Despite posting a drop in gross revenue and gross transaction value (GTV) for full-year 2024, Indonesia-listed tech giant GoTo managed to narrow its annual losses by a significant 94%, thanks to a decrease in its total costs and expenses.
GoTo’s net loss stood at 5.5 trillion rupiah ($334.45 million) for the year ended December 31, 2024, which is significantly lower than the 90.5 trillion rupiah reported in the previous year, according to its filing to the Indonesia Stock Exchange (IDX).
Net revenue grew by a modest 8% to 15.9 trillion rupiah in the year, while gross revenue fell 20% to 19.4 trillion. (Gross Revenue represents the total rupiah value attributable to GoTo Group from each transaction, net of applicable discounts.)
Meanwhile, the group’s GTV fell 11% to 538 trillion rupiah, while core GTV—which includes ride-hailing and GoTo Financial (excluding merchant payment gateway)—dipped by 2% to 277 trillion rupiah for the 12-month period.
The drastic reduction in annual losses was driven by a 27.56% decrease in total costs and expenses to 18.13 trillion rupiah ($1.1 billion) last year, down from 25.06 trillion rupiah in 2023. The decrease in expenses resulted from a fall in marketing expenses, operating expenses, product development expenses, and general & administration expenses.
GoTo offers ride-hailing, food deliveries, logistics and financial services.
The company’s net loss in the fourth quarter of 2024 (Q4) narrowed by 99% to 926 billion rupiah ($56.31 million), compared to 80.9 trillion rupiah in the year-ago quarter.
Gross revenue in Q4 stood at 5 trillion rupiah ($304 million), down 23% YoY, while net revenue dipped 1% to 4.2 trillion rupiah.
GoTo’s group GTV declined 12% to 144.5 trillion rupiah in Q4 2024, from 163.3 trillion rupiah a year ago. However, core GTV grew 5% year-over-year (YoY) to 79.2 trillion rupiah in the December quarter.
“Our top- and bottom-line improvements illustrate the ongoing growth of our core services as well as the effective cost management strategies we have implemented across the business. Group core GTV and revenue have increased consistently throughout the year, while our refined approach to cost efficiency brought down recurring cash fixed costs by 3% for the full year to 5.3 trillion rupiah,” said Simon Ho, GoTo’s Group CFO, in a statement on Wednesday.
Notably, GoTo’s adjusted EBITDA turned positive in Q4 2024, growing over five-fold to 399 billion rupiah (24.26 million), from 77 billion rupiah in the corresponding quarter last year. The adjusted EBITDA surpassed the company’s breakeven target of 386 billion rupiah.
For the full year 2024, GoTo booked a positive adjusted EBITDA of 386 billion, compared with a 2.23 trillion adjusted EBITDA loss in FY 2023.
Forecast for 2025
For full-year 2025, GoTo expects Group adjusted EBITDA to be between 1.4 trillion ($85.13 million) and 1.6 trillion ($97.29 million) rupiah. However, this outlook is based on current market conditions and remains subject to various uncertainties and risks, including increasing market competition, cost inflation, macroeconomic conditions, and other variables, the company said.
“By driving consistent product innovation and executing with excellence, we exceeded our guidance, achieving full-year adjusted EBITDA of 386 billion rupiah and recording our first-ever quarter of positive adjusted EBITDA in our Financial Technology segment. We saw a significant increase in user numbers throughout the year and expect this trend to continue in 2025 as our ecosystem strategy proves effective. Looking ahead, we will further strengthen our business by innovating—both operationally and at the product level—to boost revenue, enhance cost efficiency, and deliver more targeted, personalized services that match customer needs,” said GoTo’s Group CEO, Patrick Walujo.
Additionally, GoTo reported income of 690 billion rupiah ($41.96 million) from its e-commerce service fees from Tokopedia in FY2024, and 204 billion rupiah recorded in Q4 2024.
As of December 31, 2024, the company had 21 trillion rupiah ($1.3 billion) in cash and cash equivalents and short-term time deposits, compared with 27.36 trillion on Dec 31, 2023.
