Bolt revenue up 152 percent on year to 2022, still made a loss

A Bolt food courier in Tallinn.
A Bolt food courier in Tallinn. Source: Ken Mürk/ERR

Bolt Technology turnover rose 152 percent on year to 2022, to €1.26 billion, the company reports.

Bolt still operated at a loss, though this fell to €72 million for 2022, compared with over €547 million reported the previous year.

Founded a decade ago, Bolt provides ride-hailing and e-scooter and car rental services, as well as a food delivery app. It is one of Estonia's nine "unicorn" firms, those with a market capitalization of US$ 1 billion or more.

The bulk (nearly 80 percent) of the 2022 revenue derived from the first of these segments.

In 2022, it was active in over 40 countries.

Europe grew in significance as a source of sales revenue, from 70 percent of its revenue in 2021, to 81 percent last year.

While Bolt's revenues rose in African nations in which it operates, its market share of total revenue fell. 

As for the rest of the world, Bolt's revenues rose by €6 million.

Co-founder Markus Villig owns the largest single stake in Bolt, at 17 percent, via his company Mordor Management OÜ.

Bolt's financials for 2022 quick facts:

  • Operating losses fell by 11 percent on year, to €262.6 million.
  • Operating profit margin improved from - (minus) 59.2 percent to -20.8 percent over the year.
  • Accumulated losses after loss coverage reached €664.7 million, compared with €592.5 million a year earlier.
  • Close to 80 percent of the company's sales revenue derived from the provision of Bolt's driving services, 10 percent from rental revenue, and 9 percent from food delivery.
  • Bolt's Drive fleet ran over 1,500 vehicles as of the end of 2022, while the company operates over 200,000 e- scooters and e-bikes, internationally.
  • Bolt's employee numbers rose by 1,100 people during the year, to 4,126 people.
  • Bolt's paid its employees €149.8 million combined last year.
  • The Bolt group includes 59 companies, primarily local subsidiaries in territories outside Estonia.


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Editor: Andrew Whyte, Barbara Oja

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