Voi

Voi closed FY2025 at €178.2M revenue, up 34% year-over-year, with a 57.5% vehicle-level margin and a fleet that averaged 124,000 deployed vehicles across the year. Q1 2026 came in at +38% revenue growth, an acceleration rather than a return-to-trend bounce. European media spent 2023 and 2024 pricing this category for death. Nobody expected numbers like these.

The path to profitability was unglamorous. Voi exited unprofitable cities, switched from generation-three to generation-four scooters with longer service lives, brought more battery-swap operations in-house, and renegotiated permit revenue shares in the markets that survived consolidation. Every one of those moves cost growth at the time. They are now the reason the unit economics print this way.

Stockholm-press reporting in February 2026 has Voi exploring an IPO. Bankers have been pitched, but no bookrunner mandate has been signed publicly. On the operating numbers, this is a company that can probably price. The harder question is whether the Stockholm exchange will reward a “boring profitable transport company” multiple or insist on a tech multiple the business cannot defend. Both outcomes remain possible.

For Sweden’s startup directory, Voi is now the only Stockholm-headquartered consumer-mobility business at this scale operating cash-positive. Its true peer set is European public-market transport operators, not Klarna or other fintech, and that changes the valuation conversation entirely. Whichever way the listing question lands, the 2025 result moves Voi out of the “subsidy-dependent” bucket the entire shared-mobility category has been stuck in since 2022.