GreenMobility: Strategy change showing effect in Q1 2024
This morning, GreenMobility released its Q1 2024 trading statement. Revenue from its continuing business grew 50%, ending the quarter at DKK 24.1m. The net result from its continuing business showed a small improvement, ending at a loss of DKK -2.6m (Q1 2023 loss of DKK -2.9m).
The growth expectations for the full year 2024 are 52-66% in the continuing business. The strategy is still being implemented, and cars are being relocated and moved to the Danish markets.
The loss must be seen in the context of the first quarter being a low season, and the company also states that March showed a positive profit. Trips in Copenhagen have grown from more than 60,000 in January, more than 70,000 in February, and more than 80,000 in March, which shows the low season in the first two months of the year.
The company reiterated its 2024 guidance on its continuing business with revenue expected to be in the range of DKK 115-125m (52-66% growth compared to the Danish market alone and 22-32% compared to the total revenue). The net result is expected to be in the range of DKK 0-10m in 2024.
Losses for the discontinued business ended at DKK -11.1m in Q1 2024. This is an improvement from last year's DKK -14.7m in Q1 2023. The company is still not guiding on the discontinued business.
On Friday 19 April at 13:00, GreenMobility's CEO Kasper Gjedsted will present the first quarter results and achievements of the new strategy in a virtual live event. Sign up at the following link and ask questions beforehand or during the event: https://www.inderes.dk/videos/greenmobility-presentation-of-q1-2024-trading-report
Dislclaimer: HC Andersen Capital receives payment for a Digital IR/Corporate Visibility subscription agreement. CEO of HC Andersen Capital, Tue Østergaard, owns shares and is the Chairman of the Board of GreenMobility A/S. /Michael Friis, 10:15, 16 April 2024.
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GreenMobility
GreenMobility is a Danish company in the Mobility-as-a-Service space. GreenMobility operates a free-floating carsharing business of more than 1,000 electric vehicles across larger cities in Europe, aspiring to grow this number to around 10,000 in 2025. More than 100,000 people have signed up on the service, and users have access to the GreenMobility cars through the GreenMobility app. With thousands of daily trips, GreenMobility helps reduce congestion in cities with a climate impact. GreenMobility is listed at OMXC Small Cap in Denmark. The share was transferred to the Nasdaq Main Market in December 2020 from Nasdaq First North.
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