Swedish shared micromobility giant Vori Had its first profitable year in 2024, according to unacious pre -available results, the company shared exclusively with Techcrunch.
Here, which offers shared electronic scooters and electric bikes on more than 100 markets in Europe, recorded 132.8 million euros ($ 138 million) in net income in 2024. On an adjusted basis, see 17 , 2 million euros ($ 17.9 million) in profit before interest, taxes, damping and damping profit, and around € 100,000 ($ 104,000) in adjusted profits before interest and taxes (EBIT).
While € 100,000 (on an adjusted basis) does not seem much to do, Frederik Hjelm, the founder and CEO of this “difficult industry with a lot of ups and downs.”
Lime, another leader in the industry, reported annual profitability in 2023.
“Now we are starting to show actual finances in positive cash and a profitability of the EBIT, so we arrive at a place where we would be a good candidate for public procurement, let’s say, in two to three years,” said Hjelm .
Hjelm has also noted that a company that revolves around physical assets should highlight the profitability of the EBIT compared to the EBITDA because it is a metric which captures the structure of operational costs better.
See did not share other financial information such as net income and operating expenses. Hjelm said the company would publish this information with a more detailed audited report at the end of February.
Hjelm noted that the beneficiary margins of the VOI vehicle – which increased to 57%, against 49% in 2023 – can be considered as an “indicator” for the gross margin of the company.
The CEO assigns the improvement of the results of VOI to a series of cost reduction measures and efficiency improvements such as automation on the product side, and the use of automatic learning models to supply maintenance predictive or determine the battery exchange programs. He said it also helped to improve the lifespan of his current fleet at around eight years, which was a “large engine to improve profitability”.
“A thousand little things that are distilled in one thing, which is really an accent on discipline and the obsession for small details,” said Hjelm.
The use of vehicles is also healthy, he said, each vehicle reaching an average up to 10 rides per day during the peak months and two rides per day to everyone.
“The first years [of shared micromobility] were quite chaotic with regard to the number of players on the market, the precision of the location on vehicles, the size of parking, etc. “Said Hjelm. “Over the past three years, we have seen cities maturing and taking what they consider the most appropriate players to manage micromobility patterns in their cities. And that has improved both the acceptance of the public but also the profitability on the results for us. »»
See 2024 with 60 million euros ($ 62 million) in cash and cash. In October 2024, VIE obtained 125 million euros in guaranteed senior bonds ($ 130 million) which are mainly supported by Nordic and American institutional investors – a change of steps for the startup which had hitherto raised $ 675.56 million in equity of VCS, according to Pitchbook data.
“I and my financial director said at the end of 2021 that we no longer want to depend on investors in equity, so let’s turn this profitable business,” said Hjelm.
VIE finished its first withdrawal of 50 million euros ($ 52 million) from the emission of bonds, money that will help see you to extend its fleet and be launched on new markets through the ‘Europe. Today, this is around 100,000 vehicles in its fleet – 90% of which are scooters.
“This year, we are increasing our fleet of bikes considerably in the coming months,” said Hjelm.
“The increase in a public obligation is proof of confidence in very sophisticated public debt bond investors,” he added.
When asked if you plan to use one of his money to acquire other companies – there was Rumors that the Bolt micromobility activity won acquired – Hjelm said that there is no confirmed acquisition offer.
“But I would buy it at the right price,” he said. “The bolt is great, but we do better micromobility!”
