1H 2026
Filed Oct 8, 2026Ryde Reports First Half 2026 Results
Revenue grew 17% and the Adjusted EBITDA deficit narrowed 37%, but net loss widened to S$'000 (13,421) from S$'000 (4,812), driven by share-based compensation of S$'000 11,392.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | S$'000 6,735; US$'000 5,204 | – | 17% |
| Mobility revenueGAAP | S$4.5M | – | 8% |
| Management consultancy incomeGAAP | S$600K | – | – |
| Drivers and riders cost and related expensesGAAP | S$'000 (3,552); US$'000 (2,745) | – | – |
| Total expenses, netGAAP | S$'000 (5,410); US$'000 (4,180) | – | – |
| Operational lossGAAP | S$'000 (2,227); US$'000 (1,721) | – | – |
| Share of results of a joint ventureGAAP | S$'000 198; US$'000 153 | – | – |
| Share-based compensationGAAP | S$'000 (11,392); US$'000 (8,803) | – | – |
| Loss before income taxesGAAP | S$'000 (13,421); US$'000 (10,371) | – | – |
| Income tax benefitGAAP | S$'000 -; US$'000 - | – | – |
| Net lossGAAP | S$'000 (13,421); US$'000 (10,371) | – | – |
| Foreign currency translation adjustmentGAAP | S$'000 (24); US$'000 (18) | – | – |
| Total comprehensive lossGAAP | S$'000 (13,445); US$'000 (10,389) | – | – |
| Comprehensive loss attributable to non-controlling interestGAAP | S$'000 (10); US$'000 (8) | – | – |
| Comprehensive loss attributable to Ryde Group LtdGAAP | S$'000 (13,435); US$'000 (10,381) | – | – |
| Net loss per share attributable to ordinary shareholders, basic and dilutedGAAP | (0.09); (0.07) | – | – |
| Weighted average number of ordinary shares used in computing net loss per share, basic and diluted ('000)GAAP | 142,268; 142,268 | – | – |
| Depreciation and amortization expensesGAAP | S$'000 325; US$'000 251 | – | – |
| Finance costsGAAP | S$'000 1; US$'000 1 | – | – |
| Adjusted EBITDAnon-GAAP | S$'000 (1,901); US$'000 (1,469) | – | 37% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| MobilityHigher gross transaction value. | S$4.5M | – | 8% |
What drove it
- Revenue was S$6.7 million (US$5.2 million), up 17% from S$5.7 million in 1H 2025.
- Mobility revenue rose 8% to S$4.5 million on higher gross transaction value.
- Revenue included S$0.6 million of new management consultancy income.
- The Adjusted EBITDA deficit narrowed mainly because legal and professional fees fell by S$1.3 million.
- Ryde introduced a refreshed brand identity and enhanced in-app user experience in January 2026.
- Ryde formalized its collaboration with the National Private Hire Vehicles Association in February 2026.
- Ryde launched RydePET XL and enhanced pet-booking features in May 2026.
Concerns
- The net loss was S$'000 (13,421), compared with S$'000 (4,812) in the prior-year period.
- Share-based compensation was S$'000 (11,392), compared with S$'000 (1,542) in the prior-year period.
- The S$0.6 million of management consultancy income was largely offset by related consultancy costs.
- A shareholder has presented a petition in the Grand Court of the Cayman Islands, and a putative shareholders class action has been filed in the United States District Court for the Southern District of New York.
- The forward-looking statement identifies the outcome of the legal proceedings, recovery of deposits, convertible notes and advances, and the ability to raise additional funding as factors that could cause actual results to differ.
What to watch
- Whether higher gross transaction value continues to support mobility revenue.
- The effect of the refreshed app experience, RydePET XL and NPHVA collaboration on mobility activity and driver-partner support.
- The level of legal and professional fees after the S$1.3 million reduction cited for 1H 2026.
- The ongoing impact of share-based compensation on net loss.
