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Another Record Year for SWING - $44.5M Revenue and Profitable

[Micromobility Pro] Swing closes 2024 with $44.5M in revenue, continued profitability, and bold moves into new business verticals despite rising costs and debt.

Aug 14

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About Swing
Ownership Structure
2024 Financial Performance
Chart: Net Revenue vs Net Result ( 2019 to 2024)
Revenue Breakdown
Chart: Revenue Split by Geography and Category
Cost Structure
Chart: Cost Breakdown
Table: P&L Snapshot
Cash Position & Balance Sheet
Balance Sheet Snapshot
Strengths & Challenges
Major Developments (2022–2025)
2025 Outlook
Conclusion

About Swing

Swing Co., Ltd. is a South Korean micromobility company operating shared bicycles, scooters, motorcycles, and kickboards through an integrated online platform. Beyond rentals, Swing develops proprietary fleet management software, licenses mobility technology, and offers insurance products tailored to shared mobility.

The company operates in both domestic and overseas markets, notably Japan through its subsidiary Swing Japan.

Checkout this panel from Micromobility Europe 2024, moderated by Micromobility Industries CEO Prabin Joel Jones, where Swing’s founder San spoke about how Swing has remained profitable

Ownership Structure

As of 31 December 2024, CEO Kim Hyeong-san and affiliated entities own 26.17% of the company. Other major investors include Hashed Ventures (15.69%) and White Star Capital (10.34%). Swing has 52,786 issued shares, comprising 18,817 common and 33,969 preferred shares.

Swing has issued two types of convertible preferred shares:

Type 1: 3,227 shares at $250 each, total $0.81M
Type 2: 11,712 shares at $228 each, total $2.66M
Both mature 10 years after issuance.

2024 Financial Performance

Swing closed 2024 with revenue of $44.5M, up 12.5% from 2023. However, profitability weakened sharply: operating profit fell nearly 70% to $1.1M, while net income declined 58% to $0.35M.

Gross margin compressed to 23.1% from 29.2%, reflecting higher fleet maintenance, depreciation, and financing costs. The company ended the year with a debt-to-equity ratio of 124%, up from 77% in 2023...