Danish micromobility operator Donkey Republic has recorded a 25% increase in total revenue last year, according to its 2024 Q4 financial report.
The shared operator achieved a revenue of DKK 34 million (€4.5 million) in Q4 2024 – a 47% increase from Q4 2023 – bringing its total annual revenue to DKK 144.5 million (€19.4 million).
A milestone comes with the positive lift in performance indicators, with the operator announcing a positive EBIT for the first time of DKK 1 million (€134,000).
“This milestone demonstrates the effectiveness of our growth strategy and operational excellence,” Donkey Republic Chief Financial Officer Christian Dufft told Zag Daily. “Our focus on subsidized contracts, efficient operations, and a strong commitment to both riders and cities is paying off.
“This success is a testament to the dedication and hard work of our entire team, who believe in the positive impact we’re making on urban mobility.”
Donkey Republic recorded a positive EBITDA of DKK 2.7 million (€326,000) in Q4 2024, and a total EBITDA of DKK 23.2 million (€3.1 million) across the whole year. This is a 144% increase in EBITDA compared with 2023, and continues the uptick in financial performance from its 2023 Q3 and H1 results.
The shared operator partly attributes its financial growth to over €13 million raised in the past 12 months – €5 million in equity and €8 million in debt. As part of this, Donkey Republic announced a capital raise of DKK 14.9 million (€2 million) investment just days after releasing its Q3 results last October.
“This is comparable to the amount we raised during our IPO,” Christian said.
“Some portion of this funding will fuel further fleet expansion. Considering the growth we achieved over the last three years, we’re very excited about the potential of this in the coming years. We’re now a more mature organization with a strong focus on our six core European markets, which puts us in an excellent position to capitalize on this investment.”
Christian said the company strategically invested in its operations during the first few months of 2024 which was funded by its operating cash flow. “This allowed us to enhance our bike quality by onboarding and training skilled personnel and upgrading bike components. The combination of improved hardware and a dedicated maintenance team has been key to our success.”
Also highlighted is the impact of breakage income from Donkey Republic’s digital wallet product. This refers to unused credit balances stored on the customer’s account after a certain period of inactivity.
“This income is recognized as revenue when the likelihood of the customer returning to use the service is deemed negligible. In Q4, we recognized a significant portion of the accumulated breakage income, and we expect to continue recognizing this income on a recurring quarterly basis in the future.”
2025 plans
Going forward, the operator plans to deploy approximately 2,500 to 3,000 bikes in 2025. These will be a mix of pedal bikes and e-bikes which Christian said aims to cater to different rider preferences and maximise market penetration.
These bikes will be deployed across Donkey Republic’s six focus markets of Finland, Denmark, Germany, the Netherlands, Belgium and Switzerland.
The first batch of bikes is already in stock to be deployed in the first half of the year. The second batch will be deployed in the latter half and will be funded by the DKK 61 million (€8.2 million) debt facility the operator secured earlier this week.
Donkey Republic’s 2025 guidance states revenue is expected at a level of DKK 165 million (€22.1 million) to DKK 185 million (€24.8 million), EBITDA at DKK 27 million (€3.6 million) to DKK 37 million (€5 million), and EBIT at DKK 1 million (€134,000) to DKK 6 million (€804,000).
This is based on a series of assumptions such as a fleet growth of 10 to 15% until the end of the year, continued demand and continued ability to operate subsidised operations.
