Is Tier Mobility (now Dott) profitable in 2026?

Barely. FY2025 revenue fell 16% YoY to EUR173.3M, but the company reported its first-ever profitable year with EUR7M Adjusted EBITDA, a thin 4% margin, per its Q4 FY2025 financial report dated 2026-03-31.

Did Tier Mobility merge with Dott?

Yes. Tier and Dott announced their merger in January 2024, closed it in May 2024, and by early 2025 fully rebranded the combined fleet and app under the Dott name, retiring the Tier brand entirely.

Who owns Tier Mobility now and is it still called Tier?

The surviving legal entity is TIER Mobility SE, but it trades publicly as Dott (ridedott.com) since the 2024 merger. It remains privately held, financed via a EUR150M senior secured floating-rate bond maturing 2029, as of June 2026.

Is Dott (Tier Mobility) losing to competitors like Lime or Voi?

Yes on relative growth. Rival Voi grew FY2025 revenue 34% YoY to EUR178.2M with a 16% EBITDA margin, while Dott's revenue fell 16% to EUR173.3M with only a 4% margin, per company reports dated 2026-03-31 and 2026-04-23.

Could AI replace Dott's (Tier Mobility's) scooter business?

No, the core business is physical fleet logistics AI cannot replicate. Dott uses computer-vision AI only for safety features like parking classification (Captur, since Nov 2023) and hazard detection (Luna Systems, since 2022), not as a revenue differentiator.

Is it risky to join Tier Mobility/Dott right now?

There are financial-stress signals: Dott twice delayed delivery of its audited FY2025 financial statements via bondholder Written Procedures, pushing the deadline to 30 September 2026, per a filing dated 2026-07-24.

Automotive companies · Germany

Tier Mobility

tier.app ↗

German-founded shared e-scooter and e-bike operator, now trading as Dott after Tier-Dott merger.

Little protection left

Assessed 25 July 2026 · Evidence as of 25 July 2026

Not much stands between this business and its pressures.

On the recordSince 25 July 2026 · Checkable from 30 September 2026 · Every call on the record Checkpoint: Deadline for audited FY2025 financials under bond covenants, after two prior delays

The call

Dott competes for the same city tenders as Lime, Voi, and Bolt with shrinking revenue, a thin margin, and financial reporting delays still unresolved.

Tier Mobility (now called Dott after a 2024 merger) lets people rent scooters and bikes in cities by the trip. The business is easy to copy because cities pick vendors every few years and hand out contracts to multiple companies at once, so Tier faces identical rivals like Lime and Voi everywhere it operates. Tier's revenue dropped 16% last year to 173 million euros, it made almost no profit, and it has already asked investors twice to waive financial penalties on its bonds, which signals serious money trouble. Lime just went public with roughly twice Tier's total revenue and tons of fresh cash, while competitor Voi is growing three times faster than Tier with much better profits. The company has until late September 2026 to file clean audited numbers and prove it can grow again, but even that would not be enough to catch up to Lime's size and resources.

Why

AI pressure: None apparent. AI tools like demand forecasting and fleet rebalancing help operators cut costs, they don't threaten to replace the ride itself. Could AI do the core job? Only partly.

Bigger players: Lime. Lime just IPO'd with $886M revenue, roughly double the combined European field, and competes for the same city contracts as Dott. Could a giant copy it? Yes, easily.

What protects it. Existing depot networks and operating permits in about 400 cities create some switching friction, but tenders reopen every 1 to 3 years.

What would change this call

Dott delivers (or again delays) audited FY2025 financials by 30 Sept 2026 bond deadline. A third delay or going-concern flag would confirm acute financial distress.
Outcome of city tender renewals in Oslo, Paris, London through 2026. Losing tenders to Lime, Voi, or Bolt would show direct customer/contract loss.
Q2/Q3 2026 ride and fleet numbers versus Q1 2026 decline. Continued drop would confirm shrinking usage versus growing rivals like Voi.

