Financial Data and Key Metrics Changes - For the first half of 2023, revenue remained steady at $7.4 million, with Q2 revenue reaching $3.5 million, primarily driven by the mobility sector and media contributions [5][11] - Operational expenses saw a reduction of approximately 6%, excluding asset impairment, with significant decreases in sales and marketing (73%) and general and administrative expenses (19%), although total operating expenses rose by 73% due to a $16 million asset impairment [6][11] - Financial liabilities experienced a reduction of 21%, reflecting a substantial decrease in financial commitments [15] Business Line Data and Key Metrics Changes - The media segment experienced a notable 15% decrease in revenue, attributed to the termination of streaming contracts, which is expected to yield cost savings exceeding EUR 14 million [14] - Mobility revenue sources showed resilience, with pay-per-ride and subscription offerings accounting for 82% and 15% of revenue, respectively, despite a 21% reduction in trips from the previous quarter [21] - The Kitchen segment displayed robust growth, marked by substantial revenue surges in both Q2 and the overall first half [5] Market Data and Key Metrics Changes - The company strategically exited unprofitable markets, reallocating resources to focus on the micromobility sector, which has shown positive results since the rebranding [11][20] - The company expanded its fleet in the U.S. and made its first expansion into Europe, indicating a focus on geographical growth [12] Company Strategy and Development Direction - The company made a strategic choice to exit the streaming business to align with its overarching goals [3] - There is a strong focus on achieving profitability through cost-saving measures, innovative technologies, and potential mergers and acquisitions [7][22] - The company plans to support operational expansion through additional debt and equity financing as required [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's capacity for enduring growth despite the dynamic environment for micromobility [7][16] - The company is committed to operational efficiency and strategic measures to enhance financial performance and shareholder value [16][18] Other Important Information - The company is collaborating with market integrity monitors as part of an investigation into trading imbalances, transitioning to Phase 2 of this investigation [18] - The flagship store in SoHo, New York City, is set to open shortly after Labor Day, marking a significant retail expansion [19] Q&A Session Summary - The Q&A session did not contain specific questions or answers as the call concluded without further discussion [8]
Micromobility.com (MCOM) - 2023 Q2 - Earnings Call Transcript