Why Whoosh Reported a Loss in the First Half of the Year
Let’s start with the main point: VUSH Holding (also known as the kick-sharing service Whoosh) has published its IFRS financial results for the first half of 2025, following other Russian companies. The results disappointed the market: they were called weak, and the company’s shares fell by 2%. This is not entirely surprising, as Whoosh reported a loss instead of a profit. When comparing with the first half of 2024 figures:
- Revenue: decreased by almost 15%, to 5.36 billion rubles;
- Net loss: 1.89 billion rubles (compared to a profit of 259 million rubles a year earlier);
- Kick-sharing EBITDA: 1 billion rubles (-63.6% year-on-year);
- Net debt/EBITDA: 2.99x compared to 2x as of June 30, 2024 (indicates how many years it would take the company to repay its debt using EBITDA. A safe level is up to 1.5, a moderate level is from 1.5 to 3).
Whoosh’s business was affected by external factors impacting demand, such as regular internet outages in several cities, poor weather conditions, and intense price competition (with services like MTS Urent and Yandex Go). Additionally, analysts believe the kick-sharing market is entering a saturation phase, leading to a decrease in scooter rental times.
Moreover, while preparing for the season, the company anticipated higher demand, which contributed to increased expenses. These included winter maintenance for a large number of scooters, rising fixed costs for charging infrastructure, and ongoing repairs and maintenance.
What Impacted Whoosh’s Business
Whoosh’s business was also affected by a ban on scooter movement in St. Petersburg starting July 1. Authorities designated around 40 restricted zones, including Palace Square, Admiralteyskaya Embankment, Summer Garden, and Nevsky Prospect.
However, the largest scooter rental services decided not to give up and found a way to return scooters to the city center. Whoosh, MTS Urent, and Yandex Go (part of Yandex) reached an agreement with city authorities on investments in bicycle infrastructure. The companies will invest in creating bike lanes and parking zones for personal mobility devices.
Amid increasing debt, Whoosh’s stock prices declined.
Earlier this year, in the spring, the price reached 240 rubles per share; now it is trading at 128 rubles. That is a 45% drop from this year’s peak values, which is much steeper than the overall market trend. For example, since the beginning of the year, the Moscow Exchange index has gained 3%, while Whoosh’s shares have fallen by 27%.
At the same time, Whoosh is actively expanding its business—the company announced its expansion into Latin America. Additionally, the service is taking measures to support its stock prices. The company launched the first wave of a buyback (repurchasing its own shares from the market)—this creates demand and pushes prices upward. This could support the shares, which are currently trading at minimal levels.
News of the buyback and the repurchase itself could lead to an increase in stock prices—likely not explosive, but shares could potentially rise by, for example, 20%. Moreover, Whoosh’s business traditionally performs well in the third quarter—these are always the best quarters of the year, so it is quite possible that this will also provide positivity and stimulate stock growth.
The third quarter falls during the summer, when scooters are in highest demand—so all hopes are pinned on this period and the numbers it will deliver.
What Are the Prospects for Whoosh as an Investment Idea
From an expert perspective, the kick-sharing service itself is an interesting sector that is essentially underrepresented in the market. There are MTS and Yandex, for whom this is not their main business.
Unlike these companies, Whoosh is purely a scooter business, offering an opportunity to profit from their popularity. The service is expanding its geography, entering new regions, and implementing new approaches—for example, SMS booking when the internet is down. So, there is still room for growth—one could acquire the company’s shares in hopes of a business recovery. However, this should be done while keeping current risks in
Palace Square
Palace Square is the central city square in Saint Petersburg, Russia, renowned for its historical significance and architectural ensemble. It was developed in the 18th and 19th centuries, with its most famous feature being the Winter Palace, the former official residence of the Russian tsars. The square was the site of key events in history, most notably the Bloody Sunday massacre in 1905 and the October Revolution of 1917.Admiralteyskaya Embankment
Admiralteyskaya Embankment is a historic waterfront promenade along the Neva River in Saint Petersburg, Russia. It was constructed in the 19th century and is named after the nearby Admiralty building, the former headquarters of the Russian Imperial Navy. The embankment offers iconic views of the city’s architectural landmarks, including the Winter Palace.Summer Garden
The Summer Garden is a historic public park in St. Petersburg, Russia, founded by Peter the Great in 1704 and designed in the formal Dutch style. It originally featured ornate fountains and marble sculptures, serving as a venue for imperial social gatherings and embodying the Tsar’s desire to westernize the Russian elite.Nevsky Prospect
Nevsky Prospect is the main thoroughfare in St. Petersburg, Russia, commissioned by Peter the Great in the early 18th century to serve as the primary road connecting the city to the rest of the country. Today, it is a vibrant cultural and commercial hub, famous for its historic palaces, churches, and shops that reflect the city’s imperial past.Moscow Exchange
The Moscow Exchange is Russia’s largest securities and derivatives exchange, formed in 2011 through the merger of the country’s two main stock exchanges, the MICEX and the RTS. It serves as the central marketplace for trading in equities, bonds, derivatives, currencies, and commodities, playing a pivotal role in the Russian financial system. Its predecessor, the Moscow Central Stock Exchange, has origins dating back to the 19th century.St. Petersburg
St. Petersburg is a historic Russian port city founded in 1703 by Tsar Peter the Great as his “window to the West.” It served as the imperial capital of Russia for over two centuries and is renowned for its grand Baroque architecture, extensive network of canals, and world-class cultural institutions like the Hermitage Museum.Latin America
Latin America is a vast cultural region encompassing over 20 countries in the Americas where Spanish, Portuguese, and French are predominantly spoken, sharing a history shaped by indigenous civilizations, European colonization, and the struggle for independence. Its rich cultural heritage is a fusion of these influences, evident in its languages, religions, music, and cuisine.Yandex Go
Yandex Go is a Russian ride-hailing and delivery super-app, developed by the technology company Yandex. It was launched in 2011 as Yandex.Taxi and later rebranded and expanded to offer a wide range of on-demand services, including food delivery and grocery shopping. It is a major example of Russia’s domestic tech industry and a direct competitor to services like Uber.
