Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to US$2.05, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 41x in the Transportation industry in the US. Total returns to shareholders of 67% over the past three years. Reported Earnings • Apr 21
Full year 2025 earnings released: EPS: US$0.12 (vs US$1.29 loss in FY 2024) Full year 2025 results: EPS: US$0.12 (up from US$1.29 loss in FY 2024). Revenue: US$24.2m (up 41% from FY 2024). Net income: US$1.31m (up US$12.4m from FY 2024). Profit margin: 5.4% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. New Risk • Mar 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (US$14.0m market cap). New Risk • Jan 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$22.6m market cap). Announcement • May 20
Swvl Holdings Corp Launches Luxury Travel Vertical, Unlocking High-Margin Growth Potential Across Its Operating Markets and Secures First Revenue in the UAE Swvl Holdings Corp. announced the official launch of its luxury travel vertical, offering a comprehensive suite of premium mobility services designed to meet the rising demand for high-end transportation across its operating markets. The new offering includes luxury airport transfers, on-demand rides, intercity travel, personalized meet-and-greet services, and event transportation solutions, tailored for frequent travelers and corporate clients. This strategic move is aimed to accelerate Swvl's diversification into high-margin business segments, and to support its path towards sustainable profitability. The United Arab Emirates marks only the beginning of Swvl Luxury Travel's rollout, with the Company actively expanding this use case across the Gulf Cooperation Council ("GCC"), where high-net-worth client segments, mega exhibitions, business travel, and rising traffic congestion are accelerating the demand for premium, technology-enabled mobility solutions. This vertical is already gaining traction in GCC, with growing interest from government entities, luxury hospitality groups, and event organizers. Swvl's expansion into this high-margin vertical reinforces its strategy to scale across high-revenue markets and verticals before replacing the model globally. Swvl has completed multiple corporate bookings, and is already collaborating with three top chauffeur providers and two leading travel agencies. The Company has also commenced operations with a renowned luxury fashion house to become their preferred transportation partner across the GCC. These agreements are aimed at providing quick market traction and believe they mark Swvl's position as a preferred luxury mobility partner for both business and leisure travelers. Announcement • Apr 03
Swvl Holdings Corp. Auditor Raises 'Going Concern' Doubt Swvl Holdings Corp. filed its Annual on Apr 02, 2025 for the period ending Dec 31, 2024. In this report its auditor, Grant Thornton, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Announcement • Feb 05
Swvl Holdings Corp. Appoints Ahmed Misbah as Chief Financial Officer Swvl Holdings Corp. announced the appointment of Mr. Ahmed Misbah as its new Chief Financial Officer, effective immediately. Since June 2021, Mr. Misbah has been an integral part of Swvl’s finance leadership, having served as Group Finance Manager, Head of Finance, and Director of Finance. During his tenure, he has played a pivotal role in overseeing accounting, reporting, cash management, budgeting, treasury, tax, and compliance across Swvl’s global operations. Mr. Misbah has played a key role in the company's successful milestones, including the pricing of a $4.7 million private placement and securing sustainable finance with HSBC Bank, as announced by the Company in November 2024. Mr. Misbah has also been a key player in Swvl’s Nasdaq listing via a Special Purpose Acquisition Company transaction and led Swvl’s first phase of the portfolio optimization plan, which turned Swvl and its subsidiaries profitable 18 months ahead of schedule. During the second half of 2024, Mr. Misbah played a vital role in allowing the Company to grow its top line by more than 50% while lowering corporate overheads by over 25%. Prior to Swvl, Mr. Misbah worked as a Senior Associate at PricewaterhouseCoopers LLC in the United Arab Emirates from 2018 to 2021. He served as Vice President of Strategy & Finance at multiple startups in the Middle East from 2023 to 2024. Mr. Misbah holds a Bachelor’s degree in Accounting from the American University in Cairo. Announcement • Dec 24
Swvl Holdings Corp., Annual General Meeting, Jan 30, 2025 Swvl Holdings Corp., Annual General Meeting, Jan 30, 2025, at 08:00 Arabian Standard Time. Location: offices 4, one central, dubai world trade centre, dubai United Arab Emirates Announcement • Feb 15
