In Q3 2025, Donkey Republic delivered its strongest-ever quarter, balancing solid operational results with the rollout of its long-term growth strategy. Despite delays in tenders and regulatory challenges in the Dutch market, the company posted its highest revenue and profit to date.

Total revenue reached €7.4m, up 8% year-on-year, while EBITDA rose 21% to €2.84m, reflecting ongoing improvements in efficiency and cost control.

Key metrics:

  • Revenue: €7.4m, up 8.2% YoY
  • Active riders: 372,000, up 23%
  • Trips: 3.3m, up 3.1%
  • Fleet size: 22,986 bikes, up 5.9%
  • Monthly revenue per bike: €107, up 2%

How Q3 Panned Out?

Revenue growth was driven mainly by Donkey Republic’s core rider business, which rose 14% to €5.45m. This performance came despite a temporary fleet reduction in the Netherlands caused by ongoing license constraints in Amsterdam and Rotterdam. The company expects to redeploy these bikes in Q4.

The B2B and B2G segments contributed €1.78m, maintaining stable results despite longer sales cycles typical of institutional clients.

A major development in the quarter was the launch of the new Gen4 e-bike in late September. While the rollout came too late to impact quarterly results, initial feedback and early usage data have been positive.

Profitability improved with EBITDA up 20.7% from last year, reflecting stronger operations and disciplined cost management. The company closed the quarter with two tenders already awarded and five more under review.

Outlook for the Rest of the Year

Donkey Republic reported an EBIT loss of €1.1min the first half of 2025. The strong Q3 performance is expected to help achieve its full-year revenue target of €22.1–€24.8m.

The company achieved EBIT profitability of €131k in 2024 and expects EBIT between -€670k and €268k in 2025

The company is expected to expand the rollout of its Gen-4 e-bikes, which are expected to be efficient to operate and thus improve profitability.

Thor Möger Pedersen, CEO of Donkey Republic said:
“Our Q3 performance demonstrates the commercial potential of our platform. We successfully delivered strong revenue growth and translated it into even stronger profitability growth, validating our focus on operational efficiency. With the new 'Ride and Do Well' strategy launched and runway funding secured, we have a clear roadmap. Moving forward, we are fully committed to executing our strategy and meet the first ambitious milestone of delivering a break-even EBT result in 2026.”

Donkey Republic’s current market cap is ~€23.72m, down by 8.3%, with its stock trading around €0.90.

Outlook for 2027 and Ahead

Looking further ahead, Donkey Republic has set ambitious growth targets:

  • By 2027 – A fleet of 30k–35k units, revenue between €29.5m–36.1m, and Free Cash Flow of €2–2.9m.
    • The company has set an EBIT margin of 10-15% by 2030

  • By 2030 – A fleet of 60k–70k units, revenue between €53.6–€64.3m, and  Free Cash Flow of €4m–6.7m.
    • The company has set an EBIT margin of 15% by 2030

The company plans to raise about €1.1m through a private investment and continue cost reductions to strengthen financial performance. It also expects to add 10k–14k new contracted bikes over the next year.

The rollout of the Gen4 e-bike is expected to improve fleet performance and profitability through higher operational efficiency and better user experience. With a clear roadmap and expanding city partnerships, Donkey Republic remains on track to reach EBIT break-even by 2026.

Watch this panel from Micromobility Europe 2025 where Christian Dufft, CFO of Donkey Republic shared his thoughts about Bike Sharing