Micromobility.com, Inc. reported its financial results for the quarter ended June 30, 2024. The company experienced a significant decrease in total net revenue, which dropped by 77% year-over-year to $787 thousand. This decline was attributed to a reduction in Media revenues due to the early termination of LNPB agreements and a strategic decision to exit non-profitable markets, which led to a decrease in Mobility revenues. Cost of revenue also saw a substantial decrease of 92% compared to the same period in the previous year, primarily due to the reduced Media and Mobility activities. General and administrative expenses decreased by 77%, while sales and marketing expenses saw a 66% reduction, both reflecting the company's efforts to reduce operating cash burn. Research and development...Show More

Micromobility.com, Inc. reported its financial results for the quarter ended June 30, 2024. The company experienced a significant decrease in total net revenue, which dropped by 77% year-over-year to $787 thousand. This decline was attributed to a reduction in Media revenues due to the early termination of LNPB agreements and a strategic decision to exit non-profitable markets, which led to a decrease in Mobility revenues. Cost of revenue also saw a substantial decrease of 92% compared to the same period in the previous year, primarily due to the reduced Media and Mobility activities. General and administrative expenses decreased by 77%, while sales and marketing expenses saw a 66% reduction, both reflecting the company's efforts to reduce operating cash burn. Research and development expenses were not reported due to a reclassification of IT expenses. The company's non-operating income improved, with a notable gain on the extinguishment of financial debts and a settlement agreement with a Media vendor. Despite these challenges, the company's management is focused on funding operations through debt and equity financing and has plans to continue its expansion, including new business lines. The company's financial liabilities increased by 10% to $16.9 million, mainly due to a promissory note issued to the CEO. Additionally, the company is involved in various legal proceedings, with accrued legal contingencies amounting to $5.8 million as of June 30, 2024.