Voi Technology (VOI) Q1 2025 earnings summary

Executive summary

• Achieved all-time high revenues in Q1 2025, with net revenue up 28% year-over-year to EUR 26.3 million, driven by strong demand and expansion in the Nordic and DACH regions.

• Operational efficiency gains led to a vehicle profit margin increase to 48.4% and improved Adjusted EBITDA and EBIT, despite Q1 being seasonally the smallest quarter.

• Expanded fleet and launched operations in 12 new cities, with no single city accounting for more than 10% of total revenues, ensuring revenue diversification.

Financial highlights

• Net revenue rose by EUR 5.7 million (28%) year-over-year, primarily due to a 19% increase in utilization and 18% fleet growth.

• Adjusted EBITDA improved by EUR 4.0 million to EUR -2.2 million, with margin improving to -8.3% from -29.9% year-over-year.

• Adjusted EBIT improved by EUR 3.2 million to EUR -7.2 million, and EBIT by EUR 5.2 million to EUR -7.9 million year-over-year.

• Net profit/loss for the period was EUR -6.9 million, a significant improvement from EUR -31.0 million in Q1 2024.

• Cash flow from operating activities increased by EUR 1.7 million to EUR -7.1 million year-over-year.

Outlook and guidance

• Management expects continued positive impact from the scaled fleet and does not anticipate material near-term impact from global trade policy changes.

• Focus remains on achieving consistent profitability and cash generation in 2025.