Swedish shared micromobility giant Voi has reached a significant milestone, achieving its first profitable year in 2024, according to preliminary unaudited results shared exclusively with TechCrunch. The company, which offers shared e-scooters and e-bikes across more than 100 markets in Europe, 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) profit, and around €100,000 ($104,000) in adjusted earnings before interest and taxes (EBIT). While the profit figure may seem modest, Voi's founder and CEO Frederik Hjelm emphasized that the company's ability to improve its bottom line by 100 percentage points since 2021 demonstrates its resilience in a "tough industry with lots of ups and downs."

Voi's achievement follows in the footsteps of another industry leader, Lime, which reported full-year profitability in 2023. Hjelm expressed confidence that Voi is on track to become a prime candidate for the public markets in the next two to three years, citing the company's ability to show "real cash positive financials and EBIT profitability."

Hjelm highlighted the importance of EBIT profitability over EBITDA for a business that revolves around physical assets, as it better captures the operational cost structure. Although Voi did not share other financial information, such as net income and operating expenses, Hjelm promised to release a more detailed audited report at the end of February.

The CEO attributed Voi's improved bottom line to a series of cost-cutting measures and efficiency improvements, including automation on the product side and the use of machine learning models to power predictive maintenance and determine battery swapping schedules. These efforts have also helped Voi extend the lifespan of its current fleet to around eight years, which has been a "big driver of profitability improvements."

Hjelm emphasized that the company's focus on discipline and attention to detail has been instrumental in achieving profitability. 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. The CEO noted that the industry has matured over the past three years, with cities becoming more accepting of micromobility schemes and partnering with suitable players, leading to improved profitability.

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, mainly backed by Nordic and American institutional investors. This marks a significant shift for Voi, which had previously raised $675.56 million in equity from venture capital investors. Hjelm expressed his desire to move away from dependence on equity investors, stating that he and his CFO aimed to turn the company profitable by the end of 2021.

Voi has already completed its first drawdown of €50 million ($52 million) from the bond issuance, which will be used to expand its fleet and launch in new markets across Europe. The company currently operates around 100,000 vehicles, 90% of which are scooters, and plans to significantly increase its bike fleet in the coming months.

Hjelm expressed pride in raising a public bond, citing it as proof of trust from sophisticated public debt bond investors. When asked about potential acquisition plans, including rumors of acquiring Bolt's micromobility business, Hjelm denied any confirmed offers but left the door open for future opportunities, stating that "Bolt is great, but we do micromobility better!"

Voi's achievement marks a significant milestone in the micromobility industry, demonstrating the company's ability to adapt and thrive in a rapidly changing market. As Voi sets its sights on a potential IPO in the next two to three years, its focus on discipline, efficiency, and innovation will be crucial in maintaining its position as a leader in the industry.