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Introducing the First Wave of Early Partners and Sponsors at MME 2026🌟 🇩🇪

Micromobility Europe 2026 brings together the companies building and backing the future of urban mobility, from global leaders to the innovators shaping what comes next.

We’re proud to welcome an incredible group of early partners including McKinsey, Rivian’s ALSO, LYFT, RYDE, Dott, NextBike, POLIS, Urban Sharing, Navee, CityFi, Valeo, XYTE, Vmax, Microlino, Standab, Atom, alongside more companies joining us this year.

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CALL FOR STARTUPS!

Building something bold in micromobility? This is your moment.

Pitch at the Startup Arena, compete for the Awards, and get seen by the people shaping the future of mobility at MME 2026.

Exhibit as a Startup

[Sponsor/Exhibit] | [Speak at the Event] | [Get A Free Pass]

And to find all about Micromobility America | Nov 11-12 | Palace of Fine Arts, SFO - HERE!

Contents

• Introduction

• Where it Started

• Scaling Up

• The Merger

• The Painful Middle

• 2025 Financials

  • Chart: Revenue vs EBIT and 2025 Quarterly Revenue

  • Table: P&L Snapshot - 2025

• Cash Position, Debt, & Fleet

  • Chart: Average Age of Dott’s Vehicles

  • Table: Consolidated Balance Sheet - 2025

• Dott vs. Voi: Two Paths to the Same Milestone

  • Chart: Voi vs Dott Comparison

• Where Dott Goes From Here

Introduction

When Dott launched in Brussels in January 2019, the micromobility industry was still in its gold rush phase. Companies were flooding cities with scooters, burning cash to grab market share, and treating profitability as a problem for later. Dott took a different view from the start.

“We had three first convictions: First, careful growth - starting small and launching in a few key cities to prove the model is useful, sustainable, and can be profitable. Second, Select scooter hardware built for shared usage - more resistant, shipped with spare parts. And third, doing it right and responsibly - having 100% in-house operations, no juicers, no gig economy from the first day.”
- Matthieu Faure, VP Brand & Communications, founding team at Dott

6 years later, Dott posted €7.2m in Adjusted EBITDA for FY2025, its first profitable year ever. In an industry that spent years treating losses as a feature rather than a bug, Dott got there by doing almost everything the slow way.

Where It Started

Dott was founded in 2018 by Henri Moissinac and Maxim Romain, both of whom had already seen the first wave of micromobility up close. Both had worked at Ofo, the Chinese bike-sharing giant. They came back together with a shared belief that the industry was solving the right problem in the wrong way.

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Spring Sale is LIVE! Grab Your Tickets at €425 Now!

Tickets for Micromobility Europe 2026 are now just €425 for a limited time.

Your pass includes full access to both days, the expo, test track, networking app, and the after party 🎊

Prices will rise soon and tickets are limited.

Secure your ticket now before the deal disappears.

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Join McKinsey, Rivian’s ALSO, LYFT, RYDE, Dott, NextBike, POLIS, Urban Sharing, Navee, CityFi, Valeo, XYTE, Vmax, Microlino, Valeo, Standab, Atom and many others!

[Sponsor/Exhibit] | [Speak at the Event] | [Exhibit as a Startup] | [Get A Free Pass]

And to find all about Micromobility America | Nov 11-12 | Palace of Fine Arts, SFO - HERE!

Check out! The Micromobility Podcast Ft. Kristian Brink

In this episode of the Micromobility Podcast, Prabin Joel Jones speaks with Kristian Brink, CEO of Urban Sharing about how bike share is evolving from rapid expansion to smarter, more sustainable operations.

From rebuilding Urban Sharing after COVID to unpacking global trends across Europe and Latin America, this conversation explores what is actually driving the next phase of micromobility.

Heads up! Our podcast has a new dock on YouTube, Apple, and Spotify. Make sure to resubscribe so you don’t miss out. Stay Tuned!!!

Contents

• About Donkey Republic

• The Journey So Far

• Ownership Structure

• 2025 Financial Performance

• Chart: Revenue vs. Net Result (2017-2025)

• Chart: Key Metrics

  • EBIT and EBITDA as % of Revenue (2019-2025)

  • Revenue vs. EBITDA per Bike/Month (2020-2025)

• Revenue Breakdown

• Chart: Revenue Split by Category

• Chart: Key Metrics (Revenue per Bike/Year, Trips, Fleet, 2021-2025)

• Cost Structure

• P&L Snapshot

• Cash Position & Balance Sheet

• Consolidated Balance Sheet

• 2026 Outlook

• Conclusion

About Donkey Republic

Donkey Republic is a Copenhagen-based micromobility company founded in 2014 by Erdem Ovacik and a team of Danish co-founders. The company operates a fully integrated, station-based bike-sharing platform focused on public-private partnerships with cities and transit authorities. Donkey Republic’s core business involves providing pedal and electric shared bicycles through a user-friendly app. It operates under a Mobility-as-a-Service (MaaS) model, serving riders directly (B2C), partnering with cities (B2G/B2B), and offering its technology platform through a Software-as-a-Service (SaaS) model.

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Micromobility Europe 2026

Join Micromobility Europe 2026 for just €399 today! Sale ends in 4 days!

Grab your ticket for just €399 and join two days of bold ideas, expert insights, and networking with the innovators shaping the future of urban mobility. This limited-time offer ends on March 16th, so secure your spot today.

Secure your spot today, don’t miss out!

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Join McKinsey, Rivian’s ALSO, LYFT, RYDE, Dott, NextBike, POLIS, Urban Sharing, Navee, CityFi, Valeo, XYTE, Vmax and many others!

[Sponsor/Exhibit] | [Speak at the Event] | [Exhibit as a Startup] | [Get A Free Pass]

And to find all about Micromobility America | Nov 11-12 | Palace of Fine Arts, SFO - HERE!

Contents

• Introduction

• A City Built on Getting Around

  • Chart: Chicago Shared Micromobility Analysis (2025)

• Where It Began

  • Chart: Divvy Bikeshare Rides in Chicago (2024 & 2025)

• Scooters Came in Differently

  • Chart: E-Scooter Trips by Private Operators (2022-2025)

• Building the Bike Network

• The Ridership Numbers

  • Chart: Divvy Trips by Vehicle Type (2019-2025)

• Equity as a Design Choice

• Where It Goes From Here

Introduction

Chicago is the kind of city that moves on its own terms. It has a transit network that stretches across 77 community areas, a lakefront that draws millions every summer, and winters cold enough to test even the most committed commuter. Yet over the past few years, Chicagoans have been getting on bikes and scooters in numbers that keep breaking records, 8.7m shared trips in 2023, 11m in 2024, and 12.9m in 2025.

