Jumia Technologies (JMIA) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw strong acceleration in customer demand, with physical goods orders up 34% and GMV up 26% year-over-year, driven by up-country expansion, international seller partnerships, and improved customer loyalty.

• Revenue grew 25% year-over-year to $45.6 million, with active customers up 22%–23%, the highest in three years.

• Loss before income tax improved to $17.7 million, and adjusted EBITDA loss narrowed to $14.0 million, reflecting operational efficiency.

• The company is focused on profitable growth, operational efficiency, and strategic investments in customer acquisition, technology, and logistics, aiming for full-year profitability in 2027.

• Nigeria led growth with orders up 30% and GMV up 43% year-over-year.

Financial highlights

• Revenue reached $45.6 million, up 25% year-over-year, with first-party sales representing 52% of total revenue.

• Gross profit was $23.8 million, up 4% year-over-year, but gross margin as a percentage of GMV declined to 12.1% from 14.0% due to lower corporate sales in Egypt.

• Fulfillment cost per order decreased 22% year-over-year to $1.86, and technology/content expenses fell 10% year-over-year.

• Net cash used in operating activities was $12.4 million, with liquidity at quarter-end of $82.5 million.

• Capital expenditures rose to $1.4 million, mainly for supply chain and infrastructure investments.

Outlook and guidance

• 2025 guidance: physical goods order growth of 25%–27%, GMV growth of 15%–17%, and loss before income tax of negative $55 million to $50 million.

• 2026 target: loss before income tax of negative $25 million to $30 million; break-even expected in Q4 2026 and full-year profitability in 2027.

• Q4 expected to benefit from strong seasonality, further usage acceleration, and continued cost efficiencies.