Swvl Holdings Corp., Annual General Meeting, Feb 28, 2024 Swvl Holdings Corp., Annual General Meeting, Feb 28, 2024, at 08:00 US Eastern Standard Time. Location: Offices 4, One Central, Dubai, World Trade Centre Dubai United Arab Emirates Agenda: To ratify the appointment of Grant Thornton Audit and Accounting Limited (Dubai Branch) as independent registered public accounting firm for the fiscal year ending December 31, 2023; and to consider termination of Meeting. Announcement • Jan 13
Swvl Holdings Corp., Annual General Meeting, Jan 30, 2024 Swvl Holdings Corp., Annual General Meeting, Jan 30, 2024, at 08:00 US Eastern Standard Time. Location: Offices 4, One Central, Dubai World Trade Centre Dubai United Arab Emirates Agenda: To ratify the appointment of Grant Thornton Audit and Accounting Limited (Dubai Branch) as independent registered public accounting firm for the fiscal year ending December 31, 2023; to transact such other business as may properly come before the 2023 Annual Meeting of Shareholders. Announcement • Dec 27
Swvl Reports Receipt of Nasdaq Minimum Bid Price Notification Swvl Holdings Corp. reported that the Company received a letter (the “Letter”) from the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company is currently not in compliance with Nasdaq Rule 5450(a)(1), as the Company’s closing bid price for its Class A ordinary shares (the “Ordinary Shares”) was below $1.00 per share for the last 30 consecutive business days. The Nasdaq Stock Market Rules provide the Company a period of 180 calendar days to regain compliance. According to the Letter, the Company has until June 18, 2024, to regain compliance with the minimum bid price requirement. The Company will regain compliance, if at any time during this 180-day period, the closing bid price of its Ordinary Shares is at least $1.00 for a minimum period of ten consecutive business days, in which case the Company will be provided with a written confirmation of compliance from Nasdaq and this matter will be closed. If the Company does not demonstrate compliance prior to the end of the 180-day period ending June 18, 2024, the Nasdaq’s staff will notify the Company that its Ordinary Shares will be subject to delisting. However, the Company may then be eligible for additional time to regain compliance, of up to a further 180 calendar days, if it meets the continued listing requirement for the market value of its publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement. To be eligible, the Company will also need to provide further written notice of its intention to cure the deficiency during the second compliance period. It is noted that Swvl’s continued listing on Nasdaq remains a key priority for the Company. Should the situation not resolve itself over the above-mentioned timeframe, the Company intends to consider available options to cure the deficiency and regain compliance with the minimum bid requirement within the compliance period, including by potentially approving a reverse share split. The Letter from Nasdaq has no immediate effect on the Company’s Nasdaq listing or the trading of its Ordinary Shares on Nasdaq, and during the aforementioned cure period, as may be extended, the Company’s Ordinary Shares will continue to trade on the Nasdaq Capital Market. Announcement • Sep 15
Nexbus Digital, SAPI de CV acquired COMMUTE TECHNOLOGIES, S.A.P.I. de C.V. from Swvl Holdings Corp. (NasdaqCM:SWVL) for $12 million. Nexbus Digital, SAPI de CV acquired COMMUTE TECHNOLOGIES, S.A.P.I. de C.V. from Swvl Holdings Corp. (NasdaqCM:SWVL) for $12 million on September 13, 2023. Swvl will receive $12 million for the sale of Urbvan, of which $9.5 million in cash was paid at closing, and $2.5 million to be paid over 1 year.Nexbus Digital, SAPI de CV completed the acquisition of COMMUTE TECHNOLOGIES, S.A.P.I. de C.V. from Swvl Holdings Corp. (NasdaqCM:SWVL) on September 13, 2023. Announcement • Jul 23
Nasdaq Accepts Swvl Holdings’ Plan to Regain Compliance in Connection with the Delayed Filing of its Annual Report on Form 20-F for the Year Ended December 31, 2022 Swvl Holdings Corp. confirmed that Nasdaq has accepted the Company’s plan to regain compliance in connection with the delayed filing of its Annual Report on Form 20-F for the year ended December 31, 2022. Nasdaq has granted the Company an exception, enabling it to regain compliance with the listing rules by filing its 2022 20-F by October 30, 2023. In addition, Swvl announced that it received approval from the Nasdaq Stock Market of the Company’s request to transfer its listing to the Nasdaq Capital Market from the Nasdaq Global Market. Trading on the Nasdaq Capital Market commenced effective with the open of business on July 19, 2023, under Swvl’s current ticker symbols, “SWVL” and “SWVLW.” The Nasdaq Capital Market operates in substantially the same manner as The Nasdaq Global Market, including a requirement that companies listed on The Nasdaq Capital Market maintain certain financial requirements and corporate governance standards in order to maintain continued listing. Announcement • Jul 10
