Ryde Group (RYDE) opened FY 2025 with first half revenue of S$5.7 million and a basic EPS loss of S$0.18, while trailing twelve month revenue stood at S$10.3 million against a net loss of S$9.9 million. Over the past three reported halves, the company has seen revenue move from S$4.4 million in 1H 2024 to S$4.6 million in 2H 2024 and S$5.7 million in 1H 2025, alongside EPS losses of S$0.82, S$0.20 and S$0.18 respectively. This keeps the spotlight firmly on how quickly margins can tighten or widen from here. For investors, the key question now is whether current revenue traction can eventually absorb these ongoing losses and ease pressure on profitability.

See our full analysis for Ryde Group.

With the headline numbers set, the next step is to see how this earnings profile lines up with the most widely held narratives around Ryde Group's growth potential, risk profile and path to sustainable margins.

Losses Still Heavy On S$10.3m In TTM Revenue

• Over the trailing twelve months, Ryde Group generated S$10.3 million in revenue against a net loss of S$9.93 million, so roughly every dollar of revenue still sits alongside close to a dollar of loss.
• Critics highlight that the company remains unprofitable with profits declining at about 41% per year over five years. The latest TTM loss of S$9.93 million compared with TTM revenue of S$10.32 million keeps that bearish concern in focus.
  • Bears point out that even with TTM revenue of S$10.32 million, net income excluding extra items is still a S$9.93 million loss, which they see as limited progress toward breakeven.
  • The ongoing EPS loss of S$0.37 over the last twelve months is used to argue that the business model has not yet translated into earnings support for the current share price of S$1.24.

On this view, skeptics watching the widening multi year loss trend may want to see how a full bear case stacks these numbers against future scenarios before forming a strong opinion on Ryde Group. 🐻 Ryde Group Bear Case

Price To Sales At 24.9x Versus 3.5x Peers

• Ryde Group trades on a trailing P/S of 24.9x compared with a peer average of 3.5x and a US Transportation industry average of 1.3x, so investors are currently paying a much higher multiple of sales than is typical in the sector.
• What stands out for a bearish narrative is the mix of this elevated 24.9x P/S ratio with ongoing losses and recent shareholder dilution. This combination leads some investors to question whether the current valuation is well supported by the financial profile.
  • The combination of a S$9.93 million loss over the last twelve months and a high sales multiple means valuation is not anchored by positive earnings metrics such as P/E.
  • Risks flagged in the past year, including substantial shareholder dilution and a highly volatile share price, reinforce the concern that this rich P/S multiple could be sensitive to any disappointment in future reported numbers.

Multi Year Loss Growth Running At 41%

• Over the past five years, losses have grown at about 41% per year, and the latest reported halves show net income excluding extra items of S$13.53 million loss, S$5.12 million loss and S$4.81 million loss across 1H 2024, 2H 2024 and 1H 2025 respectively.
• For bears, this track record of multi year loss growth combines with the current S$1.24 share price and ongoing earnings pressure to support a cautious stance, since there are no provided revenue or earnings forecasts that might signal when or if this trend could reverse.
  • The trailing twelve month loss of S$9.93 million versus S$18.65 million in the prior TTM snapshot still sits against commentary that profits have declined at about 41% annually over five years.
  • Without forecast data relative to the broader US market, critics keep their attention on actual reported EPS of S$0.18 loss in 1H 2025 as the clearest indicator of current performance.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Ryde Group on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this all sounds cautious, that is exactly why it helps to review the numbers yourself and weigh the trade off between growth hopes and ongoing losses. To understand the specific issues investors are watching, start by checking the 3 important warning signs.

See What Else Is Out There

Ryde Group is still carrying heavy losses close to its S$10.3 million in TTM revenue alongside a rich 24.9x P/S multiple and ongoing EPS pressure.

If you are concerned about paying up for a business with this kind of loss profile and volatility, it is worth comparing it with 73 resilient stocks with low risk scores that focus on more resilient companies with steadier financials and potentially less severe drawdown risk.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.