Contrasting Fortunes in Q1/2026 Performance of Tech Issuers GOTO and BUKA
The performance of two Indonesian tech issuers, PT Bukalapak.com Tbk. (BUKA) and PT GoTo Gojek Tokopedia Tbk. (GOTO), showed contrasting directions in the first quarter of 2026. While GOTO began to reap its first profit, BUKA was pushed back into loss territory despite recording revenue growth.
BUKA posted a net loss of Rp425.78 billion for the first three months of 2026, reversing from a net profit of Rp110.65 billion in the same period the previous year. This performance occurred amid a surge in revenue that grew 62.71% year-on-year to Rp2.36 trillion.
BUKA’s largest revenue contribution still came from the gaming segment, reaching Rp2.09 trillion. Meanwhile, the online-to-offline segment contributed Rp173.81 billion, followed by retail at Rp79.42 billion, and investments at Rp20.98 billion.
However, the revenue increase was not accompanied by cost efficiency. BUKA’s cost of goods sold jumped 66.49% to Rp2.20 trillion, from Rp1.32 trillion in the first quarter of 2025. This condition pressured operational performance, with operating loss recorded at Rp519.05 billion, a significant increase from Rp94.38 billion in the same period the previous year.
On the balance sheet, BUKA’s total assets stood at Rp25.42 trillion as of the end of March 2026, down from Rp26.03 trillion at the end of 2025. Liabilities also shrank to Rp657.89 billion, while equity fell to Rp24.77 trillion.
In contrast, GOTO marked a significant milestone by recording a net profit of Rp257.9 billion in the first quarter of 2026, its first profit since the company’s inception. This achievement reversed the net loss position of Rp283.3 billion in the same period the previous year.
GOTO’s performance growth was supported by a 26% revenue increase to Rp5.34 trillion, from Rp4.23 trillion in the first quarter of 2025. Additionally, adjusted EBITDA surged 131% year-on-year to Rp907 billion, reflecting increasingly solid profitability improvements.
GoTo Group CEO Hans Patuwo described this achievement as an important moment for the company.
“This reflects the team’s hard work over the years in driving revenue growth, managing costs disciplinedly, and creating real value for our customers,” he said.
Operationally, GOTO also recorded positive adjusted free cash flow of Rp1.3 trillion. This performance was driven by growth in the fintech business reaching Rp1.9 trillion, up 58% year-on-year, as well as the on-demand services segment at Rp3.36 trillion.
GOTO CFO Simon Ho assessed that this performance improvement demonstrates increasingly strong operating leverage in the company’s business.
“Revenue growth significantly outpaced cost growth, both in the fintech and on-demand services businesses,” he said.
BRI Danareksa Sekuritas analyst Kafi Ananta views the strong customer base, particularly from the upper-middle segment, as one of the factors supporting GOTO’s resilience amid global uncertainties.
According to him, customer segmentation strategy as well as strengthening the fintech and on-demand services businesses are key for GOTO to maintain growth and profitability momentum going forward.
“GoTo’s strategy is appropriate customer segmentation through balancing the affluent and mass market segments, while for Fintech, the focus is on driving growth in transacting users and data-based credit underwriting processes for risk management,” Kafi stated.