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Swedish shared micromobility giantVoihad its first profitable year in 2024 , harmonise to preliminary unaudited results the companionship shared exclusively with TechCrunch .
Voi , which offers shared einsteinium - sea scooter and e - bike across more than 100 marketplace in Europe , recorded € 132.8 million ( $ 138 million ) in net revenue in 2024 . On an adjusted basis , Voi gain € 17.2 million ( $ 17.9 million ) in earnings before stake , tax , depreciation , and amortisation ( EBITDA ) profits , and around € 100,000 ( $ 104,000 ) in adjusted net profit before interest and taxes ( EBIT ) .
While € 100,000 profit ( on an adjusted basis ) does n’t seem like much to go on , Voi ’s founder and CEO , Fredrik Hjelm , evidence TechCrunch that the society ’s modest termination evidence Voi ’s ability to improve its bottom line by 100 part points since 2021 , in a “ tough industry with lots of ups and downs . ”
Lime , another industry leader , reported full - year lucrativeness in 2023 .
“ Now we ’re starting to show real cash positive financials and EBIT profitability , so we ’re getting to a place where we ’d be a good nominee for the public marketplace in , say , two to three geezerhood from now , ” Hjelm said .
Hjelm also note that a business that revolves around physical assets should highlight EBIT profitability over Earnings Before Interest Taxes Depreciation and Amortization because it ’s a metric that better trance the operational cost structure .
Voi did n’t share other financial information like net income and operating disbursal . Hjelm said the company would unloose that information with a more detailed audited report at the remnant of February .
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Hjelm did remark that Voi ’s fomite gain margins — which grew to 57 % , up from 49 % in 2023 — can be considered a “ proxy ” for the company ’s earthy margin .
The chief operating officer attributes Voi ’s improved bottom line to a serial of cost - cutting amount and efficiency improvements such as mechanization on the production side , and using machine learning models to power predictive maintenance or determine battery - swapping schedule . He claim this has also assist Voi improve the life-time of its current fleet to around eight age , which has been a “ big number one wood of profitableness melioration . ”
“ A thousand small things that distill down to one thing , which is really a focal point on discipline and fixation with small detail , ” Hjelm read .
Vehicle utilisation is also goodly , he say , with each vehicle averaging out at up to 10 rides per twenty-four hours during peak months and two rides per day at off - peak .
“ The first years [ of deal micromobility ] were quite chaotic when it came to how many players were in the market , location truth on the vehicle , parking clutter , and so on , ” Hjelm said . “ Over the last three years , we have see cities maturing and taking what they consider to be the most suitable players to carry micromobility strategy in their cities . And that has amend both public acceptance but also profitableness on the bottom line of credit for us . ”
Voi ended 2024 with € 60 million ( $ 62 million ) in John Cash and cash equivalents . In October 2024,Voi secured € 125 million in aged plug bonds($130 million ) that are chiefly back by Nordic and American institutional investors — a step modification for the inauguration that had until thenraised$675.56 million in fairness from VCs , according to PitchBook data point .
“ Me and my CFO said at the close of 2021 that we do n’t desire to be dependent on equity investors any longer , so let ’s turn this party profitable , ” Hjelm articulate .
Voi completed its first drawdown of € 50 million ( $ 52 million ) from the bond issue , money that will go toward helping Voi expand its fleet and launch in new securities industry across Europe . Today , Voi counts about 100,000 vehicles in its fleet — 90 % of which are scooters .
“ This year , we ’re increasing our bike fleet importantly over the next couple of months , ” Hjelm said .
“ Raising a public bond is proof of cartel from the very advanced public debt bond investors , ” he add together .
When ask if Voi plans to practice any of its hard currency to acquire other companies — there have beenrumors that Voi is win Bolt ’s micromobility byplay — Hjelm articulate that there is no confirmed learning offering .
“ But I would buy it at the good price , ” he said . “ Bolt is expectant , but we do micromobility well ! ”
