Annual Report 2021: Donkey Republic realizes 73% revenue growth!

*Contains inside information*
Company announcement no. 02 - 2022

Financial highlights: 

• €5m in total revenue - up 73% vs 2020
• €1.4m in recurring revenue - up 50% vs 2020
• Maas* rider revenue increased +60% vs 2020
• SaaS** license ARR grew +60% vs 2020
• SaaS bike and hardware sales grew +113% vs 2020

2021 has been an exciting year for Donkey Republic!

“It’s been quite an adventurous year for us: on the one hand Covid crisis kept dragging on late into the year, while on the other hand there’s been increasing pressure on the supply chains.. Nevertheless, Donkey has come out strong out of these events. Rider demand on our bike sharing service is stronger than ever. We have more new users in the second half of 2021 than before while at the same time retention has improved significantly. Our B2B and B2G pipeline has also grown in line with new heights with partner and city sales.”

- Erdem Ovacik, CEO & CO-founder at Donkey Republic 

Financial Highlights 📊 

• €5m in total revenue - up 73% vs 2020

• €1.4m in recurring revenue - up 50% vs 2020

• Maas* rider revenue increased +60% vs 2020

• SaaS** license ARR grew +60% vs 2020

• SaaS bike and hardware sales grew +113% vs 2020

*MaaS = Mobility-as-a-Service - please view Company Description p. 60  for further explanation
**SaaS = Software-as-a-Service - please view Company Description p. 63 for further explanation

Key figures 🔎

• 83 cities benefiting from our services across Europe 

• 13k bikes and e-bike sin our fleet

• 217.4k riders - up 57% from 2020

• 3.3m trips - up 41% from 2020

• 416tons CO2 saved from the 3.3m trips taken
   

Invitation to Annual Report 2021 Presentation 📢

23. March 15.00-15.30
Donkey Republic invites you to an online webinar presentation of our Annual Report.  

Program: 15.00-15.30 

• 15.00: Introduction from Donkey Republic CEO (10 min)
• 15.10: Financial statements from Donkey Republic CFO (10 min)
• 15.20: Questions 
• Thank you for today 

SIGN UP TO PARTICIPATE - CLICK HERE
 

“It is great to see the hard work paying off and Donkey Republic delivering a result that not only shows a record high revenue but also puts us in a very good position to achieve our growth and profitability targets for 2024.”

- Christian Dufft, CFO at Donkey Republic

Rider growth 🚲
Looking at the last twelve months (LTM) trips development for 2018-2021, the Company has achieved growth in the rider segments. The first half of 2021 was still very much impacted by Covid-19 restrictions. However, we saw strong improvements in year-on-year rentals on our rider business in the second half of 2021, which has beaten our 2019 (pre-covid) rentals. Importantly, these volumes were reached on similar fleet numbers, thus we have collected higher revenues per vehicle. The growth of 2021 over 2019 second half was appr. 50%, and we expect that growth trajectory to continue in the coming year.  

44 won deals* in 2021 🤝
We continued the growth in won deals with cities and partners in 2021 in line with the past trajectory, and our 2024 business plan. We see increasing interest in our product and service, which we expect to continue moving forward. 
*Won deals are considered deals where the contract has been signed 

Deal pipeline growth during 2021 📈
Our SaaS and subsidized MaaS deal pipeline grew significantly, especially in the latter part of 2021. This was fueled by cities getting back to work after Covid-19 limitations as well as strong public support and budgets becoming available for more bike-sharing projects. On our end, we also started ramping up our sales organization in the last quarter of 2021.

Guidance for 2022 🚀
Donkey Republic saw in the second half of 2021 an increased usage of their bike fleet, esp. by local users, secured large parts of the necessary financing for the fleet expansion in 2022 and signed a contract for the roll out of a large e-bike fleet in Antwerp in 2022. All these factors are strong drivers behind our guidance for 2022, which aims at a revenue of 9-10m EUR, which is a doubling of 2021 revenue.

• MaaS rider revenue: Further product improvements and marketing campaigns in combination with bothe the renewal (XK bikes planned to be renewed) and the expansion (xK bike will be added) of the fleet, will support the revenue growth

• MaaS B2G and B2B: The start of the operation in Antwerp (1,6M EUR ARR) in the summer as well as further expansions in this segment will lead to a significant increase vs. 2021.

• SaaS business: Further sales of bikes to both existing and new partners will both increase revenue from hardware sales and recurring license revenue.

At the same time we do see that high demand for bikes, global supply chain challenges and geopolitical developments put pressure on the timely delivery of our bikes. Our guidance already took a certain delay into account, but recent developments might lead to further unforeseen delays.