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GreenMobility: 2023 guidance confirms growth despite cash preserving strategy

Analyst Comment
GreenMobility

Today, GreenMobility released its financial report for 2022 and 2023 guidance. 2023 guidance was the focal point of the reporting, especially in light of its strategy transition from the start of the year.

Despite the closedown of the lowest performing geographical markets and focus on cash preservation, the company guides for growth of approx. 40-50%. This indicates that a lot of the negative effects will be absorbed by moving cars from the closed down locations to higher performing markets. Guidance thereby supports the statements of still being a growth company, when the new strategy was released.

A result of the new and more focused strategy is that GreenMobility does not expect to raise capital in 2023 and now expects profitability in 2024. This was reiterated in today’s report. The road to this is also somewhat supported by the guidance for net results. In 2023, net results are expected to show a negative result of DKK 35-45m (down from DKK -77.2m in 2022).

Regarding the 2022 results, GreenMobility achieved a topline growth of 56%, corresponding to revenue of DKK 97.3m. This was in the middle of the latest guidance range of DKK 95-100m.

The bottom line showed a negative result of DKK 77.2m, which also was in the middle of the latest guidance range of DKK 75-80m.

Although this guidance was adjusted downwards, end-year results in the middle of the guidance could indicate that the prospects are not being as gloomy on the consumer side, as when the adjustment to guidance was given out. This was also something that GreenMobility's Group CFO Anders Wall pointed to at the live event that we held with the company today.

KPIs showed a more mixed picture with trips well below the growth in customers, although some of that is explained by the total customers growing through the acquisitions. But both customer growth and the number of trips grew less than the top line.

Read the full report here: https://www.greenmobility.com/wp-content/uploads/2023/03/GreenMobility-Annual-Report-2022.pdf

HC Andersen Capital receives payment for a Digital IR/Corporate Visibility subscription agreement. CEO of HC Andersen Capital, Tue Østergaard, owns shares and is the Chairman of the Board of GreenMobility. /Michael Friis 18:54, 16 March 2023.