- Developments in the Cayman Islands shareholder petition and the United States shareholders class action.
- Use of proceeds and financial flexibility from the US$14.9 million private offering.
Balance sheet and cash flow
- Current assets: S$'000 54,441; US$'000 42,067 as of June 30, 2026, versus S$'000 35,687 as of December 31, 2025.
- Non-current assets: S$'000 2,830; US$'000 2,187 as of June 30, 2026, versus S$'000 2,634 as of December 31, 2025.
- Total assets: S$'000 57,271; US$'000 44,254 as of June 30, 2026, versus S$'000 38,321 as of December 31, 2025.
- Current liabilities: S$'000 5,672; US$'000 4,383 as of June 30, 2026, versus S$'000 6,339 as of December 31, 2025.
- Non-current liabilities: S$'000 -; US$'000 - as of June 30, 2026, versus S$'000 - as of December 31, 2025.
- Total liabilities: S$'000 5,672; US$'000 4,383 as of June 30, 2026, versus S$'000 6,339 as of December 31, 2025.
- Shareholders' equity: S$'000 51,599; US$'000 39,871 as of June 30, 2026, versus S$'000 31,982 as of December 31, 2025.
- Total liabilities and shareholders' equity: S$'000 57,271; US$'000 44,254 as of June 30, 2026, versus S$'000 38,321 as of December 31, 2025.
- The Company completed a US$14.9 million private offering in April 2026.
Analysis
Ryde reported 1H 2026 revenue of S$'000 6,735, up 17% from S$'000 5,748 in 1H 2025. The release attributes mobility revenue growth of 8% to higher gross transaction value, with mobility revenue reaching S$4.5 million. Revenue also included S$0.6 million of new management consultancy income, although the Company said this was largely offset by related consultancy costs.
Underlying operating results improved on the measures provided. Total expenses, net declined to S$'000 (5,410) from S$'000 (6,128), and operational loss narrowed to S$'000 (2,227) from S$'000 (3,302). The Adjusted EBITDA deficit narrowed to S$'000 (1,901) from S$'000 (2,997), a 37% improvement that management attributed mainly to a S$1.3 million decrease in legal and professional fees.
GAAP net loss moved in the opposite direction, widening to S$'000 (13,421) from S$'000 (4,812). The principal reported item distinguishing the period was share-based compensation of S$'000 (11,392), versus S$'000 (1,542) a year earlier. The Company also reported S$'000 198 of share of results of a joint venture. Its adjusted EBITDA definition beginning in the six months ended June 30, 2026 excludes the share of results of joint ventures.
The balance sheet showed total assets of S$'000 57,271 and shareholders' equity of S$'000 51,599 as of June 30, 2026, compared with S$'000 38,321 and S$'000 31,982, respectively, at December 31, 2025. Ryde completed a US$14.9 million private offering in April 2026. The release supplied no financial guidance, while legal proceedings in the Cayman Islands and the United States remain disclosed risks.
Management, verbatim
In the first half of 2026, Ryde recorded 17% year-on-year revenue growth to S$6.7 million, while narrowing its Adjusted EBITDA deficit by 37% to S$1.9 million. During the period, we refreshed our brand and app experience, expanded our mobility offerings with RydePET XL, and formalised our collaboration with NPHVA to support driver-partners. We also completed a US$14.9 million private offering in April 2026 to strengthen our financial position and support future growth.
a spokesperson of Ryde
Not in the filing
stated, not guessed- Forward revenue, gross margin, operating expenses, tax rate, or other financial guidance was not provided.
- Previous-release outlook was not provided.
- Gross profit and gross margin were not reported.
- Operating cash flow, free cash flow, capital expenditures and cash balance were not reported.
- Debt or borrowings were not separately reported.
- Dividend and share-repurchase activity were not reported.
- Prior-quarter comparisons were not reported.
- A prior-year amount for mobility revenue was not reported.
- A prior-year amount for management consultancy income was not reported.
- A cash-flow statement was not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.