Björn Von Sivers Announces Resignation from His Position as A Member of the Company’s Board of Directors and as an Independent Member of the Nominating and Corporate Governance Committee of Swvl Holdings Corp., Effective June 30, 2023 On June 30, 2023, Mr. Björn von Sivers notified the board of directors of Swvl Holdings Corp. (“Swvl” or the “Company”) of his resignation from his position as a member of the Company’s board of directors and as an independent member of the nominating and corporate governance committee of Swvl, effective June 30, 2023. Mr. von Sivers’s resignation was not related to any disagreement with Swvl on any matter relating to Swvl’s operations, policies or practices. Price Target Changed • Jul 03
Price target decreased by 96% to US$1.50 Down from US$37.50, the current price target is provided by 1 analyst. New target price is 21% above last closing price of US$1.24. Stock is down 99% over the past year. The company posted a net loss per share of US$41.45 last year. Announcement • Jun 21
Swvl Regains Compliance with Nasdaq Continued Listing Requirements Relating to Audit Committee Swvl Holdings Corp. (“Swvl” or the “Company”) announced that it has successfully regained compliance with Nasdaq's audit committee requirements, as stated in Listing Rule 5605(c)(2). On May 1, 2023, the Company received a notice from The Nasdaq Stock Market ("Nasdaq") stating that it did not comply with the audit committee requirement for continued listing. The rule specifies that the audit committee must consist of at least three independent members. Following the resignations of Messrs. W. Steve Albrecht and Gbenga Oyebode from the board of directors and audit committee, Swvl's audit committee was left with only one remaining member, causing the deficiency. On May 17, 2023, Mr. Ayman Ismail Mohamed Ahmed Soliman was appointed to the Company's Board of Directors and audit committee, and on June 13, 2023, Ms. Esther Dyson was appointed to serve on the audit committee. These appointments ensured compliance with Nasdaq's audit committee requirements. The Nasdaq staff has determined that the Company now complies with Listing Rule 5605(c)(2). As a result, the matter regarding this deficiency is now closed. Announcement • May 24
Swvl Holdings Corp. Appoints Ayman Ismail to Board of Directors as Independent Member and Chairperson of Audit Committee Swvl Holdings Corp. announced the appointment of Ayman Ismail Mohamed Ahmed to its Board of Directors. Mr. Ismail will serve as an independent member of the Board and assumethe role of Chairperson of Swvl's Audit Committee.Mr. Ismail brings a wealth of experience and a distinguished career spanning over 30 years in leadership positions across multinational corporations. Notably, he served as the Founding Chairman of Egypt New Administrative Capital. His impressive track record includes a role as President of North Africa and Chairman & CEO at Pepsi, where he oversaw approximately 10,000 employees and successfully established a joint venture to enter the dairy market. Prior to Pepsi, Mr. Ismail held senior positions at Procter & Gamble, where he played a key role in significant transactions such as the acquisition of Gillette. Mr. Ismail is a Harvard University graduate and has served as Chairman of the Board at Endeavor Egypt. Announcement • May 10
Swvl Received Nasdaq Notification Relating to Its Delayed Annual Report on Form 20-F Filing Swvl Holdings Corp. announced that on May 4, 2023, it received written notice (the “Notice”) from The Nasdaq Stock Market (“Nasdaq”) indicating that, as a result of not having timely filed its Annual Report on Form 20-F (the “Form 20-F”) for the fiscal year ended December 31, 2022, the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission. Nasdaq requires that the Company submit a plan no later than July 3, 2023, to regain compliance. If Nasdaq accepts the plan, Nasdaq can grant the Company an extension of up to 180 calendar days from the due date of the Form 20-F to regain compliance. The Notice has no immediate impact on the listing of the Company's securities, which will continue to trade on Nasdaq, subject to the Company's compliance with other continued listing requirements of Nasdaq. Announcement • May 06
