1H22 Revenue Up 92% Y/Y, Q2 Revenue Up 46% Y/Y
Strong Mobility Metrics: QAPUs Up 90% Q/Q And Trips Up 71% Q/Q
Helbiz Live and Kitchen Generate 44% of 1H22 Revenue vs. Zero in
1H21 Intense Focus on Cost Efficiency, Cash Preservation and Drive
Toward Profitable Operations
Helbiz Inc. (“Helbiz” or “the Company”) (Nasdaq: HLBZ), a global
leader in micro-mobility, today reported its financial results for
the three and six months ended June 30, 2022.
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the full release here:
https://www.businesswire.com/news/home/20220815005631/en/
1H22 Revenue Up 92% Y/Y, Q2 Revenue Up
46% Y/Y Strong Mobility Metrics: QAPUs Up 90% Q/Q And Trips Up 71%
Q/Q Helbiz Live and Kitchen Generate 44% of 1H22 Revenue vs. Zero
in 1H21 Intense Focus on Cost Efficiency, Cash Preservation and
Drive Toward Profitable Operations (Graphic: Business Wire)
Second Quarter and First Half 2022 Business and Financial
Highlights
Financial
- First half revenue of $7.7 million, up 92% y/y
- Second quarter revenue of $4.4 million up 46% y/y
- Raised $10 million via new issue of convertible notes in the
second quarter
- Rationalized cost structure to more efficiently use cash and
reduce future funding requirements
Mobility
- Quarterly Active Platform Users (“QAPUs”) up 90% q/q, Trips up
71% q/q
- Mobility revenue of $2.7 million, up 72% q/q
- Driving toward profitable Mobility operations by reducing cost
of revenue by 17% y/y
- Expanded global footprint with entry into Australia market
Media
- Completion of the first Serie B season as streaming partner
generating $6 million over the season
- Amazon Prime Video integration with Helbiz Live
- Serie B 2022-2023 season available on Helbiz Live on all
devices and smart TVs in Italy
Kitchen
- Helbiz Kitchen revenue nearly doubled sequentially as awareness
builds
- Completed administrative steps for ITA AIRWAYS project
Helbiz Chief Executive Officer Salvatore Palella said, “Now that
we have established a solid foundation for growth, we are intensely
focused on operating profitably. Our primary services have been
introduced to consumers, our operating infrastructure is in place,
and now we need to drive scale while spending efficiently and
effectively. We saw an early indication of success, with mobility
cost of revenue declining meaningfully in Q2.”
Commenting on other achievements in the quarter, Palella said,
“Performance in Q2 was solid, with substantial top line growth and
clear progress in the micro-mobility business. We expanded into
Australia, our first step in Asia Pacific, and grew our existing
footprint with new licenses in the U.S. and Italy. We also expanded
the size of the fleet and the types of e-vehicles offered.”
Palella said, “Even as we drive toward profitable operations in
the near-term, we are not losing sight of the massive opportunity
in front of us. We are also strengthening the foundation for
long-term growth. The due diligence for the transaction with Wheels
is underway. Furthermore, last week we announced our entry into
taxi hailing, a natural extension of our mobility services. We look
forward to sharing more news on these long-term initiatives in the
months ahead.”
Helbiz Chief Financial Officer Giulio Profumo said, “From top to
bottom, the whole team at Helbiz is focused on getting to
profitable operations as quickly as possible. We are cutting
unnecessary costs and spending more effectively on necessary
expenses. The reduction in mobility cost of revenue this quarter is
gratifying, an early indication that our efforts are seeing
results. We intend to aggressively manage costs in the near term,
even as we also invest to drive aggressive growth.”
Profumo said, “Second quarter revenue grew significantly both
yearly and sequentially, due to the incremental contribution from
Media and Kitchen. Importantly, growth was solid in our core
mobility business and we are improving margins as we bring down
mobility cost of revenue. Even with our cost-control focus, we are
investing effectively and efficiently in talent, advertising,
marketing, and R&D to sustain our pace of expansion.”
Profumo said, “To fund our multiple growth opportunities, we
raised another $5 million in July and August. Looking forward, we
will deploy more vehicles, pursue more micro-mobility licenses, and
drive expansion in Asia Pacific. We are excited about our potential
in the months ahead.”
