Full year revenue up 21% y/y and Annual Active Platform Users (“AAPUs”) up 15% y/y
Combined Pro Forma Full Year Revenue of Helbiz and Wheels Labs Inc. Would Have Amounted to $21.2 Million
Intensifying Focus on Operating Profitably in Near Term
Extensive Rationalization of Corporate Structure and Expense Base
Regained Nasdaq compliance with the Market Value of Listed Securities requirement
NEW YORK, March 28, 2023–(BUSINESS WIRE)–Helbiz, Inc. (“Helbiz” or “the Company”) (Nasdaq: HLBZ), a global leader in micro-mobility, today reported its financial results for the year ended December 31, 2022.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230328005884/en/
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 50 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. For additional information, please visit www.helbiz.com. (Photo: Business Wire)
Highlights & Outlook
Business Model Transformation
Completed acquisition of Wheels on November 18, 2022
Began aggressive program of cost reduction and business model rationalization
Focused on optimizing operations in key markets to achieve profitability
Seeking strategic partner to manage or acquire growing media business
Financial
Full year revenue of $15.5 million, up 21% y/y
Combined pro forma full year revenue of Helbiz and Wheels Labs Inc. would have amounted to $21.2 million
With constant currency Euro/U.S. Dollar, Mobility revenue would have been 9% higher
Ongoing cost optimization reduced R&D, sales & marketing, and G&A expenses to 47% of total operating expenses from 53% in 2021
Subsequent to year end we entered into equity lines of credit from which up to $70 million of common stock can be sold
In March 2023, regained Nasdaq compliance with the Market Value of Listed Securities requirement
Mobility
Annual Active Platform Users (“AAPUs) up 15% y/y
With Wheels the Group entered in new markets and new business model such as Long Term Rental
Quickly integrated Wheels service offering and teams
Rationalized Wheels expense structure, creating immediate cost synergies
Preparing to expand Wheels Long Term Rental model across U.S. and in Europe
Took actions to reduce overall cost of mobility (shared vehicle and Wheels), improving gross margin
Kitchen
Los Angeles and Santa Monica first cities in the U.S. to offer both Kitchen and mobility services
Expanded partnership with Kitchens United to transform to capital light model
Commenting on the Company’s business model transformation, Helbiz Chief Executive Officer Salvatore Palella said, “As we enter 2023, we clearly need to act aggressively to set Helbiz on a path of sustainable and profitable growth. Since founding, our ambitions have matched the huge market opportunities we see, but as a young company we stretched beyond our resources. We are now in the midst of a transformational pivot, with a singular focus on getting to profitability as soon as possible, and refocusing on our core micro-mobility opportunity. We are humbled but educated by the experience of the past year, and intend to build Helbiz into a growing, profitable leader in one of the most exciting sectors in mobility.”
Palella continued, “Even with the substantial progress we have made, our efforts are far from over. Soon we will unveil a major transformation that we believe will create an even stronger and more exciting company. This next initiative is going to be bold and will mark a turning point in the life of our company. We encourage all our shareholders to watch closely for this compelling news in the next few days.”
Elaborating on Helbiz’ aggressive financial restructuring, Helbiz Chief Financial Officer Giulio Profumo said, “In the fourth quarter we took decisive action to rationalize our cost base. We started restructuring operations in mobility and kitchen. With the continued cost optimization of the mobility business, we are solidly on track to achieve profitability. To pursue our growth plan, we recently entered into equity lines of credit and have the right, but not the obligation, to sell up to $70 million of shares of common stock.”
Helbiz’s 2022 financial results can be found by accessing the Company’s quarterly results page of the Investor Relations section of the Helbiz website at: https://investors.helbiz.com.
To enhance engagement with the company’s shareholder base and facilitate connections with its investors, Helbiz partnered with Say Technologies to allow verified retail and institutional shareholders to submit and upvote questions, which will be answered by Helbiz management after the earnings call by Wednesday, March 29. The platform is open from Monday, March 27 at 12:00 p.m. Eastern Time and will close on Wednesday, March 29 at 5:00 p.m. Eastern Time. To submit questions, please visit https://app.saytechnologies.com/helbiz-inc-2022-q4.
