DonkeyRepublic Holding (DONKEY) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 revenue of DKK 51.0M, up 25% year-over-year, driven by larger fleet, higher utilization, and ramp-up of subsidized operations.

• Q3 EBITDA rose 60% year-over-year to DKK 17.6M, with two-thirds of revenue growth reaching EBITDA.

• Monthly revenue per bike increased 15% to DKK 785; active riders grew 32% to 346K and trips rose 28% to 3.2M.

Financial highlights

• Revenue: DKK 51.0M in Q3, up 25% year-over-year.

• EBITDA: DKK 17.6M in Q3, up 60% year-over-year.

• Monthly revenue per bike: DKK 785, up 15% year-over-year.

• Active riders: 346K, up 32%; trips: 3.2M, up 28%; fleet size: 21.7K, up 9%.

Outlook and guidance

• 2024 revenue guidance narrowed to DKK 135M–145M (17%–26% growth vs. 2023).

• 2024 EBITDA guidance set at DKK 16M–21M (68%–142% growth vs. 2023).

• 2024 EBIT guidance adjusted to DKK -4M to +1M, reflecting lower fleet growth and one-time investments in bike quality.

• Projected revenue increase of DKK 20M–30M and EBIT improvement of DKK 6.6M–11.6M year-over-year.