Sweden's shared microbility giant VOI won the first profitable year in 2024.
Voi, which provides shared e -scorters and E -bikes in more than 100 European markets, recorded a net income of € 1328 million in 2024. Before interest, depreciation, the interests of depreciation, and about 100,000 euros ($ 104,000) of the adjusted revenue before (eBit) before (eBit).
It seems that the profit of 100,000 euros (on the adjusted basis) should not go so much, but VOI founder and CEO Frederik Hjelm are Techniccrunch, and the company's modest results have 100 percent points since 2021. He indicates that he has the ability to improve. “Tough industry with many ups and downs.”
Lime, another industry leader, reported the profitability of the year in 2023.
“Now we are starting to show the positive financial financial and profitability of EBIT, so we have reached a place to become a good candidate for the public market two or three years later.” Hjelm said. 。
Hjelm also pointed out that the business, which focuses on physical assets, is a metric that captures the operating cost structure well, and should emphasize EBIT's profitability rather than EBITDA.
VOI did not share other financial information such as net income and operating costs. Hjelm said the company will publish the information in detailed audit reports at the end of February.
Hjelm stated that VOI's vehicle profit margin, which increased from 49 % in 2023 to 57 %, could be considered a “agency” of the total margin of the company.
The CEO has a series of cost reduction measures, such as enhancing prediction maintenance using a product side or machine learning model, or determining a battery swapping schedule, and improving efficiency. I am doing it. He claimed that this would help VOI to improve the current fleet to about eight years.
“Thousands of small things distilled in one thing are focused on discipline and obsession in really small details,” Hjelm said.
He said that the use of the vehicle was also healthy. He stated that each vehicle was up to 10 times per day at the peak, and was off -peak twice a day.
“The first year [of shared micromobility] The number of players in the market, the accuracy of the vehicle location, and the clutter of the parking lot were quite mixed OTIC, “said Hjelm. “We have adopted the most suitable player in the city for the past three years and the most suitable player in the city, and it is both our final revenue. Improved.
Voi ended in 2024 with cash and cash equivalent to 60 million euros ($ 62 million). In October 2024, VOI secured 125 million euros for advanced bonds ($ 130 million), which are mainly supported by Nordic and American institutional investors. 。
“At the end of 2021, we said we didn't want to rely on stock investors at the end of 2021, so let's make this company beneficial,” says Hjelm.
VOI has completed the first drawdown of € 50 million ($ 52 million) since the issuance of bonds. This is to help VOI expand the fleet and release it in a new European market. Today, VOI has about 100,000 vehicles by fleet. 90 % is a scooter.
“This year we are increasing the bicycle fleet in the next few months,” says Hjelm.
“Raising public bonds is evidence of trust from very sophisticated public debt investors,” he added.
When asked if VOI was planning to use cash to acquire other companies, there were rumors that VOI was acquiring bolt microbility business -HJELM was an acquisition offer. Was not confirmed.
“But I will buy it at the right price,” he said. “Bolts are wonderful, but I can improve microbility!”