To understand how that happened, we have to go back further than the numbers.

A City Built on Getting Around

Chicago has always taken transportation seriously. The “L” train has been running since 1892. The city sits at the intersection of major Amtrak corridors, Metra commuter rail lines, and one of the most extensive CTA bus networks in the country. Getting around without a car has never been impossible here, but it has always had gaps.

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Hurry! Early Bird Sale Ends in 2 days!

If you’re reading this… it’s a sign.
(And sure, technically you subscribed - but let’s go with destiny 😉)

Berlin is calling! Micromobility Europe 2026 is planned for June 2-3, where the passionate folks shaping the future of urban mobility actually meet. Two days of talks, hands-on demos, and conversations that could spark your next big idea and make all vision to reality!

Last chance to get your Early Bird tickets at €375 and it expires on 28 February. Grab your spot and join the movement. Will you be there?

Get Your Ticket

Join McKinsey, Rivian’s ALSO, Lyft, Dott, NextBike, POLIS, Urban Sharing, Navee, CityFi, Valeo, XYTE, Vmax and many others!

[Sponsor/Exhibit] | [Speak at the Event] | [Exhibit as a Startup] | [Get A Free Pass]

And to find all about Micromobility America | Nov 11-12 | Palace of Fine Arts, SFO - HERE! (Limited Launch Tickets are on sale at $199)

Contents

• About Brompton

• History

• Operations

• Electric Bike Expansion & Smart e-Motiq System

• Market Shifts

• Ownership Structure

• 2025 Financial Performance

• Chart: Revenue & Net Loss (2020-2024)

• Bike Sales and Product Mix

• Chart: Yearly Bike Sales

• Chart: Average Revenue Per Bike

• Revenue Breakdown by Region

• Chart: Revenue Split by Region

• Cost Structure, Margins and Investment

• Table: P&L Snapshot

• Cash Position and Financing

• Table: Balance Sheet Snapshot

• Conclusion

About Brompton

Brompton Bicycle Limited designs, manufactures, and sells folding bicycles and related products. The company is based in Greenford, London, UK, and sells globally through distributors, subsidiaries, retail partners, and direct-to-consumer channels, including e-commerce.

Brompton’s stated purpose is “to create urban freedom for happier lives,” emphasizing practical, high-quality transport solutions that help people move around cities with ease. The company is also a certified B Corporation, reflecting a commitment to social and environmental responsibility alongside business performance.

As the UK’s largest bicycle manufacturer, Brompton is best known for its compact folding bikes, which are popular with commuters and urban riders worldwide.

History

Brompton’s origins go back to 1975, when engineer Andrew Ritchie began designing a folding bicycle in his London flat overlooking the Brompton Oratory. He aimed to create a bike that folded easily, travelled well, and could go anywhere a person needed to be in a city. Over the next decade, he refined this design by hand, building prototype bikes in a small workshop.

In 1987, after many years of independent development and repeated rejections by banks and industry players, the Brompton folding bike won Best Product Award at the Cyclex Bike Show in London. This recognition helped spur wider production and interest.

The first Brompton factory was set up in railway arches in Brentford, West London, where the team handmade around 60 bikes per month. By 1991, Brompton had 56 outlets in the UK and an even bigger export market.

The company entered a new phase of global expansion in 2011 with the opening of its first Brompton Junction retail store in Kobe, Japan, marking a stronger direct-to-consumer presence outside the UK. In recent years, Brompton has focused on technical evolution, including lightweight materials, electric folding bikes, and the launch of the T Line in 2022, the lightest Brompton ever produced.

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Micromobility Europe 2026

The Earliest Bird catches the best deal! So Hurry Now!
Micromobility Europe 2026 brings the global micromobility community to Berlin for two days of ideas, products, and conversations that move the industry forward. Join us on June 2-3, 2026 at Arena Berlin.

Early Bird tickets are available now at €375. Tickets are limited and prices will increase once the Early Bird Sale ends.

Get Your Ticket

Join McKinsey, Rivian’s ALSO, Dott, NextBike, POLIS, Urban Sharing, Navee, CityFi, Valeo, XYTE, Vmax and many others!

[Sponsor/Exhibit] | [Speak at the Event] | [Exhibit as a Startup] | [Get A Free Pass]

And to find all about Micromobility America | Nov 11-12 | Palace of Fine Arts, SFO - HERE! (Limited Launch Tickets are on sale at $199)

Contents:

• Introduction

• The “Mamachari” Foundation

• The First Wave of Sharing

• LUUP and the Utility‑First Expansion

• The Regulatory Bottleneck

• Lime’s Adaptation

• The Infrastructure Paradox

• Built on What Already Worked

Japan often sits in a unique position in the global transport conversation. It is a country famous for its high-tech trains and futuristic image, yet its streets are filled by a piece of technology that hasn’t changed much in decades, the bicycle.

Japan started from a different baseline. Here, cycling wasn’t a ‘movement’ that needed to be sparked, it was already how millions of people moved.

In a 2021 study spanning 17 countries across six continents, Japanese cities stood apart. Osaka, Tokyo, and Nagoya have the highest proportion of female cyclists in the world, often surpassing even the Netherlands and Germany. In Tokyo, women make up 57% of all cyclists. In Osaka, that figure climbs higher at 64%. This wasn’t an anomaly. It was the result of decades of urban evolution shaped by a bicycle that most of the world has never heard of.

Japan has spent decades building a cycling culture rooted in utility, not sport. This article takes a deep dive into how Japan’s unique history paved the way for its modern micromobility boom, a market that has reached a staggering USD 4.4B in 2025.

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Micromobility Europe 2026 | Berlin

Only two days left!!! New Year Sale Ends on January 31st!

Micromobility Europe 2026 brings the global micromobility community together for two days of high-impact ideas, products, and connections shaping what’s next for the industry. Join us in Berlin on June 2-3, 2026, at Arena Berlin.

New Year Sale tickets are available for €349, but the offer ends January 31. Get your tickets today!

Get Your Ticket

Startups - This’s your moment too!
Applications for the Startup Arena are now open, with discounted participation available until January 31.

Submit your application before January 31st to get your spot at a discounted price.

The clock is ticking. Grab your tickets before it’s too late!
[Sponsor/Exhibit] | [Speak at the Event] | [Exhibit as a Startup] | [Get A Free Pass]

Spots are filling fast! Secure yours today and be part of Europe’s bespoke event for all things micromobility.

Tickets for Micromobility America 2026| SFO | Nov 11-12 is right here!

