Archive
Welcome to the archive. You can browse the full archive of Recursive Gains articles by month.
Q2 2025
Q1 2025
- SUPERBANK Q1 2025 Superbank's First Profitable Quarter Came With Its Loan-to-Deposit Ratio Falling by HalfJun 06
- SE Q1 2025 Sea Had Its First Real Chance to Address an $86 Million Settlement. It Talked About a Rebrand Instead.May 27
- BHARTIARTL Q1 2025 The Investor Deck Rewrote Last Year's Numbers. Real EBITDA Was 11% Lower.May 20
- MELI Q1 2025 MELI's Credit Book Grew 75% - So Why Did Free Cash Flow Go Negative?May 19
- ETERNAL Q1 2025 The Best Fiscal Year Ever — So Why Did Free Cash Flow Turn Negative?May 14
- NU Q1 2025 Nu's Reported Revenue Growth Just Halved. The Real Number Didn't.May 13
- SWIGGY Q1 2025 Food Delivery Finally Turned Real Money. Instamart Just Moved the Goalposts Again.May 09
- GOTO Q1 2025 Who Rewrites the Formula Behind Its Own First Profitable Year?May 08
- AMRT Q1 2025 Why Did the Stock Fall 28% in a Quarter Every Segment Grew?May 06
- BBRI Q1 2025 Profit Fell 14% While Credit Quality Improved - So What Actually Went Wrong?May 06
- ARTO Q1 2025 Profit Grew 178% This Quarter - So Why Did the Stock Just Have Its Steepest Drop Since Q4 2022?May 06
- BFIN Q1 2025 Cost of Credit Just Erased a Year of Improvement - So Why Did Profit Still Rise 12%?May 06
- PAYTM Q1 2025 Did This Quarter Just Prove the Losses Were Never the Real Problem?May 06
- BMRI Q1 2025 Every Lending Segment Shrank Again - Is the Head Office Trick Running Out?May 06
- CPNG Q1 2025 A Material Weakness Vanished - But Nobody Actually Fixed AnythingMay 05
- BBCA Q1 2025 Is the Loan-to-Deposit Squeeze Actually Easing, or Just Taking a Seasonal Breather?May 05
- BABA Q1 2025 Profit Jumped 63%, and This Time the Filing Actually Says WhyMay 04
- GRAB Q1 2025 Grab's Cash Flow Base Grew Again - So Why Did The Stock Fall?Apr 30
- SEABANK Q1 2025 SeaBank's Loan Book Grew 10.3% in a Quarter - Its Capital Buffer Is the Thing to Watch NowApr 25
- JIOFIN Q1 2025 First Debt, First Dividend: Did FY25 Finally Turn the Story Real?Apr 17
- BIRD Q1 2025 Net Income Jumped 43% This Quarter - So Why Did the Stock Keep Falling?Mar 31
Q4 2024
- DHER Q4 2024 How Did Delivery Hero Turn a €341 Million Operating Loss Into a €3.8 Billion Cash Pile?May 06
- SEABANK Q4 2024 SeaBank's Margin Is Still Enormous. Its Return on Equity Still Isn't.Apr 25
- SUPERBANK Q4 2024 Superbank's First Full-Year Report Reveals a Rp1 Trillion Asset Sale to Its Old OwnerApr 22
- MELI Q4 2024 Net Income Nearly Doubled in 2024 - So Why Did the Company's Own Auditor Flag the Credit Book?Mar 25
- SE Q4 2024 Sea Cleared the Profitability Bar This Series Set Two Quarters Ago. Its Earnings Call Skipped the $86 Million Settlement.Mar 18
- GOTO Q4 2024 FinTech Hit Breakeven By Rp14 Billion. Is That a Real Turnaround?Mar 13
- GRAB Q4 2024 Grab's Stock Rallied 24% This Quarter - Its First Full Year Of Positive Cash Flow Didn't Keep UpFeb 20
- NU Q4 2024 Nu's Margin Just Compressed for the First Time Since Its IPO. Should That Worry You?Feb 19
- PAYTM Q4 2024 Did Paytm Just Trade Its Japanese Stake for a Year of Runway?Feb 15
- BHARTIARTL Q4 2024 Profit Jumped 505%. A Joint Venture Turning Into a Subsidiary Is Why.Feb 14
