Voi Technology (VOI) Q4 2024 earnings summary

Executive summary

• Achieved first-ever Adjusted EBIT profitability in 2024, with strong margin and operational improvements.

• Q4 net revenue up 33.1% year-over-year to EUR 32.8 million, driven by higher utilization and fleet expansion.

• Full-year net revenue rose 12.7% to EUR 132.8 million, with vehicle profit margin reaching 57.0%.

• Positive cash flow from operating activities in Q4 and for the full year.

• Secured EUR 50 million in bond financing and converted USD 85 million in convertible notes to equity, strengthening the balance sheet.

Financial highlights

• Q4 Adjusted EBITDA improved by EUR 9.4 million to EUR 4.1 million (12.6% margin); full-year Adjusted EBITDA at EUR 17.2 million (13.0% margin).

• Q4 EBIT reached EUR 1.4 million, up EUR 18.6 million year-over-year; full-year EBIT at EUR -3.3 million, a EUR 34.8 million improvement.

• Net profit for Q4 was EUR 0.5 million; full-year net loss narrowed to EUR -23.7 million from EUR -52.7 million.

• Net financial expenses increased to EUR -19.5 million, mainly due to non-cash interest on convertible notes, which were converted to equity in Q1.

• Cash and cash equivalents at year-end rose to EUR 60.1 million from EUR 12.0 million.

Outlook and guidance

• Focus for 2025 is on profitable growth and leveraging high operating leverage.

• Plans to deploy next-generation e-scooters and e-bikes to capture demand across Europe.

• Clear path to additional financing under the bond framework for 2026.