Grab reported its first positive group adjusted EBITDA in Q3 2023: $29 million on $615 million of revenue. It still reported a net loss. I had written that this meant the company could make money from operations if it wanted to. Adjusted EBITDA does not show that.
The measure excluded items including share-based compensation, depreciation, and restructuring costs. Grab also said its revenue growth reflected a change in business model for some delivery offerings, so the 61% headline was not simply more rides and orders. The useful question was whether incentives and regional overhead kept falling without hurting demand.
I would take positive adjusted EBITDA as evidence of progress, not a verdict on the whole platform. The next test was cash generation after the costs that the adjusted number leaves out.