Contents:

• Recap on London Part 1

• London’s parking crisis

• The operators

  • Santander Cycles

    • Chart: Santander Ridership 2013-2024

  • Lime

    • Chart: Lime UK Revenue vs Net Result (2019-2024)

  • Forest

  • Voi

• A unique market for a unique city

Recap on London Part 1

In the first part of our series about London’s micromobility scene, we looked at the history and future of the sector in the region. What we found was a city and a sector that shape one another; and this is a theme that also runs through today’s piece.

Throughout this article, we’re going to be focusing on the regulatory and competitor landscape in London. To put that a different way, while the first part of this series is about how the past influences the future of micromobility in England’s capital, today we’re taking a good hard look at precisely what’s going on.

So let’s get into it.

The layout of London: An invisible influence

One of the most important elements to consider when thinking about micromobility in London is the sheer scale of the city and how it’s divided. London consists of 32 local boroughs and the City of London Corporation, with each of these areas having a separate local highway authority. Effectively, London is not that joined up.

There is some oversight, with the Mayor of London, Transport for London (TfL), and the Greater London Authority (GLA) having a range of strategic powers that can influence how people move around the city, but it’s the boroughs that look after the local highways, as well as parking arrangements — both of which are of vital importance for micromobility.

What this amounts to is there’s no single, London-wide statutory licensing regime for dockless or shared bikes. Sure, TfL issues guidance (such as the Dockless Bike Share Code of Practice), but, typically, boroughs enter commercial concession agreements with operators to set local rules, such as the number of vehicles allowed, parking requirements, and service standards. This is most commonly done on an individual basis, not as a broad policy that sweeps across the entire city.

This disparity is the lens through which London’s micromobility scene is read through, and is a vital key in understanding how the city operates. In some senses, micromobility in London isn’t the story of one city, it’s the story of 32 boroughs.

London’s parking crisis

If there’s one element that dominates London’s issue with shared micromobility, it’s parking. It doesn’t take long to find complaints about e-scooters or e-bikes littering the streets of the capital — but things have improved, and will continue to do so.

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Micromobility Europe 2026

Micromobility Europe returns to Berlin in 2026!

Join us June 2–3, 2026, at Arena Berlin for two days of high-energy keynotes, panels, demos, and hands-on networking with the brightest minds in micromobility.

New Year Sale on General Admission Tickets is live, for Just €349 - Limited Time Offer!

Get Your Ticket

New Year Sale ends on Jan 31. Grab your tickets soon!

[Sponsor/Exhibit] | [Speak at the Event] | [Exhibit as a Startup]

Spots are filling fast! Secure yours today and be part of Europe’s bespoke event for all things micromobility.

Check Micromobility America 2026 (November 11-12) here

Contents

• About Dance GmbH

• History and Background

• 2024 Financial Performance

• Chart: Revenue & Net Loss (2020-2024)

• Revenue Breakdown

• Chart: Revenue Split by Category

• Cost Structure and Cost Reductions

• Table: P&L Snapshot

• Cash Position and Debt Restructuring

• Table: Balance Sheet Snapshot

• Funding Timeline

• 2025 Positioning and Outlook

• Conclusion

• Download Link: Historical Financials Excel Sheet

About Dance

Dance GmbH is a Berlin-based electric mobility company that offers subscription-based access to electric bikes and electric mopeds. The company provides vehicles through monthly and annual subscriptions that bundle maintenance, repairs, and insurance into a single service, allowing members to use electric mobility without owning a vehicle.

Dance designs its vehicles in-house, with a focus on durability and long service life in a subscription environment. Manufacturing is handled by an external production partner in Taiwan. Alongside hardware, Dance operates its own software platform. The Dance app serves as the primary interface for members, supporting account management, in-ride information, and navigation.

As of the end of 2024, Dance operated in Berlin, Hamburg, and Munich in Germany, and in Paris, France. The company offers three vehicle types: step-over e-bikes, low-step e-bikes, and electric mopeds.

Dance serves both individual users and businesses. Through its Dance for Business program, employers can offer subscriptions to employees as a workplace benefit, including salary-sacrifice arrangements where applicable. The company generates revenue primarily from subscription fees and related services.

During a panel discussion on subscription models in biking at Micromobility Europe, Christian Springub, co-founder and CEO of Dance, explained that the company operates between ownership and shared micromobility by providing each member with a dedicated vehicle rather than a pay-per-ride shared bike. He emphasized that long-term retention makes service quality and reliability central to the model, with maintenance, repairs, and theft handling managed by Dance to remove friction for users. Springub also highlighted that recurring subscription revenue, combined with the residual value of the fleet, underpins the company’s ability to access asset-backed financing and support fleet growth.

History and Background

Dance was founded in 2020 in Berlin by Eric Quidenus-Wahlforss and Alexander Ljung, together with Christian Springub. The founding team had previously built and scaled consumer technology companies, including SoundCloud and Jimdo.

From the outset, Dance focused on a full-service subscription model for urban mobility, positioning itself as an alternative to vehicle ownership rather than a shared, pay-per-ride system. The company launched its service in Berlin and later expanded into other European cities, including Hamburg, Munich, Paris, and Vienna.

Between 2021 and 2022, Dance pursued rapid expansion, investing heavily in fleet growth, local operations, and service infrastructure to support delivery, maintenance, and refurbishment across multiple markets. During this period, the company expanded its vehicle offering beyond e-bikes to include electric mopeds.

By 2023, Dance began shifting its focus toward cost discipline and operational efficiency. A significant workforce reduction was implemented in late 2023 as part of efforts to align operating expenses more closely with revenue and improve unit economics.

In September 2024, Dance exited the Austrian market after determining that the business could not scale efficiently beyond its initial city and that adoption remained below expectations. Liquidation of the Austrian subsidiary was initiated during the year.

By the end of 2024, Dance had consolidated its operations around its core markets in Germany and France, reflecting a more focused operating footprint heading into the next phase of the company’s development.

2024 Financial Performance

In 2024, Dance increased revenue while sharply reducing operating losses.

Total revenue reached €8.0m, up from €6.2m in 2023. This represents year-on-year growth of roughly 29%.

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Micromobility Europe 2026

Missed Super Early Bird Sale yesterday? We’re extending it till tonight!

Don’t miss the last chance to get your tickets at €299 - Sale Ends tonight!!!

Get Your Ticket

[Sponsor/Exhibit] | [Speak at the Event] | [Exhibit as a Startup]

Check Micromobility America 2026 (11-12 November) here

With 2026 kicking off today, it’s a perfect time to reflect and look back over an incredible 12 months. In 2025, micromobility entered a new era, a maturation akin to taking its first steps out of an awkward teenage phase, and beginning its journey into full maturity.

From breaking records to new vehicles, and breathtaking events, 2025 was a year of transition and scale — so let’s rewind and look at some of the biggest happenings of the year.

