GoTo Group narrowed its net loss by 61% in the first quarter of 2025, driven by improved margins and strong performance across its fintech and on-demand service segments.
The Indonesian tech giant on Tuesday reported a net loss of 367 billion rupiah ($22 million) for the first three months of the year, down from a loss of 937 billion rupiah ($56 million) in the year-ago quarter.
GoTo posted an adjusted EBITDA of 393 billion rupiah in Q1—its highest ever—compared to a 146-billion-rupiah loss in the same period last year. The company said this is its third consecutive quarter of record-high adjusted EBITDA.
GoTo Group CEO Patrick Walujo attributed the performance to improvements in revenue as well as enhanced cost efficiency across segments.
“We’ve started the year with strong momentum, delivering another record-breaking and profitable quarter. This reflects the disciplined execution of our strategy and the strength of our ecosystem model,” Walujo said.
GoTo Group CFO Simon Ho also lauded the company’s improved profitability in the month of Ramadan—a period when growth typically slows at the group level.
Net revenue rose 4% year-on-year to 4.2 trillion rupiah in Q1 2025, while core gross transaction value (GTV) climbed 32% to 83.2 trillion rupiah. The company attributed the gains to stronger user engagement and deeper integration across its ecosystem.
On-demand services—comprising the mobility and delivery arms of the group—continue to be the company’s biggest revenue driver. In the first quarter of 2025, the segment posted an adjusted EBITDA of 314 billion rupiah, up 89% year on year.
The company attributed its profitability gains to ongoing improvements in product mix and user targeting, which helped broaden its mainstream appeal and strengthen engagement among premium users. It also pointed to more efficient incentive allocation, a rise in merchant-funded promotions, and growing demand for its advertising solutions.
Meanwhile, GoTo’s financial technology arm continued to expand rapidly during the period, achieving a record high adjusted EBITDA of 47 billion rupiah. This is the second consecutive quarter of profitability for the financial services arm.
Lending continued to be a major driver of growth, with the company’s loan book more than doubling from a year ago to reach 5.7 trillion rupiah—an increase of 108% year-on-year.
GoTo’s e-commerce service fee from Tokopedia, meanwhile, stood at 217 billion rupiah in the first three months of 2025. The company also reported 21 trillion rupiah in cash, cash equivalents, and short-term time deposits as of March 2025.
“This strong start demonstrates the strength of our business and our ability to navigate macroeconomic challenges. We anticipate continued growth for the remainder of 2025 and remain confident that we can reach our full-year adjusted EBITDA target,” Ho said.
The company is targeting an adjusted EBITDA of 1.4-1.6 trillion rupiah for the full year of 2025.