Conference Call Details
What: Full Year 2022 Results
When: Tuesday, March 28, 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
Participants should ask to join into the Helbiz Inc. call. (No passcode or conference ID required)
Audio-only Webcast:
https://edge.media-server.com/mmc/p/hy47ozve
Webcast 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 50 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. 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 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230328005884/en/
Contacts
Helbiz
For media inquiries:
press@helbiz.com
For investor inquiries:
Gary Dvorchak, CFA
The Blueshirt Group
gary@blueshirtgroup.com
+1 (323) 240-5796
Related Quotes
Roku, in an SEC filing this week, says it is planning to cut another 200 workers as part of a plan to prioritize projects that will have a “higher return on investment."
Stephen Schwartzman, worth $42 billion and at the head of a firm managing almost $1 trillion, says social media is what doomed the bank.
Investors looking for alpha in an uncertain market environment could do worse than following in the footsteps of legendary stock pickers and probably none can match Warren Buffet’s reputation. Not for nothing the “Oracle of Omaha” is considered one of the all-time greats and for nearly 60 years, between 1965 and 2022, his Berkshire Hathaway firm’s returns have doubled those of the S&P 500. So, it’s definitely worth nosing through Buffett’s portfolio to see which stocks he currently holds. And wh
Here are some of today's after-hours movers.
The Nasdaq topped 12,000 as the market rallied ahead of the PCE inflation report. The IRS will likely cut EV credits for Tesla's entry-level Model 3.
Recently, Zacks.com users have been paying close attention to ZIM (ZIM). This makes it worthwhile to examine what the stock has in store.
T. Rowe Price fixed-income manager Cheryl Mickel identifies the best spots to park short-term cash, how to navigate the banking sector, and where the Federal Reserve may be going next.
The Oracle of Omaha never saw a future in cryptocurrency.
The semiconductor maker brings forward timelines for production of next-generation data-center chips.
The Dow Jones rose 175 points Thursday after first-time jobless claims and Q4 GDP data. Schwab stock dropped on an analyst downgrade.
What we know about the world’s richest.
Space launch startup Virgin Orbit announced Thursday that it is laying off 675 workers, about 85% of its total workforce.
There’s no doubt, these are challenging times for Lucid Group (NASDAQ:LCID). The luxury EV maker recently announced it will layoff around 1,300 employees – around 18% of its global workforce. The cull is part of the company’s aim to get laser focused on lowering cash burn, amidst restructuring efforts. The workforce reductions are expected to be completed by the end of Q2. Lucid’s issues don’t end there. The company has seen dwindling demand for its luxury electric sedans – priced at a starting
Elon Musk doesn't seem all that impressed with Warren Buffett's stock picks. And he took to Twitter — of course — to say so.
Virgin Orbit is on the brink of collapse after the troubled rocket launch company announced it was laying off 85pc of its staff and ceasing operations.
This month's list of top dividend stocks consists of Latin American oil and gas companies like Petroleo Brasileiro S.A. Petrobras (PBR) and Ecopetrol SA (EC), as well as Israeli shipping firm ZIM Integrated Shipping Services Ltd. (ZIM). Dividend-paying companies tend to be well-established, with stable earnings and a track record of distributing a portion of them to shareholders in the form of cash or additional stock. One useful measure to gauge the sustainability of a company's dividend payments is the dividend payout ratio (DPR), which measures total dividends divided by net income.
Whether you're a value, growth, or momentum investor, finding strong stocks becomes easier with the Zacks Style Scores, a top feature of the Zacks Premium research service.
3M (MMM) closed the most recent trading day at $102.78, moving -0.4% from the previous trading session.
The SECURE 2.0 Act, signed by President Biden in December 2022, includes dozens of changes to provisions related to tax-advantaged retirement accounts. Among the most important changes is a provision, which took effect Jan. 1 of this year, that delays … Continue reading → The post Your Required Minimum Distributions (RMDs) Have Officially Been Pushed Back appeared first on SmartAsset Blog.
The economy and inflation could slow without the need for many more interest rate hikes—and it would be good news for stocks.
