Indonesia-listed tech giant Bukalapak maintained positive adjusted EBITDA in the second quarter, driven by continued growth in its gaming business even as mark-to-market losses on its Allo Bank investment weighed on the company’s bottom line.
Bukalapak reported second-quarter revenue of 1.62 trillion rupiah ($89.6 million), broadly unchanged from a year earlier, while adjusted EBITDA remained positive at 6 billion rupiah ($332,005). Contribution margin was also largely stable at 72 billion rupiah ($4 million).
However, it posted a net loss of 394 billion rupiah for the quarter, reversing a 355 billion rupiah profit a year earlier, largely due to a 1.75 trillion rupiah mark-to-market loss on its investment in Allo Bank.
For the first six months of 2026, revenue rose 29% year on year to 3.99 trillion rupiah ($220.8 million), while adjusted EBITDA turned positive at 10 billion rupiah ($553,495), compared with a loss of 34 billion rupiah ($1.9 million) a year earlier. It posted a net loss of 818 billion rupiah ($45.2 million) for the first half, reversing a 467 billion rupiah ($25.8 million) profit a year earlier.
“Maintaining positive adjusted EBITDA throughout the first half of 2026 reflects the continued progress of our transformation,” Bukalapak director Victor Putra Lesmana said in a statement on Tuesday.
He said the company would continue to focus on operational discipline, improving revenue quality and building sustainable growth across its businesses despite ongoing macroeconomic uncertainty.
Gaming remained Bukalapak’s largest business, generating 1.39 trillion rupiah in second-quarter revenue, accounting for around 85% of total revenue. The segment posted 7 billion rupiah in adjusted EBITDA during the quarter, while first-half revenue increased 42% to 3.5 trillion rupiah, supported by the expansion of its international business.
The growth comes as Bukalapak doubles down on its gaming arm, Multi Realm Games (MRG), which houses brands including Lapakgaming, Joytify and Itemku, as it expands into more than 15 countries across Southeast Asia, Latin America, the Middle East, Europe and North America, betting that cross-border demand for digital gaming products will drive future growth.
Executives said the unit differentiates itself by controlling the end-to-end gaming transaction experience and has integrated more than 70 payment methods across markets, according to separate local reports.
Meanwhile, Bukalapak continued to reshape its Mitra business in pursuit of profitability. Second-quarter revenue fell to 152 billion rupiah from 188 billion rupiah a year earlier as the company became more selective in the products it offers, part of a strategy to focus on higher-margin products.
Even so, the segment’s contribution margin rose 48% to 29 billion rupiah, while adjusted EBITDA swung to a positive 8 billion rupiah from a 9 billion rupiah loss a year earlier.
Its investment business, operated through BMoney, saw second-quarter revenue rising 62% year on year to 23 billion rupiah while contribution margin increased 62% to 8 billion rupiah, supported by assets under management exceeding 6 trillion rupiah.
Retail, meanwhile, generated 60 billion rupiah, down by 19%, as Bukalapak continued to optimise its product pipeline, manage inventory and selectively expand its store network.
