micromobility.com Inc. Announces Fiscal Year 2023 Financial Results, Embraces Strategic Efficiency Amidst Industry Challenges
April 16 2024 - 4:30PM
Business Wire
micromobility.com Inc. (OTCPINK: MCOM), a global player in
innovative transportation solutions, today announced its financial
results for the year ended December 31, 2023.
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Amid a tough year for the micromobility sector, the Company
showcased strategic resilience and focus, steering the company
toward long-term stability and advancement. Total Net Revenues for
the year amounted to $9.8 million, reflecting a 37% decrease from
the previous year, primarily due to the strategic decision to early
terminate the non-profitable LNPB (Lega Nazionale Professionisti
Serie B) agreements, main providers of live contents for the Helbiz
Media platform, and to exit non-profitable micromobility markets.
These moves are aligned with the company’s long-term strategy to
reduce operating cash burn.
Cost of Revenues showed a significant reduction, decreasing by
30%. This reduction stems from the same strategic exits and is part
of a broader effort to streamline operations and enhance financial
efficiency.
General and Administrative, Research and Development, and Sales
and Marketing expenses also showed a general decrease, further
evidencing the company’s commitment to operational efficiency and
financial health.
A notable highlight of the year is the significant reduction
amounting to 62% of our financial liabilities, from $40.4 million
in the previous year to $15.4 million. This material decrease is
primarily due to settlement agreements reached by the management
with secured loan holders and repayments of loans and convertible
debts.
“As we navigate through the restructuring of the micromobility
sector, our results reflect the tough but necessary decisions we’ve
made to ensure micromobility.com’s resilience and sustainability,”
said Salvatore Palella, CEO of micromobility.com Inc. “Looking
ahead, we are exploring strategic mergers and acquisitions to
further solidify our market position and capitalize on emerging
opportunities within and beyond our core sectors.”
micromobility.com Inc. remains committed to leading the way in
sustainable and innovative transportation solutions. The company is
well-positioned to thrive as it continues to adapt to market
demands and seeks strategic partnerships that promise mutual growth
and success.
micromobility.com Inc.’s Fiscal Year 2023 financial results can
be found by accessing the Company’s Investor Relations section of
the micromobility.com Inc. website at:
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
micromobility.com 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;
and (iii) 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 including its Annual
Report on Form 10-K for the fiscal year ended December 31, 2023.
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 the Company and speaks only as of the date on which it is made.
The Company 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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For media inquiries: press@micromobility.com