Sea Ltd - ADR

Strong Financial Performance: Sea Limited reported a 37% year-on-year increase in total GAAP revenue to $5 billion in Q4 2024 and a 29% growth to $16.8 billion for the full year. Adjusted EBITDA also demonstrated significant improvement, with $591 million in Q4 2024 compared to $127 million in Q4 2023, leading to total adjusted EBITDA of $2 billion for the year.

E-commerce Growth and Profitability: Shopee's GMV surpassed $100 billion in 2024 with a notable 28% year-on-year growth. It recorded its first full year of positive adjusted EBITDA, achieving $156 million compared to a loss in the previous year. In 2025, Sea expects Shopee's GMV growth to continue at around 20%, driven by user growth and purchase frequency, with profitability anticipated to improve as well.

Digital Financial Services Expansion: SeaMoney reported strong performance with annual revenue at $2.4 billion and adjusted EBITDA over $700 million, both growing over 30% year-on-year. The loan book expanded by more than 60% year-on-year, reaching $5 billion. Sea expects the loan book to grow faster than Shopee's GMV as it expands both on and off the platform.