From Chaos to Cash: Voi’s Journey to Profitability

Swedish micromobility powerhouse Voi has just dropped a bombshell: 2024 was their first profitable year. That’s right—after years of grinding, the shared e-scooter and e-bike giant has turned the corner, raking in €132.8 million ($138 million) in net revenue. But the real kicker? Their adjusted EBITDA profit hit €17.2 million ($17.9 million), with a razor-thin but symbolic €100,000 ($104,000) in adjusted EBIT profit. For a company in a notoriously volatile industry, this is HUGE.

“We’ve gone from survival mode to thriving mode. This isn’t just a win for Voi—it’s a win for the entire micromobility industry.”

Frederik Hjelm, CEO of Voi

How Voi Cracked the Code

Voi’s success isn’t luck—it’s strategy. Here’s how they did it:

• Cost-Cutting Mastery: Automation, machine learning, and predictive maintenance slashed operational costs.
• Fleet Longevity: Their vehicles now last up to 8 years, a massive leap in durability.
• Ride Utilization: Peak months see up to 10 rides per vehicle daily, proving demand is alive and kicking.

The Road to IPO

With €60 million ($62 million) in cash and a recent €125 million ($130 million) bond issuance, Voi is gearing up for an IPO in the next 2-3 years. CEO Frederik Hjelm isn’t shy about it: “We’re showing real cash-positive financials. The public markets are the next logical step.”

What’s Next for Voi?

Voi isn’t slowing down. With plans to expand its fleet and enter new European markets, the company is doubling down on growth. And while rumors swirl about a potential acquisition of Bolt’s micromobility business, Hjelm remains coy: “Bolt is great, but we do micromobility better.”

“Raising a public bond is proof of trust from the most sophisticated investors. It’s a game-changer for us.”

Frederik Hjelm, CEO of Voi

Why This Matters

Voi’s profitability isn’t just a win for the company—it’s a signal to the entire micromobility industry. Cities are maturing, regulations are stabilizing, and public acceptance is growing. The chaos of the early days? It’s being replaced by a sustainable, profitable future.

So, buckle up. Voi is just getting started, and the ride is about to get even more exciting.