This donut thing sounds too good to be true, even though Siilasmaa himself is on the company’s board. So, Donut Lab is owned through some route by Verge Motorcycles, which underwent some corporate restructuring in the summer of 2025. Originally, the company was founded in 2018, at which time its name was RMK Vehicle Corporation. At some point, the name changed to Verge Motorcycles Oy. At least originally, the bikes were intended to be manufactured in Finland, but in 2022, Verge Motorcycles OÜ was established in Estonia, where it seems the bikes have since begun production.
You can obtain those financial statements from the Estonian Business Register free of charge. The loss in the last financial year (2024) was over 10 million euros, and for example, net working capital was negative by 1,117,474 euros. You can get fairly good information about companies’ sales figures from Estonia. Some bikes have been sold, but not exactly a huge number. Revenue for the entire financial year was 1,048,163 euros.
According to the financial statements, Verge Motorcycles OÜ’s parent company is Verge Motorcycles Oy. This aforementioned corporate restructuring took place this summer, in which Verge Motorcycles Oy was split into three new companies: Verge Motorcycles Oy (with a new Business ID, the old one has ceased), Donut Defence Holding Oy (Esox Group Oy as of November 3, 2025), and Donut Holding Oy. These three companies were all registered in the Trade Register on September 30, 2025. To dig deeper into this Finnish setup, one would probably have to buy financial statements from Virre, and they won’t even be available for these newest ones until 2027 at the earliest due to a long exceptional financial year. This information about the demerger is visible just from the Trade Register extracts.
Lest the corporate structure be too simple, a demerger was also carried out at Verge Motorcycles OÜ, where its business operations were transferred to Verge Motorcycles Development OÜ (100% owned by Verge Motorcycles Oy), Donut Lab Development OÜ (90% owned by Donut Holding Oy and 10% by Donut Group Oy), and Donut Lab OÜ (50% owned by each Donut Holding Oy and Donut Group Oy).
Several of the companies share the address of the Roschier law firm in Helsinki, which likely handled this corporate restructuring—of which I personally understand nothing. However, largely the same people rotate on the boards of these partner companies. Esox Group Oy, which markets Donut Lab’s drones etc., belongs to the same corporate entity, and the other customer is then the parent company Verge Motorcycles Oy. As I understand it, Marko Lehtimäki is also on the board of the partner company Nordic Nano Group Oy, which operates at the Imatra production facility. So the partners are by no means independent of each other; rather, the track is now just open for orders. In other words, the hardest part is ahead, where few succeed.
I also read those threads on LinkedIn where the product’s authenticity has been questioned, and this caught my eye. Apparently, there is no patent, and it seems one hasn’t even been applied for.
If this is such a revolutionary innovation, is there any reason why they haven’t rushed with the patent? I don’t really understand anything about battery technology, but you’d think they would establish a moat for such a patent and prevent competitors from copying it. If someone takes the battery apart, as per the CEO’s words, won’t it at that point at the latest become clear what kind of technology is used in the battery, since it has been kept secret until now?
I’m not very convinced by this so far, but I sincerely hope this doesn’t prove to be just marketing talk and that it’s real. We probably won’t have to wait long before we can read more about these bikes equipped with the new battery in the papers.
When I try to search for Finnish “future hope” stocks, it usually falls through because those criteria aren’t all met, not to mention my own additional criteria.
