Voi Technology AB ("Voi" or the "Group") delivered its strongest quarter ever in Q3 2025, marked by record ridership, revenue and cash flow. Voi recorded over 37 million rides during the period, up 57% year over year, while expanding its active fleet by more than a third. Net revenue rose 34% to EUR 57.5 million and cash flow from operating activities grew 67% year over year, reaching an all-time high of EUR 19.8 million. These developments underline Voi's ability to combine scale, profitability and cash generation.
The record performance in Q3 crowns what has been a transformative year for Voi, demonstrating the scalability and resilience of its business model. Profitability continued to strengthen, with Adjusted EBITDA on a twelve-month trailing basis (LTM) amounting to EUR 28.3 million and Adjusted EBIT to EUR 4.8 million. Together with record cash generation in the quarter, these results confirm that Voi has transitioned from reaching profitability to scaling it as the company heads into 2026.
Fredrik Hjelm, Co-Founder and CEO, commented:
"Micromobility has proven to be a high-growth, profitable and cash-generative sector, and Voi is executing against that opportunity. This summer marked an inflection point with record rides, strong profitability and the successful re-entry into Paris with our new e-bike, the Explorer 4. Together with recent tender wins across Europe, we are building a more resilient and diversified platform than ever before. As we enter the final quarter of the year, Voi stands stronger financially, operationally and strategically than at any point in our seven-year history."
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."
Financial Highlights Q3 2025
- Net revenue increased by 34% to EUR 57.5 (43.0) million year over year.
- Vehicle profit margin remained stable at 62.9% (63.1%).
- Adjusted EBITDA increased by EUR 3.6 million to EUR 16.4 (12.8) million with a margin of 28.4% (29.7%).
- Adjusted EBIT increased by EUR 1.0 million to EUR 9.4 (8.4) million.
- EBIT increased by EUR 0.7 million to EUR 8.1 (7.4) million.
- Cash flow from operating activities increased by EUR 7.9 million to EUR 19.8 (11.8) million.
- Net Interest Bearing Debt amounted to EUR 24.1 million, a decrease of EUR 3.0 million from EUR 27.1 million as of June 30, 2025.
Voi's rider base expanded significantly across all major markets, with monthly active riders up 32% year over year. The Group also expanded its footprint with the recent launch in Paris, the largest contract in Voi's history, and exclusive e-bike tender wins in Edinburgh and Glasgow.
With record revenues, positive cash flow, and an expanding European footprint, Voi continues to deliver on its profitable growth trajectory.
Contacts
For media inquiries: press@voi.com
Investor relations contact: investor@voi.com
About Us
Founded in 2018, Voi is a Swedish micromobility company offering e-scooter and e-bike sharing in partnership with towns, cities and local communities. We believe e-scooters and e-bikes can play a central role in changing how people move in our towns and cities in the future. We want to ensure that the micromobility transformation happens the right way - through real innovative technology, open and transparent dialogue with towns, cities and governments and by adapting our products to local needs. Voi's holistic Environmental Action Plan tackles emissions and promotes renewable energy use and circularity along its supply chain.
Voi operates over 150,000 vehicles in over 110 towns and cities across 12 countries. It is headquartered in Stockholm and employs around 1,000 people. To date, Voi boasts more than eight million riders and has served more than 375 million rides.
This information is information that Voi Technology AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-10-23 08:30 CEST.