This morning, most investors are going to be looking into those companies that may have come into focus on Tuesday. By that token, it could be a good move to consider taking a look into the developments in relation to Micromobility.com Inc. (OTC:MCOM). The company, which is involved in the innovative transportation space, announced its financial results for the fiscal year that ended on December 31, 2023. In the news release, the company noted that the year had been a tough one for the micromobility sector.
However, despite the difficulties, Micromobility.com managed to demonstrate strategic focus and strength and made considerable strides towards significant progress and long-term stability. The company reported total net revenues for the fiscal year of $9.8 million, which worked out to a drop of 37% from the previous year. It was noted that the drop had mainly been brought about by the decision to cancel the unprofitable Lega Nazionale Professionisti Serie B (LNPB) agreements with the main content provider for the Helbiz Media platform and the exit from the unprofitable micromobility markets.
The decisions had been made by Micromobility.com with the long-term target of cutting down on cash burn. However, the cost of generating those revenues went down by as much as 30% year over year. The reduction had been brought about mainly by the above-mentioned moves, which were part of a wider aim of streamlining operations and boosting financial efficiency.
Another major accomplishment for the company in the fiscal year was the reduction of financial liabilities by as much as 62%. It was cut down to $15.4 million at the end of the fiscal year from as much as $40.4 million at the end of the previous fiscal year. It could be a good idea to consider adding Micromobility.com to the watch lists for this week.
