Jakarta. Despite delivering record revenue growth and achieving positive adjusted EBITDA in 2024, tech conglomerate GoTo Gojek Tokopedia (GOTO) has yet to reach full profitability, posting a net loss of Rp 3.1 trillion ($188.8 million) for the year. However, the company significantly narrowed its losses from Rp 87.3 trillion in 2023, signaling strong progress toward financial sustainability.

"Throughout 2024, we continuously explored new and effective ways to gain market share in Indonesia’s competitive landscape," said CEO Patrick Walujo in a statement on Wednesday. "We exceeded our guidance, delivering a full-year adjusted EBITDA of Rp 386 billion, while our financial technology unit posted its first positive adjusted EBITDA."

Gross revenue expanded 28 percent year on year (YoY) in Q4 to Rp 5 trillion, with full-year revenue rising 30 percent to Rp 18.1 trillion. Adjusted EBITDA soared 348 percent YoY in Q4, reaching Rp 399 billion, and totaled Rp 386 billion for the full year, marking a significant turnaround in profitability.

Core Gross Transaction Value (GTV) surged 66 percent YoY in Q4 to Rp 79.2 trillion, bringing the full-year total to Rp 268.2 trillion, a 58 percent increase. Overall GTV climbed 32 percent YoY in Q4 to Rp 144.5 trillion and 29 percent for the full year, reaching Rp 519.8 trillion.

Patric added that GoTo experienced significant user growth and expects this trend to continue into 2025, supported by the company’s evolving ecosystem strategy.  Monthly transacting users (MTUs) within GoTo’s ecosystem grew 22 percent year-on-year (YoY) in the fourth quarter and 16 percent for the full year.

Looking ahead, GoTo aims to further strengthen its business through operational and product innovations, enhancing revenue streams, improving cost efficiency, and providing more targeted and personalized services.

CFO Simon Ho highlighted that improvements in revenue and profitability were driven by sustained growth across core services and disciplined cost management. The company consistently expanded core GTV and revenue throughout the year while optimizing expenses.

Meanwhile, cost efficiencies helped GoTo reduce its recurring fixed cash expenses by 3 percent YoY to Rp 5.3 trillion in 2024. "The solid financial foundation we established last year positions us well to execute our strategy in 2025," Ho added.

Key 2024 Performance Highlights:

• Record Core GTV: Rp 79.2 trillion in Q4 (+66 percent YoY), Rp 268.2 trillion for the full year (+58 percent).

• Strong Revenue Growth: Rp 5 trillion in Q4 (+28 percent YoY), Rp 18.1 trillion for the full year (+30 percent).

• Cost Efficiency Gains: Recurring fixed cash expenses down 3 percent YoY.

• Adjusted EBITDA Record: Rp 399 billion in Q4, Rp 386 billion for the full year.

• Narrowing Net Losses: Down 99 percent YoY to Rp 1.1 trillion in Q4; full-year losses down 96 percent to Rp 3.1 trillion (from Rp 87.3 trillion in 2023).

• Fintech Growth: Positive adjusted EBITDA driven by increased GoPay adoption and loan portfolio expansion, with continued momentum expected in 2025.

• On-Demand Services Strength: Core GTV up 24 percent YoY in Q4, +17 percent for the full year; adjusted EBITDA at Rp 267 billion in Q4 and Rp 679 billion for the full year.