Voi Technology (VOI) Q1 2026 earnings summary

Executive summary

• Achieved record rider activity and revenues in Q1 2026, with net revenue up 38% year-over-year to EUR 36.4 million, despite the coldest winter season experienced.

• Vehicle profit rose 35% to EUR 17.2 million, maintaining a stable margin of 47.4%.

• Continued investments in fleet expansion and operational efficiency, including the deployment of over 50,000 new vehicles and the opening of a refurbishment center in Poland.

• Paris and London markets showed strong growth, with Paris becoming a top five city by revenue and utilization.

Financial highlights

• Net revenue increased by 38% year-over-year to EUR 36.4 million.

• Vehicle profit increased by 35% to EUR 17.2 million, with a margin of 47.4%.

• Adjusted EBITDA improved to EUR -1.8 million from EUR -2.2 million, with margin improving to -5.0% from -8.3%.

• Adjusted EBIT declined to EUR -8.9 million from EUR -7.2 million.

• Net loss for the period was EUR -15.1 million, compared to EUR -6.9 million in Q1 2025.

• Cash flow from operating activities was EUR -11.1 million, down from EUR -7.1 million year-over-year.

Outlook and guidance

• Focus remains on long-term profitable growth and disciplined investment, with a strategy to expand the multi-modal platform and improve cash flow generation.

• Deployment of more e-bikes than e-scooters for the first time, reflecting a shift in strategy.