Swedish micromobility operator Voi reported its first profitable year in 2024, with €132.8 million ($138 million) in net revenue and an adjusted EBIT profit of around €100,000 ($104,000), according to preliminary results. The company credited cost-cutting measures and operational efficiencies for its improved financial performance.
“Now we’re starting to show real cash positive financials and EBIT profitability,” said CEO Frederik Hjelm, noting that Voi has strengthened its position in a competitive industry. “We’re getting to a place where we’d be a good candidate for the public markets in, say, two to three years from now.”
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Voi’s vehicle profit margin increased to 57% in 2024, up from 49% in 2023. Hjelm attributed this improvement to automation, predictive maintenance, and extended fleet lifespan. “A thousand small things that distill down to one thing, which is really a focus on discipline and obsession with small details,” he said.
The company ended 2024 with €60 million ($62 million) in cash and secured €125 million ($130 million) in senior secured bonds in October. It has since drawn €50 million ($52 million) from the issuance to expand its fleet and launch in new European markets. “This year, we’re increasing our bike fleet significantly over the next couple of months,” Hjelm added.
Asked about potential acquisitions, amid speculation regarding Bolt’s micromobility business, Hjelm said there was no confirmed offer but added, “I would buy it at the right price.”
Source: TechCrunch
