DonkeyRepublic Holding (DONKEY) Q1 2023 earnings summary

Executive summary

• Q1 2023 revenue reached DKK 17.3M, up 125% YoY, while EBITDA improved 51% to DKK -4.5M.

• Growth was driven by ramped-up, subsidized operations in Antwerp and the Kiel Region, alongside a larger fleet across multiple cities.

Financial highlights

• Revenue was DKK 17.3M, up 125% YoY; figures are unaudited.

• EBITDA was DKK -4.5M, a 51% improvement YoY; improvement reflected higher revenue and lower-than-expected penalties for late bike deliveries.

• Monthly revenue per bike was DKK 307, up 50% YoY.

Outlook and guidance

• Targeting positive EBT by end-2024 following a strategic shift from growth-driven expansion toward consolidated growth at sustainable margins.

• Strategy prioritizes better utilization of existing fleet in core markets and lower HQ costs, with funding intended through a private placement and restructuring of existing loans.