MoveByBike (MBBAB) Q1 2024 earnings summary

Executive summary

• Net sales increased to 5,812 TSEK in Q1 2024 from 4,190 TSEK year-over-year, but net loss deepened to -9,958 TSEK from -3,375 TSEK.

• Major acquisitions included Crosstown and Cykelbudspoolen, while Bzzt Stockholm AB was placed into bankruptcy due to persistent unprofitability.

• Ongoing integration and rationalization of acquired companies led to significant costs, impacting Q1 results.

• The company relocated its Malmö headquarters to a larger facility to accommodate growth.

Financial highlights

• EBITDA for Q1 2024 was -5,584 TSEK, compared to -2,069 TSEK in Q1 2023.

• Operating income (EBIT) was -8,590 TSEK, down from -3,257 TSEK year-over-year.

• Cash and cash equivalents at quarter-end were 383 TSEK, down from 3,695 TSEK a year earlier.

• Equity at period end was -20,446 TSEK, compared to 1,239 TSEK in Q1 2023.

• Total assets increased to 23,176 TSEK from 15,904 TSEK year-over-year.

Outlook and guidance

• Management expects the bankruptcy of Bzzt Stockholm AB and the integration of new acquisitions to improve future cash flows.

• Continued focus on sustainable logistics and readiness for stricter environmental regulations.