INDUSTRY.co.id – JAKARTA – PT GoTo Gojek Tokopedia Tbk (GOTO) is on track to achieve positive Adjusted EBITDA in the fourth quarter of 2023, supported by its strong cash position that eliminates the need for new external funding, according to analysis from Mandiri Sekuritas.
GoTo's Group Chief Financial Officer Jacky Lo reaffirmed the company's financial resilience, emphasizing that existing cash reserves are sufficient to fund operations and the path to profitability without dilutive capital raises. The company has maintained a disciplined approach to cost management while continuing to grow its core business segments.
"Our cash position gives us the runway we need to execute our strategy and reach positive EBITDA on our own terms. We are not dependent on external funding to achieve our financial targets," Lo said.
Mandiri Sekuritas analysts noted that GOTO's improving unit economics across its ride-hailing, e-commerce, and fintech divisions were the primary drivers of the improving EBITDA trajectory. The company's ongoing efficiency initiatives, including workforce optimization and renegotiation of vendor contracts, have contributed to a significant reduction in cash burn rates.
GOTO's diversified ecosystem, spanning on-demand services through Gojek, e-commerce through Tokopedia, and financial services through GoPay, provides multiple levers for monetization and cost efficiency. The integration of these platforms has enabled cross-selling opportunities expected to improve customer lifetime value and reduce customer acquisition costs.
The company's focus on achieving sustainable profitability reflects a broader shift in the technology sector toward prioritizing financial discipline over growth-at-all-costs strategies. GOTO's improving financial metrics have been received positively by the market, with analysts viewing the path to positive EBITDA as a key re-rating catalyst for the stock.