A new chapter for micromobility

When it comes to breaking fresh ground, one of the biggest events of the year (and especially for us) was Mayten acquiring a majority interest in Micromobility Industries. Already the largest publication focused on small electric vehicles, this acquisition enables our media platform to go from strength-to-strength, helping to further support and build the industry.

Here’s to many more years of success and a thriving ecosystem!

Connecting the industry at Micromobility Europe 2025

On June 17 and 18 in Brussels, Micromobility Europe 2025 took place — and it felt like the entire industry showed up. It wasn’t just another event; it was an outpouring of enthusiasm for the whole sector, a true comeback for micromobility.

The excitement was palpable throughout the two days, with far too many highlights to list them all here, such as VanMoof launching its latest e-bike, the S6.

Another part of the event we’re proud of is how Micromobility Europe supports emerging companies, something that took centre stage at the Startup Arena. Here, a select group of early-stage businesses had the opportunity to exhibit their products, ideas, and innovations to key figures in the industry. It was excellent to see what’s coming next for micromobility all in one place.

On top of this, there was the Startup Pitch Competition, in which businesses presented their ideas to a panel of experts. After witnessing an incredibly competitive field overflowing with groundbreaking ideas, it was Blike, Bib Batteries, and Flit who won Gold, Silver, and Bronze respectively. It’s safe to say the future of our sector is in safe hands.

With a theme of “hope,” we were bowled over by how much energy, optimism, and support we saw from the community. Whether it was builders, investors, cities, or enthusiasts, our event showed micromobility is in rude health. And we’re already excited about next year.

2025: Success, regulation, and breaking records

Before we get to 2026, it’s time to examine what the industry did over the past 12 months. We witnessed a dizzying array of milestones, which showed just how good the year was for micromobility.

In August, we reported that Voi edged closer to achieving profitability at scale. While, earlier in the year, Bird registered $208m in gross bookings, with Lime hitting $810m on the same metric. Micromobility really is growing up.

Alongside this, the UK extended e-scooter trials, and China and New York rolled out more in-depth e-bike laws. It wasn’t all positive-minded regulations impacting the market though, with US tariffs hiking the prices on many micromobility components and giving many businesses a hard time.

Despite these difficulties, that didn’t stop companies from smashing an array of records in 2025. Whether it was Lime hitting one million rides in a single day, Ryde Mobility completing 100m overall, or simply a record number of shared micromobility trips in North America, 2025 was a year of firsts for micromobility — something that shows no signs of slowing down.

A year of change for micromobility companies

The last 12 months have seen enough news to fill several novels. There was the launch of Also, Inc. a Rivian spin-off focusing on micromobility vehicles. Then there were the funding rounds. Although too many to mention here, this included Dott, Voi, Ultraviolette, and Upway. And between all the funding rounds, micromobility companies raised hundreds of millions of dollars, showing there’s still hunger to upend the way we move around the world.

This wasn’t all though. We saw a lot of movement in how businesses operated. Ather went public in May, while there was an array of mergers and acquisitions that changed the makeup of the sector. These included Neuron and Beam merging, Rebirth acquiring Cowboy, Lyft acquiring FREENOW, Laka acquiring Luko from Allianz Group, and Aventon acquiring GoCycle. Companies are coming together, merging their technology, and, in turn, maturing the entire sector.

Of course, the nature of maturation involves change — and not every company makes it. 2025 also saw a range of businesses begin to shutter, with Rad Power, Electric Bicycle Co, and Podbike all declaring bankruptcy. Sadly, this is the nature of business. Where some companies thrive, others are bound to fall by the wayside. Thankfully though, there’s a lot more thriving than falling in Micromobility at the moment.

Cosying up to cities

If there’s one thing micromobility is innately connected to, it is cities. While the sector’s technology is usable and impactful anywhere, it’s urban environments that have some of the greatest potential to be reshaped by small electric vehicles.

This is shown by a range of interesting tenders won by companies in 2025. Dott and Pony won Bordeaux; Voi, Ryde, and Bolt won Oslo; while Dott, Lime, and Voi won Paris. These companies will manage fleets of vehicles with the ability to transform cities — something we’ll see happening more and more over the next several years.

On the note of changing urban environments, we’ve also written a range of deep-dive articles about various cities at Micromobility Industries throughout the year. If you want to know how micromobility is altering the world, check out our pieces on Seattle and London, as well as a roundup of the top cities for micromobility across the globe.

Of course, as the industry grows and spreads, there are sticking spots too. Two major cities banned e-scooters in 2025, with Prague and Florence cracking down on the vehicles. This, though, is to be expected. Change can happen incredibly quickly in cities, and there are still teething problems to work out for the industry.

One thing’s for sure, though: 2025 was a bumper year for the transformation of cities, and this is bound to continue into 2026.

Never standing still: New vehicles

One of the many reasons micromobility is currently so thrilling is it’s in the transitional period between being a plucky upstart and settled sector. This means that not only are there well run companies operating at scale, there are also still new innovations hitting the market.

An array of these were announced or launched in 2025. One trend was the rise of three-wheeled scooters, such as the Xyte One or the Scuter. Both of these vehicles are electric and designed to be used without helmets. Expect to see some of these zooming around your city soon.

Outside of scooters, another category which had a number of cool vehicles hit the market was the microcar sector. Whether it was the Toyota Ft-Me, the NIU, or the Sportivetta Zero1, microcars had a moment in 2025, and there’s no doubt they’ll get even more recognition next year.

These weren’t all the intriguing micromobility vehicles pushed out this year. While there were too many to list out here, hardware like the Porsche 5th Gen e-bikes, the Segway F3 Pro, and the Honda eQuad shows that more large companies are throwing their weight behind the market, providing competition and funding to help push the sector to the next level.

Still, as we pointed out previously, what makes micromobility great is it’s not just pure experimentation. Instead, to reach the mass market the sector is currently targeting, it needs to also take an iterative approach to technology, slowly and intelligently improving. We’ve seen that in 2025 from various companies, including Voi launching three new e-scooters, as well as Bird and Segway releasing their next-gen fleet.

Prepping for 2026

We don’t know for sure what will happen this year, but we can be sure it’ll be full of ups and downs, excitement and drama, and another exciting 12 months for micromobility. One thing we can say for sure is that we’re going to be with you the entire way, telling the stories and sharing the information you need to stay up to date with what’s happening in our sector.

There are a few ways you can come along for the journey. One is to watch our weekly podcast with leading industry figures. Another is to sign up to our Pro service, which shares in-depth insights into some of the most relevant topics impacting the sector.

Finally, on June 2 and 3, 2026, we’ll be hosting Micromobility Europe and Micromobility America on November 11 and 12, 2026. If you want to meet some of the most amazing names in micromobility, and see where the industry will go next, you simply have to be there.

