Bicycle subscription service Swapfiets reported higher revenues and a reduced net loss for 2025.
Revenue rose from €91 million to more than €97 million, while the company cut its annual loss from €13.3 million in 2024 to €7 million.
Gross margin increased from €32 million to more than €43 million, which the company attributed to revenue growth and more efficient recovery of missing and stolen bicycles.
Majority of revenue remains in the Netherlands
Swapfiets now operates in eight European countries, but approximately 60% of its revenue continues to come from the Netherlands.
Germany and Denmark are the company’s next largest markets, contributing €16.5 million and €11 million respectively.
The business was founded in 2014 by three Delft students before investor Wijnand Pon acquired a majority stake via Ponooc in 2019.
Shareholder support continues
Operational cash flow remains negative, meaning more money leaves the company than enters.
The annual report notes that additional funding from the current shareholder is planned to secure liquidity for the coming year.
Swapfiets has also ordered more than €6 million in new bicycles ahead of the new academic year.
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