Micromobility.com, Inc. reported its financial results for the quarter ended September 30, 2024. The company experienced a decrease in total net revenue from continuing operations by 37% year-over-year to $775 thousand, primarily due to a strategic reduction in European mobility operations and early termination of media agreements. Cost of revenue from continuing operations decreased by 63% to $484 thousand, reflecting the company's efforts to reduce operating cash burn. General and administrative expenses from continuing operations also saw a significant decrease of 82% to $867 thousand due to cost-cutting measures. The company reported a net loss from continuing operations of $1.658 million, an improvement from a net loss of $7.456 million in the same period last year. Discontinued operations, mainly the U.S. mobility business, resulted...Show More

Micromobility.com, Inc. reported its financial results for the quarter ended September 30, 2024. The company experienced a decrease in total net revenue from continuing operations by 37% year-over-year to $775 thousand, primarily due to a strategic reduction in European mobility operations and early termination of media agreements. Cost of revenue from continuing operations decreased by 63% to $484 thousand, reflecting the company's efforts to reduce operating cash burn. General and administrative expenses from continuing operations also saw a significant decrease of 82% to $867 thousand due to cost-cutting measures. The company reported a net loss from continuing operations of $1.658 million, an improvement from a net loss of $7.456 million in the same period last year. Discontinued operations, mainly the U.S. mobility business, resulted in a net income of $6.632 million due to the sale of Wheels Lab, Inc. The company's liquidity position included cash and cash equivalents of $141 thousand, with plans to fund future operations through debt and equity financing. Micromobility.com also disclosed material weaknesses in internal control over financial reporting and is taking steps to remediate these issues. The company is involved in legal proceedings, including a default on an unsecured note resulting in a judgment against it for payment of $2.5 million.