Dott

Dott is the proof that European micromobility consolidates into a survivable business: the TIER merger closed in March 2024, and by FY2025 the combined company posted its first full-year adjusted-EBITDA profit — +€7M on €173.3M of net revenue — on the back of more than €60M in realized annual cost savings, with guidance of €30–40M adjusted EBITDA for 2026 reaffirmed after a Q1 in which the loss narrowed from €8.8M to €4.0M and direct-margin percentage jumped ten points to 18%. The scale is continental: 250,000+ vehicles across 400+ cities in 21 countries, 10 million users, 400 million cumulative rides, with passes now covering half of all rides — a subscription-like revenue base the pay-per-ride era never had. Capital discipline has replaced the land-grab: the October 2025 financing — an oversubscribed €70M Nordic bond within a €150M framework plus at least €15M of preferred equity — funds a 45,000-vehicle fleet refresh (13,000 e-bikes, 32,000 e-scooters) deploying by Q2 2026 without the mega-dilution rounds that defined the sector's first decade. The tender model is turning into a moat: an 11-year licence in Eindhoven and six years in Turin lock in multi-year municipal monopolies and duopolies, and the willingness to walk away from unprofitable markets — exiting London when the economics broke — is exactly the discipline investors punished Bird for lacking. Lime's July 2026 IPO at ~$1.8B on $886.7M of revenue hands Dott a public comparable that values disciplined micromobility operators as going concerns, and an eventual exit path.

Dott's profitability was purchased with shrinkage: FY2025 revenue fell 16% to €173.3M as it exited unprofitable markets and absorbed the TIER app migration, so the first adjusted-EBITDA profit — a metric that conveniently excludes the cost of the fleet itself — arrived on a declining top line, and Q1 2026's like-for-like growth was just 1%. The London exit is the strategy's dark side made visible: Dott pulled e-bikes in September 2025 and e-scooters in March 2026 from one of Europe's largest mobility markets, blaming unregulated e-bike competition, and thereby handed TfL's ~£42.3M pan-London Phase 3 scheme to Lime and Voi — walking away from unprofitable cities is discipline, but it also means ceding the markets where scale winners are crowned. The capital structure now carries real hard-money cost: the €70M Nordic bond prices at three-month EURIBOR plus 800 basis points, senior secured, four-year tenor — roughly 11% money for scooters that depreciate in three to five years — and the equity component was a minimum €15M preferred layer stacking further ahead of common. The competitive asymmetry is stark: Lime generated $886.7M of revenue in 2025 — five times Dott — with $218M of adjusted EBITDA and $103.8M of free cash flow, and now has IPO proceeds and a public currency; Bolt bundles scooters into a super-app; Voi holds its home turf. Dott's business remains hostage to municipal tender cycles it cannot control, seasonal weather, and vandalism-driven fleet attrition, with €30–40M of promised 2026 EBITDA still needing to survive a summer of price competition from a newly capitalized Lime.