Based on 2024 financial performance, milestone demonstrates the long-term viability of shared micromobility and sets a new industry standard for financial health
Veo logo
Santa Monica, CA, March 25, 2025 (GLOBE NEWSWIRE) — Veo, a leading shared micromobility provider, today announced it has achieved EBIT profitability for the 2024 fiscal year, becoming the first North American operator to reach this milestone. The achievement underscores Veo’s disciplined approach to growth and advances the company’s mission to end car dependency by making clean transportation accessible to all.
EBIT (Earnings Before Interest and Taxes), without adjustment, represents the most rigorous and transparent measure of profitability, accounting for the full cost of operations—including vehicle fleet depreciation—one of the industry’s most significant expenses.
2024 Financial Highlights
- Revenue: $52 million
- Vehicle Profitability: 71%
- EBIT: Positive (unadjusted)
- Average Deployed Fleet Size: 20,000 vehicles
- Revenue per $1 of Investment: $3.25
“Veo has proven that shared micromobility can be both profitable and capital efficient, generating $3.25 for every $1 of investment,” said Candice Xie, CEO and co-founder of Veo. “Cities and riders need operators that are built to last—ones that can reinvest in fleets, infrastructure, and service. This milestone isn’t just about Veo’s success; it’s proof that shared micromobility can become a lasting fixture in urban transportation systems: financially self-sufficient, operationally resilient, environmentally sustainable, and built to serve cities for the long run.”
How Veo Achieved EBIT Profitability
Unlike companies that have leveraged massive investment rounds to fuel rapid expansion, Veo has taken a strategic, disciplined approach to building a sustainable business. The key factors driving Veo’s profitability include:
- Smart market selection and strong partnerships: Veo only enters markets with high ridership potential, supportive infrastructure, and aligned city goals. The company’s average contract length is five years and more than half of its markets operate under exclusive agreements.
- A hardware-driven approach: Veo designs and manufactures 100% of its vehicles in-house, with a focus on durability, safety, and efficiency tailored for shared-use environments.
- A mixed fleet model: With a portfolio that includes seated scooters, standing scooters, and Class 1 and 2 e-bikes, Veo meets a wide range of rider needs. The company introduces a new vehicle type nearly every year and currently offers six distinct vehicle types.
The Future of Micromobility: Profitability as the Path Forward
As Veo continues to grow, capital efficiency will only improve. With each new market, the company will benefit from greater economies of scale, enhancing operational efficiency and return on investment.
Yet this milestone isn’t just about Veo—it’s about what’s possible for the industry. Achieving true profitability lays the groundwork for a micromobility sector that is financially sustainable, operationally reliable, and aligned with the long-term needs of cities.
About Veo
Veo is on a mission to end car dependency by making clean transportation accessible to all. A leading shared mobility provider in North America, Veo provides millions of bike and scooter rides annually in over 50 cities from Los Angeles to New York City.
Veo’s in-house design and manufacturing process provides cities with the safest, most accessible fleet of electric bikes and scooters on the market. An early advocate for financially responsible business models, Veo was the first profitable micromobility company in the industry. Veo is committed to building collaborative relationships with cities to advance a sustainable, safe, and equitable transportation future. Learn more at www.veoride.com
Attachment
CONTACT: Paige Miller Veo 9712021444 press@veoride.com
