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Welcome to Micromobility Pro, a bi-weekly publication which is part of The Micromobility Newsletter, where we deep-dive into the financials of micromobility companies and share exclusive insights tailored for professionals and members.
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Contents
- About Donkey Republic
- The Journey So Far
- Ownership Structure
- 2025 Financial Performance
- Chart: Revenue vs. Net Result (2017-2025)
- Chart: Key Metrics
- EBIT and EBITDA as % of Revenue (2019-2025)
- Revenue vs. EBITDA per Bike/Month (2020-2025)
- Revenue Breakdown
- Chart: Revenue Split by Category
- Chart: Key Metrics (Revenue per Bike/Year, Trips, Fleet, 2021-2025)
- Cost Structure
- P&L Snapshot
- Cash Position & Balance Sheet
- Consolidated Balance Sheet
- 2026 Outlook
- Conclusion
About Donkey Republic
Donkey Republic is a Copenhagen-based micromobility company founded in 2014 by Erdem Ovacik and a team of Danish co-founders. The company operates a fully integrated, station-based bike-sharing platform focused on public-private partnerships with cities and transit authorities. Donkey Republic’s core business involves providing pedal and electric shared bicycles through a user-friendly app. It operates under a Mobility-as-a-Service (MaaS) model, serving riders directly (B2C), partnering with cities (B2G/B2B), and offering its technology platform through a Software-as-a-Service (SaaS) model.
The Journey So Far
The idea traces back to 2012, when co-founder Erdem Ovacik was living in Copenhagen and observed a simple, informal bike-sharing setup. A friend placing a few bicycles around the neighborhood, secured with combination locks so people could share them without exchanging keys.
That concept became Donkey Republic in 2014. A wireless smart lock paired with an app-based rental system, built and launched in Copenhagen. The company then spent the next several years expanding city by city across Europe, focusing on long-term partnerships rather than aggressive, capital-heavy growth.
By 2020, it had reached 13 countries, including Germany, Spain, the Netherlands, and Finland. In May 2021, Donkey Republic listed on Nasdaq First North, raising capital to fund further expansion.
The years 2023-2024 marked a financial turning point. Revenue nearly doubled between 2022 and 2023, and in 2024, the company recorded a positive EBIT of €0.13m for the first time. In late 2025, it won two landmark contracts in Germany, a 2.5k bike system in Düsseldorf and a ~5.8k bike system across the Ruhr region, representing its biggest commercial wins to date. These contracts, along with a €10m capital raise in early 2026, set the stage for the company's next phase of growth.
Ownership Structure
Ownership split as of December 31, 2025:
- Bladt Invest ApS: 20.68%
- Danmarks Eksport- og Investeringsfond: 18.60%
- CDM Holding 2016 ApS: 13.77%
- Vækstfonden Growth H/S: 8.26%
2025 Financial Performance
2025 marked a year of strategic transition for Donkey Republic, balancing the rollout of their new Gen4-bike platform with organizational restructuring to secure long-term profitable growth.
Revenue reached €22.24m, up 13% YoY from €19.6m in 2024. Growth was driven by rising demand, representing clear indicators of the appeal for sustainable mobility solutions.
Reported EBIT was -€0.29m. Excluding a one-off organizational restructuring cost of €0.48m, Adjusted EBIT was €0.19m.
Reported EBITDA was €3.48m. Adjusted EBITDA reached €3.97m, representing an 18% improvement YoY.
Net loss was €1.48m.
Revenue Breakdown
- MaaS Rider Revenue: €14.61m, representing 65.7% of total revenue, up 14% YoY.
- MaaS B2G & B2B Revenue: €6.97m, representing 31.3% of total revenue, up 14% YoY. This was driven by the scaling of larger municipal operations and securing key add-on agreements.
- SaaS Licensing & Hardware Sales: €0.67m as the focus remains firmly on scaling core city operations.
The group contribution margin adjusted to 49% to €10.99m.
Regionally, the Nordics performed exceptionally well, with revenue rising 12% in LTM H2 2025 due to a data-driven pricing strategy and the Gen4 fleet rollout. DACH remained stable with a robust 54% contribution margin on €4.96m in revenue. Conversely, Benelux dragged the group average down due to reduced licenses in Amsterdam and Rotterdam, which required costly logistical redeployments of bikes.
Cost Structure
Underlying profitability was supported by an updated operating model and new tech initiatives:
- Tech Integrations: During 2025, the company began applying AI and machine learning to improve fleet rebalancing and preventive maintenance planning.
- New Operating Model: The company reorganized to decouple fleet growth from central overhead, splitting into a centralized 'Platform' (software, supply chain) and autonomous 'Markets' (DACH, Nordics, Benelux) with localized P&L responsibility.
Cost of sales was contained at €3.61m, showing only a marginal 2% increase due to rigorous cost-efficiency measures implemented in Q3 and Q4 2025.
Staff costs increased to €12.33m, up 21%, driven by investments in operational headcount in key markets (Denmark, Belgium, Germany) and the €0.48m one-off organizational restructuring cost to optimize the 2026 cost base.
Other External Expenses rose to €4.25m. This was heavily influenced by an accounting policy revision that shifted €0.96m of externalized mechanic costs out of staff costs.
Cash Position & Balance Sheet
Cash reserves were €3.68m, decreasing by €0.70m YoY due to continued investments in fleet expansion.
Equity remained relatively stable at €10.81m.
The reported net loss was largely offset by a €1.10m capital raise executed in Q4 2025.
Operating cash flow climbed to €3.53m, up from €3.04m in 2024, driven by strengthened operational performance.
Total assets grew to €23.85m, driven largely by the capitalization of development costs for the new Gen4-bike platform.
Total liabilities increased to €12.91m, primarily from a new loan portfolio secured to fund fleet expansion.
Major Post-Period Events: In February 2026, Donkey Republic successfully executed a heavily oversubscribed €10.05m private placement. This capital will fund the rollout of 8k+ bikes for landmark contracts won in Düsseldorf and the Ruhr region. Furthermore, the company announced it has initiated preparations to transition from First North to the Nasdaq Copenhagen Main Market in 2026 to broaden its institutional investor base.
2026 Outlook
Donkey Republic expects revenue of €23.99 - €26.00m, with EBITDA of €4.56 - €6.03m and EBIT between €0.13 - €1.21m.
Key drivers include:
- A timely roll-out of the Ruhr Region and Düsseldorf operations.
- Continued ability to operate contract-based operations and increase fleet utilization.
- By 2030, Donkey Republic aims for: 60k - 70k bike fleet. €53.6 - €64.3m in revenue.~15% EBIT margin.
Conclusion
Donkey Republic’s 2025 performance marks a pivotal transition year. While reported profitability absorbed the impact of necessary organizational restructuring and regional tender delays, the Adjusted EBITDA (€3.97m) and Adjusted EBIT (€0.19m) clearly demonstrate that the underlying business model is fundamentally healthy and increasingly efficient. Armed with an agile new ‘Platform vs. Markets’ operating model, AI-optimized fleet management, and the deployment of their highly competitive Gen4-bike platform, the company is exceptionally well-positioned. Supported by a massive €10.05m capital injection and preparations for a Main Market uplisting, Donkey Republic is fully primed to execute its major German contracts and scale profitably toward its 2030 vision.
Cover image credits: Donkey Republic
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