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H1 2022: 61% growth in the first half-year

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Michael Friis

Michael Friis

GreenMobility A/S shows 61% growth in the first half-year – maintains 2022 guidance with good progress in revenue per car in a quarter with a heavy roll-out activity

The revenue in H1 2022 showed a growth of 61% vs. H1 2021 with 54% in existing cities. Compared to Q1 2022, the revenue grew 23%. Both customers and trips grew 9% compared to Q1 2022, and the customer base reached 196k.

Some of the growth is driven by high roll-out activity, where 650 cars were rolled out in the period. However, the quarter was still impacted by some delays driven by the current supply chain situation, yet all cars had been rolled out by the end of the period.

With a huge roll-out naturally lifting the numbers, the main positive part of the reported number is therefore the growth in revenue per car. This shows the numbers are not just lifted by the roll-out of more cars, but also by increased operational use, and the markets are absorbing the higher number of cars.

In Copenhagen and Aarhus, the revenue per car respectively rose DKK 1,500 and 1,000 compared to Q1 2022.

More importantly, the progress in the Swedish and Finnish markets as well as the Netherlands was also positive following some deceleration earlier in some of these markets.

Importantly for the investment case, markets now again seem to be on the right track to get operational break even measured at the car level in the expected time frame (around DKK 7.5k within 3 years). Naturally, the results and cash flow are heavily hit by the roll-out. 

GreenMobility maintains its 2022 revenue guidance interval of DKK 100-110 million and a net result between DKK -70 million and -60 million. The company also confirms that financing is in place until 2023.

Tomorrow, Friday at 11:00 AM, you can join an event with Group CFO Anders Wall, who will dig further into the numbers. Sign up here:

https://lnkd.in/eGtFb7jJ

Read the H1 financial report here:
https://lnkd.in/ewGnWf3t

#micromobility #impactinvesting #carsharing

Disclaimer: CEO of HC Andersen Capital, Tue Østergaard, owns shares and is the chairman of the Board in GreenMobility. HC Andersen Capital receives payment for a Digital IR/Corporate Visibility subscription agreement. /Michael Friis 11:20 AM, 18 August 2022.