All that’s left to say is have a wonderful year — and we’ll see you very, very soon.

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Micromobility Europe 2026

Micromobility Europe returns to Berlin in 2026!

Join us June 2–3, 2026 at Arena Berlin for two days of high-energy keynotes, panels, demos, and hands-on networking with the brightest minds in micromobility.

Super Early Bird Tickets are on sale for Just €299 - Sale Ends on 31st December

Get Your Ticket

🏢 Early Bird Rates for Exhibitors: Limited Time Offer Ends on 31st December!! Book your spot today!
🎙️Note to speakers: Applications to speak will close earlier than usual this year due to high demand. We encourage you to submit yours before 31st December.

[Sponsor/Exhibit] | [Speak at the Event] | [Exhibit as a Startup]

Spots are filling fast! secure yours today and be part of Europe’s bespoke event for all things micromobility.

Check Micromobility America 2026 here

Contents:

• Introduction

• Phase 1 (2010-2017): The “Boris” bike era

• Phase 2 (2017-2019): The bike litter crisis

• Phase 3 (2020-today): The micromobility boom

• Where we are today

• The future of micromobility in London

Introduction

London is a true international city. It sits alongside other metropolises like New York or Tokyo as a place on the cutting edge of culture and progress. In other words, change is in its DNA. This means it’s cities like London that are the training grounds for emerging technologies — and micromobility is no exception.

Over the past 20 years, what people want and expect from cities has altered drastically. The internet made our lives easier in a myriad of ways, and we now expect that convenience in other parts of our lives. Movement is one. These days, many of us don’t want to sit in stuffy public transport for short journeys or suffer the inconvenience of “driving” a car that’s constantly stuck in traffic. Combine this desire for convenience with an increasing focus on the environment, and you have the stage set for a new mode of transport.

It’s this gap that micromobility has filled — and London has been at the heart of this change, becoming an incubator for this new era of movement. While some of these schemes haven’t always been successful for the city, they are interesting and instructive for the evolution of the sector as a whole.

This article is the first in a pair that takes a deep dive into micromobility in London. Today, we’re looking at how the city has developed hand-in-hand with micromobility — and what the future might hold.

Phase 1 (2010-2017): The “Boris” bike era

Any Londoner will recall the launch of the Barclays Cycle Hire scheme, as it flooded the city’s streets with the bikes. Although, saying that, many Londoners might not recognise the name, instead being more au fait with their unofficial moniker: “Boris bikes.”

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Micromobility Europe 2026

Micromobility Europe returns to Berlin, the city where it all began.

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Contents

• About Beryl

• History and Background

• Product and Technology Developments

  • Table: Beryl Contract Type, By Region

  • Chart: Beryl Bikes Fleet Split - 2024

• Funding

• Ownership Structure

• 2024 Financial Performance

• Revenue Breakdown

  • Chart: Revenue & Net Result (2021-2024)

• Cost Structure

  • Table: P&L

• Cash Position & Balance Sheet

  • Table: Balance Sheet

• 2025 Outlook and Post-Year-End Developments

• How Riders Are Using Beryl’s Services

• Conclusion

About Beryl

Beryl is a UK-based micromobility company that designs, manufactures and operates shared bikes, e-bikes, e-scooters and e-cargo bikes. Over time, Beryl has become known for owning most of its technology stack, from vehicle hardware to the software platform that runs bookings, billing, fleet management and city-facing data services.

As of March 2024, it operated 14 schemes across the UK. These include bike-share, e-bike and e-scooter systems delivered through a mix of revenue-share, managed-service and SaaS-style agreements with local authorities. Rather than positioning itself as a purely consumer app, Beryl presents itself as a long-term transport partner to UK councils, supporting their active travel and sustainability goals.

History and Background

Beryl began as Blaze, founded by Emily Brooke in 2011. Its first product, the Laserlight, originated as her university project and launched on Kickstarter in 2012. Designed to project a green bicycle symbol onto the road ahead, it aimed to improve cyclist visibility in blind spots and at night. The innovation attracted early backing from Index Ventures, Pembroke VCT and members of the Branson family, enabling Blaze to scale manufacturing and secure major contracts, most notably supplying Laserlights to London’s Santander Cycles.

In 2018, Blaze rebranded to Beryl, reflecting a shift from a hardware-focused business to a full micromobility operator. The new identity paid tribute to legendary British cyclist Beryl Burton and signalled a more transport-oriented mission.

The company launched its first large-scale bike-share scheme in Bournemouth and Poole in 2019. Over the following years, it expanded to cities including Norwich, Hereford, Watford and the Isle of Wight, gradually adding e-bikes, e-scooters and e-cargo bikes and building the operational and software systems needed for city-wide deployments.

Product and Technology Developments

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Micromobility Europe 2026

Micromobility Europe returns to Berlin, the city where it all began.

Join us June 2–3, 2026 at Arena Berlin for two days of high-energy keynotes, panels, demos, and hands-on networking with the brightest minds in mobility.

Get Super Early Tickets for Just €299 before they sell out!

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🏢 Early Bird Rates for Exhibitors: Limited Time Offer Ends Soon! Book your spot today!
🎙️Note to speakers: Applications will close earlier than usual this year due to high demand. We encourage you to submit yours soon.

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Contents

• Introduction

• Online Orders & E-Commerce Demand

  • Chart: Enterprise Percentage of Online Sales and Turnover in the EU

  • Chart: Yulu Financials and Fleet Size

• Funds Raised

  • Chart: Funds Raised by Leading Last Mile Delivery Companies

  • Chart: Fleet Size of Leading Last Mile Delivery Companies

• Gig Workers

  • Chart: Rental Costs of E-Bikes for Gig Workers

• Payback Period on the Fleet Invested

• Fleet Outlook & Different Form Factors

• Battery Swapping or Fixed Battery

• Delivery Robots

• Conclusion

Introduction

Micromobility’s rise in delivery is driven by both necessity and opportunity. Congestion in major cities has made traditional delivery routes slower and more expensive, while emissions regulations and low-traffic zones are pushing companies to rethink how they operate. The last mile represents more than half of the overall cost of logistics operations, a problem that has only intensified as e-commerce exploded in 2020.

Bikes, e-bikes, scooters, cargo trikes, and small autonomous delivery bots are proving far better suited to short-distance, high-frequency delivery tasks. In cities like London, New York, Seoul, and San Francisco, logistics operators, retailers, and gig-delivery platforms are increasingly integrating these lighter vehicles into their fleets. For instance, in London, with low average traffic speeds and congested streets, cargo bikes moved 6% faster than cars by bypassing traffic and eliminating parking-related problems.

Online Orders & E-Commerce Demand

E-commerce represents 14% of total retail in the US, with 77% of the population spending online. This $1.1T market is key for international merchants.

