Micromobility.com (MCOM) Q4 2024 earnings summary

Executive summary

• Shifted core business from micromobility and media to IT software services, focusing on software development for related party Everli S.p.A.; all mobility and media operations in the US and Europe discontinued and sold or pending sale.

• Recorded $1.4 million in revenue from software services in 2024, all from Everli; no other clients to date.

• Sold US mobility business (Wheels Lab, Inc.) in August 2024 and entered into a Stock Purchase Agreement to sell European subsidiaries and Helbiz brands to a related party, pending court approval.

• Company delisted from Nasdaq in December 2023, now trades on OTCQB; risks further downgrade to OTC Pink Sheets due to low share price.

Financial highlights

• Revenue from continuing operations: $1.4 million in 2024, down from $0 in 2023 (shift to software services).

• Net loss from continuing operations: $(2.4) million in 2024, improved from $(18.9) million in 2023.

• Net income from discontinued operations: $10.5 million in 2024, compared to $(43.2) million loss in 2023, driven by gains on asset sales and debt extinguishment.

• Total net income: $8.1 million in 2024, compared to $(62.1) million loss in 2023.

• Weighted average shares outstanding increased to 68.0 million in 2024 from 1.4 million in 2023 due to equity issuances.

Outlook and guidance

• Company plans to continue funding operations through debt and equity financing; ongoing need to raise additional capital to sustain operations.

• Auditor issued a going concern warning due to recurring losses, working capital deficiency, and need for additional funding.