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Introduction & Market Context
GoTo Gojek Tokopedia PT (GOTO) released its second quarter 2025 results on August 13, 2025, showcasing strong growth across all business segments and a significant profitability milestone. The Indonesian tech giant reported a 23% year-on-year increase in group net revenue, alongside a 43% jump in core GTV (Gross Transaction Value), marking continued momentum from its strong Q1 performance.
The company’s shares closed at IDR 65 on the day of the announcement, representing a 1.54% decline, though the stock has shown significant appreciation over the past year, trading well above its 52-week low of IDR 50.
Quarterly Performance Highlights
GoTo achieved a breakthrough in profitability during Q2 2025, with Group Adjusted EBITDA reaching IDR 427 billion, a dramatic improvement from the negative IDR 64 billion reported in the same period last year. This represents a positive swing of IDR 491 billion year-on-year. The company also reported positive Group EBITDA of IDR 292 billion.
As shown in the following chart of quarterly adjusted EBITDA growth:
Group GTV increased by 26% year-on-year to IDR 152.9 trillion, while Group Net Revenue rose 23% to IDR 4.3 trillion. The company’s take rate remained stable at 2.9%, slightly higher than the 2.8% reported in Q2 2024.
The following summary highlights the key operating metrics for the quarter:
FinTech Segment Performance
The FinTech segment emerged as a standout performer, with net revenue surging 76% year-on-year and core GTV increasing by 46%. The segment achieved positive Adjusted EBITDA of IDR 88 billion, a remarkable improvement from negative IDR 168 billion in Q2 2024, representing a positive swing of IDR 256 billion.
The FinTech performance is illustrated in this chart:
Monthly Transacting Users (MTU) in the FinTech segment reached 22.4 million, representing a 29% increase year-on-year and 9% growth quarter-on-quarter. This growth has been driven by the GoPay app, which has seen a 68% increase in users since launch.
A particularly strong area of growth was the consumer loan portfolio, which expanded by 90% year-on-year, with loans outstanding principal increasing from IDR 3.5 trillion in Q2 2024 to IDR 6.6 trillion in Q2 2025. This marks the ninth consecutive quarter of strong loan book growth.
The acceleration in loan book growth is shown in the following chart:
On-Demand Services Performance
The On-Demand Services (ODS) segment also demonstrated solid performance, with net revenue increasing by 13% year-on-year and core GTV rising by 9%. Adjusted EBITDA for this segment showed impressive growth of 264% year-on-year, reaching IDR 328 billion compared to IDR 90 billion in Q2 2024.
The following chart illustrates the ODS segment’s performance:
Within the ODS segment, Premium Food Express has shown particularly strong growth, with GTV increasing by 157% year-on-year. The company also reported growth in advertising revenue, which increased from 1.0% of Food GMV in Q2 2024 to 1.8% in Q2 2025. Merchant Funded Promotion spend rose by 118% year-on-year among participating merchants.
The detailed breakdown of the ODS segment performance is shown here:
Strategic Initiatives
GoTo highlighted several strategic initiatives during the presentation. The company successfully completed a complex cloud migration, supporting Indonesia’s data sovereignty by moving systems previously hosted across four countries to fully onshore in Indonesia. This migration resulted in a 50% reduction in annual cloud spend while improving reliability and user experience.
The company is also expanding its tech hubs across Asia, with locations in China (Chengdu, Beijing, Shanghai, and Hangzhou), India, Singapore, and Indonesia. This expansion aims to enhance the company’s engineering capabilities.
In the AI space, GoTo has introduced Sahabat AI, a 70+ billion parameter model with multilingual chat service, now available on the GoPay app and website.
Strategic partnerships were another focus area, with GoTo announcing collaborations with TikTok for data packages and lending services, as well as a co-branded digital wallet with Telkomsel.
Forward-Looking Statements
GoTo maintained its FY25 Group Adjusted EBITDA guidance of IDR 1.4-1.6 trillion, as shown in the following slide:
The company reported a strong cash position of IDR 18.2 trillion (USD 1.1 billion) as of the end of June 2025. GoTo also continues its share buyback program, with a cumulative buyback amount of IDR 2.1 trillion (USD 130.8 million) from June 2024 to June 2025. The company has an outstanding buyback quota of IDR 3.3 trillion (USD 200 million) effective from June 2025 to June 2026.
Detailed Financial Analysis
A comprehensive summary of GoTo’s Q2 2025 performance across all segments is provided in the following table:
The reconciliation of the Group’s Adjusted EBITDA shows the components contributing to the improvement in profitability:
GoTo’s adjusted operating cash flows reached IDR 313 billion in Q2 2025, despite net cash used in operating activities of IDR 913 billion, indicating the company’s ability to generate positive cash flow on an adjusted basis.
In conclusion, GoTo’s Q2 2025 results demonstrate strong growth across all business segments, with a significant milestone achieved in profitability. The FinTech segment showed exceptional performance, while strategic initiatives in technology and partnerships position the company for continued growth. The maintained full-year guidance suggests management confidence in sustaining this positive momentum through the remainder of 2025.
Full presentation:
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