Indonesia-listed tech giant Bukalapak posted positive adjusted EBITDA of 1 billion rupiah ($55,267) in the third quarter of 2026, compared with a loss of 18 billion rupiah ($994,813) a year earlier, as it continued to improve its operating performance despite a sharp reversal in investment gains.
Revenue was broadly stable at around 1.6 trillion rupiah ($88.4 million) in the quarter, while gross profit increased to 158 billion rupiah ($8.7 million) from 123 billion rupiah ($6.8 million) a year earlier, according to the company’s earnings release.
For the first nine months of 2026, revenue rose 19.3% year on year to 5.64 trillion rupiah ($311.7 million) from 4.73 trillion rupiah ($261.4 million).
Adjusted EBITDA turned positive at 11 billion rupiah ($607,941), compared with a loss of 53 billion rupiah ($2.9 million) in the same period last year.
However, Bukalapak reported a net loss of 881.1 billion rupiah ($48.7 million) for the nine months ended September, reversing a net profit of 2.91 trillion rupiah ($160.8 million) a year earlier. The shift was largely associated with its investment portfolio: the company recorded a net investment loss of 2.04 trillion rupiah, compared with a gain of 2.32 trillion rupiah in the corresponding period of 2025.
Other operating income provided some offset. Bukalapak recorded net other operating income of 963 billion rupiah in the first nine months, up from 139.3 billion rupiah a year earlier. The increase was largely driven by net foreign exchange gains, which rose to 872.4 billion rupiah from 216.4 billion rupiah in the same period last year.
Bukalapak’s financial statements also show that it held cash and cash equivalents denominated in several foreign currencies, including US dollars, Singapore dollars, Swiss francs, Australian dollars and Canadian dollars. The foreign-currency cash balances amounted to approximately 12.62 trillion rupiah at the end of September, based on the currency breakdown in the statements.
These holdings provide context for the reported foreign exchange gains, although the statements do not establish how much of the gain came from cash balances rather than other foreign-currency exposures.
Despite the increase in other operating income, Bukalapak recorded a segment loss of 1.14 trillion rupiah in the first nine months, compared with a segment profit of 2.33 trillion rupiah a year earlier.
Gaming drives revenue growth
Gaming continued to account for the bulk of Bukalapak’s revenue, generating 4.88 trillion rupiah in the first nine months, up from 3.85 trillion rupiah a year earlier. The segment operates gaming marketplaces including Itemku and Lapakgaming.
Its gross profit increased to 193 billion rupiah from 144 billion rupiah, according to the company’s earnings release. For the third quarter alone, gaming revenue was approximately 1.4 trillion rupiah, while gross profit rose to 65 billion rupiah from 49 billion rupiah a year earlier.
The company has attributed the segment’s growth to international expansion and efforts to develop more profitable products and business lines.
Mitra Bukalapak, which serves micro, small and medium-sized enterprises through digital products and financial services, generated 487 billion rupiah in revenue in the first nine months, down 21% year on year. Its gross profit nevertheless increased to 117 billion rupiah from 109 billion rupiah.
Bukalapak has been shifting Mitra Bukalapak from a first-party to a third-party model while focusing on higher-margin products. In the third quarter, the segment recorded revenue of 160 billion rupiah, down 6% year on year, while gross profit increased to 42 billion rupiah from 36 billion rupiah. Its adjusted EBITDA also turned positive at 5 billion rupiah.
The investment segment, which operates through BMoney, recorded nine-month revenue of 68.8 billion rupiah, up from 44.7 billion rupiah a year earlier. Retail revenue, meanwhile, declined 8% to 208.6 billion rupiah.
Bukalapak ended September with cash and cash equivalents of 15.56 trillion rupiah, down from 16.21 trillion rupiah at the end of December 2025. Its financial statements also showed net cash generated from operating activities of 181.1 billion rupiah in the first nine months, compared with 149.7 billion rupiah a year earlier.
The company reported cash, cash equivalents and liquid investments totalling 16.8 trillion rupiah at the end of September.
“We have managed to maintain stable revenue and record positive adjusted EBITDA amid global economic challenges,” Victor Putra Lesmana, a director of Bukalapak, said in the statement.
He attributed the performance to the company’s business transformation, operational improvements and cost discipline, adding that these efforts would support its progress towards sustainable profitability.