Conference Call Details
What: 2022 Q2 Results When: Monday, August
15, 2022 Time: 4:30 p.m. EDT Where: Live Dial-in
Details: Webcast Link North America (toll-free): +1 (800) 715-9871
International: +1 (646) 307-1963 Conference ID: 4146974 Replay
Available: https://investors.helbiz.com/
About Helbiz
Helbiz is a global leader in micro-mobility services. Launched
in 2015 and headquartered in New York City, the company offers a
diverse fleet of vehicles including e-scooters, e-bicycles and
e-mopeds all on one convenient, user-friendly platform with over 40
licenses in cities around the world. Helbiz utilizes a customized,
proprietary fleet management technology, artificial intelligence
and environmental mapping to optimize operations and business
sustainability. Helbiz is expanding its urban lifestyle products
and services to include live streaming services, food delivery,
financial services and more, all accessible within its mobile app.
For additional information, please visit www.helbiz.com.
Forward-Looking Statements
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 affect 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 Securities
and Exchange Commission (the “SEC”) by the Company. Additional
information concerning these and other factors that may impact the
Company’s expectations and projections can be found in its periodic
filings with the SEC, including its Quarterly Report on Form 10-Q
for the quarter ended June 30, 2022. The Company’s SEC filings are
available publicly on the SEC's website at www.sec.gov. Any
forward-looking statement made by us in this press release is based
only on information currently available to Helbiz and speaks only
as of the date on which it is made. Helbiz undertakes no obligation
to publicly update any forward-looking statement, whether written
or oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise, except as
required by law.
HELBIZ, INC.
Condensed Consolidated Balance
Sheets
(in thousands, except share
and per share data)
(unaudited)
June 30,
December 31,
2022
2021
ASSETS
Current assets:
Cash and cash equivalents
$
2,480
$
21,143
Accounts receivables
1,788
451
Contract assets – Media rights
1,806
2,758
VAT receivables
2,843
2,992
Prepaid and other current assets
4,458
4,681
Total current assets
13,375
32,025
Property, equipment and deposits, net
11,234
7,616
Goodwill
9,791
10,696
Intangible assets, net
1,493
2,075
Other assets
1,539
1,212
TOTAL ASSETS
$
37,433
$
53,623
LIABILITIES AND STOCKHOLDERS’
DEFICIT
Current liabilities:
Account payables
$
14,182
$
10,536
Accrued expenses and other current
liabilities
4,000
3,806
Deferred revenues
3,651
1,585
Warrant liabilities
210
1,596
Short term financial liabilities and
capital leases, net
30,597
25,473
Total current Liabilities
52,640
42,996
Other non-current liabilities
502
419
Non-current financial liabilities, net
17,557
18,057
TOTAL LIABILITIES
70,699
61,472
Commitments and contingencies
(A)
STOCKHOLDERS’ DEFICIT
Preferred stock, $0.00001 par value;
100,000,000 shares authorized; none issued and outstanding
—
—
Class A Common stock, $0.00001 par value;
285,774,102 shares authorized and; 26,393,183 and 16,289,209 shares
issued and outstanding at June 30, 2022 and December 31, 2021,
respectively.
114,888
101,454
Class B Common stock, $0.00001 par value;
14,225,898 shares authorized and; 14,225,898 shares issued and
outstanding at June 30, 2022 and December 31, 2021.
—
—
Accumulated other comprehensive (loss)
income
(1,150
)
(621
)
Accumulated deficit
(147,004
)
(108,682
)
Total Stockholders’ deficit
(33,266
)
(7,849
)
TOTAL LIABILITIES AND STOCKHOLDERS’
DEFICIT
$
37,433
53,623
(A) Commitments and Contingencies
Leases
The Company entered into various non-cancellable operating lease
agreements for office facilities, e-mopeds leases, corporate
vehicles’ licensing, and corporate housing entered into by the
Company with lease periods expiring through 2024. These agreements
require the payment of certain operating expenses, such as
non-refundable taxes, repairs and insurance and contain renewal and
escalation clauses. The terms of the leases provide for payments on
a monthly basis and sometimes on a graduated scale. The Company
recognizes rent expense on a straight-line basis over the lease
period and has accrued for rent expense incurred but not paid.
