micromobility.com Inc. Announces First Quarter 2023 Financial Results
First-quarter revenue up by 18% y/y, reflecting strong growth and improved financial performance
22% y/y decrease in operating cash outflows, indicating improved efficiency
OpEx Down 9% y/y, Resulting in a Notable Drop in Net Loss
11% decrease in first-quarter financial liabilities, indicating significant reduction in outstanding obligations
Rebranding Accomplished: Integrate Multiple Brands, Expanding to Retail and e-Commerce
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First Quarter 2023 Business and Financial Highlights
- Completed group rebranding as “micromobility.com Inc.”
Extended leadership in shared micromobility services by integrating
Helbiz, Wheels Labs Inc., and retail channels, as well as future brands
- Streamlined operations in key markets to drive cost reduction, business model optimization, and profitability
First quarter revenue of
$3.9 million, up 18% y/y
- Operating expenses down 9% due to decreased sales & marketing and G&A, without compromising R&D
- Financial liabilities reduced by 11% in the first quarter, indicating a significant decrease in outstanding financial obligations
- Net cash used in operating activities decreased by 22% year-over-year, demonstrating improved operational efficiency
- Flat revenue achieved despite reduced active markets, trips and QAPU
- Reduced operating cash use by prioritizing positive cash flow
Launched e-bike fleet in
Santa Monicaand Miami Dade
Expanded fleets in
Austin, Honolulu, and Orlando, aiming to increase market share and approach profitability without increasing costs
- First quarter revenue nearly tripled y/y
- Served MrBeast Burger™ for the first time in the Italian market through partnership with Virtual Dining Concepts
Helbiz Kitchenlaunched its first two U.S.locations in Santa Monicaand the Westwoodneighborhood of Los Angeles, offering exciting culinary experiences in partnership with Kitchen United.
Helbiz Kitchenfurther expanded with two locations in New York Cityand one in Austin, Texas.
“We completed our rebranding initiative in the first quarter, positioning us for future growth opportunities,” said micromobility.com Chief Executive Officer
Palella continued, “With commitment to driving innovation and shaping the future, we are embracing advanced technology solutions to strengthen our relationship with our shareholders as well as improve customer service. We are grateful for the unwavering support of our shareholders and remain determined to overcome obstacles, deliver value, and achieve sustained growth through strategic initiatives, operational optimization, and innovation. Our commitment to transparency and accountability drives our proactive compliance efforts in the face of market conditions, and we are confident in our ability to navigate the current landscape while providing ongoing value to our shareholders.”
micromobility.com Chief Financial Officer
micromobility.com Inc.’s first quarter 2023 financial results can be found by accessing the Company's quarterly results page of the Investor Relations section of the micromobility.com Inc. website at: https://ir.micromobility.com/.
To enhance engagement with the company's shareholder base and facilitate connections with its investors, micromobility.com Inc. has partnered with Say Technologies to allow verified retail and institutional shareholders to submit and upvote questions, which will be answered by management after the earnings call. To submit questions, please visit https://app.saytechnologies.com/micromobilitycom-inc-2023-q1.
Conference Call Details
What: First Quarter 2023 Results
International: +1 (646) 307-1963
Conference ID: 2372650
Webcast Replay Available: https://ir.micromobility.com/
About micromobility.com Inc.
micromobility.com Inc., a disruptive leader in the micromobility sector, founded by
Certain statements made in this press release are “forward-looking statements'' within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward looking statements. Due to known and unknown risks, actual results may differ materially from the Company’s expectations or projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: (i) the failure to meet projected development and production targets; (ii) changes in applicable laws or regulations;(iii) the effect of the COVID-19 pandemic on the Company and its current or intended markets; and (iv) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the
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Source: micromobility.com Inc.