In a remarkable turn of events, Swedish shared e-scooter venture, Voi, has announced its first-ever profitable year for 2024. The firm key player in over 100 European markets, recorded a substantial net revenue of €132.8 million. Voi’s 2024 financial report unveils €17.2 million of earnings before interest, taxes, depreciation and amortization, and an adjusted profit of around €100,000.
Despite the seemingly modest profit, Voi’s CEO, Frederik Hjelm, views this as a substantial achievement, proving the firm’s ability to drastically improve its bottom line in a turbulent industry.
In an industry comparison, Lime, another micromobility heavyweight, achieved full-year profitability a year earlier, in 2023. “Now, we demonstrate real financial positives and EBIT profitability, becoming strong candidates for public market listing in the next two to three years,” Hjelm stated.
Voi’s robust vehicle profit margins rose to 57% from 49% in 2023, credited predominantly to cost-cutting strategies, product automation and improved efficiency. These improvements achieved a productive eight-year lifespan of its vehicle fleet, majorly boosting profitability.
Vehicle utilization was healthy with an average of 10 rides per vehicle per day during peak season, and two rides per day off-peak.
At the close of 2024, Voi boasted a sizeable €60 million in cash and equivalents. Following a successful €125 million in senior secured bonds in October 2024, Voi aims at expansion and launching in new markets.
With rumoured acquisition plans of Bolt’s micromobility business, Hjelm comments “Bolt is great, but we do micromobility better!”
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