Donkey Republic’s second quarter results show that bike-sharing can be both a growth engine and a capital-intensive balancing act. The Copenhagen-based operator posted solid top-line momentum in Q2 2025, with strong user adoption and improving unit economics, even as ongoing fleet investments and slower-than-expected city contracts put pressure on the bottom line.

Q2 2025: Strong adoption and better utilization

In the second quarter of 2025, Donkey Republic notched another set of solid growth numbers:

• Revenue: DKK 48.6M (€6.5M), up 24% year-over-year
• Active Riders: 327,000, up 23%
• Trips: 2.9M, up 20%
• Fleet size: 22,800 bikes, up 6%
• Monthly revenue per bike: DKK 710 (€95), up 17%

That last metric is key: higher revenue per bike suggests Donkey Republic is sweating its assets more efficiently, a critical factor in bike-sharing’s path to profitability.

H1 2025: Progress, but still in the red

For the first half of 2025, revenue climbed 25% to DKK 75M (€10.1M). EBITDA came in at DKK 5M (€0.67M), up from DKK 2.8M a year earlier, reflecting stronger unit economics.

But after depreciation and amortization, the company still posted an EBIT loss of DKK 8.1M (€-1.1M). That’s slightly worse than last year in absolute terms, though the EBIT margin improved to -11% from -12%. In other words, the losses are narrowing as a percentage of revenue, even if the company isn’t profitable yet.

A growing European footprint

For the first time, Donkey Republic broke out results by region:

• Benelux has become the company’s largest market, powered by its subsidized Antwerp contract.
• DACH (Germany, Switzerland) saw a step-change in revenue, thanks to new operations in Hanover and Kiel.
• Nordics remain stable, though competitive pricing in Denmark held back margins.

This diversification reduces dependence on individual city contracts and shows Donkey Republic is building a pan-European network rather than relying on one or two flagship markets.

Strengthening the balance sheet

The company has been working to deleverage. Its adjusted loan-to-value ratio dropped to 0.5 in H1 2025, down from 0.7 a year ago. It also repaid a DKK 6.6M COVID-era loan in July, reducing future financing costs.

Cash at the end of June stood at DKK 26.2M, down from DKK 39.5M a year earlier, as the company poured money into new bikes, app development, and preparing for the rollout of its fourth-generation fleet (Gen4).

Guidance cut on slower tenders

Not everything is moving quickly. Donkey Republic had structured its cost base to support a wave of new city contracts this year, but delays in public tender processes mean those deployments won’t happen on schedule. As a result, the company trimmed its 2025 outlook:

• Revenue: unchanged at DKK 165M–185M
• EBITDA: cut to DKK 22M–32M (from 27M–37M)
• EBIT: now expected between DKK -5M and +2M (previously 1M–6M)

What’s next

The big milestone on the horizon is the Gen4 bike launch in Q3 2025. Donkey Republic says the new hardware, paired with upgraded software, will set a new standard for shared bikes and underpin its next growth phase.

Donkey Republic's CFO Christian Dufft gave some insights on their business at Micromobility Europe 2025. Check the video here

The 2024 baseline you should know

In 2024, Donkey reported €19.6 million in revenue, up 27% from €15.5 million in 2023. EBIT turned positive at €0.13 million, a €1.7 million improvement year over year. That set up 2025 with momentum and a clear path the company is still trying to follow despite the tender delays. Read our 2024 breakdown in the newsletter for full context and chart

Donkey Republic is executing on the parts it can control. Utilization is improving, the fleet is delevering, and the Gen4 platform is imminent. The rest comes down to how fast Europe’s procurement machinery moves and how quickly those awarded bikes hit the street.

Donkey Republic’s stock is up 15% YTD and current marketcap is ~€25.88m. Stock is down 39% since listing and almost flat for that last one year.