micromobility.com Inc. Announces Second Quarter 2023 Financial Results

micromobility.com Inc. (“micromobility” or the “Company”) (NASDAQ: MCOM), a global pioneer in sustainable transportation and micromobility services, today reported its financial results for the quarter ended June 30, 2023 on Form 10-Q filed today with the U.S. Securities and Exchange Commission.

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Q2 and 1H 2023 Business and Financial Highlights

Operations

• Targeting financial self-sustainability and promising markets, exiting certain unattractive markets
• Termination of non-core streaming contracts to channel resources into core competencies

Financial

• First half revenue of $7.4 million, essentially unchanged from the year-earlier period
• Q2 revenue of $3.5 million, with mobility the largest contributor
• Operating expenses in Q2 increased y/y due to $16 million non-cash asset impairment charge
• Operating expenses, excluding impairment of assets, decreased by 6% y/y, mainly due to lower sales & marketing and G&A expenses resulting from ongoing cost optimization strategy
• Financial liabilities reduced by 21% y/y in Q2, primarily due to a significant decrease in outstanding financial obligations
• Advanced to second phase of investigation of stock trading irregularities

Mobility

• Quarterly Active Platform Users (“QAPUs”) up 18% q/q, Trips down 21% q/q
• Maintained stable 1H revenue despite decreased Trips
• Extended permit in Austin, expanded operations in Boston and Malta
• Successfully introduced taxi service in key Italian cities
• Flagship store in SoHo, NYC is targeting to open in early September
• Launch of enhanced mobility app, heralding the arrival of micromobility 2.0

Kitchen

• Geographic expansion to influential cities such as New York City and Austin
• Introduction of same-day delivery service in New York City, enhancing customer convenience

micromobility.com Chief Executive Officer Salvatore Palella commented, “During Q2 the dynamic environment for micromobility was challenging, but we made progress toward our strategic goals due to our strong focus on the sector. Our strategic measures to recalibrate and optimize operations are ongoing, driving mobility as the core contributor to revenue. Even as we navigate toward financial self-sustainability, we are exploring new and promising avenues for growth, such as mergers and acquisitions, and of course the approaching opening of our flagship retail location in the Soho neighborhood of New York.”