Swedish shared micromobility operator Voi has recorded its first profitable year in 2024, attributed in part to the extended lifespan of its vehicles.
In its preliminary unaudited results, the operator reported a net revenue of €132.8 million in 2024 – up 13% from 2023. It also recorded an EBITDA of €17.2 million and an EBIT of €100,000 – its first-ever EBIT profit.
Claiming an eight-year vehicle lifespan, Voi attributes its EBIT profit to vehicles remaining in service longer than expected. This is in part due to cost-reduction measures such as machine learning models that offer predictive maintenance and forecast battery swapping.
“Voi’s fantastic year was driven by our customers embracing micromobility solutions, increased operational efficiency, great advances in our R&D and an outstanding work ethic from colleagues across all our European markets, making 2024 our most successful one yet,” Voi UK General Manager James Bolton told Zag Daily.
Voi’s vehicle profit margins increased from 49% in 2023 to 57% in 2024. According to the CEO Fredrik Hjelm, vehicle utilisation averaged at 10 rides per vehicle per day during peak seasons, and two rides per vehicle per day during off-peak seasons.
The operator continues to strive for a smoother user experience. Yesterday, Voi upgraded its software to enable an easier unlock process for riders. Android users can now scan a Voi vehicle using their phone camera and be directed straight to the unlock page, without needing to open the Voi app first. iOS users will be able to do the same from next week.
“When we looked at the data, we saw that thousands of Voi riders were already trying to scan our vehicles with their phone cameras every month. So we thought, why not make it easier for them? By reducing friction and streamlining the user journey, we’re not just improving the app experience, we’re making it easier than ever to hop on a Voi,” Voi Chief Technology Officer Anders Ivarsson told Zag Daily.
“With this update, starting a ride takes just two taps, eliminating extra steps like unlocking your phone, searching for the app, and manually scanning or tapping the scooter.”
The CEO said Voi’s financial results may encourage the company to consider entering public markets in the next two to three years.
On Voi’s UK success, James said: “We hope 2025 sees the government legislate for e-scooters so we can have an even more successful year delivering safe, affordable and green travel choices to as many people as possible.”
The operator is to release its detailed audited report at the end of the month.
