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2023 Annual Report – 25% revenue growth in 2023, expecting group profitability in 2024

Written by Customer Service on . Posted in Public Companies.

Company Announcement no. 147 – 2024
Copenhagen, March 14th, 2024

2023 Annual Report – 25% revenue growth in 2023, expecting group profitability in 2024

In 2023, GreenMobility initiated a focus on market consolidation to focus on markets that are profitable or have a clear outlook to become profitable on short-term. Consequently, GreenMobility has closed or is planning to close international markets to focus on its core Danish market where GreenMobility today is a market leader.

GreenMobility’s ambition is to become the first European electric vehicle operator to be profitable and thereby supporting the green transition in mobility. The main focus for 2024 is therefore to reach group profitability, which the management and board is determined to reach.

Key highlights of 2023:

  • Group revenue of DKK 94.6 million which is a 25% growth compared to 2022 on the continuing business and within the adjusted guidance of DKK 93-98 million.
  • Result for the year of DKK (50.0) million (2022: DKK 38.0 million restated) on the continuing business and within the adjusted guidance of DKK (46-51) million.
  • For the first time, achieving positive operating cash flow on the continuing business
  • 22% growth in customers, for a total of 275,043
  • 7% growth in trips, for a total of 1,167,474
  • 2,228 tonnes of CO2 saved during the year (2,036 tonnes in 2021)
  • Adjusting strategy for a clear goal of group profitability in 2024

Guidance 2024:
For 2024, we have the following expectations for the GreenMobility group for the continuing business:

  • Revenue of DKK 115-125 million, which corresponds to a growth of 52-66% compared to the Danish market in 2023 and a growth of 22-32% compared to the total revenue for 2023
  • Profit before tax of DKK 0-10 million

Today, the Annual Report for 2023 has been approved by the company’s Board of Directors and is publicised as the file “GREENMOBILITY-2023-12-31-en.zip” in compliance with the ESEF regulation. The Annual Report will be presented at the company’s Annual General Meeting, taking place on Tuesday 23 April 2024. Simultaneously, the board has approved the company’s Remuneration Report 2023 and Sustainability Report (as an integrated part of the 2023 Annual Report). All reports are attached and are also available on GreenMobility’s investor site www.greenm.dk

CEO Kasper Gjedsted will present the annual report and plans & guidance for 2024 at a web cast: Friday the 15th of March at 13:00. Sign up for participation, where you can also ask relevant questions: https://www.inderes.dk/videos/greenmobility-presentation-of-annual-report-2023

Contact and further information

Kasper Gjedsted CEO, +45 21 41 80 30: kg@greenmobility.com
Jan Helleskov Head of Communications & PR, +45 31 10 14 08: jhe@greenmobility.com

About GreenMobility
GreenMobility offers modern urbanites easy, flexible, and sustainable transport in the form of electric shared city cars. Users have access to these cars via the GreenMobility app. Trips are paid per minute, through minute packages, on a daily basis or through a subscription. Today, GreenMobility operates a total of 1,500 EVs in Copenhagen, Aarhus & Antwerp. More than 250,000 people are registered as customers at GreenMobility.

Driven by global megatrends, GreenMobility sees a rapidly growing market for carsharing in large cities that demand green transport for their citizens and aim to reduce the number of private cars. GreenMobility’s ambition is to be among the leading global operators of green shared mobility solutions. GreenMobility is publicly listed for trading on the Nasdaq Main Market Copenhagen in Denmark.

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