GreenMobility (GREENM) H1 2024 earnings summary

Executive summary

• Achieved 59% revenue growth from continuing operations in H1 2024, reaching DKK 57.4 million, driven by a strategic shift to focus solely on the Danish market and exit all international operations.

• Net profit from continuing operations in Q2 2024 was DKK 1.8 million, marking a return to quarterly profitability.

• Vast majority of discontinued international activities have been finalized, streamlining operations and improving profitability.

• Discontinued operations incurred losses due to closure and relocation costs, expected to decrease in H2 2024.

Financial highlights

• Revenue from continuing operations increased by 59% in H1 2024 compared to the same period last year, reaching DKK 57.4 million.

• Operating profit for H1 2024 was DKK 4.3 million, compared to a loss of DKK -1.6 million in H1 2023.

• Net profit from continuing operations in H1 2024 was DKK -1.0 million, improved from DKK -4.6 million in H1 2023.

• Positive cash flow from continued operations achieved, with cash flow from operating activities at DKK 1.4 million in H1 2024.

• Average monthly revenue per car in Copenhagen up 19% year-over-year in Q2; Aarhus up 25%.

Outlook and guidance

• 2024 group revenue guidance raised to DKK 120–130 million; profit before tax/net profit from continuing operations expected between DKK 2–12 million.

• Confident in achieving full-year profitability, with seasonality expected to boost H2 results.

• Negative equity position at H1 2024 due to costs of market exits, expected to be restored by 2025.

• Board is considering additional liquidity measures, including loans, credit lines, or a capital raise.