MoveByBike (MBBAB) Q2 2024 earnings summary

Executive summary

• Net sales for H1 2024 reached 9,867 TSEK, a slight increase year-over-year, but losses deepened to -22,111 TSEK after tax compared to -6,323 TSEK last year.

• Q2 2024 net sales were 4,055 TSEK, down from 5,336 TSEK in Q2 2023, with a net loss of -12,153 TSEK.

• Interim CEO highlights successful capital restoration, new major contracts, and strategic expansion, but notes continued need for capital and cost rationalization.

Financial highlights

• H1 2024 EBITDA was -11,350 TSEK, operating loss -18,848 TSEK, and net loss -22,111 TSEK.

• Cash and bank at period end: 2,001 TSEK, down from 2,804 TSEK last year.

• Equity at period end: -26,772 TSEK, a significant deterioration from -1,736 TSEK last year.

• Q2 2024 operating loss was -10,257 TSEK, with personnel costs at -5,179 TSEK and external costs at -4,175 TSEK.

Outlook and guidance

• 75% of revenue needed for profitability is already contracted, with new sales hires to drive further growth.

• Effects of capital restoration and emission will be visible in Q3, expected to improve financial position.

• Continued capital injections are necessary to achieve long-term strategy and profitability.