Gross profit grew by 63% year-over-year to $1.6M
Operating loss narrowed 71% to $0.17M (operating margin of -2%) from $0.59M (operating margin of -12%), approaching operating breakeven
Recurring revenue rose to 88% of total; dollar-pegged revenue reached 44% of total (+111%)
NDR of 114%
Operating expenses fell to 23% of revenue from 34%, reflecting continued operating leverage
DUBAI, United Arab Emirates, June 16, 2026 (GLOBE NEWSWIRE) -- Swvl Holdings Corp ("Swvl" or the "Company", and together with the Company's subsidiaries, the "Group") (NASDAQ:SWVL), a leading provider of technology-enabled mass mobility solutions for enterprises today announced its financial results for the three months ended March 31, 2026 ("Q1 2026").
Swvl carried its FY 2025 momentum into the new fiscal year, growing Q1 2026 revenue by 68% to $8.2 million compared to $4.9M for the three months ended March 31, 2025 ("Q1 2025"), while narrowing its operating loss by 71%. Growth was led by accelerating enterprise demand across the Gulf Cooperation Council ("GCC") and continued expansion in Egypt, supported by disciplined cost management and a revenue base that is increasingly recurring and dollar-pegged.
The quarter's improvement was broad-based. Gross profit grew 63% from $0.98M for Q1 2025 to $1.6 million for Q1 2026, the operating loss narrowed to $0.17M for Q1 2026 from $0.59M for Q1 2025, and operating expenses declined to 23% of revenue from 34% a year earlier. Consolidated net dollar retention of 114% reflected continued expansion within the Company's existing customer base.
Q1 2026 Financial Highlights
Revenue: $8.2M, up 68% year-over-year from $4.9M
Gross profit: $1.6M, up 63% year-over-year from $1.0M; gross margin of 19.4% (vs 19.9% in Q1 2025)
Operating loss narrowed 71% to $0.17M from $0.59M; operating margin improved to (2.1%) from (12.0%)
GCC revenue: $3.6M, up 111% year-over-year from $1.7M
Egypt revenue: $4.6M, up 45% year-over-year from $3.2M
Recurring revenue: 88% of total revenue (vs 86% in Q1 2025)
Dollar-pegged revenue: $3.6M, 44% of total revenue (vs 35% in Q1 2025)
Consolidated Net Dollar Retention: 114% (Egypt 121%, GCC 105%)
Operating expenses (general and administrative (G&A) and sales and marketing (S&M)): $1.9M, equal to 23% of revenue, down from 34%
Summary
(USD, in millions)
Q1 2026
Q1 2025
Change
Revenue
$8.2
$4.9
+68%
Gross profit
$1.6
$0.98
+63%
Gross margin
