Voi's Financial Recovery Signals Potential Profitability

Voi's Financial Recovery Signals Potential Profitability

Nikolai Petrovich Antipov
2 min read

Voi's Financial Recovery Signals Potential Profitability

Swedish micromobility startup Voi has made significant progress in reducing its losses, marking a 34% decrease in 2023, positioning itself for potential profitability in the near future. The company's annual report revealed a decline in losses from SEK 900.7m (€79m) in 2022 to SEK 595.3m (€52m) in 2023, in conjunction with an 18% increase in net revenue to SEK 1.4bn (€120m). Voi's CFO, Mathias Hermansson, announced that the company is now operationally cash flow positive and has reported over SEK 30m (€2.6m) in adjusted EBITDA.

Despite these improvements, the micromobility sector has faced challenges, with competitors like Berlin-based unu and US giant Bird filing for bankruptcy. Voi's competitors, Dott and Tier, merged due to profitability struggles. Voi's valuation has also declined since 2021, raising $25m at a post-money valuation of SEK 3.9bn (€340m), significantly lower than its previous unicorn status.

Key Takeaways

  • Voi reduced losses by 34% in 2023, aiming for profitability soon.
  • Net revenue rose 18% to SEK 1.4bn (€120m) in 2023.
  • Voi is now operationally cash flow positive and expects full-year EBIT profitability.
  • Micromobility sector faces challenges; competitors like unu and Bird filed for bankruptcy.
  • Voi's valuation dropped, raising $25m at a lower post-money valuation for fleet expansion.


Voi's reduced losses and increased revenue reflect strategic efficiency and market adaptation. Competitor bankruptcies and sector consolidation highlight intense competition and regulatory pressures. Regulatory shifts, notably in Paris and Berlin, and e-bike competition pose ongoing threats. Despite these, Voi's operational cash flow positivity and potential 2024 EBIT profitability indicate resilience. Short-term gains could stabilize Voi, but long-term sustainability hinges on navigating regulatory landscapes and maintaining a competitive edge.

Did You Know?

  • Micromobility Sector:
    • The micromobility sector refers to the industry focused on small, lightweight vehicles designed for short-distance travel, such as electric scooters, e-bikes, and electric skateboards. These vehicles are typically shared through a rental system and are intended to provide a convenient, eco-friendly alternative to traditional modes of transportation like cars and public transit for urban commuting.
  • Operationally Cash Flow Positive:
    • Being operationally cash flow positive means that a company generates more cash from its regular business operations than it spends on those operations. This is a significant milestone as it indicates that the company can sustain its operations without relying on external funding or loans, which is crucial for long-term financial stability and potential profitability.
  • Unicorn Status:
    • Unicorn status is a term used in the venture capital industry to describe a privately held startup company with a valuation of over $1 billion. This term was popularized by venture capitalist Aileen Lee, who coined it in 2013. For a company like Voi, losing its unicorn status indicates a significant drop in its perceived value by investors, which can be due to various factors including market conditions, company performance, or sector-specific challenges.

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