In 2024, Tuul posted a revenue of €2.698 million, down 7 percent on year, according to their unaudited consolidated interim report for the 2024 financial year.

The company's earnings before interest, taxes, depreciation and amortization (EBITDA) for last year totaled €175,000, marking a decrease of €298,000 compared to 2023.

Their loss, meanwhile, increased by €350,000 on year to total €904,000. The company's equity is also negative, with a deficit of €55,218 as of December 31, 2024.

Tuul Mobility explained the negative equity as the result of several factors: a slowdown in seasonal sales growth, high depreciation costs as well as interest costs related to bond servicing, which amount to €310,000 annually.

According to Tuul's management, this is a temporary situation, and they highlight in the report that the changes implemented last year lay a strong foundation for efficiency improvements and profitability growth in the current year.

"The goal is to restore positive equity by increasing sales revenue, optimizing costs and strengthening sustainable business processes," the board stated. "[The company] will continue to assess potential financing options to support its development and strengthen its capital structure."

In addition, Tuul is considering strategic alternatives, including the possibility of attracting additional investments, or a full or partial sale of the company. As of the time the interim report was compiled, no specific contracts had been signed.

Tuul Mobility was registered in Estonia's central Business Register in December 2021, and primarily provides electric scooter rental and sharing services.

Last year, the company offered scooter rental services in Tallinn and Riga, and Tuul has similar plans for this year. The goal is for the company to grow its customer base and revenues with the existing scooter fleet. The company expects greater revenue growth from Latvia.

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