Voi Technology, a leading shared e-scooter operator, announced a significant financial milestone in 2024, reporting its first-ever annual Adjusted EBIT profit of €100,000. This achievement marks a pivotal moment for the micromobility sector, signaling a shift towards sustainable profitability for the company, as highlighted by the Micromobility account on social media. The tweet noted, "Revenue up. Rides up. EBIT positive. And yes, valuation is climbing again."
The Stockholm-based company recorded net revenue of €132.8 million in 2024, alongside an Adjusted EBITDA of €17.2 million. This strong performance continued into the first quarter of 2025, with net revenue increasing by 28% year-over-year to €26.3 million. During Q1 2025, Voi also saw its EBIT improve significantly to €-7.9 million, a notable improvement from €-13.1 million in the same period last year.
Voi's path to profitability has been driven by a focus on operational efficiency, extended vehicle lifespans, and strategic market consolidation. The company has invested in robust maintenance and refurbishment programs, allowing vehicles to remain in service longer than initially estimated. Additionally, Voi undertook a workforce reduction of 12% (120 employees) in February 2024 to streamline operations and accelerate its financial turnaround.
The company's improving financial health has positively impacted its valuation. VNV Global, a significant investor in Voi, marked up its valuation by 8.5% from $484.2 million in Q4 2024 to $525.4 million in Q1 2025. This comes after Voi secured €125 million in senior secured bonds in October 2024 and raised $25 million in equity in March 2024, providing a solid financial foundation for future growth and the rollout of next-generation e-scooters and e-bikes.
Voi operates in over 110 cities across Europe and is positioning itself as one of the most financially resilient operators in the competitive micromobility industry. The company's success demonstrates a growing maturity in the sector, moving beyond initial growth phases to focus on sustainable business models amidst evolving urban mobility landscapes and regulatory challenges.