Indonesian e-commerce firm Bukalapak has recorded revenue of Rp 1.64 trillion ($98.74 million) in the third quarter ended September 30, 2025, up 1 percent from the previous quarter – a performance that reflects the company’s resilience amid a seasonally slower period and challenging market conditions.
The firm said in a statement on Tuesday that the company has reported stable performance amid a dynamic technology landscape and challenging market conditions, maintaining consistent growth across several business segments.
The firm’s contribution margin remained stable, underscoring strong operational efficiency and disciplined cost management despite ongoing market volatility.
Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) remained relatively stable over the past three quarters, recorded at negative IDR 18 billion ($1.08 million) in the third quarter.
Meanwhile, its adjusted EBITDA plus net interest income declined from IDR 201 billion ($12.1 million) in the second quarter to IDR 175 billion ($10.54 million) in the third quarter, primarily reflecting the company’s share buyback program and the lower domestic interest rate environment.
These results demonstrate solid operational fundamentals and prudent financial management, said the firm.
While adjusted EBITDA remained steady, the firm’s net profit rose sharply to IDR 2.4 trillion ($144.53 million) in the third quarter, compared to IDR 355 billion ($21.38 million) in the previous quarter, mainly driven by gains from investment revaluation.
The company maintained a strong financial position, with total cash, cash equivalents, and liquid investments reaching IDR 17.9 trillion ($1.08 billion) as of September 30, 2025.
This includes investments in liquid instruments such as deposits, government bonds, and mutual funds; providing strong financial flexibility to support long-term growth.
Bukalapak’s four core business segments continued to deliver sustained and positive contributions.
The gaming segment remained the largest contributor, generating IDR 1.4 trillion ($84.31 million) in revenue in the third quarter, growing 2 percent quarter-on-quarter.
The investment segment posted strong performance with IDR 18 billion ($1.08 million) in revenue, up 30 percent quarter-on-quarter, while maintaining a robust contribution margin above 30 percent.
The Mitra Bukalapak segment saw lower revenue as the company continued to focus on more profitable markets, leading to a 44 percent quarter-on-quarter improvement in contribution margin.
The retail segment remained an integral part of Bukalapak’s digital ecosystem, recording a 23.6 percent contribution margin in the third quarter.
“Bukalapak’s third-quarter performance reflects our ability to maintain business stability and resilience amid shifting market dynamics,
“We continue to execute our strategy with discipline, strengthen our ecosystem foundation, and focus on delivering sustainable value for all stakeholders,” said Victor Putra Lesmana, Director of the company.
Looking ahead, Bukalapak said it will continue to enhance all of its business lines and deepen market penetration through product innovation and improved user experience.
Supported by its strong cash position and financial flexibility, the company said it is well-positioned to execute its growth strategy and deliver relevant digital solutions that create lasting value across Indonesia’s business ecosystem.