Key numbers

FY2025 revenue €173.3M, down 16% year over year (2025-12-31)
FY2025 Adjusted EBITDA €7M, first profitable year (2026-03-31)
Q1 2026 rides fell 9% YoY, fleet shrank 16% (2026-05-21)

Named risks

Twice-delayed audited FY2025 financials via bondholder waivers, final deadline 30 Sept 2026. Severity: high
Revenue declined 16% YoY in FY2025 amid shrinking fleet and rides into Q1 2026. Severity: high
Losing municipal tender contests to identical rivals (Oslo, Feb 2025). Severity: medium
Thin 4% EBITDA margin versus Voi's 16%, leaving little buffer against downturns. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Lime	gaining on	IPO'd Nasdaq 1 July 2026 with fresh capital; FY2025 revenue $886.7M, ~2x Dott's EUR173.3M
Voi	gaining on	FY2025 revenue +34% YoY to EUR178.2M at 16% margin vs Dott's -16% at 4% margin (2026-04-23)
Bolt	contesting	Won Oslo e-scooter tender jointly with Voi and Ryde, Feb 2025, over Dott
Ryde	contesting	Co-won Oslo tender Feb 2025; smaller EUR75.5M FY2025 revenue but growing city footprint

Questions people ask

Is Tier Mobility (now Dott) profitable in 2026?: Barely. FY2025 revenue fell 16% YoY to EUR173.3M, but the company reported its first-ever profitable year with EUR7M Adjusted EBITDA, a thin 4% margin, per its Q4 FY2025 financial report dated 2026-03-31.
Did Tier Mobility merge with Dott?: Yes. Tier and Dott announced their merger in January 2024, closed it in May 2024, and by early 2025 fully rebranded the combined fleet and app under the Dott name, retiring the Tier brand entirely.
Who owns Tier Mobility now and is it still called Tier?: The surviving legal entity is TIER Mobility SE, but it trades publicly as Dott (ridedott.com) since the 2024 merger. It remains privately held, financed via a EUR150M senior secured floating-rate bond maturing 2029, as of June 2026.
Is Dott (Tier Mobility) losing to competitors like Lime or Voi?: Yes on relative growth. Rival Voi grew FY2025 revenue 34% YoY to EUR178.2M with a 16% EBITDA margin, while Dott's revenue fell 16% to EUR173.3M with only a 4% margin, per company reports dated 2026-03-31 and 2026-04-23.
Could AI replace Dott's (Tier Mobility's) scooter business?: No, the core business is physical fleet logistics AI cannot replicate. Dott uses computer-vision AI only for safety features like parking classification (Captur, since Nov 2023) and hazard detection (Luna Systems, since 2022), not as a revenue differentiator.
Is it risky to join Tier Mobility/Dott right now?: There are financial-stress signals: Dott twice delayed delivery of its audited FY2025 financial statements via bondholder Written Procedures, pushing the deadline to 30 September 2026, per a filing dated 2026-07-24.

Timeline

2026-07-24Dott withdraws and relaunches bondholder Written Procedure, final deadline 30 Sept 2026
2026-07-01Lime IPOs on Nasdaq, raising ~$167-174M, FY2025 revenue $886.7M
2026-06-01Dott announces first delay of 2025 annual report timing
2026-05-21Q1 2026 report: rides -9% YoY, fleet -16%; CEO transitions to Maxim Romain
2026-04-22Dott and Wolt launch partnership across 8 European countries
2026-03-31Dott publishes FY2025 report: EUR173.3M revenue (-16% YoY), EUR7M EBITDA
2025-02-05Voi, Ryde and Bolt win Oslo e-scooter tender, not Dott
2024-09-30Tier fully rebrands to Dott across app and fleet
2024-05Tier and Dott merger closes
2024-01-11Tier and Dott announce merger to form Europe's largest micromobility operator

Revision history

25 July 2026

First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.

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