Donkey Republic improves EBITDA by DKK 36.4M and realizes revenue of DKK 115.2M (70% growth rate) in 2023

Contains inside information
Company announcement No. 2 - 2024
Financial report for the period 1 January 2023 - 31 December 2023

Key Performance Indicators 2023

Metric Growth* 2023 2022 2021 2020 2019
Total revenue 70% DKK 115.2M DKK 67.7M  DKK 37.3M DKK 21.6M DKK 33.5M
Riders 58% 561k 360.0k 217.4k 138.2k 252.3k
Trips 49% 6.7M 4.5M 3.3M 2.3M 3.3M
Fleet size 49% 19.9k 13.3k 13k 12.9k 10.5k

*Growth: Year on year growth compared to 2022

Guidance 2024
Revenue
Donkey Republic expects revenue at the level of DKK 135M-160M (17%-39% growth rate compared to 2023)

EBITDA
Donkey Republic expects EBITDA at the level of DKK 15M-30M (58%-215% growth rate compared to 2023)

EBIT
Donkey Republic expects EBIT at the level of DKK 0M-5M  

Business highlights 
In 2023, revenues grew 70% to over DKK 115M and EBITDA significantly improved by DKK 36.4M to positive EBITDA of DKK 9.5M. These results were supported by a record of 561k users and a total of 6.7M trips on Donkey bikes.

Improved unit economics
As revenues increased by 70%, while the fleet only grew by 49%, revenue per bike increased by 15%. The growth is a result of better placement and utilization of bikes and more revenue from contract-based operations. We have also for the first time achieved positive EBITDA per bike proving that our strict operational cost control focus is bearing fruit.

More users and rides
2023 recorded 561k users, resulting in 6.7M trips. These trips contributed to 528 tons CO2 savings and the removal of 2.3M car and bus rides from the streets. Continuous monitoring, data utilization, and collaboration with partners and cities played a key role in delivering a product with sustained high utilization, which is testament to the attractiveness and market fit of the product.

Expansion of B2G deals
In November 2023, Donkey Republic was awarded a contract in Hannover to operate a bike share system with a minimum total contract value of approx. DKK 8.8M for a 3 year duration with the potential of further extensions of 2 year periods.

Launch of the project is expected in Q2-2024.

In 2022, Donkey Republic was awarded a long term contract of 5 years with an annual contract value of approx. DKK 6M  in the KielRegion. The operation was launched towards the end of Q4 2022 and in 2023, the operation was expanded to also cover further municipalities in the region, hereby expanding the market foothold in Germany. 

Consolidation of operations
In 2023, we continuously evaluated and closed cities consequently moving the fleet to more profitable cities and leaving 3 operational areas. We are now solely present in operational areas where we have a profitable business and the necessary understanding of the city to be able to provide a valuable and sustainable service.

New capital and loan restructuring
Financially, the company successfully raised DKK 30.2M in new equity capital throughout the year from existing and new professional investors. This capital is intended to support profitable growth and the onboarding of new contract-based operations, aligning with the outlined strategy.  Additionally, we completed a loan restructuring in April aimed at ensuring improved liquidity throughout 2023 and 2024.

Invitation to Annual Report 2023 WEBINAR Presentation
JOIN US for our live webinar with our CEO & CFO

Date: March 18th
Time: 1:00 PM - 1:30 PM
Webinar registration and participation through this link (https://events.teams.microsoft.com/event/1b636321-3cce-451f-ab03-b3c266a96f59@f9ddfd3d-2b21-4345-b1ad-a71b0439c13f)