Bicycle subscription company Swapfiets reported a net loss of €7 million for 2025, according to its latest annual report.
The figure represents a significant reduction from 2024, when the company recorded a net loss of €13.3 million.
Total revenue increased from €91 million to more than €97 million over the same period.
Better tracking of missing bikes
Gross margin rose from €32 million to more than €43 million during the year.
Swapfiets attributed the improved margin to revenue growth and more efficient tracking of missing and stolen bicycles.
The Netherlands remains the company’s largest market, generating around 60% of total revenue across the eight European countries where it operates.
Germany and Denmark are the second and third largest markets, bringing in €16.5 million and €11 million respectively.
Shareholder provides additional support
Despite the smaller loss, operational cash flow remained negative throughout the year.
The annual report notes that additional funding from majority shareholder Pon is planned to secure liquidity for the coming year.
Swapfiets has also placed an order for more than €6 million in new bicycles.
Thinking about getting around by bike? Read our guide to renting a bike in Amsterdam.
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