Bukalapak swung to a net profit of IDR 112 billion (USD 6.7 million) in the first quarter of 2025, recovering from a net loss of IDR 955 billion (USD 57.3 million) in the final quarter of 2024, according to unaudited financial results released on April 30.
Revenue rose to IDR 1.5 trillion (USD 90 million), up 37% from the previous quarter. The uptick was driven by gains in the company’s gaming and retail operations. Contribution margin—defined as revenue minus variable costs—nearly doubled to IDR 80 billion (USD 4.8 million), while adjusted EBITDA loss narrowed to IDR 20 billion (USD 1.2 million), improving from a loss of IDR 147 billion (USD 8.8 million) in the previous quarter.
On a cash flow basis, adjusted EBITDA plus net interest income climbed to IDR 212 billion (USD 12.7 million), from IDR 105 billion (USD 6.3 million) in Q4 2024.
The financial turnaround follows Bukalapak’s decision to exit physical goods sales, a shift first announced in January and completed by February 9. The company has refocused on digital offerings—including mobile credits, streaming vouchers, and tax payments—as part of a broader transition to higher-margin services. The move came amid fierce competition from larger players such as Shopee and TikTok Shop, with physical sales accounting for less than 3% of Bukalapak’s total revenue.
As part of its overhaul, Bukalapak reorganized its business into four new segments: Mitra Bukalapak, which offers digital services for Indonesia’s warungs (small neighborhood shops); gaming; retail; and investment. This replaces its earlier two-division structure, and is intended to better reflect the company’s evolving strategic priorities.
CEO Willix Halim said the company expects to complete its restructuring by midyear and believes the latest results signal progress in its transformation. “The improvements in contribution margin, operational efficiency, and return to profitability show that our transformation is yielding tangible results,” he said in a statement.
Bukalapak closed the quarter with IDR 18.8 trillion (USD 1.1 billion) in cash, cash equivalents, and liquid investments. While the company has ample financial headroom, it remains under pressure to demonstrate that its pivot to a digital-first strategy can drive sustainable returns after years of losses and a sharp decline in its stock price since its 2021 IPO.
All USD conversions are approximate and based on an exchange rate of IDR 1 = USD 0.00006.