GreenMobility (GREENM) Q3 2024 TU earnings summary

Executive summary

• Achieved second consecutive quarter of profitability in Q3-2024, with net profit from continuing operations of DKK 2.4 million, marking a significant turnaround from previous losses.

• Revenue from continuing operations grew 92% year-over-year to DKK 36.1 million, with consistent month-over-month improvement during the quarter.

• Net profit improved by DKK 7.9 million year-over-year, with Q3 group profit at DKK 0.8 million.

Financial highlights

• Q3-2024 revenue: DKK 36.1 million, up from DKK 18.8 million in Q3-2023 (92% increase).

• Net profit from continuing operations: DKK 2.4 million, up from DKK 1.8 million in Q2-2024.

• Year-to-date revenue: DKK 93.5 million, up 71% from DKK 54.6 million YTD 2023.

• Average monthly revenue per car in Copenhagen rose 8% year-over-year, despite more than doubling the fleet.

• Aarhus saw a 25% increase in average monthly revenue per car, reaching DKK 6,300.

Outlook and guidance

• Updated 2024 guidance: revenue of DKK 120-130 million and net profit from continuing operations of DKK 2-12 million.

• Management expects to achieve full-year profitability for continuing operations in 2024 and is confident in reaching revenue and profitability targets.

• Exploring additional measures to strengthen liquidity and equity.