Swvl Holdings Receives Notice Regarding Nasdaq Continued Listing Standards Deficiency Swvl Holdings Corp. announced that on May 1, 2023, it received written notice (the “Notice”) from The Nasdaq Stock Market (“Nasdaq”) stating that following the resignations of Messrs. W. Steve Albrecht and Gbenga Oyebode from the Company’s board of directors and audit committee, the Company no longer complies with Nasdaq’s audit committee requirements as set forth in Listing Rule 5605. Listing Rule 5605(c)(2) states that the Company’s audit committee must consist of at least three members, all of whom are independent. Following Messrs. Albrecht and Oyebode’s resignations, the Company’s audit committee consists of only one remaining member. The Company has until June 15, 2023 in order to regain compliance (the “Cure Period”). The Company is currently in discussions with its existing directors to determine which will join the audit committee and the Company anticipates regaining compliance within the Cure Period. Announcement • Feb 11
Swvl Holdings Regains Compliance with Nasdaq Minimum Bid Price Rule Swvl Holdings Corp. announced that it has received a letter from The Nasdaq Stock Market LLC (Nasdaq) informing Swvl that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5450(a)(1), for continued listing on The Nasdaq Stock Market, and the matter of previous non-compliance is now closed. Swvl was previously notified by Nasdaq on November 1, 2022, that it was not in compliance with the minimum bid price rule because its ordinary shares failed to meet the closing bid price of $1.00 or more for 30 consecutive business days, as required by the Nasdaq Listing Rules. To regain compliance with the bid price, the Company was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days. This requirement was met on February 8, 2023, the tenth consecutive trading day of Swvl’s ordinary share bid price closing above $1.00. Announcement • Jan 18
Swvl Holdings Receives Nasdaq Non-Compliance Notice Swvl Holdings Corp. announced that on January 11, 2023, it received written notice (the “Notice”) from The Nasdaq Stock Market (“Nasdaq”) advising the Company that it was not in compliance with Listing Rule 5450(b)(2)(A) requiring companies listed on the Nasdaq Global Market to maintain a minimum market value of listed securities of $50,000,000 (the “MVLS Requirement”). The Notice has no effect at this time on the listing of the Company's ordinary shares, which continues to trade on The Nasdaq Global Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has a period of 180 calendar days, or until July 10, 2023 (the “Compliance Date”), to regain compliance with the MVLS Requirement. To regain compliance, the Company's minimum market value of listed securities must close at $50,000,000 or more for a minimum of 10 consecutive business days prior to the Compliance Date. In the event the Company does not regain compliance with the MVLS Requirement prior to the Compliance Date, Nasdaq will notify the Company that its securities are subject to delisting, at which point the Company may appeal the delisting determination to a Nasdaq hearings panel. The Company intends to actively monitor its minimum market value of listed securities and may, if appropriate, consider implementing available options to regain compliance with the MVLS Requirement. The Company may also choose to transfer the listing of its ordinary shares to The Nasdaq Capital Market. There can be no assurance that the Company will be able to regain compliance with Nasdaq Listing Rule 5450(b)(2)(A), or maintain compliance with any other listing requirements, or satisfy the requirements necessary to transfer the listing of its ordinary shares to The Nasdaq Capital Market. Announcement • Jan 11
Swvl Holdings Corp. Announces Resignation of Lone Fønss Schrøder, Member of the Board of Directors and as an Independent Member of the Audit Committee On January 4, 2023, Mrs. Lone Fønss Schrøder, notified Swvl Holdings Corp. (“Swvl”) of her resignation from her position as a member of the board of directors (the “Board”) and as an independent member of the audit committee of Swvl. Mrs. Fønss Schrøder’s resignation was not related to any disagreement with Swvl on any matter relating to Swvl’s operations, policies or practices. Announcement • Nov 15
Swvl Holdings Corp., Annual General Meeting, Dec 13, 2022 Swvl Holdings Corp., Annual General Meeting, Dec 13, 2022, at 08:00 US Eastern Standard Time. Location: Offices 4, One Central, Dubai World Trade Centre, Dubai Dubai United Arab Emirates Agenda: To appoint three Class I directors to hold office until the annual meeting of shareholders to be held in 2025;to ratify the appointment of Grant Thornton Audit and Accounting Limited (Dubai Branch) as our independent registered public accounting firm for the fiscal year ending December 31, 2022;and to transact such other business as may properly come before the 2022 Annual Meeting of Shareholders. Announcement • Nov 07
