GoTo posts first-ever quarterly profit as revenue growth outpaces costs

GoTo posted its first-ever quarterly net profit, turning 171 billion rupiah, or about $9.94 million, in the three months ended March 31, from a loss of 367 billion rupiah a year earlier. Net revenue climbed 26% year on year to 5.3 trillion rupiah, while attributable profit reached 257.94 billion rupiah, compared with a loss of 283.33 billion rupiah in the same period last year.

The numbers point to more than a short-lived accounting win. GoTo said revenue growth outpaced costs across its fintech and on-demand businesses, and chief financial officer Simon Ho said the company’s tech and AI strategy was helping costs to serve fall. Annual transacting users rose 22% from a year earlier to 69 million, a scale GoTo described as roughly one-third of Indonesia’s adult population, showing the company is still adding reach even as it tightens spending.

That matters because GoTo was built for expansion first. Gojek and Tokopedia announced their merger on May 17, 2021, creating what they called Indonesia’s largest technology group and the biggest deal in the country’s history. The company then debuted on the Indonesian Stock Exchange in April 2022 after an initial public offering that raised about $1.1 billion. For years, the central question around GoTo has been whether a super-app spanning ride-hailing, food delivery, logistics and financial services could become profitable without slowing the network that made it valuable.

The latest quarter suggests the answer may be closer to yes, but the bar is now higher. In the previous quarter, GoTo said annual transacting users had reached 66 million, and its 2025 adjusted EBITDA came in at 3.8 trillion rupiah, above the earlier target range. GoTo reiterated full-year 2026 adjusted EBITDA guidance of 3.2 trillion to 3.4 trillion rupiah even as it flagged global macroeconomic uncertainty.

Backers including SoftBank Group and GIC give the company staying power, but competition with Grab Holdings Ltd. still shapes the story. Investors will judge whether GoTo can keep converting growth into profit without leaning so hard on cost cuts that driver economics, merchant adoption or consumer demand begin to weaken. For Southeast Asia’s platform giants, the test is no longer just growth at any cost; it is whether scale can now coexist with durable earnings.