Swvl reports 59% revenue rise to $16.2M in H1 2026

Swvl Holdings Corp (NASDAQ: SWVL) reported revenue of $16.2 million for the six months ended June 30, 2026, a 59% increase from $10.2 million in the same period a year earlier, according to a company statement.

Revenue from the Gulf Cooperation Council region rose 107% to $7.1 million, while Egypt revenue grew 35% to $9.1 million. Second-quarter 2026 revenue was $8.0 million, up 51% year-over-year from $5.28 million.

Gross profit grew 35% to $2.9 million, though the gross margin declined to 18.2% from 21.5% in H1 2025, which the company attributed to a higher UAE revenue mix. The operating loss widened to $0.57 million from $0.42 million, while the operating margin improved to negative 3.5% from negative 4.1% as operating expenses fell to 25% of revenue from 29%.

Recurring revenue reached $14.2 million, representing 88% of total revenue, up from 85% in H1 2025. Dollar-pegged revenue grew 107% to $7.1 million, accounting for 44% of total revenue compared with 34% a year earlier. Consolidated net dollar retention was 123%.

Cash and cash equivalents stood at $2.1 million as of June 30, 2026, down from $4.4 million at December 31, 2025. Net cash used in operating activities was $2.0 million.

Subsequent to the period end, Swvl entered into securities purchase agreements on August 25 and 26, 2026, for the issuance of 10,017,714 Class A Ordinary Shares in private placement transactions, raising approximately $14.5 million in gross proceeds.

Chief Executive Officer Mostafa Kandil said the company believes it has the capital to scale across the GCC, the United Kingdom, and the United States while working toward sustained operating profitability. Chief Financial Officer Ahmed Misbah noted that net dollar retention of 123% and recurring revenue of 88% provide a predictable base for growth.

The financial results are unaudited interim figures and remain subject to year-end audit adjustments.

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