GreenMobility (GREENM) Q2 2024 TU earnings summary

Executive summary

• Upgraded 2024 guidance reflects strong execution of strategic changes and improved profitability outlook.

• Achieved significant revenue growth and improved net profit trajectory in H1 2024.

• Consolidated operations by relocating all fleet vehicles to Denmark and exiting international markets.

• Positive customer response in Denmark, with satisfactory revenue per car per month.

Financial highlights

• 2024 revenue guidance raised to DKK 120–130 million from previous DKK 115–125 million.

• Net profit guidance for continued operations increased to DKK 2–12 million, up from DKK 0–10 million.

• H1 2024 revenue from continued operations grew 59% year-over-year to DKK 57–57.4 million.

• Net profit improved from DKK -2.5 million in Q1 to DKK +1.5 million in Q2.

• H1 2024 net profit from continuing operations at DKK -1.0 million.

Outlook and guidance

• Confident in achieving upgraded guidance, with H2 2024 expected to be the strongest period due to seasonality and demand.

• Optimism for further revenue growth in H2-2024 due to increased service adoption.

• Discontinued operations expected to show reduced losses in H2-2024 as closure and relocation costs decrease.

• No specific guidance for 2025 yet, but management sees significant growth opportunities ahead.