Financials show European scooter startup Tier is profitable despite COVID-19 shutdowns
European electric scooter startup Tier turned a profit in Q3, according to financial documents seen by Business Insider.
The startup's revenue is in the tens rather than hundreds of millions of euros. But with billions of dollars ploughed into scooter startups, Tier's leadership bills its shift to profit as vindication of careful, managed growth. According to the documents shown to Business Insider, Tier has been EBITDA-positive for the third quarter of 2020 and anticipates this continuing into the next quarter. The figures show EBITDA growth in the single-digit millions of euros, on higher revenue in the double-digit millions of euros. The company suffered losses during the first half of the year.
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