Donkey Republic delivers in Q3 record revenue (+25% YoY) on the back of a strong EBITDA (+60% YoY) improvement
Company Announcement No. 12 - 2024
*Contains inside information*
Revenue
Donkey Republic achieved record revenue of DKK 51.0M in Q3, representing a 25% increase year-over-year. This strong performance was driven by a combination of factors, including a larger fleet, increased fleet utilization, and the successful ramp-up of subsidized operations. In the Antwerp area, for example, where around 2,900 bikes are operated, bike utilization significantly improved, demonstrating the growth and impact potential of subsidized operations.
EBITDA
Q3 EBITDA reached DKK 17.6M, an increase of nearly 60% compared to last year. This means that approximately two-thirds of the revenue increase reached the EBITDA line. Profitability was impacted by increased operating costs associated with ensuring the long-term functionality of the bike fleet. This is reflected in the company's Geneva operation where thanks to these measures the availability of the local fleet of close to 1,500 bikes have increased significantly.
Guidance
With increased visibility on year-end results, Donkey Republic is adjusting its full-year guidance. Revenue guidance is narrowed to DKK 135M-145M and EBITDA guidance to DKK 16M-21M.
EBIT guidance is adjusted to DKK -4M to +1M, reflecting lower than anticipated fleet growth and significant one-time investments to enhance bike quality. These investments, while impacting short-term profitability, support long-term growth and an improved rider experience.
Despite this adjustment, Donkey Republic projects a revenue increase of DKK 20M - 30M compared to 2023, resulting in a year-over-year EBIT improvement of DKK 6.6M to 11.6M.
Donkey Republic revised guidance for 2024:- Revenue: DKK 135M-145M (growth rate of 17%-26% compared to 2023)
- EBITDA: DKK 16M-21M (growth rate of 68%-142% compared to 2023)
- EBIT: DKK -4M-+1M (growth rate not applicable)
with original guidance being DKK 0M-5M
Fulfillment of the guidance for 2024 depends on the key drivers and assumptions put forth in the 2023 Annual Report.
Forward-looking statements
Statements about the future reflect Donkey Republic's current expectations for future events and financial results. The nature of these statements is affected by risk and uncertainties. Therefore, the company's actual results may differ from the expectations expressed in this company announcement.
KEY PERFORMANCE INDICATORS Q3-2024 (01 July 2024 - 30 September 2024)
Metric Total for Q3-2024 Compared to Q3-2023
Total Revenue DKK 51.0M +25%
EBITDA DKK 17.6M +60%
Monthly revenue per bike DKK 785 +15%
Riders 346k +32%
Trips 3.2M +28%
Fleet size (active bikes) 21.7k +9%