The Swedish micromobility operator posted its strongest annual revenue to date, crossing 100m rides in a single year.

Voi Technology published its Q4 and full-year 2025 results today, reporting net revenue of €178.2m for the year, the highest in the company’s history. The fourth quarter contributed €47.5m, representing a 45% YoY increase.

Q4 performance

Q4 net revenue reached €47.5m, up from €32.8m in Q4 2024. It was the second-highest quarter on record, behind only Q3 2025’s €57.5m, consistent with the seasonal pattern of a weather-dependent business.

EBIT for the quarter came in at -€9.2m, compared to €1.4m in Q4 2024.

Adjusted EBITDA increased 26% YoY to €5.2m, though the margin declined to 10.9% from 12.6% a year earlier. Vehicle profit margin stood at 53.0%, down from 56.1% in Q4 2024.

Items affecting comparability for the full year totaled €10.7m, of which €10.2m related to employee incentive programs.

Fleet growth and utilization

Voi deployed an average of 141.8k vehicles in Q4 2025, up 47% from 96.7k vehicles in Q4 2024. Total rides in the quarter reached 31.3m, compared to 19.0m a year earlier, representing a 65% increase.

Trips per vehicle per day rose to 2.40 in Q4 2025, up from 2.14 in the same quarter last year. Revenue per vehicle per day stood at €3.64, compared to €3.68 in Q4 2024, remaining broadly stable despite rapid fleet expansion into new markets.

Revenue split by category and geography

Germany remained Voi’s largest market, contributing 38.3% of Q4 revenue. The UK followed with 14.3%, while Sweden accounted for 13.5%. Other markets made up the remaining 33.9%, reflecting how much of the company’s growth now comes from outside its three core markets.

By category, subscriptions accounted for 40.6% of Q4 revenue, up from 39.6% in Q3 2025. Pay-as-you-go rides remained the largest revenue stream, contributing 59.4% of revenue.

For the full year, pass and subscription products grew 65% YoY and accounted for 39% of total net revenue, up from 31% in 2024.

Margins over time

Vehicle profit margin came in at 53.0% in Q4 2025, compared to 56.1% in Q4 2024. For the full year, vehicle profit margin improved slightly to 57.5%, up from 57.0% in 2024.

Market EBITDA margin stood at 30.4% in Q4, down from 35.0% a year earlier. On a full-year basis, Market EBITDA margin was 34.8%, compared with 35.8% in 2024.

Paris, London, and the e-bike push

The quarter reflected the impact of two major strategic moves. Voi launched 6k e-bikes in Paris on October 1, following its selection by the City of Paris in June, the largest contract in the company’s history. Within 2 weeks of launch, Paris ranked among Voi’s top 10 cities by rides.

In London, Voi continued expanding operations borough by borough. A structured pan-London tender from Transport for London is expected in 2027.

During the year, Voi scaled its e-bike fleet by more than 10x. The company also opened a new central warehouse and refurbishment centre in Poland, supporting vehicles, spare parts, and battery operations.

Fredrik Hjelm, Co-Founder and CEO, commented:

“2025 was the year we proved that scale and profitability can reinforce each other. Crossing more than 100 million rides in a year is not just a milestone, it reflects how deeply micromobility is embedded in everyday urban life. Cities are changing, people are choosing shared, electric transport at a larger scale than ever before. We use this momentum to invest with discipline and long-term conviction – in major European capitals like Paris and London, and in building the infrastructure and operational backbone required to be the leading micromobility platform in Europe for years to come. We are playing the long game.”

Cash flow and balance sheet

Full-year cash flow from operating activities reached €24.2m, up from €12.7m in 2024. The company ended the year with a cash balance of €56.1m.

Net interest-bearing debt increased from -€3.5m at the end of 2024 to €44.6m at the end of 2025. In October, Voi issued an additional €40m in bonds, bringing total outstanding bonds to €90m under a €125m framework. In December, the company entered into a €25m revolving credit facility with Danske Bank and Swedbank, maturing in April 2028.

Valuation update

VNV Global, one of Voi’s key investors, marked the company’s valuation at $610m at the end of December 2025, down from $655.8m in June 2025. The valuation remained 26% above the $484.2m recorded at the end of 2024.

A record full year

2025 marked the strongest year in Voi’s history. Total rides reached 115.8m, up 55% from 74.6m in 2024, allowing the company to cross 100m rides in a single calendar year for the first time.

Full-year net revenue increased 34% to €178.2m. The average deployed fleet grew 34% to 124.0k vehicles, while revenue per vehicle per day remained stable at €3.94, compared to €3.91 in 2024.

Adjusted EBITDA rose 70% YoY to €29.3m, with margin improving to 16.4% from 13.0%. Adjusted EBIT turned positive at €3.2m, compared to €0.1m in 2024.

“As we close 2025, this stands out as one of the most important years in our short history. We accelerated growth in users and revenues and began to generate material profitability and cash flows,” said Fredrik Hjelm, Co-Founder and CEO.

Full-year EBIT stood at €-7.6m, compared to €-3.3m in 2024, largely driven by a 47% increase in depreciation charges to €26.2m, reflecting the rapid expansion of the e-bike fleet during the year.

France emerged as the top growth market. Voi started 2025 with operations limited to Marseille and ended the year as the company’s fourth-largest market by revenue in Q4.

The way forward

Management stated that the first half of 2026 will continue to carry investment costs, driven by further e-bike fleet expansion and selective market opportunities.

“In H1 2026 we continue to invest in a larger multimodal fleet and into selective expansion opportunities. Our commitment to further increase our operational efficiency remains and so does our commitment to build a more impactful and valuable company through steadily increasing cash flow generation.”

Mathias Hermansson, CFO and Deputy CEO, added:

“Our financial position remains solid, enabling us to balance profitable growth with strategic investments. During the fourth quarter, we further strengthened our financial flexibility through an additional EUR 40 million bond tap issue and a new unutilised EUR 25 million revolving credit facility, providing a strong foundation to continue investing into fleet and market expansion as well as creating a robust long-term scaled business. We enter 2026 committed to building a more valuable company through steadily increasing cash flow generation.”

Image credit: Voi