Grab Holdings (GRAB) – Turnaround Phase BeginsGrab appears to be entering a clear turnaround phase based on its latest financials. Revenue continues to grow, and more importantly, the company has achieved positive EBITDA and Free Cash Flow (FCF) for the first time in 2024.
Key Highlights
Revenue growth: $675M (2021) → $2.8B (2024 TTM), 4x increase
EBITDA turns positive: from -$1.5B to +$93M
Operating Cash Flow (OCF) turns positive: +$852M
Free Cash Flow (FCF) positive: +$739M
Net debt significantly reduced: $2.18B → $364M
Cash position strong: $2.96B in cash & equivalents
Risks & Watch Points
Net income remains negative: -$105M
Equity is decreasing, potentially limiting future investment flexibility
Highly sensitive to macro risks (pandemic, recession)
Fintech division (GXS Bank) growth may bring credit risk
Grab is expected to begin realizing its profit-generating potential starting this year
The recent weekly candle tested the previous structure and could serve as a key reference point for trading.