GreenMobility (GREENM) Q3 2024 TU earnings summary

Executive summary

• Achieved second consecutive quarter of profitability in Q3 2024, with net profit from continuing operations of DKK 2.4 million, marking a significant turnaround from previous losses.

• Revenue from continuing operations grew 92% year-over-year to DKK 36.1 million in Q3 2024, with consistent month-over-month improvement.

• Discontinued business activities have largely been finalized, contributing to improved overall net profit.

Financial highlights

• Q3 2024 revenue: DKK 36.1 million, up from DKK 18.8 million in Q3 2023 (92% increase).

• Net profit from continuing operations: DKK 2.4 million in Q3 2024, up from DKK 1.8 million in Q2 2024.

• Year-to-date revenue: DKK 93.5 million, up 71% from DKK 54.6 million YTD 2023.

• Average monthly revenue per car in Copenhagen rose 8% year-over-year to DKK 9,400 in Q3 2024.

• Aarhus saw a 21% year-over-year increase in average monthly revenue per car, reaching DKK 6,300.

Outlook and guidance

• Maintains 2024 guidance: DKK 120-130 million in group revenue and DKK 2-12 million in profit before tax from continuing operations.

• Management remains confident in achieving full-year profitability for continuing operations in 2024.

• A new strategy process for 2025-2027 is underway, focusing on growth and profitability.

• Exploring additional measures to strengthen liquidity and equity.