Fourth Quarter 2023 Financial and Operational Highlights
(All financial figures are restated pursuant to IAS 29 unless otherwise indicated)
- Gross merchandise value (GMV) increased by 25.4% to TRY 40.1 billion compared to TRY 32.0 billion in Q4 2022.
- IAS 29-Unadjusted GMV increased by 103.9% to TRY 39.0 billion compared to Q4 2022.
- Revenue increased by 29.5% to TRY 11,811.9 million compared to TRY 9,120.5 million in Q4 2022.
- Number of orders increased by 1.7% to 34.4 million compared to 33.9 million orders in Q4 2022.
- Active Customers was at 11.9 million compared to 12.2 million as of December 31, 2022.
- (Order) Frequency increased by 43.7% to 9.5 compared to 6.6 as of December 31, 2022.
- Active Merchant base increased by 1.8% to 101.5 thousand compared to 99.7 thousand as of December 31, 2022.
- Number of SKUs increased by 40.8% to 230.4 million compared to 163.6 million as of December 31, 2022.
- Share of Marketplace GMV was 66.8% compared to 68.1% in Q4 2022.
- EBITDA improved to positive TRY 129.1 million compared to negative TRY 415.1 million in Q4 2022. Accordingly, EBITDA as a percentage of GMV was at 0.3%, a 1.6 percentage points improvement compared to negative 1.3% in Q4 2022.
- IAS 29-Unadjusted EBITDA improved to positive TRY 555.7 million compared to negative TRY 15.0 million in Q4 2022. IAS 29-Unadjusted EBITDA as a percentage of GMV in Q4 2023 improved 1.5 percentage points to 1.4% compared to negative 0.04% in Q4 2022.
- Net loss for the period was TRY 644.1 million compared to a net loss of TRY 912.4 million for Q4 2022.
- Free cash flow was positive TRY 2,849.7 million compared to positive TRY 1,745.9 million in Q4 2022.