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G-Bike’s 2024 Revenue Surges 40% to $58.3 Million

[Micromobility Pro] South Korea’s Gbike grew revenue 40% to $58.3M in 2024, more than doubled operating profit, and turned equity positive following a major balance sheet restructuring.

Oct 9

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Welcome to Micromobility Pro, a bi-weekly publication which is part of The Micromobility Newsletter, where we deep-dive into the financials of micromobility companies and share exclusive insights tailored for professionals and members.

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About G-Bike
2024 Financial Performance
Revenue Breakdown
Cost Structure
Cash Position & Debt Restructuring
Product & Market Development
Funding
Conclusion

About G-Bike

Gbike is a South Korean micromobility company established in August 2017. It operates GCOO, a shared mobility platform offering bicycles and e-scooters, complemented by software development and sales.

Headquartered in Seoul’s Gangnam-gu district, the company has pursued an international growth strategy with subsidiaries in the United States (GBIKE USA Inc.), Thailand (Thai Personal Mobility), and Vietnam (Viet Personal Mobility Co., Ltd.). In late 2024, Gbike expanded into Ghana, marking its first African operation.

The company is controlled by CEO Yoon Jong-soo, who holds a 31.6% stake.

2024 Financial Performance

Gbike reported $58.3 million in revenue for 2024, a 40% increase from $41.7 million in 2023. Operating profit more than doubled to $6.96 million, while net profit rose to $2.82 million.

Part of the improvement came from a change in accounting policy. The company extended the useful life of its bicycles and batteries from four years to five, reducing annual depreciation by $1.6 million and boosting net income...