Helbiz Files Financial Information in Connection with Wheels Acquisition

Helbiz, Inc. (NASDAQ: HLBZ), a leading provider of micro-mobility solutions, has announced that in connection with its acquisition of Wheels Labs, Inc., has released financial statements for Wheels’s 2021 fiscal year, financial statements for the first nine months of Wheels’s 2022 fiscal year and pro forma financial information for Helbiz and Wheels for the first nine months of 2022. We believe that the newly released financial information shows that this strategic move has significantly strengthened Helbiz's global footprint, business model versatility, and overall financial profile.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230203005250/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 65 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)

In 2021, the combined pro forma full year revenues of Helbiz and Wheels would have amounted to $22.6 million, an increase of 76% compared to Helbiz as a standalone entity, and the combined pro forma revenues for the first nine months of 2022 would have totaled $16.4 million, an increase of 45% compared to Helbiz as a standalone entity. These results demonstrate the strong potential for combined companies.

With combined operations in markets around the world, Helbiz is well-positioned to provide innovative transportation solutions to a growing number of customers. Since its initial year of operation, Wheels has established a presence in 12 cities and 4 Universities across the United States, including major markets such as New York City, Honolulu, and Austin. Additionally, Wheels is the only operator in all four permitted markets in the metropolitan Los Angeles area making it a prominent micro-mobility player in California.

Wheels's diverse business mix includes shared micro-mobility, long term rental services, vehicles dedicated to retail, and B2B operations, allowing the company to partner with businesses to provide employees and patrons with sustainable transportation as a benefit. For example, Wheels is available as a rental to Google and UberEats employees in certain North American cities.