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Voi Technology reaps 140% revenue growth on the back of significant increased demand and continues to improve margins

two women in helmets, riding a crowded bike lane on an e-bike and an e-scooter

July 28, 2022, Stockholm, Voi Technology has this week submitted its full year results for the year ending December 2021.

2021 was a year which showcased significant increased demand for micromobility services (140% revenue growth YoY) as Voi expanded and deepened its services across Europe, by rolling out into new geographies.

The company invested heavily in improving its safety features and parking solutions as well as in its proprietary tech and data platform. Voi continued to maintain pole position with regard to winning tenders and has the largest tendered market share of scooters in Europe. Throughout the year it saw increased improvement in its operating results and showed EBITDA profitability on both the city level and on the country level. Overall, the company delivered on its goals for 2021.

Mathias Hermansson, CFO and Deputy CEO of Voi Technology, said: “To build a new industry takes both time and material investments. 2021 was a breakthrough year where we continued to invest in the long-term building of micromobility across Europe. It was also only our third full year of operations and we saw a record demand from users across all our cities. This shows that micromobility is here to stay with external forecasts estimating that our total addressable market in Europe is tens of billions.”

Throughout the year, we expanded our footprint and are now available in 100+ cities. During the year, we supplied over 60 million rides, an all time high, and made us number one in ride market share in the countries we operate in. We made notable investments in improving our services, our tech and data platforms and notably our parking solutions which have been a pain point for some of the non-regulated cities. In Q1 2022, we began to reap the benefits of these investments by winning four of four tenders in Norway, including Oslo.

We continue to strengthen margins on all levels. We have transformed how we design our services to suit each city’s requirements, improved vehicle design and optimised efficiencies in our street and warehouse operations.

This dedicated work from our teams contributed to improve our gross margins that led to the best unit economics we have seen to date.

These investments mean that we have reported higher net loss for this year.

As the environment is changing, so are we. During 2022 our focus has shifted from prioritising growth and expansion to Group EBITDA profitability, which is the industry proxy for operating cash flow.

We are prudent with our use of capital and do not expect to raise capital over the foreseeable future, which means we will be able to focus on long-term value creation for cities, riders, shareholders and employees.

We believe there will continue to be shake-out in the industry and that will only benefit the serious operators and the industry as a whole.

2021 was a landmark year for micromobility across Europe and when our services became embedded in the fabric of cities. We’re excited to continue serving our cities and riders over the coming years.

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