

The vertical also grew 19% between 2024 and 2025, faster than the 13% growth it recorded between 2023 and 2024.

Foodpanda’s exit from Thailand in May 2025 contributed to the changing market dynamics, too. However, Chinsupakul attributes most of the growth in on-demand services to LMWN’s own initiatives, including the continued expansion of its non-food services such as Mart, which jumped 70% year on year.

Another factor was LMWN’s performance in the government’s Half-Half Plus co-payment scheme. The program allows registered individuals to pay only half the price when buying goods from local shops, with the government subsidizing the other half.

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