Helbiz Announces 2022 Financial Results Featuring Sales up 21% and Continued Business Transformation

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.

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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

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