Voi Achieves First Profitable Year, Reports €132.8 Million in Net Revenue
Financial Results
Voi, a Swedish shared micromobility giant, has announced its first profitable year in 2024, according to preliminary unaudited results. The company recorded €132.8 million ($138 million) in net revenue in 2024. On an adjusted basis, Voi earned €17.2 million ($17.9 million) in earnings before interest, taxes, depreciation, and amortization (EBITDA) and around €100,000 ($104,000) in adjusted earnings before interest and taxes (EBIT).
CEO’s Perspective
Voi’s founder and CEO, Frederik Hjelm, emphasized that these modest results demonstrate the company’s ability to improve its bottom line by 100 percentage points since 2021, despite being in a "tough industry with lots of ups and downs."
Cost-Cutting Measures and Efficiency Improvements
Hjelm attributed Voi’s improved bottom line to a series of cost-cutting measures and efficiency improvements, including automation on the product side, using machine learning models to power predictive maintenance or determine battery swapping schedules. He also noted that these efforts have helped Voi improve the lifespan of its current fleet to around eight years, which has been a "big driver of profitability improvements."
Vehicle Utilization and Profit Margins
Vehicle utilization is also healthy, with each vehicle averaging up to 10 rides per day during peak months and two rides per day at off-peak. Hjelm said the company’s vehicle profit margins, which grew to 57%, up from 49% in 2023, can be considered a "proxy" for the company’s gross margin.
Funding and Expansion Plans
Voi ended 2024 with €60 million ($62 million) in cash and cash equivalents. In October 2024, the company secured €125 million in senior secured bonds ($130M) from Nordic and American institutional investors. The company has completed its first drawdown of €50 million ($52 million) from the bond issuance, which will be used to help expand its fleet and launch in new markets across Europe.
Conclusion
Voi’s first profitable year is a significant milestone for the company, demonstrating its ability to improve its bottom line and achieve financial stability. With its cost-cutting measures and efficiency improvements, the company is well-positioned for future growth and expansion.
FAQs
Q: What were Voi’s financial results for 2024?
A: Voi reported €132.8 million in net revenue and €17.2 million in adjusted EBITDA.
Q: What were Voi’s profit margins in 2024?
A: Voi’s vehicle profit margins grew to 57%, up from 49% in 2023.
Q: What are Voi’s plans for expansion?
A: Voi plans to use its cash to expand its fleet and launch in new markets across Europe.
Q: Are there any acquisition plans for Voi?
A: There are no confirmed acquisition offers, but Voi’s CEO is open to acquiring Bolt’s micromobility business at the right price.
