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- Grab Holdings (NASDAQ:GRAB) expects to break-even on its adjusted EBITDA by the second half of 2024 as it accelerates towards profitability, company officials said on Tuesday.
- The Southeast Asia's ride hailing and food delivery firm stated it estimates adjusted EBITDA loss to be about $380M for second half of 2022, a 27% improvement from the first half.
- Group revenue is expected to grow between 45% to 55% year-on-year in 2023 on a constant currency basis.
- "We’ve been firing on all cylinders to improve our profitability trajectory and deliver growth in a sustainable manner and the new targets we’ve shared today reflect that....We plan to leverage the power of the superapp ecosystem as a competitive moat to strengthen our leadership in the region, even as we continue to optimize our costs," CEO Anthony Tan told analysts at first investor day.
- The company also expects to break even in its digibank operations by 2026.
- As of August 2022, Grab has seen 19% higher batch rates and 11% increase in trips per transit hour.
- Stock is up 2% in pre-market trading.
- Since its listing in Dec 2021, GRAB stock has lost over 70% in price vs. benchmark S&P 500 -18%.
