Grab has reported a loss of US$342 million ($467 million) for 3QFY2022 ended September, 65% lower than the loss recorded in the previous corresponding quarter at US$988 million.
Similar to the previous quarters, this is primarily attributed to the elimination of the non-cash interest expense of Grab’s convertible redeemable preference shares that converted to ordinary shares in December 2021.
The loss included a US$42 million non-cash expense from fair value changes on investments as well as US$90 million in non-cash stock-based compensation expense.
Revenue for 3QFY2022 stood at US$382 million, a 143% growth y-o-y, driven by strong growth in mobility and deliveries revenue, representing 101% and 250% y-o-y growth respectively.
Gross merchandise value (GMV) grew 26% y-o-y to US$5.08 billion. This is also attributed to the recovery in the mobility segment and continued growth in deliveries.
For 3QFY2022, adjusted ebitda was negative US$161 million, an improvement of 24% compared to negative US$212 million for the same period last year as the company continued to grow GMV and optimise incentive spend as a percentage of GMV across its business.
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Cash liquidity totaled US$7.4 billion at the end of 3QFY2022, while its net cash liquidity was US$5.3 billion.
“In the quarters ahead, we will continue to focus on cash preservation and cost optimization as we execute on our plans to grow sustainably and drive towards our expectations of 45%-55% y-o-y revenue growth in 2023 on a constant currency basis,” says Grab chief financial officer Peter Oey.
Meanwhile, Grab group CEO and co-founder Anthony Tan says Grab’s 3QFY2022 results demonstrate its ability to drive growth and profitability in tandem.
“We achieved core food deliveries and overall deliveries segment-adjusted ebitda breakeven ahead of guidance while narrowing our overall loss for the period significantly. We accomplished this by staying laser-focused on our cost structure and incentives, while innovating on services that increase synergies within our superapp ecosystem to promote transaction frequency, user retention and engagement.
“We are confident that we have a strong foundation to continue to scale our business sustainably.”
Shares in Grab closed 17 US cents higher or 5.74% up at US$3.13 on Nov 15.
