Swedish communal giant microbedness Subparagraph It had its first profitable year in 2024, according to preliminary unpredictable results, the company was shared exclusively with TechCrunch.
VOI, which offers common electronic itineraries and electronic bikes in more than 100 markets in Europe, recorded 132.8 million euros ($ 138 million) in net revenue in 2024. Before interest, taxes, depreciation and depreciation (EBITDA), and about € 100,000 ($ 104,000) in customized profits before interest and taxes (ebit).
While the profit of 100,000 euros (on a customized basis) does not seem to continue, Voi’s founder and chief executive, Fredrik Hjelm, told Techcrunch that the company’s average results demonstrate VOI’s ability to improve its bottom line by 100 percentage points From 2021, in a “hard industry with a lot of ups and downs”.
Lime, another industry leader, said profitability of the whole year in 2023.
“Now we are starting to really show positively in cash and eBit profitability, so we get to a place where we will be a good candidate for public markets, for example, two to three years from now,” Hjelm said.
Hjelm also noted that a business rotating around the physical assets should highlight EBIT’s profitability over EBITDA because it is a measurement that best records the operating cost structure.
VOI did not share any other financial information such as net income and operating expenses. Hjelm said the company would release this information with a more detailed checked report in late February.
Hjelm noted that VOI’s vehicle profit margins – which increased to 57%, from 49% in 2023 – can be regarded as “proxy” for the company’s gross margin.
The Managing Director attributes VOI’s improved lower line to a range of cost cutting measures and performance improvements, such as automation on the side of the product and using mechanical learning models to supply maintenance prediction or determine batteries. He claimed that this also helped VOI improve the life of its current fleet in about eight years, which is “a great driving force for profitability”.
“Thousands of little things that are distilled into one thing, which is really focused on discipline and obsession with small details,” Hjelm said.
The utilization of the vehicle is also healthy, he said, with each vehicle on average up to 10 walks a day during peaks and two rides a day in off-peak.
“In the early years [of shared micromobility] It was quite chaotic when it came to how many players were on the market, accuracy in vehicles, clutter parking and so on, “Hjelm said. Most suitable players to run germs programs in their cities. And this has improved both public acceptance and profitability in the bottom line for us. ”
VOI ended in 2024 with 60 million euros ($ 62 million) in cash and cash equivalents. In October 2024, VOI secured 125 million euros in higher insured bonds ($ 130 million) supported mainly by Nordic and American institutional investors – a change of steps for startup that until then raised $ 675.56 million in shares from VCS, according to Pitchbook data.
“I and CFO told me at the end of 2021 that we no longer want to depend on stock investors, so let’s turn this company profitably,” Hjelm said.
VOI has completed its first 50m -euro ($ 52m) withdrawal from the issuance of bonds, money that will help VOI expand its fleet and start new markets across Europe. Today, VOI counts about 100,000 vehicles in its fleet – 90% of which are scooters.
“This year, we are significantly increasing the bike fleet in the coming months,” Hjelm said.
“Increasing a public bond is proof of confidence from highly sophisticated public debt investors,” he added.
When asked if VOI plans to use any of its cash to obtain other companies – have been Rumors that VOI acquires Bolt’s microbed business – Hjelm said there is no confirmed acquisition offer.
“But I would buy it at the right price,” he said. “Bolt is wonderful. But we make better microbes!”
