Donkey Republic finishes record year and achieves positive EBITDA of approx. 9.3M DKK and growing the revenue to approx. 115.1M DKK in 2023 (up 70% from 2022)
Company announcement no. 1-2024
Q4-2023 concludes a strong performing year delivering a positive EBITDA of approx. 9.3M DKK in the full year 2023, an improvement of 36.2M DKK from 2022
2023 was a milestone for Donkey Republic as we delivered a 70% revenue increase while crossing the bridge to becoming EBITDA positive of approx. 9.3M DKK, an improvement of 36.2M DKK from 2022. Donkey Republic finishes 2023 in line with the upward adjusted guidance announced in October 2023 (Revenue: 112-120M DKK, EBITDA: 9-13.5M). In Q4-2023 Donkey Republic realized revenue of 29.1M DKK, corresponding to a growth rate of 47%. The EBITDA result for Q4 was due to seasonality at a negative 3.4M DKK that is in line with expectations and a significant improvement compared to the previous year.
The full year revenue and EBITDA performance is primarily carried by a continued focus on driving Donkey Republic towards profitability. The improvement in EBITDA was based on a strong increase in contracted revenue that is not subject to seasonality and a high focus on cost control. These results demonstrate the execution and success of the company’s B2G (business-to-government) driven strategy to secure growth at sustainable margins.
Donkey Republic was awarded long term contract in Hannover, Germany
In November 2023, Donkey Republic was awarded a contract to operate a bike share system with a minimum total contract value of approx. 8.8M DKK for a 3 year duration with the potential of further extensions of 2 year periods. In addition, Donkey Republic will collect the rider revenue, potential proceeds from sponsoring deals and other corporate partners.
The contract is another result of the successful execution of the company's B2G strategy and will be another stepping stone in the company's journey towards profitability. This contract is of strategic importance as Germany is a core focus market and significant future growth driver for the company. With the Hannover contract, Donkey Republic expands its presence in Germany further south by adding to its portfolio of current operations in the Kiel Region and Schleswig/Flensburg in the Northern part of Germany.
Launch of the project is expected in Q2-2024.
Guidance 2024
Guidance for 2024 will be announced in connection with the publication of the annual report for 2023, which is expected to be released on 15 March 2024.