Lease expenses under operating leases were $746 and $1,484 for the
three and six months ended on June 30, 2022, respectively; and $657
and $1,119 for the three and six months ended on June 30, 2021,
respectively.
Additionally, the Company entered into various non-cancellable
capital lease agreements for 3,750 eScooters and R&D equipment
with financial institutions. The capital lease agreements included
within Financial liabilities on the condensed consolidated balance
sheet as of June 30, 2022 amounted to $2,792, of which $2,649 is
related to the 3,750 eScooters and $143 is related to the R&D
equipment. The capital lease agreements for the 3,750 eScooters
have a duration between 12 to 18 months while the R&D equipment
agreement has a duration of 36 months. The eScooters/R&D
equipment under the lease are collateral for the lease obligations
and are included within property, plant and equipment on the
condensed consolidated balance sheet as of June 30, 2022 (Refer to
Note. 7 Property, equipment and deposits, net for further
information). Lease expenses under capital leases were accounted as
interest expenses for $83 and $112 for the three and six months
ended on June 30, 2022, respectively.
Lease expenses under capital leases were accounted as interest
expenses for $83 and $112 for the three and six months ended on
June 30, 2022, respectively.
Operating leases
Capital leases
Year ending December 31:
2022
895
2,193
2023
588
777
2024
124
60
Thereafter
41
15
Total minimum lease payments
1,648
3,045
Less: Amounts representing interest not
yet incurred
252
Present value of capital lease
obligations
2,792
Less: Current portion
2,701
Long-term portion of capital lease
obligations
91
Litigation
From time to time, the Company may become involved in legal
proceedings arising in the ordinary course of business. There are
currently no material legal proceedings against the Company, and
the Company is not aware of investigations being conducted by a
governmental entity into the Company. The Company does not disclose
litigation with a remote possibility of an unfavorable outcome.
HELBIZ, INC.
Condensed Consolidated
Statements of Operations and Comprehensive Loss
(in thousands, except share
and per share data)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Revenue
$
4,358
$
2,982
$
7,670
$
3,997
Operating expenses:
Cost of revenue (B)
10,267
6,073
21,606
10,577
General and administrative (B)
6,436
2,638
13,115
6,592
Sales and marketing (B)
3,415
1,275
6,013
2,408
Research and development (B)
638
588
1,382
1,164
Total operating expenses
20,756
10,574
42,116
20,741
Loss from operations
(16,398
)
(7,592
)
(34,447
)
(16,744
)
Non-operating income (expenses), net
Interest expense, net
(1,512
)
(566
)
(3,492
)
(1,064
)
Gain (loss) on extinguishment of debts
(2,065
)
—
(2,065
)
—
Change in fair value of warrant liabilities
441
—
1,386
(4,127
)
Other income (expenses), net
(199
)
12
(507
)
(260
)
Total non-operating income (expenses), net
(3,335
)
(554
)
(4,679
)
(5,452
)
Income Taxes
(7
)
(18
)
(12
)
(33
)
Net loss
$
(19,740
)
$
(8,164
)
$
(39,137
)
$
(22,229
)
Deemed Dividends and Deemed Dividends equivalents
$
—
$
(37
)
$
—
$
(72
)
Net loss per share attributable to common stockholders
$
(19,740
)
$
(8,201
)
$
(39,137
)
$
(22,301
)
Net loss per share attributable to common stockholders, basic
and diluted
$
(0.57
)
$
(0.36
)
$
(1.21
)
$
(1.01
)
Weighted-average number of shares outstanding used to compute
net loss per share, basic and diluted
34,737,852
22,666,617
32,438,971
22,134,945
Net loss
(19,740
)
(8,164
)
(39,137
)
(22,229
)
Other comprehensive (loss) income, net of tax:
Changes in foreign currency translation adjustments
$
(206
)
$
(46
)
$
(529
)
$
(39
)
Net loss and comprehensive income, excluded Deemed Dividends and
Deemed Dividends equivalents
$
(19,946
)
$
(8,210
)
$
(39,666
)
$
(22,268
)
(B) Includes stock-based compensation for employees and services
received, as follows
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Stock-based compensation
Cost of revenue
$
2
$
5
$
12
$
17
General and administrative
804
423
1,799
1,593
Sales and marketing
161
47
343
214
Research and development
34
71
98
307
Total Stock-based compensation
expenses
$
1,001
$
546
$
2,252
$
2,131
HELBIZ, INC.
