The demise of Bike & Go at the end of September comes after each of its bikes located across Scotland was rented an average of only about once a month.
Bike & Go revealed its 103 cycles at ScotRail stations were rented in total an average of 122 times per four-week period over the last year.
But the most recent detailed figures available showed just 37 rentals in one period at the beginning of last year.
The scheme was launched by ScotRail in 2015 and operated at 12 ScotRail stations, including Falkirk High, Glasgow Central and Edinburgh Haymarket.
The initiative will also end at Dutch rail operator Abellio’s other franchises on Merseyside and in East Anglia.
A Bike & Go spokeswoman said: “Unfortunately, the number of rentals and members since it was introduced in 2014 meant the scheme was not self-sufficient and the decision has been made to close Bike & Go across the UK.”
A ScotRail spokesman said: “Bike & Go was part of our commitment to cycling provision for customers.
“We have engaged with Transport Scotland other key stakeholders regarding the closure of the scheme and outlined ScotRail’s ongoing commitment to cycle provision at stations.
“This includes ongoing work with commercial cycle hire schemes to locate cycle hire facilities at our stations.”
A Transport Scotland spokesperson said: “Although it is disappointing, we will ensure ScotRail continues to seek a suitable alternative as part of its commitment to support active travel [walking and cycling] and transport integration.”