Voi Technology’s Q2 2025 results are out, and they show the clearest signs yet that shared micromobility can scale profitably. The Swedish operator reported €46.8 million in net revenue, up 29 percent year over year, making this its strongest quarter on record.

Behind the topline: rides surged 53 percent to reach 31 million trips, up from 20.2 million in Q2 2024. This was driven by a 32 percent increase in average fleet size, which reached nearly 126,000 vehicles, alongside stronger utilization. Trips per vehicle per day rose to 2.71, up from 2.34 last year.

Paris Is Next

One of the quarter’s biggest wins came in June, when Voi was selected as one of three operators for Paris’s new e-bike rental program, alongside Lime and Dott. The contract allows each company to deploy up to 6,000 e-bikes, increasing to 7,500 during peak months. The rollout starts in October and represents the largest contract in Voi’s history.

Ahead of this, Voi also expanded its presence in the UK, deploying 500 e-bikes in West London’s Ealing borough, further building on its multi-modal ambitions.

Margins Held Up, Losses Narrowed

Despite a significantly larger fleet and higher depreciation costs, vehicle-level margins remained strong at 60.4 percent. Adjusted EBITDA reached €10 million, up from €6.5 million last year, and adjusted EBIT also improved. Overall EBIT was positive at €1.4 million, signaling real progress on the path to sustainable profitability.

Voi also generated €11.5 million in operating cash flow, covering most of its capex for the quarter. For H1 2025, the company cut its net loss from €30.4 million last year to €8.8 million, largely thanks to strong first-half execution.

Investor Confidence Continues to Climb

Voi’s lead investor, VNV Global, increased its valuation of the company to $611.4 million, a 26 percent rise from December 2024. This marks the fifth consecutive quarterly increase, and the first time the company has crossed the $600 million threshold since 2022.

What Comes Next

Q3 is historically Voi’s best-performing quarter, and the company aims to grow its fleet to 150,000 vehicles by year-end. With the Paris contract only starting in October, full-year profitability will depend largely on continued strength in core markets over the next two quarters.

Want to Go Deeper?

For those interested in the full breakdown, including unit economics, cost structure shifts, and why valuation momentum matters, we have a detailed Substack post covering all of it.

Read the full analysis here.

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