$2.4m in CEO salary on $9.8m revenue
2023 financials of Marti and Micromobility.com Inc (Helbiz), February financial report of SPIN and Bird
Welcome to the tenth edition of our OTD Newsletter, and extending a warm welcome to our new subscribers
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In this newsletter:
2023 Financials of Marti
2023 Financials of Micromobility.com Inc (Helbiz)
February Financials of SPIN and BIRD
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Marti’s P&L incl. full PDF
Micromobility.com’s P&L incl. full PDF
February report of SPIN and BIRD incl. full filing PDF
2023 Financials of Marti
In 2023, shared micromobility company Marti generated $20m in revenue, down 19.8% after a 47% increase in 2022. Net loss for the period was $33.8m, more than double of their 2022 net loss ($14.2m)
G&A was ~75% of their revenue, at $15.1m with Selling and Marketing expenses at $7.3m
Marti had negative gross margins, losing ~$4m or 20% of their revenue.
They spent $4.8m in 2023 to purchase new vehicles vs $8.2m in 2022. At the end of 2023, Marti had $19.4m in cash and cash equivalents with most cash coming from financing ($28.6m)
Key Metrics 2023 (2022):
Average Rides per Vehicle per Day: 1.27 (2.36)
Average Daily Vehicles Deployed: 35k (33k)
Total Rides: 16m (28.5m)
Net Revenue per ride: $1.25 ($0.88)
Gross Loss per ride: $0.25 ($0.07)
Depreciation per ride: $0.58 ($0.3)
Adjusted EBITDA loss: $17.69m ($3.87m)
Just for context, Marti projected 73m to 103m rides and $85m to $125m revenue for 2023 when they went public
Top Equity holders:
Oguz Alper Öktem (CEO): 19.4%
Esra Unluaslan Durgun (President): 19.4%
Yousef Hammad: 13.9%
European Bank For Reconstruction and Development: 5.3%
Marti’s accumulated losses so far is $73.5m. Their stock is down ~81%, recovering from their 52week low of $0.44 and is trading at $1.8 at 19th April 2024 closing.
2023 Financials of Micromobility.com Inc (Helbiz)
In 2023, shared e-scooter company Micromobility.com Inc (Helbiz) generated $9.8m in revenue, down 36% from $15.5m in 2022.
Cost of revenue was ~3x their revenue, at $28.9m.
G&A was more than 2x their revenue at $22.9m while Marketing and R&D expenses were $2.8m and $2.4m respectively
Total operating expenses were $73.8m resulting in a net loss of $62m
Revenue split:
Business Segment
Mobility: $5.2m (down 37%)
Media Revenue: $3.9m (down 39%)
Geography
Italy: $7.6m
USA: $2.2m
Though total mobility revenues dropped 37%, cost of revenues dropped just 18% to $16.7m ($20.4m in 2022), out of which, $7.9m was Amortisation, Depreciation and write off.
MCOM’s annual active platform users dropped 48% to ~238k users from their 2022 peak of 461k users
Number of trips dropped 61% to 1.48m from 3.8m in 2022
Average revenue per trip was ~$3.5
MCOM reduced their financial liabilities by 62% from ~$49.4m to $15.3m. Even after this, liabilities are ~7x their total assets ($7m assets vs $50.8m liabilities).
Total accumulated deficit stands at $251.9m so far
In Q1 2024, MCOM entered into an agreement with Everli, a grocery delivery company where MCOM’s CEO has majority equity. According to the agreement, a subsidiary Helbiz Media will provide design, development and communication ideas to Everli for $6.5m
In addition, MCOM will also provide Software development and also support Everli for an IPO. Under this agreement, Everli has to pay $220k within 5days and $110k/month as a fee.
CEO of MCOM earned $2.39m as compensation for 2023 with $918k as base salary, $1.125m in Bonus and $354.9k in other compensation (housing and health insurance). Total CEO compensation went up 19% in 2023 (vs $2m in 2022).
MCOM’s stock is down ~100% to $0.007, with marketcap at $237k. For context, stock was trading at $982.5 on 30th December 2022 and $41k on 31st December 2021.
February Financials of SPIN and BIRD
Recently, BIRD announced that their Chapter 11 restructuring is complete, with the business reorganised under a new parent company Third Lane Mobility Inc. They intend to operate in 90 markets, with over 200k vehicles.
SPIN
In February 2024, SPIN generated $1.62m in revenue and posted a net profit of $198.4k.
In the table above that was filed as part of the chapter 11 court proceedings, there seems to be an error. Last line should be Net Profit and not Net Loss.
BIRD
Meanwhile, BIRD generated $3.55m in revenue and posted a net loss of $9m. G&A was more than their revenue at $5.5m
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