Bukalapak’s latest results show a company still trying to prove that its post-marketplace reinvention can work.
The Indonesian listed technology firm reported revenue of US$88.6 million in the second quarter of 2026, while first-half revenue rose 29 per cent year on year to about US$221.6 million. More importantly for investors who have grown wary of loss-making consumer internet companies, Bukalapak remained adjusted EBITDA-positive for the second consecutive quarter.
Adjusted EBITDA stood at roughly US$332,000 in Q2. For the first six months of the year, the company posted positive adjusted EBITDA of about US$554,000, compared with a loss of around US$1.9 million in the same period last year. The swing, worth about US$2.4 million, is modest in absolute terms but symbolically important for a company that has spent the past few years moving away from growth-at-all-costs towards tighter cost control and higher-quality revenue.
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“Maintaining a positive adjusted EBITDA throughout the first semester of 2026 reflects the sustained progress of the transformation we are undertaking,” said Victor Putra Lesmana, Director of Bukalapak. “Amid ongoing economic uncertainty, we remain focused on operational discipline, improving revenue quality, and developing sustainable business across all segments.”
Gaming becomes the growth engine
The clearest driver of Bukalapak’s first-half performance was gaming.
The segment generated US$77 million in revenue in the second quarter. For the first half, gaming revenue grew 42 per cent year on year to around US$193.9 million, supported by the company’s international expansion. The business also recorded positive adjusted EBITDA of about US$388,000 in the second quarter.
That matters because gaming has become one of Southeast Asia’s more durable digital consumption categories, even as e-commerce and fintech face margin pressure. The region has a young mobile-first population, high usage of digital wallets, and a large base of players who spend small but frequent amounts on in-game items, vouchers, and credits. For platforms that can manage payment flows and distribution efficiently, gaming can offer better margins than traditional online retail.
Bukalapak’s shift reflects a broader pattern among Southeast Asian tech companies. After years of chasing gross merchandise value and user growth, many are now prioritising verticals where they can monetise more predictably. In Bukalapak’s case, gaming appears to be doing much of the heavy lifting, contributing the majority of first-half revenue and helping support the group’s adjusted EBITDA.
The company did not break down the international markets powering the gaming segment’s expansion, but the direction is clear: Bukalapak is no longer merely an Indonesian e-commerce story. It is increasingly a portfolio of digital businesses, with gaming, investment products, retail, and services for small merchants sitting alongside what remains of its original marketplace identity.
Mitra shrinks, but margins improve
The performance of Mitra Bukalapak, the company’s small-merchant services arm, was more nuanced.
Revenue in the segment fell to US$8.4 million in the second quarter from US$10.4 million a year earlier. For the first half, Mitra revenue declined 27 per cent year on year as Bukalapak became more selective about the products it pushes through the channel.
On the surface, that decline looks troubling. Mitra was once central to Bukalapak’s pitch: a way to digitise Indonesia’s vast network of warungs, kiosks, and neighbourhood merchants. These small retailers remain crucial to the country’s consumer economy, particularly outside major cities where informal trade still plays a large role.
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But Bukalapak is now arguing that smaller, more profitable revenue is preferable to larger but lower-margin sales. The numbers give some support to that claim. Mitra’s contribution margin grew 48 per cent year on year to about US$1.6 million in the second quarter. Its adjusted EBITDA also turned positive at roughly US$443,000, compared with a loss of about US$499,000 in the same period last year.
That suggests the company is cutting back on weaker products and focusing on areas where it can generate healthier returns. For Southeast Asian platforms serving offline merchants, this is a familiar challenge. Acquiring and retaining small shops is expensive, usage can be inconsistent, and many merchants are highly price-sensitive. The winners are likely to be those that provide practical services (payments, inventory, digital goods, financing, or procurement) without relying too heavily on subsidies.
Investment business gains ground
Bukalapak’s investment segment, through BMoney, also continued to grow from a smaller base.
First-half revenue rose 68 per cent year on year to about US$2.4 million, from US$1.4 million. Contribution margin increased 62 per cent to around US$831,000, supported by assets under management of more than US$332 million.
The investment business is still small compared with gaming, but it sits in a market with long-term potential. Retail investing has become more accessible across Southeast Asia, helped by digital onboarding, low minimum balances, and growing familiarity with mutual funds and other wealth products. In Indonesia, where bank penetration and capital market participation remain relatively low compared with more developed economies, digital investment platforms have room to expand if they can build trust and manage regulatory expectations.
Bukalapak’s challenge will be to show that BMoney can become more than an ancillary service. The investment segment can deepen customer engagement and improve monetisation, but it also operates in a competitive space where users can switch easily between apps.
Retail remains under pressure
Bukalapak’s retail segment showed the effect of a more cautious operating approach.
The business recorded second-quarter revenue of around US$3.3 million. First-half revenue came in at about US$7.7 million, down 14 per cent from roughly US$9 million a year earlier. The company said it is optimising its product pipeline, managing inventory, and selectively expanding its outlet network.
That language points to a more disciplined retail strategy, but also to the limits of physical or inventory-heavy expansion in the current environment. Across Southeast Asia, retail-tech models have had to deal with thin margins, supply chain complexity, and uneven consumer demand. For Bukalapak, retail is unlikely to be judged purely on top-line growth if the company can demonstrate better inventory control and lower operating drag.
Overall, Bukalapak’s first-half contribution margin reached about US$9.5 million, up 12 per cent year on year. The figure is important because it shows whether revenue is translating into better unit economics after variable costs. In Bukalapak’s case, the contribution margin improvement suggests that the company’s focus on revenue quality is beginning to show in the numbers, even as some segments contract.
Rivals and the road ahead
Bukalapak operates in one of Southeast Asia’s toughest digital markets. In e-commerce, it competes with far larger and more aggressive players such as Sea Group’s Shopee, GoTo’s Tokopedia, TikTok Shop, Lazada, and Indonesia-listed Blibli. In digital merchant services, the firm faces competition from fintech and super-app ecosystems that also want to serve warungs and small retailers. Its gaming and digital goods businesses overlap with regional specialists such as Codashop, as well as payment platforms and app-store channels.
Meanwhile, BMoney sits in a wealthtech market that includes local investment apps and banking-backed platforms.
That competitive backdrop explains why Bukalapak’s transformation is being watched closely. The company can no longer rely on the old narrative of Indonesian e-commerce growth alone. Its future depends on whether it can build a set of focused, profitable businesses around digital transactions, merchant services, gaming, and financial products.
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For now, the first-half results show progress but not yet a finished turnaround. Revenue is growing, adjusted EBITDA is positive, and several segments are showing better margins. At the same time, some businesses are shrinking, and the group’s profitability remains thin.
Bukalapak has bought itself time by improving discipline. The next test is whether it can turn that discipline into a larger and more defensible business.
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