CIBOX: Revenue Up 50%, but Losses Deepen to -€3.6M
French electric micromobility manufacturer CIBOX has released its 2025 results, marked by a striking contrast: a significant 50% increase in revenue to €14.7M, driven by the ramp-up of its Revin plant, but a worsened net result of -€3.6M compared to -€2.4M in 2024. This trajectory reflects massive investments made to achieve the goal of 50,000 bikes per year, with external expenses soaring by 78%.
Annual Revenue and Sales Dynamics
CIBOX's annual revenue for 2025 reached €14.7M, up 50% from 2024 (€9.7M). This growth masks a highly contrasting intra-annual dynamic: the first half saw only a 2% increase to €4.3M in a context of industrial transition, while the second half surged by 86% to €10.4M. This acceleration in the latter half is mainly due to the start of industrial activity, enabling the company to sell about 24,000 bikes over the year. The sales structure also transformed, with electric-assist bikes contributing approximately 80% of the revenue, and international sales accounting for nearly 70% of annual revenues.
Profitability Deteriorates Despite Revenue Growth
Despite the revenue growth, profitability has deteriorated under the weight of industrial investments. The gross margin improved to €3.9M (26.6% of revenue) from €2.2M in 2024 (22.9%), reflecting the evolution of the business model. However, the Gross Operating Surplus (EBITDA) stands at -€2.9M compared to -€1.5M in 2024, the worsening explained by the rise in operating expenses linked to the ramp-up of the Revin plant. Personnel costs, including temporary workers, amounted to €3.0M (+76% vs 2024), while other purchases and external expenses reached €4.1M (+78%). A six-week delay in component delivery in the last quarter of 2025 significantly limited assembly activity. The operating result stands at -€3.5M compared to -€2.1M in 2024, and the net result reached -€3.6M.
Strengthening Financial Foundations for Industrial Deployment
To support its industrial deployment strategy, CIBOX strengthened its equity to €7.1M at the end of December 2025. The cash position stands at €1.0M (compared to €1.7M in 2024), incorporating cash on hand, minority participation in DMS, and self-held securities. Financial debt amounts to €2.2M, composed of bonds redeemable in shares and convertible bonds (€0.6M) as well as commitments with credit institutions (€1.6M). Subsequent to the closing, CIBOX raised €1.8M net through a bond issue (February-April 2026) and renewed its program of bonds redeemable in shares for a maximum of €2.0M with a first drawdown of €0.5M in February 2026. In the first quarter of 2026, revenue reached €3.2M, up 110% compared to Q1 2025. Over 12,500 bikes were assembled during the quarter, with 5,800 ready to be delivered at the start of Q2 according to the order book. These prospects support the goal of more than 50,000 bikes in this first full year of the plant's operation.
