DonkeyRepublic Holding (DONKEY) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 revenue of DKK 34M, up 47% year-over-year, driven by e-bike fleet performance and wallet breakage income.

• Full-year 2024 revenue reached DKK 145M, a 25% increase, with EBITDA of DKK 23M and positive EBIT of DKK 1M, both at the upper end of guidance.

• Rider count grew 36% in Q4 and 21% for the full year, with 1.8M trips in Q4 and 8.4M trips in 2024.

• Secured DKK 61M debt facility post-period to refinance existing debt and support further growth.

Financial highlights

• Q4 EBITDA improved by DKK 6.5M year-over-year, reaching DKK 2.7M.

• Monthly revenue per bike rose 38% in Q4 to DKK 525; full-year average was DKK 570, up 18%.

• Fleet size increased 7% in Q4 and 6% for the year, ending at 21.5K active bikes.

• Q4 recognized significant breakage income from wallet product, now expected to recur quarterly.

Outlook and guidance

• 2025 revenue guidance: DKK 165M–185M; EBITDA: DKK 27M–37M; EBIT: DKK 1M–6M.

• Assumes 10–15% fleet growth, with 2,500–3,500 new bikes deployed and funding secured for expansion.

• Guidance based on stable demand, operational continuity, and no major competitive or weather disruptions.