- BMRI Q4 2024 Every Banking Segment Shrank in 2024 - So Why Did Profit Still Grow?Feb 10
- CPNG Q4 2024 Adjusted EBITDA Grew 28% - Net Income Fell 95%. Which One Is the Real Story?Feb 06
- BBCA Q4 2024 Is the Bank Running Out of Cheap Deposits to Lend Against?Feb 06
- SWIGGY Q4 2024 Why Faster Growth Meant A Bigger Loss, Not A Smaller OneFeb 05
- BFIN Q4 2024 Every Credit Metric Improved in Q4 - So Why Did One Segment Just Turn Negative?Feb 05
- AMRT Q4 2024 Why Did Profit Fall for the First Time This Site Has Tracked, Even as Jabodetabek Recovered?Feb 05
- BBRI Q4 2024 FY2024 Profit Barely Moved - So Why Did Corporate Segment Income Fall By Almost Half?Feb 04
- ADYEN Q4 2024 Take Rate Fell for a Second Straight Year — Is This the New Normal?Feb 04
- ARTO Q4 2024 Net Income Nearly Doubled This Year - So Why Did the Stock End It Lower?Feb 03
- ETERNAL Q4 2024 Net Income Has Now Fallen Three Straight Quarters - Is the Profitable Era Cracking?Jan 29
- JIOFIN Q4 2024 The Profit 'Crash' That Happens Every December, Right on ScheduleJan 17
- BIRD Q4 2024 Profit Jumped 74% This Quarter - So Why Did the Stock Fall 18%?Dec 31
Q3 2024
- SWIGGY Q3 2024 The Profitable Business Bankrolling the One That Isn'tDec 18
- SEABANK Q3 2024 SeaBank's Nine-Month Profit Is Up 32%. Its Third Quarter Alone Fell.Nov 29
- SE Q3 2024 Shopee Hit Its Promised Profitability Deadline. Did Sea's Own Numbers Finally Agree?Nov 25
- MELI Q3 2024 Why Did Operating Income Fall 29% While Revenue Grew 35%?Nov 25
- NU Q3 2024 Nu Just Crossed 100 Million Customers in Brazil Alone. Is Adult-Population Saturation Actually a Problem?Nov 13
- SUPERBANK Q3 2024 Superbank Doubled Its Interest Income. Its Net Loss Still Got Worse.Nov 12
- GRAB Q3 2024 A Full Trailing Year Of Positive Cash Flow Finally Exists - So Why Doesn't The Math Support The Price?Nov 11
- PAYTM Q3 2024 Is Paytm's First Profitable Quarter Actually Real?Nov 09
- BHARTIARTL Q3 2024 Net Income Jumped 168% Again. The Real Number Underneath Was 32%.Nov 08
- ETERNAL Q3 2024 Segment Profits Rose 12% This Quarter - So Why Did Net Income Fall 30%?Nov 06
- BMRI Q3 2024 Mandiri's LDR Just Jumped to a Record 93% in One Quarter - Should That Worry You?Nov 06
- AMRT Q3 2024 Why Did the Stock Hit a Two-Year High the Same Quarter the Capital Region Had Its Worst Result Since 2023?Nov 05
- CPNG Q3 2024 Profitable Again - So Why Did Free Cash Flow Turn Negative?Nov 05
- BBRI Q3 2024 Is the Falling Net Credit Cost Hiding a Provisioning Problem That's Still Above Guidance?Nov 05
- ARTO Q3 2024 Operating Cash Flow Grew 5x This Quarter - So Why Does the Stock Still Trade at 5x Book?Nov 05
- GOTO Q3 2024 The Highest Adjusted EBITDA Ever Posted, and a Country Exit That Never Made It Into the FilingNov 04
- BFIN Q3 2024 Did the Four-Quarter Profit Slide Just End?Nov 04
- BBCA Q3 2024 Did the Bad-Loan Scare Already Pass, or Just Pause?Nov 04
- JIOFIN Q3 2024 How Jio Financial Collects Reliance's Dividend TwiceOct 18
- BIRD Q3 2024 The Stock Jumped 32% in One Quarter - Did the Business Actually Get That Much Better?Sep 30
Q2 2024
- DHER Q2 2024 Delivery Hero's Adjusted EBITDA Nearly Tripled. Then the EU Antitrust Bill Came to €403 Million.Sep 09
