Brazilian company Vammo, which specializes in electric motorcycles and battery-swapping stations, has surpassed 10 million swaps, coinciding with reaching break-even and then achieving profitability on an EBITDA basis in June 2026, according to company information reported by Electrek. Vammo is preparing to expand its operations beyond the city of São Paulo for the first time, with Campinas selected as its official second city.
Vammo has operated its services in São Paulo since 2022, building a network of approximately 1,000 battery-swapping points. Instead of waiting for the motorcycle to charge, users can replace a depleted battery with a charged one. This model is aimed particularly at commercial motorcycle users who cannot afford long periods of downtime.
Usage Growth and Improved Financial Performance
The company’s number of active customers increased by 250% during the current year to more than 10,000 users. Vammo also says it is on track to generate approximately $45 million in annual recurring revenue by the end of 2026, and expects to exceed 100 million battery swaps during 2027.
The company says that reaching break-even in June came six months ahead of schedule, and that it is now comfortably profitable on an EBITDA basis. This result is particularly significant because its model requires investment in motorcycles and the physical infrastructure of swapping stations, rather than in software alone.
New Stations Use Artificial Intelligence
Vammo is launching the third generation of its battery-swapping stations, which it says reduces costs by an additional 15%. The new stations use artificial intelligence-based software to dynamically adjust battery charging rates based on factors including current and anticipated demand from riders, weather, demand from delivery apps, customer usage patterns, and battery temperature.
This does not change the essence of the swapping model, but it may help the company manage charging and distribute energy according to demand rather than operating the stations in a fixed manner. However, the material did not provide details about the system’s architecture, the accuracy of its forecasts, or how the announced savings are measured.
Why Does This News Matter?
Electric motorcycles still account for only 0.7% of motorcycle sales in Brazil, despite 11,587 electric motorcycles being registered between January and August of the year in question, an annual increase of 85%, according to data Vammo attributes to the FENABRAVE Association. The company says it captured more than 65% of the Brazilian electric motorcycle market during the same period.
The São Paulo market represents a major opportunity: more than 500,000 motorcycles are sold in the state annually, while Vammo’s current service area covers a geographic region with approximately 26 million people. The company also says that its average user saves approximately 35% compared with operating a used gasoline motorcycle with a 160-cubic-centimeter engine, thanks to lower energy and maintenance costs.
Expansion and Constraints
Vammo intends to focus first on the state of São Paulo before expanding across the rest of Brazil and into Latin American markets. It has also launched a 36-month rent-to-own program to address the high costs of vehicle financing, which it says may approach 45%. After the term ends, the rider can purchase the motorcycle for the same amount paid as a deposit, then purchase a battery or continue using the swapping network.
These figures show that battery swapping may be well suited to heavily used motorcycles in cities, where batteries are smaller and downtime is more costly. However, the model’s expansion will remain tied to network density, sustained demand, and the company’s ability to finance motorcycles and stations outside its current base.