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Elmo Rent (ELMO) investor relations material
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Elmo Rent H1 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2024 earnings summary30 Sep, 2024
Executive summary
A restructuring plan was approved and confirmed by court, reducing creditor claims and providing a payment moratorium until December 2024, with obligations to be settled by 2027.
The company shifted focus from short-term rentals to long-term rentals and technology development, especially remote-control vehicle technology.
Significant international progress was made in remote-control technology, including contracts in Canada and Ukraine, and regulatory approval for higher-speed public road operations.
Workforce was reduced by 80% to align with the new business strategy and cost structure.
Financial highlights
Consolidated loss of €610,437 for H1 2024, compared to a profit of €264,547 in H1 2023.
Revenue dropped 71% year-over-year to €113,948, mainly due to suspension of short-term rentals.
Group assets decreased 38% to €3,016,443, primarily from fleet sales at lower-than-expected prices.
Current assets fell to €172,240 from €530,458 year-over-year.
Total liabilities stood at €4,414,812, including restructured creditor claims.
Outlook and guidance
Focus for H2 2024 is on international sales and development of remote-control technology.
Management is seeking a strategic investor for rental operations and prioritizing capital raising for technology.
Continued emphasis on fulfilling restructuring plan obligations and ensuring operational sustainability.
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Frequently asked questions
Elmo Rent AS is an Estonian company specializing in eco-friendly car-sharing services. It offers both traditional short-term car rentals and innovative solutions, including 4G remote-controlled electric vehicles. The company's services focus on green technologies, incorporating a vehicle fleet IT operation system and automated controllers to enhance its offerings. Elmo Rent AS is also known for developing road-legal tele-driving technology used in public car-sharing services across multiple cities. The company is headquartered in Tallinn, Estonia, and its shares are listed on the XTAL exchange.
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