Grab cuts losses by 65% YoY to $342m in Q3

Its loss for Q3 included a $90 million in non-cash stock-based compensation expense.

Grab slashed by more than half its loss in the third quarter, its latest financial statement showed.

In Q322, Grab reported a loss of $342m, which is 65% lower than the $988m loss it recorded in Q321.

Its loss for Q322 included a $42 million non-cash expense
from fair value changes on investments, and $90 million in non-cash stock-based compensation expense.

In a bourse filing, the super app attributed the decline in its loss to the elimination of the non-cash interest expense of its convertible redeemable preference shares that converted to ordinary shares in December 2021.

Grab’s revenue likewise improved during the quarter, rising 143% YoY to $382m. Its revenue was driven by the strong growth in its Mobility and Deliveries revenue which grew 101% and 250%, respectively.

“In the quarters ahead, we will continue to focus on cash preservation and cost optimisation as we execute our plans to grow sustainably and drive towards our expectations of 45% - 55% YoY revenue growth in 2023 on a constant currency basis,” said Peter Oey, CFO of Grab.