Condensed Consolidated
Statements of Cash Flows
(in thousands, except share
and per share data)
(unaudited)
Six months ended June
30,
2022
2021
Operating activities
Net loss
$
(39,137
)
$
(22,229
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
2,661
3,331
Loss on disposal of assets
116
238
Non-cash interest expenses and
amortization of debt discount
2,971
509
Change in fair value of warrant
liabilities
(1,386
)
4,128
Change in fair value of accounts
payables
(304
)
—
(Gain) or Loss on extinguishment of
debts
2,065
—
Share-based compensation
2,252
2,131
Other non-cash items related to
licensing
—
748
Changes in operating assets and
liabilities:
Prepaid and other current assets
2,617
(38
)
Security deposits
(5
)
22
Accounts receivables
(1,337
)
(360
)
Accounts payables
3,935
(196
)
Accrued expenses and other current
liabilities
2,263
1,240
Other non-current liabilities
83
(137
)
Net cash used in operating
activities
(23,206
)
(10,613
)
Investing activities
Purchase of property, equipment, and
deposits
(3,586
)
(4,913
)
Deposit for Letter of Intent
(1,000
)
Purchase of intangible assets
(117
)
(308
)
Acquisition of business, net of cash
acquired
—
(1,987
)
Net cash used in investing
activities
(4,703
)
(7,208
)
Financing activities
Proceeds from issuance of financial
liabilities, net
10,248
18,156
Repayment of financial liabilities
(1,495
)
(2,505
)
Proceeds from issuance of financial
liabilities, due to related party - Officer
380
2,010
Proceeds from settlement of Subscription
receivables
—
4,033
Proceeds from sale of Class A common
shares, net
—
955
Payments of offering costs and
underwriting discounts and commissions
—
(1,193
)
Net cash provided by financing
activities
9,133
21,456
Increase (decrease) in cash and cash
equivalents, and restricted cash
(18,776
)
3,635
Effect of exchange rate changes
306
(39
)
Net increase (decrease) in cash and cash
equivalents, and restricted cash
(18,470
)
3,596
Cash and cash equivalents, and restricted
cash, beginning of year
21,253
790
Cash and cash equivalents, and restricted
cash, end of year
$
2,783
$
4,386
RECONCILIATION OF CASH, CASH EQUIVALENT
AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEET
Cash and cash equivalents
2,480
4,277
Restricted cash, included in Current
assets
193
—
Restricted cash, included in Other assets,
non-current
110
109
Supplemental disclosure of cash flow
information
Cash paid for:
Interest
$
517
$
556
Income taxes, net of refunds
$
12
$
2
Non-cash investing & financing
activities
Issuance of Class A common shares – for
warrant exercise
$
—
$
10,567
Issuance of Class A common shares – for
settlement of lease
—
1,747
Issuance of common stock – MiMoto Smart
Mobility S.r.l. Acquisition
—
10,389
Convertible notes converted into common
shares
14,326
—
Increasing of Financial liabilities for
derecognition of Beneficial conversion features (BCF) - Adoption of
ASU 2020-06
3,371
—
Purchase of vehicles with financing
agreement
3,328
—
Prepaid expenses related to D&O
insurance, included in Account payable
402
—
Issuance of Warrants - in conjunction with
Convertible Notes issuance
603
—
Issuance of common shares – Commitment
shares and share based compensation for Convertible Notes
issuance
695
—
Note: For more accompanying notes to the condensed consolidated
financial statements above, please refer to the Company’s quarterly
report on Form 10-Q filed with Securities and Exchange Commission
(the “SEC”) for the quarter ended June 30, 2022.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220815005631/en/
For media inquiries: Matt Rosenberg Head of
Communications, NA press@helbiz.com +1 (646) 726-2146
For investor inquiries: The Blueshirt Group Gary
Dvorchak, CFA gary@blueshirtgroup.com +1 (323) 240-5796
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