Ecosystem Roundup: Bukalapak stays in the black as gaming carries the load

Bukalapak maintained its profit streak for the third quarter of 2026, reporting a positive adjusted EBITDA of US$55,088 after a loss of about US$991,000 the previous year. Over nine months, adjusted EBITDA reached roughly US$606,000, compared to a US$2.9 million loss in the same period last year. Quarterly revenue remained flat at around US$88 million, while nine-month revenue increased by 19% to approximately US$308 million.

Gaming now drives revenue, with Itemku and Lapakgaming generating about US$77 million in quarterly revenue and a 27% increase in nine-month gaming revenue due to international expansion. This growth comes with an increased selling and marketing spend of about US$3.9 million, up 45% year on year. Mitra Bukalapak, the MSME unit, saw a 21% drop in nine-month revenue as it moved to a third-party model, but its margins improved.

BMoney, the investment arm, saw a 34% rise in quarterly revenue. With about US$925 million in cash and liquid investments, Bukalapak has plenty of room for maneuvering. However, the main question remains whether a company once positioned as Indonesia's e-commerce champion can build a sustainable business on gaming top-ups instead of the marketplace that originally made its name.