Swvl reports 68% revenue rise in Q1 2026, narrows operating loss

Swvl Holdings Corp (NASDAQ: SWVL) reported first-quarter 2026 revenue of $8.2 million, up 68% from $4.9 million in the same period a year earlier, according to results released June 16, 2026.

Gross profit rose 63% to $1.6 million from $0.98 million in Q1 2025, with gross margin at 19.4% compared to 19.9% a year earlier. The operating loss narrowed 71% to $0.17 million from $0.59 million, bringing the operating margin to -2.1% from -12.0%.

Revenue from the Gulf Cooperation Council region grew 111% to $3.6 million, while Egypt revenue rose 45% to $4.6 million. Dollar-pegged revenue grew 111% to $3.6 million, representing 44% of total revenue, up from 35% in Q1 2025. Recurring revenue accounted for 88% of total revenue, compared to 86% a year earlier.

Consolidated net dollar retention stood at 114%, with Egypt at 121% and the GCC at 105%. Operating expenses totaled $1.9 million, equal to 23% of revenue, down from 34% in the prior-year quarter.

The company reported a pre-tax loss of $0.09 million, compared to a pre-tax profit of $0.77 million in Q1 2025. The year-over-year difference was attributed primarily to a non-cash fair-value gain on financial liabilities of $1.4 million recorded in Q1 2025, versus $0.14 million in Q1 2026.

Chief Executive Officer Mostafa Kandil said the company "grew revenue 68% year over year, more than doubled our GCC business, and brought our operating loss to near breakeven; all while holding operating expenses essentially flat."

Chief Financial Officer Ahmed Misbah noted that the reported pre-tax loss "reflects a smaller non-cash fair-value gain than the prior-year quarter, not a deterioration in the underlying business."

The financial results are unaudited and subject to year-end audit adjustments. Swvl operates in Egypt, Saudi Arabia, the UAE, Kuwait, Qatar, the United Kingdom, and the United States.

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