Revenue growth reached 129.1% in 2025Q4, yet this expansion was undermined by a gross margin collapse to -122.4% and an operating margin of -153.3%.
| Sales/Revenue | 12.51M | 8.95M | 8.67M | 8.82M | 6.2M |
| Revenue Growth % | 39.73% | 3.27% | -1.79% | 42.45% | - |
| Cost of Goods Sold | 9.29M | 6.87M | 6.81M | 7.17M | 4.44M |
| COGS % of Revenue | 74.28% | 76.76% | 78.61% | 81.19% | 71.66% |
| Gross Profit | 3.22M | 2.08M | 1.85M | -765.78K | 170.41K |
| Gross Margin % | 25.72% | 23.24% | 21.39% | -8.68% | 2.75% |
| Gross Profit Growth % | 54.66% | 12.19% | 342.11% | -549.39% | - |
| Operating Expenses | 20.69M | 20.68M | 13.61M | 2.77M | 1.29M |
| OpEx % of Revenue | 165.46% | 231.04% | 157.07% | 31.42% | 20.76% |
| Selling, General & Admin | 16.14M | 14.96M | 11.97M | 2.7M | 722K |
| SG&A % of Revenue | 129.1% | 167.15% | 138.12% | 30.59% | 11.65% |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 4.55M | 5.72M | 1.64M | 73.05K | 563.85K |
| Operating Income | -17.48M | -18.6M | -11.76M | -3.02M | 172K |
| Operating Margin % | -139.74% | -207.8% | -135.68% | -34.2% | 2.78% |
| Operating Income Growth % | 6.03% | -58.16% | -289.63% | -1854.65% | - |
| EBITDA | -16.86M | -18.04M | -11.36M | -2.72M | 445K |
| EBITDA Margin % | -134.84% | -201.55% | -131.04% | -30.79% | 7.18% |
| EBITDA Growth % | 6.52% | -58.84% | -318% | -710.56% | - |
| D&A (Non-Cash Add-back) | 613K | 559K | 402K | 301K | 273K |
| EBIT | -17.48M | -18.6M | -12.42M | -5.05M | -1.56M |
| Net Interest Income | -5K | -77K | -446K | -198K | -118K |
| Interest Income | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5K | 77K | 446K | 198K | 118K |
| Other Income/Expense | -5K | -77K | -1.11M | -1.94M | -1.41M |
| Pretax Income | -17.48M | -18.68M | -12.87M | -4.96M | -1.24M |
| Pretax Margin % | -139.78% | -208.66% | -148.48% | -56.2% | -20.02% |
| Income Tax | -32K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.18% | 0% | 0% | 0% | 0% |
| Net Income | -17.7M | -18.65M | -12.83M | -4.92M | -1.23M |
| Net Margin % | -141.49% | -208.38% | -148% | -55.78% | -19.87% |
| Net Income Growth % | 5.12% | -45.4% | -160.55% | -299.92% | - |
| Net Income (Continuing) | -17.45M | -18.68M | -12.87M | -4.96M | -1.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 143K | -104K | -79K | -37K | -1K |
| EPS (Diluted) | -0.65 | -0.88 | -0.67 | -0.42 | -0.11 |
| EPS Growth % | 26.14% | -31.34% | -59.52% | -281.82% | - |
| EPS (Basic) | -0.65 | -0.88 | -0.67 | -0.42 | -0.11 |
| Diluted Shares Outstanding | 27.39M | 21.26M | 19.11M | 11.7M | 11.7M |
| Basic Shares Outstanding | 27.39M | 21.26M | 19.11M | 11.7M | 11.7M |
| Dividend Payout Ratio | - | - | - | - | - |
Liquidity and solvency constraints
As reported in recent financial filings, Ryde's revenue growth has exhibited extreme volatility, reaching 129.1% in 2025Q4 after periods of significant contraction, suggesting that the company's top-line expansion remains highly sensitive to promotional activity and lacks the consistency required for sustainable long-term platform scaling.
The erratic revenue trajectory indicates that Ryde may be struggling to maintain a stable user base without aggressive discounting or incentive-heavy marketing. Investors should monitor whether these growth spikes represent genuine market share gains or merely temporary surges driven by unsustainable customer acquisition costs.
Based on the company's historical income statements, gross margins have fluctuated wildly, swinging from a negative 122.4% in 2025Q4 to a positive 28.1% in early 2025, which highlights a fundamental inability to consistently cover direct costs like insurance and payment processing fees.
This extreme variability suggests that Ryde lacks the pricing power or operational efficiency of its larger peers, leaving it vulnerable to shifts in driver supply and platform costs. The inability to maintain positive gross margins consistently implies that the core unit economics of the carpooling model remain unproven.
According to the provided quarterly data, Ryde's operating margin reached a concerning -153.3% in 2025Q4, demonstrating that the company's fixed overhead and administrative expenses continue to scale far faster than its gross profit, preventing any meaningful path toward operational break-even in the near term.
The persistent gap between revenue generation and operating expenses suggests that the company's current cost structure is not optimized for its current scale. Without a significant reduction in fixed overhead or a massive increase in transaction volume, the company appears to be trapped in a cycle of high cash burn.
As indicated by the company's financial statements, the combination of a $5 million cash balance and a net margin of -190.7% in 2025Q4 creates a high risk of a liquidity crunch, potentially forcing management to seek dilutive financing to maintain basic platform operations.
Short-sellers would likely focus on the disconnect between the company's aggressive revenue growth and its inability to generate positive cash flow. The reliance on external capital to fund ongoing operations warrants significant caution, as the current burn rate appears incompatible with the company's limited cash reserves.
Quick answers to the most common questions about buying RYDE stock.
For fiscal year 2025, Ryde Group Ltd. (RYDE) reported total revenue of $12.5M. This represents a 101.9% increase compared to $6.2M in 2021.
Ryde Group Ltd. (RYDE) reported a net loss of $17.7M for the fiscal year ending 2025.
Ryde Group Ltd. (RYDE) reported an operating income of $-17.5M, resulting in an operating profit margin of -139.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Ryde Group Ltd. (RYDE) generated $3.2M in gross profit for the year, representing a gross profit margin of 25.7%. This demonstrates the company's core pricing power and production efficiency.