Voi shares
Unlisted company
Voi Technology AB (publ) is a Swedish micromobility company that operates a shared fleet of electric scooters and e-bikes in European cities under the Voi brand. The company was founded in Stockholm in 2018 by Fredrik Hjelm together with co-founders and offers an accessible alternative to public transport and private cars in urban areas through its proprietary technology platform and consumer app.
How the company makes money
Revenue is generated through vehicle rentals under three main pricing models: pay-as-you-go, with an unlocking fee and per-minute rate; day passes with no unlocking fee and an included number of riding minutes; and monthly subscriptions under the Voi Pass brand, with free unlocking and discounted minutes. A smaller share of revenue comes from trips made through third-party mobility-as-a-service (MaaS) platforms. Customers include both individual consumers and cities and municipalities that procure micromobility services.
The fleet and the cities
The fleet includes both electric scooters and e-bikes, which users locate, unlock and use to complete trips via the Voi app. Operations are conducted under agreements with individual cities, often through procurement processes or licences that regulate the number of vehicles, parking zones, speed limits and operating conditions. Voi is present in around fifty cities across Europe, with operations in Sweden, Denmark, Norway, Germany, the United Kingdom, France, Italy, Spain, the Netherlands and Switzerland, among other countries, with Germany, Sweden and the United Kingdom historically being its largest markets. The fleet is operationally supported by the company’s own refurbishment centres for vehicles, batteries and spare parts, enabling the reuse of components and extended service life.
Growth and seasonality
The growth strategy is based on expanding the fleet in existing markets, winning new city tenders and further developing the e-bike segment, which broadens the addressable market to longer trips and more user groups. The business is seasonal, with higher activity during the summer months and lower activity during the winter half of the year.
Offering
Proprietary app, three pricing models
Electric scooters and e-bikes
Agreements and licences with cities
Operations and market
Around fifty European cities
Proprietary refurbishment centres
Seasonal peak during the summer
Financial performance
Published 24 September 2026Published figures from the company’s own reports. Amounts in MEUR · change from the previous year
- Cash and bank 2025-12-31
- 56MEUR
- Operating cash flow
- 24MEUR
- Net sales
- 178MEUR
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Net sales | 178(+34.2 %) | 133(-90.6 %) | 1,414(+17.5 %) | 1,203(+29.8 %) |
| Revenue growth | 34.2%(+124.8 pp) | -90.6%(-108.1 pp) | 17.5%(-12.3 pp) | 29.8%(-109.9 pp) |
| EBITDA | 19(+28.3 %) | 15 | -8.8 | -445 |
| EBIT | -7.6 | -3.3 | -38 | -834 |
| Net income | -12 | -24 | -595 | -901 |
| Equity | 25(-21.6 %) | 32 | -717 | -139(-121 %) |
| Total liabilities | 141(+73.4 %) | 81(-36.1 %) | 127 | – |
| Cash and bank | 56(-6.7 %) | 60(-54.8 %) | 133(-73.7 %) | 506(-40.5 %) |
| Operating cash flow | 24(+90.6 %) | 13 | -10 | -523 |
Documents and reports
4New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 1bn | SEK 1bn |
Questions about Voi
Is Voi publicly listed?
No, Voi is a public limited company, but it is not publicly listed. The company has not completed an IPO, so its shares are not traded on a regulated stock exchange, but through the unlisted market.
What does Voi do?
Voi is a Swedish micromobility company that offers shared electric scooters and e-bikes for short trips in cities. The company operates its service through its own app, where users can rent vehicles by the minute or through a subscription.
Can I buy shares in Voi?
Yes, it is possible to buy Voi shares through trading in unlisted shares, provided that there are sellers. Through Eqvor, you can place a buy order and be matched with sellers in the unlisted market.
How do I sell shares in Voi?
If you own shares in Voi, you can place a sell order via Eqvor and be matched with buyers. When a buyer and seller are matched, the transaction is completed and the change of ownership is recorded in the company’s share register in accordance with the company’s current procedures.
Is Voi affiliated with Euroclear?
No, Voi is currently not affiliated with Euroclear. This means that the shares are registered directly in the company's share register and not through the Swedish securities system.
Can I hold Voi shares with Avanza or Nordnet?
Since Voi is not affiliated with Euroclear, the shares generally cannot be held in a standard securities account with Avanza or Nordnet. Instead, ownership is registered directly in the company’s share register.
Does Voi have a right of first refusal or pre-emption right?
Yes, Voi has a right of first refusal or pre-emption right. This means that share transfers may need to be handled in accordance with specific terms before the shares are sold on to an external buyer.
At what price is Voi's stock traded?
Since Voi is not publicly listed, there is no official share price on a regulated marketplace. Instead, the price is determined by supply and demand among buyers and sellers in the unlisted market.
When will Voi be listed on the stock exchange?
There have been reports in the news that Voi may be moving towards a stock market listing, but no confirmed timeline has been publicly communicated. We therefore do not currently know exactly when Voi may be listed or whether the company will carry out an IPO.
What are the risks of investing in Voi?
Investing in Voi involves risk, just like other investments in unlisted shares. The company's valuation may be affected by city regulations, competition, vehicle utilisation, safety issues, seasonal fluctuations, capital costs, expansion, operating costs, and demand for shared electric scooters and e-bikes. Trading in unlisted shares also normally entails lower liquidity than trading in listed shares.
Where can I find Voi's annual report?
Voi's annual report can be found under Investor Relations and Financial Reports. The company's annual reports, quarterly reports and other financial reports are available there for download.
Has Voi conducted any share issues?
Yes, Voi has carried out capital raises and previous new share issues. Voi's Capital raised is stated as SEK 3.7 billion, which shows how much capital the company has raised through previous financing.
How much capital has Voi raised in total?
Voi's Capital raised is stated as SEK 3.7 billion. An equity raise is a term for raising capital, but in Swedish, terms such as funding round, financing, or new share issue are more commonly used.
Has Voi reported a profit or a loss?
Voi reports a negative result in the latest available information. Under Key figures, EBITDA is stated as TSEK 166,155 and net income as TSEK -271,578. The company’s earnings development is also shown in the Results per year chart.