MoveByBike (MBBAB) Q3 2024 earnings summary

Executive summary

• Net sales for Q3 2024 were 4,345 TSEK, down from 5,374 TSEK in Q3 2023, mainly due to the temporary closure of operations in Gothenburg and limited contribution from Denmark.

• Net loss after tax for Q3 2024 was -25,661 TSEK, significantly higher than -4,367 TSEK in Q3 2023, impacted by a major write-down related to the bankruptcy of subsidiary Chainge ApS.

• Interim CEO highlights operational streamlining, new partnerships, and expansion into Denmark and Stockholm as key strategic moves.

Financial highlights

• Net sales for the first nine months of 2024 totaled 14,212 TSEK, compared to 14,900 TSEK for the same period last year.

• EBITDA for Q3 2024 was -4,669 TSEK, compared to -1,808 TSEK in Q3 2023.

• Operating result for Q3 2024 was -24,203 TSEK, versus -4,207 TSEK in Q3 2023.

• Cash and bank balances at the end of Q3 2024 were 134 TSEK, up from 82 TSEK a year earlier.

• Equity at period end was -12,907 TSEK, compared to -6,103 TSEK at the same time last year.

Outlook and guidance

• Management expects positive effects from organizational rationalization and the termination of unprofitable customer contracts in Q4.

• Expansion of the vehicle fleet and new logistics hub in Stockholm position the company to benefit from increased demand for sustainable urban logistics.

• Preliminary October figures indicate strong revenue growth and improved margins.