Swvl Holdings Reports Receipt of Nasdaq Minimum Bid Price Notification Swvl Holdings Corp. reported that the Company received a letter (the “Letter”) from the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company is currently not in compliance with Nasdaq Rule 5450(a)(1), as the Company’s closing bid price for its Class A ordinary shares (the “Ordinary Shares”) was below $1.00 per share for the last 30 consecutive business days. The Nasdaq Stock Market Rules provide the Company a period of 180 calendar days to regain compliance. According to the Letter, the Company has until May 1, 2023, to regain compliance with the minimum bid price requirement. The Company will regain compliance, if at any time during this 180-day period, the closing bid price of its Ordinary Shares is at least $1.00 for a minimum period of ten consecutive business days, in which case the Company will be provided with a written confirmation of compliance from Nasdaq and this matter will be closed. If the Company does not demonstrate compliance prior to the end of the 180-day period ending May 1, 2023, the Nasdaq’s staff will notify the Company that its Ordinary Shares will be subject to delisting. However, the Company may then be eligible for additional time to regain compliance, of up to a further 180 calendar days, if it meets the continued listing requirement for the market value of its publicly held shares and all other initial listing standards for the Nasdaq Global Market, with the exception of the bid price requirement. To be eligible, the Company will also need to provide further written notice of its intention to cure the deficiency during the second compliance period. It is noted that Swvl’s continued listing on Nasdaq remains a key priority for the Company. Should the situation not resolve itself over the above-mentioned timeframe, the Company intends to consider available options to cure the deficiency and regain compliance with the minimum bid requirement within the compliance period, including by potentially approving a reverse share split. The Letter from Nasdaq has no immediate effect on the Company’s Nasdaq listing or the trading of its Ordinary Shares on Nasdaq, and during the aforementioned cure period, as may be extended, the Company’s Ordinary Shares will continue to trade on the Nasdaq Global Market under the symbol “SWVL”. Reported Earnings • Aug 18
First half 2022 earnings released: US$1.50 loss per share (vs US$0.95 loss in 1H 2021) First half 2022 results: US$1.50 loss per share (down from US$0.95 loss in 1H 2021). Revenue: US$40.7m (up 215% from 1H 2021). Net loss: US$159.7m (loss widened 98% from 1H 2021). Announcement • Aug 12
Swvl Holdings Corp. announced that it expects to receive $20.000003 million in funding Swvl Holdings Corp. announced that it has entered into a securities purchase agreement with a single U.S. institutional investor for the private placement of 12,121,214 Class A ordinary shares at a purchase price of $1.65 per ordinary share for gross proceeds of $20,000,003. The series A and series B warrants of the company immediately exercisable upon issuance for one ordinary share at an exercise price of $1.65. The series A warrants provide the right to purchase up to 12,121,214 ordinary shares for a period of five years. The series B warrants provide the right to purchase up to 6,060,607 ordinary shares for a period of two years. If, during their respective five year and two year terms, all the warrants are exercised for cash, based on the exercise price of $1.65 per share, the Company will receive an additional $30 million in gross proceeds. The transaction is expected to close on or about August 12, 2022 and remains subject to customary closing conditions. Board Change • Jul 31
High number of new directors Independent Director Lone Schroder was the last director to join the board, commencing their role in 2022. Announcement • Jul 12
Swvl Holdings Corp. (NasdaqGM:SWVL) entered into a definitive agreement to acquire COMMUTE TECHNOLOGIES, S.A.P.I. de C.V. from DILA Capital, Angel Ventures Mexico L.P., Kaszek Management S.A., Liil Ventures and Mountain Nazca. Swvl Holdings Corp. (NasdaqGM:SWVL) entered into a definitive agreement to acquire COMMUTE TECHNOLOGIES, S.A.P.I. de C.V. from DILA Capital, Angel Ventures Mexico L.P., Kaszek Management S.A., Liil Ventures and Mountain Nazca on July 11, 2022. The acquisition will be funded with warrants to acquire an aggregate of up to 12,156,508 Class A Ordinary Shares (assuming maximum performance of the earn-out) at a de minimis exercise price, except a small number of Urbvan investors that do not qualify as “accredited investors” will receive cash consideration equal to 125,121 Class A Ordinary Shares. The transaction is expected to close in Q3 2022. Board Change • Jun 17
High number of new directors Independent Director Lone Schroder was the last director to join the board, commencing their role in 2022. Announcement • Apr 26
Swvl Holdings Corp. (NasdaqGM:SWVL) agreed to acquire Volt Lines. Swvl Holdings Corp. (NasdaqGM:SWVL) agreed to acquire Volt Lines on April 25, 2022. The closing of the transaction is subject to customary closing conditions and is expected to be completed in Q2 2022. 