Summary by Moomoo AI
Micromobility.com reported Q3 2024 revenues of $775,000, down 37% YoY, while posting net income of $4.97 million compared to a $9.48 million loss in Q3 2023. The company recorded a $7.6 million gain from selling its Wheels subsidiary as it indefinitely suspended US mobility operations to reduce cash burn. European mobility revenues declined 65% to $317,000.The company significantly reduced operating expenses, with total costs dropping 80% YoY to $1.36 million in Q3. General and administrative expenses decreased 82% to $867,000 through staff reductions and contract renegotiations. The company entered new revenue streams through software development and IPO preparation services for Everli S.p.A., generating $451,000 in related party revenue.Cash and cash equivalents stood at $141,000 as of September 30, with total financial liabilities of $16.97 million. The company plans to continue funding operations through debt and equity financing. Management noted the company faces substantial doubt about its ability to continue as a going concern, highlighting the need to raise additional capital from outside sources to fund ongoing operations.
