Swvl (SWVL) Q3 2025 earnings summary

Executive summary

• Achieved 45.7% year-over-year and 46% quarter-over-quarter revenue growth in Q3 2025, reaching $6.5 million, with gross margin expanding to 21.6% and net profit at $0.2 million, reflecting reinvestment in commercial and product organizations.

• Recurring revenue share rose to 78%, and dollar-pegged revenue reached 26% of total, enhancing predictability and reducing currency risk.

Financial highlights

• Revenue grew to $6.5 million in Q3 2025, up 45.7% year-over-year and from $4.4 million in Q2 2025.

• Gross margin increased to 21.6% in Q3 2025, with gross profit rising to $1.4 million.

• Net profit for Q3 2025 was $0.2 million, down from $0.41 million in Q3 2024 but sustaining year-to-date profitability.

• Recurring revenue accounted for 78% and dollar-pegged revenue for 26% of total revenue.

Outlook and guidance

• Targeting a steady-state gross margin profile of 35-40% through operational efficiency and high-margin verticals.

• Plans to expand into the U.S., U.K., and additional GCC countries to grow dollar-pegged and recurring revenue streams.

• Focused on scaling high-margin enterprise verticals such as luxury vehicles and captain lending.