PT TBS Energi Utama’s electric-vehicle joint venture with GoTo’s Gojek, Electrum, turned EBITDA-positive in the first half of 2026, as the energy company’s shift away from coal continued to reshape its earnings mix.
Electrum, the two-wheeler EV venture formed by TBS and Gojek in 2021, posted revenue of $9.1 million for the January-June period, up 184% from a year earlier. Its gross profit turned positive at $0.4 million, from a $0.5 million loss a year earlier, while segment EBITDA reached $0.5 million, according to its announcement on Friday.
The improvement came as Electrum scaled its ecosystem to almost 14,000 electric motorcycles and 550 battery-swapping stations as of June, with more than 1.7 million battery swaps per month. It also had more than 2,500 rent-to-own units and more than 135 million km travelled in the first half.
TBS and Gojek established Electrum through PT Energi Kreasi Bersama in 2021 to develop Indonesia’s two-wheel EV ecosystem, including electric motorcycle manufacturing, battery technology and swapping infrastructure.
The venture is also positioned to serve both consumer and business users, with direct sales, bike rental and battery subscription offerings. It partners with Grab, InDrive, Shopee, LalaMove, and other logistics companies.
TBS’s 1H presentation shows Electrum’s H5 model with a maximum speed of 90 km/h and a 60-km range, while the H3/H3i can reach 65 km/h with a maximum range of 65 km.
Overall performance
Electrum’s stronger performance came as TBS’s broader portfolio continued to move towards non-coal businesses. Consolidated revenue was broadly flat at $173 million in 1H26, up 0.5% from $172.2 million a year earlier, despite the full divestment of its coal-fired power plants and a sharp reduction in coal trading.
Waste management remained the group’s largest business, comprising Cora Environment (Singapore), Asia Medical Enviro Services (Singapore), and ARAH Environmental (Indonesia), generating $105.9 million, or 61.2% of group revenue. Overall, waste and EV businesses accounted for 66.5% of consolidated revenue, compared with 31.4% from coal.
The shift also improved profitability at the gross-profit level. Consolidated gross profit more than doubled to $28.2 million from $13.9 million, while gross margin expanded to 16.3% from 8.1%. TBS attributed the improvement to a $13.5 million reduction in cost of revenues. Adjusted EBITDA increased 23.7% to $25.7 million.
Waste management remained the group’s largest earnings contributor, accounting for 92% of consolidated EBITDA.
Despite the improvement in operating performance, TBS remained loss-making. Net loss narrowed to $19.4 million from $115.3 million in 1H25, primarily because the $96.9 million loss from the prior-year divestment of subsidiaries did not recur.
Cash generation also improved, with operating cash flow turning positive at $14.6 million from negative $31.6 million a year earlier. TBS had $94.7 million in cash at the end of June, while short-term bank loans fell 30.9% year-on-year to $8.5 million. Net debt to adjusted EBITDA improved to 5.4x from 5.6x at end-2025.
TBS CFO Juli Oktarina said the shift in the revenue mix showed that the company’s transition was beginning to take effect.
“Last year coal was still the main contributor to our revenue; today our non-coal businesses are twice its size and generating our cash.”
The company is targeting more growth from the newer businesses. In its 1H presentation, TBS said it aims to have more than 500,000 EVs on the road by 2030, alongside more than 500 MW of installed renewable-energy capacity.
For Electrum specifically, TBS flagged Surabaya expansion and a reverse-takeover strategy as potential sources of further growth and upside.
Separately, TBS was on Friday designated a Green Equity Transition stock by the Indonesia Stock Exchange, a classification for companies undertaking a transition towards a low-carbon economy.
