micromobility.com Inc. Announces First Quarter 2023 Financial Results
May 22 2023 - 5:00PM
Business Wire
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
micromobility.com Inc. (NASDAQ: MCOM), a pioneering global
micromobility ecosystem, today reported its financial results for
the quarter ended March 31, 2023 on Form 10-Q filed today with the
U.S. Securities and Exchange Commission.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230522005704/en/
Visit www.micromobility.com
First Quarter 2023 Business and Financial Highlights
Operations
- 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
Financial
- 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
Mobility
- 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 Monica and Miami Dade
- Expanded fleets in Austin, Honolulu, and Orlando, aiming to
increase market share and approach profitability without increasing
costs
Kitchen
- 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 Kitchen launched its first two U.S. locations in Santa
Monica and the Westwood neighborhood of Los Angeles, offering
exciting culinary experiences in partnership with Kitchen
United.
- In April, Helbiz Kitchen further expanded with two locations in
New York City and 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 Salvatore Palella, “This
strategic move not only enabled us to integrate prominent mobility
brands, it propelled us into the dynamic realm of e-commerce and
retail. This significant milestone enables us to tap into a vast
market opportunity. Simultaneously, our strategic partnership with
the industry leader Kitchen United enabled our kitchen and delivery
segment to experience extraordinary growth in the first quarter,
expanding our reach in the U.S. and the number of cities in which
multiple services of the micromobility.com ecosystem operate.”
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 Giulio Profumo said,
“These quarterly results exemplify our dedication to driving growth
and enhancing profitability. Despite the challenges presented by
the market environment, we achieved a remarkable year-over-year
increase in revenue, showcasing the resilience of our business
model. Our strategic efforts to optimize costs and drive
operational efficiency yielded positive results by reducing
operating expenses. Financial liabilities were reduced by 11% in
the first quarter, indicating a significant decrease in outstanding
financial obligations. Additionally, net cash used in operating
activities decreased by 22% year-over-year, further demonstrating
our improved operational efficiency. These financial achievements
underscore our commitment to maximizing operational efficiency and
improving our bottom line. We will continue to pursue these
strategies, ensuring long-term value creation for our
shareholders.”
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 When: Monday, May
22, 2023 Time: 5:30 p.m. EDT
Where: Live Dial-in Details: North America
(toll-free): +1 (800) 715-9871 International: +1 (646) 307-1963
Conference ID: 2372650 Audio-only Webcast:
https://edge.media-server.com/mmc/p/ckzdtd24
Webcast Replay Available: https://ir.micromobility.com/
About micromobility.com Inc. micromobility.com Inc., a
disruptive leader in the micromobility sector, founded by Salvatore
Palella in 2015, combines expertise in retail, shared services, and
vehicle rentals to revolutionize urban transportation. With
operations spanning across the US and Europe, the holding group
encompasses shared micromobility solutions through Helbiz Inc.,
vehicle rentals via Wheels Labs Inc. and e-commerce and planned
brick-and-mortar stores via the micromobility.com brand. Committed
to providing eco-friendly, affordable solutions and enhancing
global accessibility, micromobility.com Inc. sets the standard for
professional excellence in the micromobility landscape. For more
information, visit www.micromobility.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 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 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 Annual Report on Form 10-K for the fiscal year ended
December 31, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230522005704/en/
For media inquiries: press@micromobility.com
For investor inquiries: Gary Dvorchak, CFA The Blueshirt
Group gary@blueshirtgroup.com +1 (323) 240-5796
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