With all the talk of pushing for profitability, let's zoom in on the state of some of Indonesia's largest tech companies. And since it's Q1 financial report season, let's dive in.

🚗 GoTo Group

GoTo Group has cut their net loss to $265M in Q1 2023. It's down 41% from last year, and here's how they did it.

Changes made. They reduced incentives and product marketing costs by 39% YoY, saving $177M.

• They also had a major restructuring within their executive team and commissioner board, as well as layoffs.
  

Their adjusted EBITDA also went up 67% to -$109M in the same period. And on net revenue, it's gone up to $224M at the same time too.

A little insight. They're focusing more on high-quality, profitable customers, which they say is why we'll see slower gross transaction value (GTV) in the short term.

• For Q1 this year, GTV increased 6% YoY, mainly in e-commerce and on-demand units.
  

On track? They hope to hit profitability (being adjusted EBITDA positive) in Q4 this year, and they're halfway to their goal.

🅱️ Bukalapak

Bukalapak has recorded a net loss of over 1T IDR ($68.8M) for Q1 2023. During the same period in 2022, they had a net profit of $993M.

While they're back in the red... Their adjusted EBITDA is at -$14.25M, a 44% improvement YoY.

• Their operating loss also went down to $80.47M.
  

They're still growing! They've been delivering positive business growth, with their TPV increasing 19% YoY to $2.76B.

• How? The YoY growth of marketplace and specialty vertical TPV, with most TPV coming from outside Indonesia's Tier 1 regions.
• Mitra Bukalapak's TPV also grew 9% YoY to $1.28B, mostly because they expanded their product range.
  

What about first-quarter revenue? It grew 28% YoY to $68.89B, with Mitra Bukalapak growing 9% YoY to $35.12M.

• Marketplace had the strongest growth, with revenues increasing 77% YoY to $35.25M because of higher take rate specialty verticals.

*Numbers converted into USD.

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