Jumia Technologies (JMIA) Q3 2024 earnings summary

Executive summary

• Quarterly active customers grew 1% year-over-year to 2 million, marking the first increase since Q3 2022, with orders up 4% and physical goods orders up 5%.

• GMV was $162.9 million, down 1% in reported currency but up 29% in constant currency, reflecting strong underlying demand despite FX headwinds.

• Revenue declined 13% year-over-year to $36.4 million, but increased 9% in constant currency.

• Liquidity position improved to $164.6 million, up $71.8 million in the quarter, mainly due to a $94.7 million capital raise in August.

• Strategic exits from South Africa and Tunisia to focus on core, high-potential markets and enhance efficiency.

Financial highlights

• Orders reached 5.9 million, up 4% year-over-year; physical goods orders rose 5%.

• Gross profit was $22.9 million, up 3% year-over-year (30% in constant currency); gross margin as a percentage of GMV remained flat at 14%.

• Operating loss was $20.1 million, up 10% year-over-year; adjusted EBITDA loss increased 15% to $17.0 million.

• Loss before income tax improved to $17.8 million from $21.4 million, aided by net foreign exchange gains.

• Marketplace revenue grew 7% year-over-year to $20.6 million, driven by third-party sales in Egypt; first-party sales declined 29%.

Outlook and guidance

• Reaffirmed full-year 2024 guidance, aiming to further reduce cash utilization versus 2023.

• Expects order and GMV growth in 2024, excluding FX impacts.

• Black Friday event in November anticipated to drive significant volume and e-commerce adoption.

• Guidance subject to risks from political, economic, and regional conflict factors.