Brussels, September 7, 2025 — The Europe Today: Belgian e-bike manufacturer Cowboy has warned that it may face bankruptcy “in the short term” unless it secures substantial new funding within weeks, according to its latest annual report filed with the National Bank.
The company, once hailed as one of Europe’s most promising mobility start-ups, reported a steep financial decline in 2024, with revenue falling nearly 36% to €21.7 million. Operating losses reached €21 million, while net losses widened to €25.9 million. Cowboy attributed the downturn to fierce price competition, supply chain disruptions, and the transition to a new assembly partner in France.
The report underscores “significant uncertainty” about the company’s ability to continue operations. Without additional financing, Cowboy said it will be unable to meet payment obligations, forcing it to declare bankruptcy.
Cowboy is currently in talks with France’s Rebirth Group, which already assembles its bikes, on a partnership deal that includes immediate funding, debt-to-equity conversion, and a new bond issue. If concluded, the agreement would cover financing needs for the next 12 months.
Compounding its financial troubles, Cowboy also faces a costly recall of its Cruiser ST (Edition MR) model due to a risk of frame breakage. The recall, involving bikes produced between September 2021 and June 2023, is expected to cost €5.6 million, with supplier Ming agreeing to provide free replacement frames.
Despite the challenges, Cowboy has outlined a 2025–2030 strategic plan focused on innovation, expanding its sales and repair network, improving profit margins, and reducing costs. The company has brought in external consultants, including a former Accell Group CEO, to support the turnaround effort.
The coming weeks will be decisive in determining whether Cowboy can secure the lifeline needed to survive in Europe’s competitive e-bike market, or whether financial pressures will force the company into insolvency.