- MELI Q2 2024 Is Margin Being Traded for Market Share in Mexico?Sep 05
- SE Q2 2024 Sea Said All Three Businesses Got More Profitable. One of Them Didn't.Aug 27
- NU Q2 2024 Nu Paid Off Its Foreign Guaranteed Term Loans, Then Borrowed $813 Million at Home InsteadAug 27
- SEABANK Q2 2024 SeaBank's Profit Quadrupled. Its Core Lending Margin Actually Shrank.Aug 20
- ADYEN Q2 2024 Volume Grew Almost Twice as Fast as Revenue This Half — Is the Take-Rate Flywheel Broken?Aug 20
- BHARTIARTL Q2 2024 Net Income Jumped 158%. The Actual Business Shrank.Aug 19
- ETERNAL Q2 2024 Adjusted EBITDA Hit a Record Rs. 299 Crore - So Why Did the Re-Rating Finally Stall?Aug 16
- GRAB Q2 2024 A Second 'Positive' Free Cash Flow Quarter Still Adds Up To A Negative First HalfAug 15
- AMRT Q2 2024 The Capital Region's Slump Just Entered a Third Straight Quarter - and Got WorseAug 12
- BMRI Q2 2024 Mandiri's Profit Growth Came Back - So Why Did the Stock Fall 15%?Aug 09
- PAYTM Q2 2024 Can a Fintech Survive Losing Its Own Bank?Aug 09
- CPNG Q2 2024 A Record Margin Quarter, Erased by a Single FineAug 06
- BBCA Q2 2024 Did Ending Covid-Era Loan Relief Just Show Up in the NPL Ratio?Aug 06
- BFIN Q2 2024 Why Did Bookings Reverse the Same Quarter the Stock Fell 30%?Aug 05
- ARTO Q2 2024 The Weak Operating Cash Flow Quarter Didn't Last a Second QuarterAug 05
- BBRI Q2 2024 Did Q2 Profit Actually Shrink While the H1 Headline Kept Climbing?Aug 05
- SUPERBANK Q2 2024 The Losses Keep Widening. The Funding Gap Is Finally Closing.Aug 05
- GOTO Q2 2024 GoTo Just Posted Its Best Growth Quarter Since the Turnaround. Its Stock Hit an All-Time Low AnywayJul 30
- JIOFIN Q2 2024 Shareholders Just Waved Through a Rs. 36,000 Crore Blank ChequeJul 15
- BIRD Q2 2024 Blue Bird's Stock Fell 15% Last Quarter - Did the Business Actually Get Worse?Jun 30
Q1 2024
- PAYTM Q1 2024 What Happens When a Fintech Loses Its Own Bank?Jun 14
- NU Q1 2024 Nu's 100-Millionth Customer Arrived Right After a Quarter That Grew Provisions for Lawsuits 70%May 29
- SE Q1 2024 Sea Called This an 'Improved Profit Profile.' The Quarter Posted a Net Loss.May 28
- MELI Q1 2024 Why Argentina's Revenue Fell 22% in a Quarter It Was Actually BoomingMay 24
- SEABANK Q1 2024 The Margin That Was Supposed to Be Untouchable Just CompressedMay 20
- ETERNAL Q1 2024 A Fully Profitable First Fiscal Year - So Why Did the Auditor Still Add an Emphasis of Matter?May 17
- GRAB Q1 2024 Adjusted EBITDA Hit A Record High - So Why Did The Net Loss Come Back?May 15
- BMRI Q1 2024 Mandiri's Profit Growth Just Fell Off a Cliff - From 33.7% to 1.1%. What Happened?May 10
- AMRT Q1 2024 Why Did the Capital Region's Segment Income Fall for a Second Straight Quarter?May 08
- BABA Q1 2024 The Six-Company Breakup Plan Quietly Disappeared From This Year's Annual ReportMay 08
- CPNG Q1 2024 The First Net Loss in Two Years Somehow Left Stockholders in the BlackMay 06
- BBRI Q1 2024 Why Was the Credit Cost Ceiling Quietly Widened One Quarter Into 2024?May 06
- ARTO Q1 2024 Bank Jago's Loan Book Grew 32% - And Operating Cash Flow Nearly VanishedMay 06
- SUPERBANK Q1 2024 A 28% Deposit Growth Headline Hides a 34% Quarterly DropMay 06