In the EU, between 2013 and 2023, the share of enterprises that had e-sales increased from 17.21% to 23.83%. The turnover generated from e-sales increased from 13.81% to 19.12%. However, turnover in 2023 was 0.71 percentage points lower than the highest share recorded in 2019.

The Indian e-retail market, valued at approximately $60B in Gross Merchandise Value (GMV) in 2024, has established itself as the world’s second-largest online shopper base. Quick commerce, projected to grow more than 40% annually through 2030, and hyper-value commerce, which has scaled to more than 12% of e-retail GMV, are gaining traction in smaller cities.

Funds Raised

Zoomo

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Micromobility Europe 2026

Micromobility Europe is back in Berlin, the city where it all began.

Join us on June 2–3, 2026 at Arena Berlin for two action-packed days of keynotes, panels, demos, and hands-on networking with the brightest minds in mobility.

Explore the future of urban transport with live product launches, a full-scale test track, and discussions on everything from last-mile delivery to the 15-minute city.

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Contents

• History: From Humble Beginnings to a Global Brand

  • Chart: History of Canyon Bikes

• GBL Acquisition

• 2024 & H1 2025 Performance

  • Chart: Revenue, EBITDA & Market Valuation Chart

• Canyon Group 2020 - 2021 Financials

  • Chart: Sales Revenue vs Net Income (2005-2021)

• The Pandemic’s Impact on Performance and Strategy

• Cash Flow & Inventory (2020-2021)

• Liability Structure & Bank Debt

• Canyon Bicycles Standalone Company Financials 2022 & 2023

• Conclusion

History: From Humble Beginnings to a Global Brand

Founded in Koblenz, Germany, Canyon began in the 1980s as a small bike parts operation run by Roman Arnold, before evolving into a manufacturer known for precision-engineered performance bikes. The company built its reputation in road racing and mountain biking, later expanding successfully into gravel and e-bike categories.

A defining pillar of Canyon’s growth has been its direct-to-consumer (D2C) online model, allowing it to offer premium, competition-level bicycles at sharper price points than traditional dealer-based brands. Over time, Canyon has become one of the most influential modern bike brands globally, backed by world-class athletes, innovative product design, and a digitally-driven customer experience.

GBL Acquisition

In December 2020, Groupe Bruxelles Lambert (GBL) signed a definitive agreement to acquire a majority stake of roughly 50% in Canyon for €400m. As part of the transaction, GBL acquired the interest held by private equity firm TSG Consumer Partners, which fully exited its position. Founder Roman Arnold remained a significant shareholder and reinvested a large part of his proceeds alongside GBL.

Roman Arnold continued in the business, serving as Chairman of the Advisory Board rather than CEO.

At the time of signing, Canyon had grown to over €400m in sales (pre-deal) with an average annual growth rate of ~25% over the prior seven years.

2024 & H1 2025 Performance

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Micromobility Europe 2026

Micromobility Europe is back in Berlin, the city where it all began.

Join us on June 2–3, 2026 at Arena Berlin for two action-packed days of keynotes, panels, demos, and hands-on networking with the brightest minds in mobility.

Explore the future of urban transport with live product launches, a full-scale test track, and discussions on everything from last-mile delivery to the 15-minute city.

🎟️Limited Launch Offer (Ends on 31st October) - Just €249

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Contents

• About Segway-Ninebot

• Operations

• Ownership Structure

  • Chart: Shareholding Split

• 2024 Financial Performance

  • Chart: Sales Revenue vs Net Income (2019-2025)

• Revenue Breakdown by Product and Geography

  • Chart: Vehicles produced vs sold

  • Chart: Revenue Split by Category & Geography

• Cost Structure and Cost Reductions

  • Table: P&L

• Cash Position & Debt

  • Table: Balance Sheet

• 2025 Interim Update & Outlook

• Segway-Ninebot Stock Performance

• Conclusion

About Segway-Ninebot

Segway-Ninebot, officially Ninebot Limited, is a global technology company with a mission to simplify the movement of people and objects. The company is a leader in the design, research, development, production, and sale of intelligent short-distance transportation and service robotics products.

Its diverse portfolio includes electric scooters, electric two-wheelers, all-terrain vehicles (ATVs), E-bikes, robotic lawn mowers, and commercial service robots.

Operations

The company operates through two core segments:

• Intelligent Short-distance Mobility: This is the primary revenue driver, encompassing electric two-wheelers, electric scooters, balance bikes, all-terrain vehicles, and E-bikes. In 2024, the company sold 2.59m electric two-wheelers in China and expanded its domestic specialty store network to over 7,600 stores. The all-terrain vehicle business also saw significant growth, with cumulative production surpassing 100k units.

  Recently through a strategic partnership with Dott, launched the Urban B200 e-bike in Paris in October 2025. This co-developed model, deployed under Dott’s renewed four-year contract with the City of Paris, features a high-visibility dashboard, torque sensor for smooth acceleration, and a durable design for urban environments. With a 918Wh battery offering up to 120 km range and reduced standby power consumption, the e-bike enhances operational efficiency for large-scale sharing services.

  

• Service Robots: This segment includes commercial delivery robots for hotels and restaurants and the Navimow intelligent robotic lawn mower. The robot business saw explosive growth in 2024, with revenue increasing by 278% year-on-year, albeit from a smaller base.

The company employs a Make-to-Order (MTO) production model, supplemented by inventory production, and utilizes a global sales network combining direct sales and agency distribution.

Ownership Structure

As of the end of 2024, the actual controllers, Gao Lufeng and Wang Ye, collectively controlled 59.25% of the company’s voting rights through their holding entities (Putech Limited, Colwang Limited, Hsinch I/II/III LP).

2024 Financial Performance

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Micromobility America 2026

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Contents

• About G-Bike

• 2024 Financial Performance

• Revenue Breakdown

• Cost Structure

• Cash Position & Debt Restructuring

• Product & Market Development

• Funding

• Conclusion

About G-Bike

Gbike is a South Korean micromobility company established in August 2017. It operates GCOO, a shared mobility platform offering bicycles and e-scooters, complemented by software development and sales.

Headquartered in Seoul’s Gangnam-gu district, the company has pursued an international growth strategy with subsidiaries in the United States (GBIKE USA Inc.), Thailand (Thai Personal Mobility), and Vietnam (Viet Personal Mobility Co., Ltd.). In late 2024, Gbike expanded into Ghana, marking its first African operation.

The company is controlled by CEO Yoon Jong-soo, who holds a 31.6% stake.

2024 Financial Performance

Gbike reported $58.3 million in revenue for 2024, a 40% increase from $41.7 million in 2023. Operating profit more than doubled to $6.96 million, while net profit rose to $2.82 million.

