RYDE · Ryde Group Ltd.

Ryde Group Ltd demonstrated continued execution momentum in the first quarter of 2026, with revenue increasing 38% year-on-year to S$3.77 million. This growth was primarily driven by the expansion of both supply and demand on the platform, characterized by stronger engagement from riders and driver-partners, as well as ongoing enhancements in operational and platform efficiency. The company's zero-commission model and rider-first philosophy remain central to its strategy for deepening loyalty within its ecosystem.

Profitability metrics showed significant improvement. The adjusted EBITDA deficit narrowed by 44% to S$1.02 million, reflecting disciplined optimization of driver-partner incentives and rider-related costs. Consequently, the GAAP net loss for the quarter improved to S$2.07 million, a substantial reduction from the S$3.55 million loss recorded in the same period of 2025. Operational loss also decreased to S$1.18 million from S$1.99 million in the prior year period. Share-based compensation expenses decreased to S$891,000 from S$1.56 million in Q1 2025.

The balance sheet reflects a strengthened position following multiple capital-raising initiatives completed in late 2025. Shareholders' equity stood at S$31.12 million as of March 31, 2026. Total assets increased to S$42.95 million, while total liabilities rose to S$11.83 million, up from S$6.34 million at the end of December 2025. The company noted that these fund-raising activities have provided additional financial flexibility to support ongoing growth and strategic initiatives. Management expressed encouragement regarding the resilience of demand and progress in building a leaner, more scalable operating model, reiterating a commitment to sustainable growth and long-term value creation.