Voi Technology
Voi operates shared e-scooters and e-bikes under city permits across Europe.
On the record
Checkpoint: Q2 2026 earnings report, showing whether EBIT losses narrow or widen
The call
Voi's revenue and rides are climbing fast, but losses are widening and its city permits must be rewon against bigger, better-funded rivals every few years.
Voi Technology operates electric scooter rentals across more than 130 cities in Europe, bringing in €178 million in revenue in 2025 and growing by one-third year over year. The company is hard to replace because it has actual scooters deployed on real streets and signed deals with cities, but it is easy to compete with because rivals like Lime, TIER-Dott, Bolt, and Uber all have the money and know-how to bid for the same city permits when contracts come up for renewal every two to four years. The one thing that could save or sink the company is whether it can actually stop losing money as it grows; if Voi can turn a profit while holding its market share, it becomes a real business instead of a bet on a merger or buyout.
Why
01
AI pressure: None apparent. AI helps with demand forecasting and routing but can't deploy scooters or hold city permits, so it aids Voi rather than eats it. Could AI do the core job? Unlikely.
02
Bigger players: Lime, TIER-Dott, and Bolt. Lime (called 15x Voi's size by Voi's own executives), merged TIER-Dott, and subsidy-backed Bolt all bid for the same city tenders Voi relies on. Could a giant copy it? Yes, easily.
03
What protects it. Multi-year city permits already in hand, positive operating cash flow, and scale across 130+ cities slow any quick takeover.
What would change this call
Outcome of major tender renewals in Germany, UK, or France within 6-12 months. Whether Voi keeps or loses key city permits to Lime, Bolt, or TIER-Dott.
Resolution of the unconfirmed Uber $1.2B acquisition rumor by late 2026. Whether Voi is absorbed or remains an independent competitor.
Q2 2026 earnings on July 23, 2026 showing EBIT trend. Whether losses narrow toward profitability or widen despite revenue growth.
Resolution of the unconfirmed Uber $1.2B acquisition rumor by late 2026. Whether Voi is absorbed or remains an independent competitor.
Q2 2026 earnings on July 23, 2026 showing EBIT trend. Whether losses narrow toward profitability or widen despite revenue growth.
Key numbers
- FY2025 revenue EUR178.2M, up 34% YoY
- 115.8M rides in FY2025 vs 74.6M in FY2024
- FY2025 EBIT loss EUR7.6M vs EUR3.3M in 2024
Named risks
- EBIT losses widened to EUR -7.6M in FY2025 despite revenue growth, from EUR -3.3M in FY2024.
- Tender-based city contracts can be lost to Lime, Bolt, or TIER-Dott on rebid cycles.
- Rising debt load: EUR 90M bonds plus new EUR 25M revolving credit facility as of Dec 2025.
- Unresolved Uber acquisition rumor creates ownership and strategic uncertainty.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Lime | losing to | Voi execs called Lime '15x Voi's size' as of 2026-06-05 panel discussion |
| TIER-Dott | contesting | Merged 2024 rival reported EUR 173M FY2025 revenue, near Voi's EUR 178.2M |
| Bolt | contesting | Bolt micromobility unit estimated EUR 120-150M revenue in 2025, subsidy-funded scaling |
| Uber | contesting | Unverified May 2026 report claimed Uber agreed $1.2B Voi acquisition, denied confirmed by July 2026 |
Questions people ask
- Is Voi Technology profitable in 2025?
- No. Voi posted full-year EBIT of EUR -7.6M in FY2025, wider than EUR -3.3M in FY2024, despite net revenue rising 34% YoY to EUR 178.2M, per its 2025 annual report and Q4 2025 results (2026-02-17).
- Is Uber acquiring Voi Technology?
- Unconfirmed. Reports on 2026-05-10 claimed Uber agreed to buy Voi for $1.2B, but a 2026-07-01 fact-check found no verified primary source, noting Uber's confirmed 2026 deals were Blacklane and a Delivery Hero bid, not Voi.
- Who owns Voi Technology?
- Voi is privately held; VNV Global AB is a longtime institutional shareholder that marked Voi's valuation at $610M as of 2025-12-31, up 26% from $484.2M a year earlier, per its portfolio disclosures.
- Who is Voi Technology's biggest competitor?
- Lime, described by Voi executives as '15 times the size of Voi,' though the gap is narrowing; merged rival TIER-Dott reported comparable FY2025 revenue of EUR 173M versus Voi's EUR 178.2M (2026-06-05 panel discussion).
- Could AI replace Voi Technology's business?
- No. Voi's core is physical scooter fleets (~160,000 vehicles by 2025) and municipal permits/tenders; AI only assists demand prediction and compliance detection, per its 2025 annual report, and cannot deploy scooters or hold city licenses.
- How big is Voi Technology's scooter business now?
- As of 2025-12-31, Voi operated in over 130 cities with roughly 160,000 vehicles, delivering 115.8 million rides for the year, up from 74.6 million rides in 2024, per its 2025 annual report.
Timeline
- 2026-07-23Voi scheduled to publish Q2 2026 interim report
- 2026-07-01Fact-check finds Uber-Voi $1.2B acquisition claim unverified
- 2026-06-05Voi, Dott, Bolt, Ryde execs discuss European micromobility consolidation
- 2026-05-10Reports claim Uber agreed to acquire Voi for $1.2B (unconfirmed)
- 2026-02-17Voi reports FY2025 revenue EUR 178.2M, Q4 revenue up 45% YoY
- 2025-12-31Voi secures EUR 25M revolving credit facility with Danske Bank and Swedbank
- 2025-10-31Voi increases bond by EUR 40M, total EUR 90M outstanding under EUR 125M framework
- 2024-11-21Voi assumes Zipp Mobility's e-scooter licences in Buckinghamshire and Slough, UK
- 2024-10Voi issues initial EUR 50M bond to finance next-gen fleet
- 2021-12-21Voi raises $115M Series D from Balderton, Creandum, Raine and others
Revision history
25 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Voi Group 2025 Annual Report & Sustainability Statement
- Annual Report 2024 VOI Group English
- Voi Finishes 2025 Strong with 45% Q4 Revenue Growth (2026-02-17)
- E-scooters and e-bikes for hire (2025-02-26)
- Voi-là, a Record Year on Every Metric (2026-04-23)
- E-scooters and e-bikes for hire (2025-05-15)
- Voi raises $115M... (2021-12-21)
- The questions hanging over Europe's micromobility leaders (2026-06-05)
- Voi strengthens UK presence... (2024-11-21)
- Uber Agrees to Acquire Voi for $1.2B... (2026-05-10)