Nextbike at PLN 3.1 mln net loss in Q1

Nextbike reported PLN 3.1 million net loss in the first quarter compared to PLN 0.7 million loss a year ago. Revenue reached PLN 5.79 million versus PLN 4.28 million year-on-year. "A large part of the increased expenses are costs related to the re-launch of the systems, quality improvement and the continuation of the expansion of structures to the size necessary to provide the best service,"  said CEO Tomasz Wojtkiewicz. The number of bicycles in the system launched on March 31, 2018 amounted to about 12,400 and was 35 percent higher than a year earlier. Nextbike Polska has 80 percent market share on the Polish market of urban bicycle systems in terms of the number of bicycles. The company is an operator of city bike systems in several cities and towns in Poland, including in Warsaw, Wrocław, Poznań and Łódź. It has been listed on NewConnect since August 2017.