russia’s Leading Scooter Market Player Has Lost Profitability and Is Mired in Debt

Whoosh, a russian electric scooter rental service that accounts for nearly half of the country’s scooter-sharing market, reported a loss for 2025. The company lost its profitability: revenue fell by 13% to 12.46 billion rubles, while net income plummeted from a profit of 1.98 billion rubles in 2024 to a loss of 2.9 billion rubles in 2025.

Operating metrics also show a sharp decline. The company’s EBITDA decreased by 41% to 3.56 billion rubles, while profitability fell to 28.6%. At this, the debt burden continues to grow: Whoosh’s net debt increased by 28% and reached 13.1 billion rubles. The net debt-to-EBITDA ratio has more than doubled and stands at 3.7 – a level considered risky for service companies.

The company itself attributes the crisis to a number of factors: rising interest rates in the rf, a slowdown in mobile internet and geolocation services, as well as stricter regulatory requirements in major cities. These problems are directly linked to the overall economic situation in russia, which has deteriorated since the start of the full-scale war against Ukraine, leading to high inflation, expensive loans, and a decline in consumer activity.