Part of the improvement came from a change in accounting policy. The company extended the useful life of its bicycles and batteries from four years to five, reducing annual depreciation by $1.6 million and boosting net income.

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Micromobility America 2026

January 14 - 15, 2026 | Palace of Fine Arts | San Francisco

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January 14 - 15, 2026 | Palace of Fine Arts | San Francisco

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Get Involved with the World’s Premier Micromobility Event

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Webinar Alert! McKinsey’s Update on Mobility Shifts!🛴

Join us for the McKinsey Webinar where experts Kathrin Kiefer and Darius Scurtu will discuss the latest mobility shifts and emerging trends. The session will also introduce the potential of Consumer GenAI and its impact on the mobility landscape.

Don’t miss the Conversation - Register Now

Contents

• Introduction

• Operator Landscape & Ridership Trends

• Deployment of Vehicles

• Utilisation Ratio

• Growth of Lime

• How Seattle is Actively Supporting the Growth

• Lime’s Perspective

• Challenges on the Path to Growth

• Conclusion

Introduction

64%, 30%, 29% and 74%*(Till September 2025) are the YoY growth of shared micromobility trips in Seattle from 2022 onwards.

We wanted to understand how this model is working, just as many others might. This piece outlines the current state of Seattle’s shared micromobility, based on direct insights from Seattle DOT and recent city data.

Cities everywhere are trying to determine the most effective ways for people to get around.

In Seattle, alongside buses, trains, and cars, you see a lot of shared bikes and electric scooters. Seattle has become a shared micromobility hub not just on the West Coast but is one of the leading cities in the country in terms of total shared micromobility trips. The city isn’t just allowing shared bikes and scooters to exist; it’s actively working to make them an everyday part of how people get around. This support, combined with a growing network of bike lanes, has resulted in year-after-year increases in ridership.

Currently, there are about 359k active members registered in the program. Out of which Lime has about 341k members registered, and the remaining 18k are registered on Bird.

Operator Landscape & Ridership Trends

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January 14 - 15, 2026 | Palace of Fine Arts | San Francisco

Join the premier event for small electric vehicles, shared mobility, and next-generation urban transport. Micromobility America brings together the most influential voices in mobility innovation - from founders and policymakers to retailers and investors.

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🎟️ Get a Free Ticket: City officials, researchers, students, journalists, and academics can apply here for a free ticket

Webinar Alert! McKinsey’s Update on Mobility Shifts!🛴

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Don’t Miss the Conversation - Register Now

Contents

• About Swapfiets

• Operations

• Ownership Structure

• 2024 Financial Performance

• Chart: Net Revenue vs Net Result ( 2018 to 2024), Revenue Split by Region (2024)

• Chart: Membership, Average Revenue Per Member (2018-2024)

• Revenue Breakdown by Geography

• Cost Structure and Cost Reductions

• Table: P&L Snapshot

• Cash Position & Debt Restructuring

• Table: Balance Sheet Snapshot

• Conclusion

About Swapfiets

Swapfiets is a bike subscription service founded in 2014 by Dutch students Richard Burger, Dirk de Bruijn, and Martijn Obers. Instead of owning a bike, customers pay a fixed monthly fee for access to a high-quality bicycle, e-bike, or e-scooter, with all service, repairs, and replacements included. The idea is simple: if your ride breaks, Swapfiets fixes or swaps it, so you're never without a working bike for long.

Swapfiets today has over 266,831 members and employs 727 people. The company offers a range of five bike models, including two pedal bikes and three e-bikes.

Operations

As of December 2024, Swapfiets operates in 45 cities across 8 European countries (the Netherlands, Germany, France, the UK, Belgium, Denmark, Spain, and Austria).

No new cities were added in 2024. Management's stated focus is on "optimizing growth in these cities" and "continuously reassessing the company’s global footprint."

In 2024, Swapfiets discontinued operations in Italy as part of a deliberate "legal entity rationalisation strategy." All assets and operations were successfully transitioned out, with no material impact on the Group's finances. This move signifies a strategic pivot from rapid expansion to a focused strategy of deepening presence in core markets rather than broadening geographic reach.

Check this panel from Micromobility Europe where Marc De Vries, CEO of Swapfiets shared some insights

Ownership Structure

Swapthis Holding B.V. remains a 100% subsidiary of Pon Holdings B.V., the Dutch mobility conglomerate. Pon's financial support is the critical enabler of Swapfiets' strategy, providing both equity injections (€19.6m in paid-in capital in 2024) and working capital loans. The group structure includes a holding company (Swapthis Holding B.V.), a central service company (SwapServices B.V.), and individual operating companies in each country.

The company's going concern status is explicitly dependent on the continued financial commitment from its parent company.

2024 Financial Performance

Swapfiets reported €91.1m in revenue, a growth of 7% from €85.3m in 2023. This growth was primarily driven by the e-bike subscriptions, which were complemented by the rise in the e-bike fleet. The number of e-bikes reached 52,000, a 23% increase YoY. E-Bike share in the total membership base rose to 20% in 2024.

The net loss improved substantially to €14.3m, down from a €22.6m loss in 2023 (an improvement of €8.3m).

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January 14 - 15, 2026 | Palace of Fine Arts | San Francisco

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Contents

• About Bolt

• Ownership Structure

• 2024 Financial Performance

• Chart: Net Revenue vs Net Result ( 2013 to 2024)

• Chart: Revenue Split by Service Type

• Cost Structure Breakdown

• Chart: Revenue and Cost Breakdown

• Table: P&L Snapshot

• Cash Position & Balance Sheet

• Table: Balance Sheet Snapshot

• Conclusion

About Bolt

Bolt is a global shared mobility company offering ride-hailing, e-scooter and bike rentals, car sharing, and food delivery in more than 45 countries and 600 cities. The company employs over 4,000 people. In January 2025, it launched 720 Hopp shared e-scooters in Washington, D.C., followed in February by the rollout of ride-hailing services in Canada’s Toronto region. Bolt’s fleet includes around 250,000 rental vehicles, spanning cars, bikes, and e-scooters.

Globally, Bolt works with over 4.5 million registered drivers and courier partners across more than 45 countries.

Ownership Structure

No single shareholder owns more than 25% of Bolt Technology OÜ. The largest stake belongs to Mordor Management OÜ, controlled by Markus Villig, which held 16.70% of shares at the end of 2024 (down slightly from 16.88% in 2023).

Sequoia Capital holds 3% of shares,  under two different entities. 

1. Sequoia Capital Global Growth Fund III - U.S./India Annex Fund, L.P

2. Sequoia Capital U.S. Growth Fund IX, L.P

2024 Financial Performance

In 2024, Bolt generated €1.99B in revenue, up 17% from €1.7B in 2023 and posted a net loss of €102.59m, wider than the €91.9 net loss from 2023.

