Voi turns a first profit, then funds e-bike expansion with €40M in bonds

A shared micromobility operator running e-scooter and e-bike fleets under city tenders across Europe, charging per ride.

Shared e-scooters and e-bikes can run profitably at city scale if Voi wins tenders, extends vehicle lifespans, and funds growth with debt instead of dilutive equity.

€90M drawn under a €125M bond framework (€50M in 2024, €40M in October 2025), plus a €25M undrawn revolving credit facility

Founded in Stockholm in 2018 by Fredrik Hjelm and co-founders during Europe's e-scooter boom, when venture-funded rivals were flooding cities; Voi pitched cities on partnership, regulated parking, and data sharing.

The sector's 2022–2023 downturn forced consolidation, but Voi kept extending vehicle lifespans and cutting operating costs. It posted its first-ever EBIT profit (€100,000) in 2024, issued a €50M bond, and in Q2 2025 grew net revenue 29% to €46.8M with Adjusted EBITDA up 54%.

Still running and growing: FY2025 revenue of €178.2M (+34%), Adjusted EBITDA up 70% to €29.3M, operating cash flow nearly doubled to €24.2M, and 6,000 e-bikes launched in Paris. Management is eyeing a share listing, with bonds already trading on Nasdaq Stockholm.

Tender-based expansion produced durable city contracts in Paris and London rather than revocable street clutter.

Vehicle lifespan improvements and refurbishment industrialization (new Poland warehouse) pushed vehicle profit margin to 57.5%.

Proven profitability let Voi borrow against its fleet — €90M in bonds — without selling equity at post-boom valuations.

Ridership growth (115M+ rides in 2025) shows micromobility demand survived the sector's shakeout.

In a capital-intensive, city-regulated market, surviving the hype cycle and proving unit economics can unlock debt financing — cheaper than equity and a signal of discipline.

As of its FY2025 report on 2026-02-18, Voi operated across Europe with bonds listed on Nasdaq Stockholm, €44.6M net interest-bearing debt, a €25M undrawn credit facility, and plans to keep expanding its e-bike fleet; it is considering a public share listing but has announced no formal IPO.