Bolt Profitable Through Multi-Product Network

Bolt’s first profitable year shows that it is starting to look less like a collection of local gig services and more like one traffic network that reuses the same demand, drivers, couriers, and city operations across products. Ride hailing is still the engine at about 82% of 2024 revenue, but delivery and micromobility help fill idle time, spread fixed costs like local teams and software, and make each city more productive as total revenue rose from $2.15B in 2024 to $2.57B in 2025.1 2

• Bolt’s mix matters. Food delivery runs in 300 plus cities, and Bolt Market uses roughly 200 micro warehouses across 10 European countries. Those products add more orders on top of the same local network, even though ride hailing remains the clear majority of revenue.1 2
• This is the same playbook that improved Uber’s margins. Uber said its 2024 mobility and delivery margin gains came from higher volume driving cost leverage, which is the clearest public comparable for how a multi product marketplace turns growth into profit.3
• Bolt has also kept expanding the network while improving economics, launching ride hailing in Canada, New Zealand, Taiwan, and Greece, adding delivery in Bulgaria, entering UK and US micromobility, and acquiring Danish taxi operator Viggo. That suggests profitability came with scale, not from retreat.1

The next step is turning profitability into a stronger moat. If Bolt can keep stacking more trips, deliveries, and rentals onto the same city footprint, it can raise earnings without needing revenue to grow at earlier hypergrowth rates, which is exactly the kind of operating profile that supports an IPO story.1 3