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Helbiz Announces Third Quarter and Nine Months 2022 Financial Results

Helbiz, Inc. (“Helbiz” or “the Company”) (Nasdaq: HLBZ), a global leader in micro-mobility, today reported its financial results for the three months and nine months ended September 30, 2022.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221114006090/en/

Helbiz Chief Executive Officer Salvatore Palella said, “We believe that we are driving toward profitability on many fronts by enhancing our current service offerings, optimizing our cost structure, and integrating new businesses. Even with softer third quarter numbers, our performance year-to-date is solid, and we are confident we can exit the year with momentum. Third quarter top line was impacted by challenging economic conditions and the strong dollar, which devalued our substantial Euro revenue. I want to thank our team for their relentless effort, commitment to create more value, and focus on operating profitability as evidenced by the strong reduction of the adjusted net loss in third quarter numbers.” (Graphic: Business Wire)

Helbiz Chief Executive Officer Salvatore Palella said, “We believe that we are driving toward profitability on many fronts by enhancing our current service offerings, optimizing our cost structure, and integrating new businesses. Even with softer third quarter numbers, our performance year-to-date is solid, and we are confident we can exit the year with momentum. Third quarter top line was impacted by challenging economic conditions and the strong dollar, which devalued our substantial Euro revenue. I want to thank our team for their relentless effort, commitment to create more value, and focus on operating profitability as evidenced by the strong reduction of the adjusted net loss in third quarter numbers.” (Graphic: Business Wire)

Third Quarter and Nine Months 2022 Business and Financial Highlights

Financial

  • Nine-months revenue of $11.3 million, up 30% y/y
  • Ongoing cost optimization. Third quarter Adjusted Operating expenses, which exclude impairment of assets, were $16.1 million, down 34% y/y
  • Improvement of bottom line. Third quarter Adjusted Net Loss, which excludes impairment of assets, was $14.2 million, down 50% y/y
  • Fortified access to capital. Third quarter proceeds from issuance of financial instruments amounted to $17 million

Mobility

  • Signed merger agreement with Wheels, expecting immediate synergies and cost optimization in the US market after the closing
  • First Nine-months Quarterly Active Platform Users (“QAPUs”) up 22% y/y and QAPUs up 2.6% q/q
  • Quarterly revenue of $2.5 million, down from prior year partially due to strengthening of the U.S. dollar against the Euro, since majority of revenue is generated in Europe
  • Greater operating efficiency drove 20% y/y decrease in cost of revenue
  • Developed strategic partnerships to extend the reach of mobility services

Media

  • Quarterly revenue of $1.1 million, up 42% compared to Q3 2021
  • Nine-months revenue of $4.2 million versus partial period in 2021
  • Strong and steady commercialization of media rights, accounting for 59% of quarterly media revenue and 71% of nine-months revenue
  • Leveraged partnerships to make Italian Serie BKT more available worldwide

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Helbiz Announces Third Quarter and Nine Months 2022 Financial Results Helbiz, Inc. (“Helbiz” or “the Company”) (Nasdaq: HLBZ), a global leader in micro-mobility, today reported its financial results for the three months and nine months ended September 30, 2022. This press release features multimedia. View the full …

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