micromobility.com Inc. Announces Fiscal Year 2023 Financial Results, Embraces Strategic Efficiency Amidst Industry Challenges

micromobility.com Inc. (OTCPINK: MCOM), a global player in innovative transportation solutions, today announced its financial results for the year ended December 31, 2023.

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Amid a tough year for the micromobility sector, the Company showcased strategic resilience and focus, steering the company toward long-term stability and advancement. Total Net Revenues for the year amounted to $9.8 million, reflecting a 37% decrease from the previous year, primarily due to the strategic decision to early terminate the non-profitable LNPB (Lega Nazionale Professionisti Serie B) agreements, main providers of live contents for the Helbiz Media platform, and to exit non-profitable micromobility markets. These moves are aligned with the company’s long-term strategy to reduce operating cash burn.

Cost of Revenues showed a significant reduction, decreasing by 30%. This reduction stems from the same strategic exits and is part of a broader effort to streamline operations and enhance financial efficiency.

General and Administrative, Research and Development, and Sales and Marketing expenses also showed a general decrease, further evidencing the company’s commitment to operational efficiency and financial health.

A notable highlight of the year is the significant reduction amounting to 62% of our financial liabilities, from $40.4 million in the previous year to $15.4 million. This material decrease is primarily due to settlement agreements reached by the management with secured loan holders and repayments of loans and convertible debts.

“As we navigate through the restructuring of the micromobility sector, our results reflect the tough but necessary decisions we’ve made to ensure micromobility.com’s resilience and sustainability,” said Salvatore Palella, CEO of micromobility.com Inc. “Looking ahead, we are exploring strategic mergers and acquisitions to further solidify our market position and capitalize on emerging opportunities within and beyond our core sectors.” micromobility.com Inc. remains committed to leading the way in sustainable and innovative transportation solutions. The company is well-positioned to thrive as it continues to adapt to market demands and seeks strategic partnerships that promise mutual growth and success.