Indonesian e-commerce giant Bukalapak reported a solid start to 2026, with first-quarter revenue rising sharply and the company delivering a positive adjusted EBITDA, signalling continued progress in its profitability push.
The Indonesia-listed tech firm booked revenue of 2.37 trillion rupiah ($137.2 million) in the January-March period, up about 63% from 1.46 trillion rupiah ($84.5 million) a year earlier.
Contribution margin improved to 98 billion rupiah ($5.67 million) from 80 billion rupiah ($4.62 million), while adjusted EBITDA turned positive at 4 billion rupiah ($231,619), compared with a loss of 20 billion rupiah ($1.15 million) in the same period last year, supported by stronger topline performance and ongoing cost discipline.
Despite the operational improvement, Bukalapak still recorded a net loss of 423.5 billion rupiah ($24.52 million) for the quarter, reversing a net profit of 111.8 billion rupiah ($6.47 million) in Q1 2025, largely due to investment-related losses.
Cost structure remains a key pressure point
Bukalapak’s cost base continues to be heavily skewed towards cost of revenue, which rose in line with topline growth. Cost of revenue stood at 2.21 trillion rupiah ($127.8 million) in Q1 2026, accounting for the bulk of total expenses and leaving the company with a relatively thin margin.
This reflects the nature of Bukalapak’s current business mix, particularly its gaming segment, where the company operates largely as a distributor of digital products with inherently lower margins due to revenue sharing and procurement costs.
Operating expenses, however, showed better control. Selling and marketing expenses increased to 64.6 billion rupiah ($3.73 million) from 50.9 billion rupiah ($2.94 million) a year earlier, while general and administrative expenses declined significantly to 114.3 billion rupiah ($6.6 million) from 181.9 billion rupiah ($10.5 million), indicating ongoing efficiency measures.
Still, the company recorded an operating loss of 519 billion rupiah ($30 million), largely driven in part by a 587.4-billion-rupiah ($33.9 million) loss related to investments, highlighting continued volatility below the operating line.
Gaming drives growth
The gaming segment remained the key growth engine, generating 2.1 trillion rupiah ($121.6 million) in revenue, accounting 88% for the whole group’s revenue, nearly doubling from 1.1 trillion rupiah ($63.7 million) a year earlier. The increase was driven by product expansion and growth across markets, alongside continued strength in domestic demand.
Bukalapak also stepped up brand engagement through initiatives such as its Lapak Gaming Battle Arena, aimed at strengthening its presence among gaming communities.
Revenue from the Mitra Bukalapak segment reached 175 billion rupiah, supported by expanded payment infrastructure, including wider adoption of EDC machines and QRIS Soundbox solutions for small merchants.
Other segments contributed more modestly. The retail business generated 80 billion rupiah in revenue, aided by the opening of three new Lifework outlets; while the investment segment brought in 22 billion rupiah, supported by higher assets under management and transaction volumes as well as new product offerings such as gold-based and US dollar-denominated instruments.
Director Victor Putra Lesmana said the positive adjusted EBITDA marked a “strategic milestone” and reflected the company’s ongoing transformation efforts.
“The significant revenue growth and our focus on operational optimisation across business lines show that we are on the right path towards sustainable profitability,” he said, in a statement on Wednesday.
Bukalapak said it will continue to prioritise operational discipline while pursuing growth opportunities across its ecosystem, as it aims to sustain its improving financial trajectory.