Operating Loss Margin improved to -4.4% from -5.5% in 2023.

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Early Bird rates end on September 1st - secure your spot now!

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Contents

• About Swing

• Ownership Structure

• 2024 Financial Performance

• Chart: Net Revenue vs Net Result ( 2019 to 2024)

• Revenue Breakdown

• Chart: Revenue Split by Geography and Category

• Cost Structure

• Chart: Cost Breakdown

• Table: P&L Snapshot

• Cash Position & Balance Sheet

• Balance Sheet Snapshot

• Strengths & Challenges

• Major Developments (2022–2025)

• 2025 Outlook

• Conclusion

About Swing

Swing Co., Ltd. is a South Korean micromobility company operating shared bicycles, scooters, motorcycles, and kickboards through an integrated online platform. Beyond rentals, Swing develops proprietary fleet management software, licenses mobility technology, and offers insurance products tailored to shared mobility.

The company operates in both domestic and overseas markets, notably Japan through its subsidiary Swing Japan.

Checkout this panel from Micromobility Europe 2024, moderated by Micromobility Industries CEO Prabin Joel Jones, where Swing’s founder San spoke about how Swing has remained profitable

Ownership Structure

As of 31 December 2024, CEO Kim Hyeong-san and affiliated entities own 26.17% of the company. Other major investors include Hashed Ventures (15.69%) and White Star Capital (10.34%). Swing has 52,786 issued shares, comprising 18,817 common and 33,969 preferred shares.

Swing has issued two types of convertible preferred shares:

• Type 1: 3,227 shares at $250 each, total $0.81M

• Type 2: 11,712 shares at $228 each, total $2.66M
  Both mature 10 years after issuance.

2024 Financial Performance

Swing closed 2024 with revenue of $44.5M, up 12.5% from 2023. However, profitability weakened sharply: operating profit fell nearly 70% to $1.1M, while net income declined 58% to $0.35M.

Gross margin compressed to 23.1% from 29.2%, reflecting higher fleet maintenance, depreciation, and financing costs. The company ended the year with a debt-to-equity ratio of 124%, up from 77% in 2023.

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Contents

• Introduction

• Chart: Voi’s Quarterly Valuation Chart (2018 - 2025)

• Q2 2025 Financial Performance

• Chart: Net Revenue vs EBIT ( Q2-2023 to Q2 2025)

• Chart: Trips vs Vehicles Deployed ( Q2-2023 to Q2 2025)

• Revenue Breakdown

• Chart: Revenue Split by Geography and Category

• Chart: TVD and RVD ( Q2-2023 to Q2 2025)

• Cost Structure

• Table: P&L Snapshot

• Chart: Vehicle Profit %, EBITDA vs EBIT ( Q2-2023 to Q2 2025)

• Cash Position & Balance Sheet

• Balance Sheet Snapshot

• 2025 Outlook

• Conclusion

Introduction

Voi’s Q1 2025 results showed a rebound: 28% YoY revenue growth, narrowing losses, and improved fleet use, but also highlighted issues like low revenue per trip and limited cash. Q2 2025 builds on that recovery and marks a key shift toward larger-scale operations and better financial performance.

What more? Voi’s investor VNV Global has marked up their valuation to $611.4m, up by 26% from December 2024. Voi breached the $600m valuation mark for the first time since September 2022 and VNV has been marking up Voi’s valuation for 5 quarters straight.

Just in case you missed, check this fireside chat with Voi’s Co-Founder & CEO Fredrik Hjelm at Micromobility Europe 2025

Q2 2025 Financial Performance

Voi reported strong growth in Q2 2025, with net revenue rising 29% year-over-year (YoY) to €46.8m, driven by a bigger fleet and more efficient use of vehicles.

The average fleet size grew 32% YoY, while rides rose even faster, up 55% to 31.1 million, signaling strong demand for Voi’s e-scooters and e-bikes. Despite this, revenue per vehicle per day (RVD) dipped slightly by 3% YoY to €4.09, from €4.21 last year. The growth in rides kept pace with the fleet expansion, helping maintain revenue per vehicle.

Profitability also improved:

• Vehicle-level profit margins rose 0.9 percentage points YoY to 60.4%, showing better operational efficiency.

• Adjusted EBITDA jumped 54% to €10.0m, with a margin of 21.3% (vs. 17.9% in Q2 2024).

• Adjusted EBIT increased to €3.5m (vs. €3.0m YoY), though reported EBIT was €1.4m, impacted by higher depreciation from new vehicle investments.

• Operating cash flow grew to €11.5m (up €2.4m YoY), highlighting the company’s ability to generate cash from its core business.

Revenue Breakdown

Revenue grew across all markets and product lines:

By Geography:

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Contents

• Introduction

• Financial Performance (FY2024–2025)

• Chart: Revenue vs Net Result (FY 2020 - FY 2025)

• P&L Snapshot

• Cost Structure Breakdown

• Chart: Expense Analysis

• IPO Performance

• Chart: YTD Stock Performance

• Cash Position & Balance Sheet

• Balance Sheet Snapshot

• 2025 Outlook

• Strengths and Challenges

• Conclusion

Introduction

Ather Energy was founded in 2013 by IIT-Chennai graduates Tarun Mehta and Swapnil Jain to address the lack of high-quality electric vehicles in India. Starting from a clean-sheet design, they developed the country's first smart electric scooter and launched the Ather 450 in 2018, featuring a connected dashboard and over-the-air updates. With early backing from the founders of Flipkart and Hero MotoCorp, Ather focused on building a vertically integrated EV platform that now includes its own charging network (Ather Grid) and retail experience (Ather Space).

Today, Ather positions itself at the premium end of India's two-wheeler EV market with its flagship product line, the Ather 450X, and the country's largest fast-charging infrastructure. In August 2024, the company transitioned to a public limited structure in preparation for its initial public offering. The IPO in May 2025 raised $305.3 million (₹26,260 million). During the same period, Ather acquired 100 acres of land in Maharashtra for $11.5 million (₹955 million) to scale manufacturing capacity and converted all outstanding preference shares into equity, marking a new phase in its public-market journey.

Also, check out our recent webinar with McKinsey on the electric two-wheeler market.

Financial Performance (FY2024–2025)

Ather’s revenue surged 28.6% YoY to $262m, outpacing expense growth of 16.6%. Total expenses reached $349.4m (FY2024: $308.9m), reflecting disciplined cost management amid aggressive expansion. However, net losses deepened to $136m (FY2024: $128.6m), as material costs ($212.3m) and debt-driven finance costs ($12.9m) offset revenue gains. Ather Energy demonstrated robust revenue growth but continued to face profitability challenges:

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