Voi decides to make organizational changes to accelerate towards full profitability

Feb 15, 2024

In 2023, the Swedish micro mobility operator Voi had its strongest year ever, nearly reaching EBITDA profitability.

  • Voi grew its YoY topline with 10%

  • The Group Gross Profit grew 22% to a Gross Margin of 49%

  • The Group EBITDA margin (%) improved by 25 percentage points YoY to -2,5%, driven by revenue growth, more efficient operations and lower overhead cost.

  • EBIT improved with 35 percentage points YoY

In 2023, Voi saw record-high ridership and secured major contracts in cities such as London, Vienna, Oslo, Milan, and Marseille. In a proactive move to enhance efficiency, Voi has decided to reduce both its central and market overhead costs.

Today, all Voi employees have been informed about the company's initiatives to cut external costs and reorganize. Unfortunately, this decision will result in job impacts across the company, primarily affecting roles at Voi's headquarters in Stockholm.

Approximately 120 office positions are affected, including around 70 current full-time roles, as well as consultant and part-time positions, and vacancies. These 120 roles represent around 12% of the total workforce, with non-office roles in markets, such as mechanics and in field-workers, largely unaffected by the changes.

The company anticipates another year of strong performance in 2024, and remains focused on delivering a stellar service to its riders and over 100 cities across Europe, facilitated by a leaner organizational structure.

Fredrik Hjelm, CEO and co-founder of Voi, said:

- Voi's most valuable asset is our talented and dedicated employees. It's incredibly difficult to bid farewell to some of our highly valued colleagues who have made significant contributions to Voi and the cities we serve across Europe. However, our focus remains on providing the best service for our riders and cities, and we are committed to achieving full profitability.

- With the changes implemented today, we have reduced our central overhead costs by nearly 50% since mid-2022, despite operating a significantly larger business with improved margins. Today, we are a leaner, more efficient company capable of leveraging the technology and operational infrastructure developed over the past years. We are confident in our continued path towards full profitability after having reached our first profitability milestone.

- In our and other industries, companies need to adapt to the world around them in order to control their own destiny and be self-sustainable. Voi continues to be one of the most well-run companies in the industry, much because of our ability to adapt, being frugal and making capital last long. We raised capital the last time in 2021, and going into 2024, capital markets continue to be tight, calling for companies like us to be lean, work smarter and find efficiencies to achieve our mission and create further shareholder value.

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