Wk 8 2025 – Talking to Marko Lehtimaki of Donut Lab; Damon’s Financials are Hogwash; Indonesian Startups wake-up

The Verge Motorcycle is dramatic even before you read the performance numbers or get a leg over it. There is no hub in the rear wheel. The entire motor is hidden inside the rim, and the whole thing looks like a…Donut!

The performance numbers are class-leading. Now, the Lehtimaki brothers of Verge have carved out the business, with Tuomo running the motorcycle company and Marko running Donut Lab, an engineering consultancy aiding startups with their motor, battery, other hardware, and software. They are opening the IP, and it’s a compelling offer as it reduces BoM, cuts down development time, and delivers outstanding performance numbers.

We are creating universal building blocks… – InsightEV

Designing a pack and motor are challenging and time-consuming but off-the-shelf stuff is mediocre and gives you no edge. Donut Lab wants to change everything with their high-power and high-torque motors and optimized batteries. This week, we sat down with Marko Lehtimaki , the CEO.

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Damon Hides a Lot

Damon announced their Q2 FY 2025 results yesterday, and there’s admirable window dressing in the brief statement they released. The company claimed a USD 32.5 net income, explaining that this was equivalent to USD 2.51 per diluted share. On paper, it’s a pivotal shift from the USD 7.1m loss in Q2 FY 2024 or USD 2.71 per diluted share.

However, this is a company without revenue!

Making Sense of Damon’s Q2 2025 – InsightEV

A net income of USD 32.5 million took us by surprise, considering that this is a company that is not yet making any significant revenue, if at all. In the end, the financial statement reveals less and hides more.

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Indonesian Startups are Waking up

We analysts often look at Indonesia, lump it together with ASEAN, and feel happy in presenting a lumpy analysis of the entire region because everyone rides Bebeks / Scubeks. But that’s far from the truth.

Indonesia is the most critical country in ASEAN, as big as the next four ASEAN markets (Vietnam, Malaysia, Thailand, and the Philippines) combined. At 6.33m in sales in 2024, it is the third biggest two-wheeler market in the world, after India and China.

Yet, Indonesia does not even register when it comes to electric two-wheelers. The penetration is low. The start-ups are just starting up, and there is no outlier today. Some promising startups showed up at the ongoing Indonesia International Motor Show (IIMS).

An Electric Dawn in Indonesia? – InsightEV

The E2W startup scene in Indonesia is slow, with penetration levels still at

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That’s a wrap for today. This newsletter will be back next Friday. The posts on the website are more frequent.