GreenMobility (GREENM) H1 2024 earnings summary

Executive summary

• Achieved 59% year-over-year revenue growth from continuing operations in H1 2024, reaching DKK 57.4 million, with strong performance in both Copenhagen and Aarhus.

• Strategic exit from all international markets, finalizing discontinued activities and focusing solely on Denmark, which improved profitability and streamlined operations.

• Net profit from continuing operations improved by DKK 3.6 million, with Q2 2024 turning positive at DKK 1.8 million.

• Discontinued operations incurred losses due to closure and relocation costs, expected to decrease in H2 2024.

• EV fleet reduced by 7% year-over-year to approximately 1,400 vehicles, all now in Denmark.

Financial highlights

• H1 2024 revenue from continuing operations was DKK 57.4 million, up from DKK 35.9 million in H1 2023.

• Operating profit from continuing operations improved by nearly DKK 6 million to DKK 4.3 million in H1 2024.

• H1 2024 net profit from continuing operations was DKK -1.0 million, improved from DKK -4.6 million in H1 2023; Q2 2024 net profit was DKK 1.8 million.

• Revenue per car in Copenhagen rose 19% year-over-year in Q2 2024; Aarhus saw a 25% increase.

• Cash flow from operating activities was DKK 1.4 million in H1 2024, up from DKK -2.7 million in H1 2023.

Outlook and guidance

• 2024 group revenue guidance raised to DKK 120–130 million; profit before tax/net profit expected between DKK 2–12 million.

• Confident in achieving full-year profitability, with seasonality expected to boost H2 results.

• Negative equity position at H1 2024 due to market exit costs, expected to be restored by 2025.

• Board is considering additional liquidity measures, including loans, credit lines, or a capital raise.

• Initiated a strategy process for 2025–2027 to assess growth potential with profitability as a priority.