Donkey Republic records revenue of DKK 20.6M in Q1-2024, showing a solid revenue growth of 19%, positive EBITDA trends and reaffirmation of 2024 guidance

Company Announcement No. 8 - 2024

Revenue
Rider revenue growth in Q1-2024 aligns with expectations and guidance. This growth is fueled by both a larger fleet and higher revenue per bike, and is further bolstered by an expanding portfolio of city contracts compared to Q1-2023.

EBITDA
EBITDA in Q1-2024 outperformed Q1-2023 by DKK 0.7M if a one-time benefit in Q1-2023 is excluded, this effect is from a lower-than-expected penalty resolution on delayed bike deliveries in Q1-2023. The improvement is due to strong revenue growth that has more than offset any fixed cost increases over the last year.

Guidance
Positive Q1-2024 results support our previously issued 2024 guidance:

Revenue of DKK 135M to 160M 
EBITDA of DKK 15M to 30M
EBIT of DKK 0 to 5M

Events after the period

Donkey republic completed an oversubscribed private placement of DKK 22.4M in April 2024
This private placement was supported by existing investors including EIFO and Bankinvest. The successful private placement is testament to the existing investors’ continued commitment to the company’s strategy to achieve growth at sustainable margins. The private placement is carried out after a successful 2023 with the pursuit of positive EBIT of DKK 0M-5M in 2024.

Completing a capital raise aligns with the company’s strategic goals outlined in the 2023 annual report, where it signaled intentions to explore capital-raising opportunities to bolster B2G growth initiatives through long-term contracts with cities beyond 2024. The newly secured funds are intended to strengthen the company’s balance sheet, positioning it to capitalize swiftly on market opportunities that are expected to drive growth in 2025 and beyond through healthy long term contracts with cities.

KEY PERFORMANCE INDICATORS Q1-2024 (01 January 2024 - 31 March 2024)