Swedish micromobility leader Voi achieved its first profitable year in 2024, as revealed by preliminary unaudited results shared exclusively with StartupSuperb.
Operating in over 100 markets across Europe, Voi generated €132.8 million ($138 million) in net revenue in 2024. Adjusted figures illustrate that Voi secured €17.2 million ($17.9 million) in earnings before interest, taxes, depreciation, and amortization, along with approximately €100,000 ($104,000) in adjusted earnings before interest and taxes (EBIT).
Although a €100,000 profit (on an adjusted basis) may appear modest, Voi’s founder and CEO Frederik Hjelm indicated to StartupSuperb that this performance illustrates the company’s remarkable progress in enhancing its bottom line by 100 percentage points since 2021, particularly in a challenging industry characterised by fluctuations.
Lime, another prominent player in the sector, declared full-year profitability in 2023.
Voi is now beginning to demonstrate solid cash-positive financials and EBIT profitability, paving the way for a potential public market entry in two to three years, as noted by Hjelm.
He further mentioned that for businesses focused on physical assets, EBIT profitability is a more relevant metric than EBITDA, as it accurately reflects the operational cost structure.
While Voi did not disclose other figures such as net income and operating expenses, Hjelm confirmed that this information will be available in a comprehensive audited report due at the end of February.
He highlighted that Voi’s vehicle profit margins, which increased to 57% from 49% in 2023, serve as a good indicator of the company’s gross margin.
The CEO credited Voi’s improved financial performance to various cost-cutting initiatives and enhanced operational efficiencies, including automation on product development and the adoption of machine learning to optimise predictive maintenance and battery swapping schedules. These changes have reportedly extended the lifespan of the current fleet to around eight years, significantly contributing to profitability.
Hjelm emphasised the importance of “a thousand small actions that culminate in a single focus on discipline and attention to detail.”
Voi’s vehicle utilisation rates are also strong, with each vehicle averaging up to 10 rides per day during peak months and two rides per day in off-peak periods.
Reflecting on the early days of shared micromobility, Hjelm acknowledged the chaos due to numerous competitors, inaccuracies in vehicle locations, and parking issues. Over the last three years, cities have matured, selecting the most suitable operators for their micromobility initiatives, which has positively impacted both public acceptance and profitability.
By the end of 2024, Voi maintained €60 million ($62 million) in cash and cash equivalents. In October 2024, Voi secured €125 million in senior secured bonds ($130 million), primarily supported by Nordic and American institutional investors, marking a significant financial shift for the company, which had raised $675.56 million in equity from venture capitalists according to PitchBook data.
Hjelm recalled that he and his CFO decided at the end of 2021 to pursue profitability independently of equity investors.
Voi successfully executed its first drawdown of €50 million ($52 million) from the bond issuance, which will assist in expanding Voi’s fleet and entering new European markets. Currently, Voi operates with about 100,000 vehicles, with 90% being e-scooters.
Plans are in place to significantly augment the bike fleet in the coming months, according to Hjelm.
He pointed out that raising a public bond signals confidence from sophisticated public debt bond investors.
When questioned about potential acquisitions, in light of rumours regarding the purchase of Bolt’s micromobility division, Hjelm clarified that there is no confirmed acquisition offer at this time.
However, he expressed willingness to consider an acquisition at the appropriate price, asserting that while Bolt is a formidable competitor, Voi excels in the micromobility sector.
