Kurly Achieves 3rd Straight Quarter of Positive EBITDA

Philip Lee -

Seoul, South Korea—Kurly announced on Tuesday that it reported its third consecutive quarter of positive adjusted EBITDA, reaching KRW 3.9 billion (US$2.77 million) in Q3 2024.

Key financial highlights:

  • Revenue: KRW 554.3 billion (US$394.10 million), up 4.8% year-on-year
  • Operating loss: KRW 4.4 billion (US$3.13 million), improved by KRW 36.3 billion (US$25.81 million) from the previous year
  • EBITDA: KRW 3.9 billion (US$2.77 million), a KRW 35.7 billion (US$25.38 million) improvement year-on-year

The company attributed its performance to strengthened business competitiveness, including revamping its Kurly Members program, growth in its beauty segment, and expanding delivery areas.

“The effects of diversifying revenue through new business ventures and improving our profit structure through fixed cost optimization have allowed us to maintain a positive EBITDA trend for three consecutive quarters this year.”

Kurly's Q3 Gross Merchandise Value (GMV) increased by 10.1% year-on-year to KRW 789.2 billion (US$561.11 million), with growth across fresh food, third-party seller deliveries, and beauty products.

The company recently addressed its capital structure, resolving a KRW 2.27 trillion (US$1.61 billion) deficit by transferring capital surplus to retained earnings.

(US$1 = KRW1,406.50)