Jumia Technologies AG has reported a pre-tax loss of $17.7 million for the nine-month period ended September 30, 2025, showing a slight improvement from the $17.8 million recorded in the third quarter of 2024.
However, the bottom-line improvement was tempered by weaker-than-expected revenue performance. Jumia reported an earnings-per-share (EPS) loss of $0.150, missing analyst expectations of $0.130, reflecting continuing pressure on profitability.
A financial statement by the pan-African e-commerce group shows revenue for the quarter came in at $45.6 million, below the market consensus of $50 million, underscoring ongoing challenges in driving stronger sales momentum across its markets.
The mixed performance comes as Africa’s largest e-commerce platform highlighted Nigeria as a major growth engine, with the country driving some of the fastest improvements in order volumes, customer activity and gross merchandise value (GMV) across the group.
Key financial highlights (Q3 2025):
- Total Revenue: Revenue: $45.6 million (+25% YoY)
- Gross Profit: $23.8 million (+4% YoY)
- Loss Before Tax: –$17.7 million (slightly improved from –$17.8 million in Q3 2024)
- Operating Loss: $17.4M, improved from $20.1M in Q3 2024
- Total Liquidity: $82.5M
- Total Assets: $144,259, down from $192,072 as of Dec. 31, 2024
- Total Liabilities: $109,321, up from $105,786 as of Dec. 31, 2024
- Equity Attributable to Equity Holders: $35,485, down from $86,792 as of Dec. 31, 2024
Operational efficiency improves as first-party sales expand
Despite missing revenue expectations, Jumia delivered operational improvements across several segments. Adjusted EBITDA loss narrowed to $14 million, from $17 million a year earlier, reflecting tighter cost control. Gross profit rose modestly, though gross margin slipped to 12% from 14% due to a heavier tilt toward first-party sales.
First-party (1P) revenue surged 54% year-on-year to $23.8 million, reflecting Jumia’s strategic shift toward owning more inventory to boost delivery reliability and customer experience. Marketplace revenue grew by only 4% to $21.5 million, consistent with the company’s focus on stabilising its core platform rather than pursuing aggressive expansion.
CEO Francis Dufay described the quarter as part of a steady transition toward long-term commercial viability. “Jumia has reached an inflection point,” he said, emphasising efforts to “build a business model that works in the realities of African markets.”
Nigeria leads Jumia’s Africa growth story
Despite persistent inflationary pressures and FX volatility, Jumia’s Nigerian operations delivered one of their strongest quarterly rebounds since the macroeconomic disruption of 2024.
Key indicators for Nigeria in Q3 2025 include:
- Physical goods orders up 30% year-on-year
- Physical goods GMV up 43% in reported currency
- Broad-based nationwide performance, led by the South-west and South-east regions
- Stronger traction in the North as the company deepens its up-country expansion
- Nigeria remains Jumia’s largest market by demand, customer base and marketplace activity
CEO Francis Dufay summed up the outlook, saying: “Nigeria continues to be one of our strongest growth markets. As consumer behaviour stabilises after last year’s macro shocks, the fundamentals are turning in our favour.” He said Nigeria’s resurgence “demonstrates sustained consumer appetite and improving trust in e-commerce despite challenging economic conditions.”
Path to profitability remains central
Jumia provided a cautiously optimistic outlook for the remainder of 2025 and beyond. Management expects 25%–27% growth in physical goods orders, supported by logistics expansion and rising consumer digital adoption.
This reflects increased consumer engagement and improved delivery efficiency across key African markets such as Nigeria, Kenya, Morocco, and Côte d’Ivoire.
Looking up to Nigeria, the company reaffirmed its target to reach break-even by Q4 2026, with the ambitious goal of becoming profitable for the full year 2027, though analysts warn that persistent FX volatility, inflation and informal sector competition may slow momentum.
The company said Nigeria’s expanding customer base, continued up-country penetration and improved unit economics will remain central to achieving profitability.
What you should know
Jumia Technologies AG reported a solid 25% year-on-year rise in revenue to $45.6 million in the third quarter of 2025, yet the market reacted swiftly as Jumia’s stock slipped 3.41% in pre-market trading to $10.20 on Friday after the company fell short of the $50 million consensus revenue forecast, though the shares closed slightly lower at $10.14.
Despite the earnings miss, Jumia’s stock remains one of the year’s standout performers—up 30.84% over the last three months and an impressive 173.32% over the past 12 months.
Founded in 2012, Jumia was once hailed as “Africa’s Amazon,” but its journey has been turbulent. The company has faced steep competition from informal retail channels, currency devaluations across its markets, and persistent cash burn. The shift from a pure marketplace model to a blended 1P and marketplace approach marks Jumia’s latest attempt to solve logistics challenges and gain greater customer trust.
Analysts have issued a mix of positive and negative EPS revisions over the last 90 days, underscoring uncertainty about Jumia’s turnaround timeline.
