Indonesian e-commerce giant Bukalapak sustained its profitability trend in Q3 2025, driven by continued gains in its gaming segment, according to a company announcement.
Bukalapak’s revenue for the three months ended September 30, 2025, rose 1% quarter-on-quarter to Rp1.64 trillion (about $98.8 million), a performance the company said came amid a seasonally slower period and “challenging market conditions.”
Adjusted EBITDA came in at negative Rp18 billion, roughly unchanged versus the past two quarters, while adjusted EBITDA plus net interest income eased to Rp175 billion from Rp201 billion in Q2 25, reflecting the impact of a share buyback programme and a softer domestic rate environment.
Net profit climbed to Rp2.4 trillion from Rp355 billion in the prior quarter, primarily due to gains from investment revaluation. Liquidity remained robust, with total cash, cash equivalents, and liquid investments at Rp17.9 trillion as of September 30.
“Bukalapak’s third-quarter performance reflects our ability to maintain business stability and resilience amid shifting market dynamics,” said Victor Putra Lesmana, director of the company.
By segment, gaming remained the largest revenue contributor at Rp1.4 trillion, up 2% quarter-on-quarter. The investment segment delivered Rp18 billion in revenue, rising 30% sequentially and maintaining a contribution margin above 30%.
Mitra Bukalapak’s revenue moderated as the company continued to sharpen its focus on more profitable markets; contribution margin improved 44% quarter-on-quarter. The retail segment posted a 23.6% contribution margin.
Bukalapak’s top shareholders
For the nine months to September 30, the company’s net revenues reached Rp4.73 trillion (about $284.4 million), up from Rp3.91 trillion a year earlier, its financial statement showed.
Profit before income tax rose to Rp2.93 trillion from a Rp581 billion loss in the same period last year, while profit for the period swung to Rp2.91 trillion from a Rp593 billion loss.
Bukalapak’s liquidity also stayed robust. Cash, cash equivalents, and liquid investments totaled Rp17.9 trillion as of September 30.
On cash flows, Bukalapak booked operating inflows of Rp150 billion and investing inflows of Rp6.88 trillion in the January-September period, offsetting financing outflows of Rp1.29 trillion.
Looking ahead, Bukalapak said it will deepen market penetration across its four core businesses through product innovation and user-experience improvements.
Director Victor Putra Lesmana said Bukalapak would continue to execute “with discipline” while investing in product and user-experience improvements across gaming, Mitra, retail, and investment.
