Profitable at Scale? Voi’s Q2 2025 Says Yes!
[Micromobility Pro] Voi's Q2 2025 Results Breakdown: Rides up 55%, revenue up 29%, and Paris launch around the corner, Voi is scaling fast and edging closer to profitability.
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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: