PT Bukalapak.com Tbk, an Indonesian e-commerce company, announced Wednesday that its overall revenue grew 37 percent quarter-on-quarter to IDR 1.5 trillion ($89.74 million) in the first quarter of 2025 from IDR 1.1 trillion in the fourth quarter of 2024, driven by continued momentum across gaming and retail segments.

The firm’s net profit also swung to positive at IDR 112 billion, compared to negative IDR 955 billion in the previous quarter, supported by its contribution margin improvements, reduced one-off costs, and improvement on its investment holdings.

The firm said in a statement that the firm kicked off the year with strong momentum, driven by notable improvements across revenue, contribution margin, profitability, and operational efficiency.

It is noted that starting from the first quarter, Bukalapak adopted a refined business segmentation, transitioning from its previous marketplace and online-to-offline (O2O) segments to four distinct strategic segments: Mitra Bukalapak, gaming, retail, and investment.

This change reflects the company’s sharpened focus on its core pillars and long-term growth direction.

According to the statement, the firm’s contribution margin nearly doubled to IDR 80 billion, a remarkable 95 percent quarter on quarter increase, signaling improved efficiency and a stronger margin profile across all the business segments.

The firm’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) showed a strong 86 percent improvement quarter on quarter from negative IDR 147 billion in the fourth quarter of 2024 to negative IDR 20 billion in the first quarter of 2025, reflecting the positive impact of business optimization initiatives.

Its adjusted EBITDA plus net interest income also doubled from IDR 105 billion in the fourth quarter of 2024 to IDR 212 billion in the first quarter of 2025.

Excluding one-off legal and restructuring cost, the firm’s general and administrative (G&A) expenses improved by 6 percent quarter on quarter, reinforcing its operational discipline.

The firm also reported a solid cash, cash equivalent and liquid investments position of IDR 18.8 trillion, providing strong financial flexibility to support ongoing initiatives and investments.

“We are very encouraged by our performance in the first quarter of 2025. The improvements in contribution margin, operational efficiency, and return to profitability shows that our transformation is yielding tangible results,

“As we continue to finalize our restructuring, which is expected to conclude by the first half of the year, we are confident that the momentum from the first quarter of 2025 will carry forward and allow us to deliver sustainable profitability in the coming quarters,” said Willix Halim, Chief Executive Officer of Bukalapak.

Indonesian e-commerce firm Bukalapak reports 7 percent q-o-q increase in revenue in Q4 of 2024