Compared to 2023, Bolt's net loss increased by 11.6 percent to €102.6 million. This marks the second-largest loss in the company's history.

In its coverage of Bolt's results, daily Postimees noted that less than two years ago, the company had promised to turn a profit within the following 12 months and go public in 2025.

However, the financial results for 2024, published on Monday evening, reveal that the company remains far from profitability and there is no mention of a stock market debut or IPO in the report.

The report does state, however, that "continued access to funding is necessary for the further development of current operations." When asked by the paper whether this referred to an IPO, bond issuance or another form of financing, Bolt did not respond.

"At present, we are focusing on preparatory steps that will ensure we are ready for a stock market listing when market conditions are favorable. Our decision on where and when to go public will depend on the state of the market," Bolt said through its communications director.

Bolt's revenue reached €1.99 billion last year, up from just over €1.7 billion the year before. The operating loss decreased to €87.7 million in 2024, compared to €94.3 million in 2023.

In its press release, the company noted that it paid €41.7 million in labor taxes in Estonia last year, adding that according to founder and CEO Markus Villig, the financial results show the company is moving in the right direction.

At the end of 2024, Bolt had more than 4,200 employees, 1,200 of whom were based in Estonia.

Ride-hailing services accounted for 82 percent of Bolt's revenue.

Bolt was founded in Estonia in 2013 and currently operates in more than 50 countries and over 600 cities. Its services are used by more than 200 million customers, and over 4.5 million partners provide ride-hailing and delivery services via the platform.

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