The Swedish micromobility operator continues to grow towards profitability.

Voi Technology delivered its strongest quarter to date in Q3 2025, with net revenue climbing 34% YoY to €57.5m. The results highlight a period of growth and improved financial health, shown by record operating cash flow of €19.8m and a sixth consecutive quarter of valuation markups by key investor VNV Global.

Voi's investor VNV Global has marked up their valuation to $655.8m in Q3 2025, up 7.3% from Q2 and 35% from December 2024. This extends VNV's streak of marking up Voi's valuation to six consecutive quarters, with the company maintaining its position above the $600m threshold it first reclaimed in Q2.

A quarter of profitable growth

The record revenue of €57.5m, up from €43m in Q3 2024, was driven by a significant expansion in user activity.

Geographically, Voi has a strong presence across Europe, with Germany making up the largest share of its revenue at 38.7%, followed by Sweden (15.8%) and the UK (10.9%). Newer markets like France fall under the “Others” category, which accounts for 34.5% of revenue, showing that the company is growing well beyond its main markets.

By Product, Pay-as-you-go rides remain the core model, contributing 60.4% of all revenue. However, subscriptions have become a substantial and growing segment, accounting for 39.6% of Q3 revenue

The third quarter saw Voi achieve a 57% YoY increase in total rides, reaching 37.4m. This surge was supported by a 34% larger average deployed fleet, which grew to 135.3k vehicles. The company managed this rapid expansion while maintaining utilization rates, showing that new supply is being effectively absorbed by growing demand.

Operational data suggests that growth remains efficient. Trips per Vehicle per Day reached 3.00 in Q3 2025, up from 2.56 in the same quarter last year, demonstrating improved asset utilization. Meanwhile, Net Revenue per Vehicle per Day held nearly steady at €4.62, compared to €4.64 in Q3 2024, indicating that revenue generation kept pace with fleet growth.

Profitability also saw substantial gains. Adjusted EBITDA rose to €16.4m, up from €12.8m a year ago. More significantly, cash flow from operating activities hit a record €19.8m, a 67% year-over-year increase. For the first nine months of the year, Adjusted EBITDA reached €24.m, an improvement of €11m compared to the same period in 2024.

Mathias Hermansson, CFO and Deputy CEO, added: "Our growth continues to translate into strong earnings and cash flow. Cash flow from operations reached all-time high levels, allowing us to further strengthen our liquidity and reduce net debt below 1x LTM Adjusted EBITDA. Following this rapid deleveraging, we successfully upsized our bond program by EUR 40 million in early October to fund our 2026 fleet expansion. With scalable efficiency now embedded in our operations, we are well positioned to continue our profitable growth into 2026."

Profitability Margins

Voi’s Vehicle profit margin stayed almost the same at 62.9% in Q3 2025, compared to 63.1% a year earlier. The company also made strong progress in its market EBITDA margin, which rose to 42.8% this quarter.

Major developments

This strong quarterly performance builds on recent developments. Just earlier in October, Voi successfully raised an additional €40m through a bond issue,which was significantly oversubscribed.

Furthermore, the quarter was marked by a major victory. 1st October saw the launch of Voi’s operations in Paris, following its selection to deploy 6k e-bikes in the French capital. This contract, the largest in Voi's history, is a significant foothold in a major European market and is projected to generate "double-digit millions" in annual revenue. Within just two weeks of launch, Paris had already become one of Voi's top-ten cities.

The Way Forward

The company is now in a stronger position than it was a year ago, and this performance shows the company's model is working. With record cash flow and a major entry into Paris, the foundation is solid. The way forward is about scaling this success, proving that this growth can be sustained and replicated across new markets.

Q4 performance will be crucial for ending the year with positive EBIT, given the Paris launch and the typically slow fourth quarter. Achieving positive unadjusted EBIT would be a major milestone for Voi  and for the industry as a whole.

"Three quarters into 2025 we can say with confidence: micromobility is a high-growth, profitable and cash-generative business, and Voi is executing against that opportunity," said Fredrik Hjelm, Co-Founder and CEO of Voi, in a management comment.