TORONTO, ON, Feb. 20, 2025 (GLOBE NEWSWIRE) — Third Lane Mobility, the largest micromobility operator in North America through its subsidiaries Bird and Spin, today announced a landmark year, surpassing $200 million in gross bookings and $19.2 million in Adjusted EBITDA profitability–its first-ever profitable year on this metric and cash flow positive for the year.
In 2024, our riders took almost 35 million rides on our sustainable transportation vehicles, travelled over 60 million miles and helped to prevent almost 12,240 metric tons of CO2 from entering the atmosphere.
In addition, both Bird and Spin have announced key partnerships to help accelerate growth, such as with Lyft and Human Forest, enabling other provider's ridership to begin rides using their own app, or using the Bird app in jurisdictions where our service is not currently available.
2024 was a breakout year for Third Lane Mobility, proving the strength and durability of our business and the growing demand for sustainable urban transportation. The company achieved its first full year of significant profitability while expanding its reach, forging key partnerships, and securing competitive market wins. As cities, towns and college campuses increasingly prioritize micromobility, our strong execution and industry leadership position the company for continued growth and innovation in 2025 and beyond.
To further accelerate growth and innovation in 2025, Third Lane Mobility is arranging up to $45 million in financing commitments which will be used to fund growth and acquire 45,000 additional electric scooters and bicycles, all with the latest technological advancements seen in the industry. The company is set to launch in 15 new markets in the first half of 2025, eight of which have been secured through a competitive RFP process, reinforcing its dedication to providing sustainable, efficient, and eco-friendly transportation solutions to countless communities around the globe.
This milestone marks a transformative moment for Third Lane Mobility. The combination of the new market launches and new capital will enable Third Lane Mobility to accelerate positive Earning Before Interest & Taxes (EBIT) and Free Cash Flow (FCF) for 2025.
Commitment to Sustainability and a Greener Future for All Communities
Cities, towns and college campuses around the world work toward carbon neutrality and reduced congestion. Third Lane Mobility is investing in sustainable transportation solutions:
- Reducing Emissions: Shared e-scooters and e-bikes help replace short car trips, which account for nearly 50% of all vehicle journeys under 5 miles, reducing COâ‚‚ emissions by up to 67% compared to cars.
- Fleet Sustainability: The company is transitioning to swappable batteries, reducing waste and improving operational efficiency.
- Green Operations: Third Lane Mobility is committed to using renewable energy sources for charging infrastructure and deploying electric service vehicles to manage its fleets.
- City Collaboration: Partnering with municipalities to design dedicated bike lanes, safe parking zones, and carbon credit programs to encourage eco-friendly urban mobility.
The Rising Impact of Micro-Mobility
The global micro-mobility industry, including shared e-bikes and e-scooters, continues to expand:
- The global micro-mobility market is projected to reach $9.4 billion by 2030, driven by increasing demand for sustainable, last-mile transportation solutions.
- E-bikes have the highest utilization rate among shared mobility options, averaging 3.9 trips per bike per day.
- More than 30% of e-scooter and e-bike trips replace car trips, reducing traffic congestion and emissions in urban areas.
With expansion into 15 new markets in the first half of this year and a strong commitment to sustainability, Third Lane Mobility is leading the way in reducing carbon footprints, enhancing urban mobility, and supporting the global shift toward cleaner transportation.
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About Third Lane Mobility
Third Lane Mobility is the largest micromobility operator in North America through its subsidiaries Bird and Spin. Third Lane Mobility is an electric vehicle company dedicated to bringing affordable, environmentally friendly transportation solutions such as e-scooters and e-bikes to communities around the world. Bird and Spin's cleaner, affordable, and on-demand mobility solutions are available in 250 cities, across Canada, the United States, Europe, and the Middle East. We take a collaborative, community-first approach to micromobility. Bird and Spin partner closely with the cities, towns and college campuses in which they operate to provide a reliable and affordable transportation option for people who live, work, and visit there.
For more information please visit bird.co, spin.app, and thirdlane.co.
Third Lane Mobilitypress@bird.co