Q1-2023: 29% revenue growth; Strategic changes implemented to reach group profitability in 2024
Company Announcement no. 126 – 2023
Copenhagen, April 18th, 2023
Q1-2023: 29% revenue growth; Strategic changes implemented to reach group profitability in 2024
During Q1-2023, GreenMobility realized a growth in revenue of 29% compared to Q1 last year. The revenue growth continues and as Q1 is traditionally the weakest quarter, GreenMobility has had a good start to the year.
In the first months of the year, GreenMobility has executed its strategic change towards profitability in 2024 and consolidated its markets, as announced in company announcement 118 on 10 January 2023. GreenMobility’s operations in Sweden and Germany have been closed and all cars from these two markets have been relocated to Denmark, Belgium, and the Netherlands. The relocation of cars has been completed within Q1, but with some short term impact on revenue on the cars being moved.
In the start of March 2023 GreenMobility welcomed Kasper Gjedsted as new CEO.
Q1-2023 compared to Q1-2022
Figures include all operational cities:
- Revenue grew by 29% to DKK 24.5 million (-2% compared to Q4-2022)
- Customers grew by 33% to 238,509 (+9% compared to Q4-2022)
- Trips grew by 6% to 263,253 (-9% compared to Q4-2021)
- Saved CO2 by the fleet grew by 19% to 437 tonnes.
The net result was negative with DKK (16.9) million, compared to DKK (18.4) million in Q1-2022 and DKK (22.0) million in Q4-2022. In the net result of Q1, cost of moving cars between markets as well as winding up cost and operation in the two closing markets, has a net effect of DKK 6 million, which is non-recurring. Overall, the result is in line with expectations.
GreenMobility will host a presentation of the Q1-2023 figures on Tuesday 18 April at 11.00, where CFO Anders Wall will present the quarter and with an opportunity to ask questions. Sign up via link:
https://hcandersencapital.dk/event/greenmobility-presentation-of-q1-2023/
For the full details, please see attached Q1-2023 Trading Statement.
Contact and further information
Anders Wall, Group CFO, +45 25 40 30 20, e-mail: [email protected]
About GreenMobility
GreenMobility offers modern urbanites easy, flexible, and sustainable transport in the form of electric shared city cars. Users have access to these cars via the GreenMobility app. Trips are paid per minute, through minute packages, on a daily basis or through a subscription. Today, GreenMobility operates a total of 1,600 EVs in Copenhagen, Aarhus, Antwerp, Gent, Brussels, Helsinki, Amsterdam. More than 200,000 people are registered as customers at GreenMobility.
Driven by global megatrends, GreenMobility sees a rapidly growing market for carsharing in large cities that demand green transport for their citizens and aim to reduce the number of private cars. GreenMobility’s ambition is to be among the leading global operators of green shared mobility solutions. GreenMobility is publicly listed for trading on the Nasdaq Main Market Copenhagen in Denmark.
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