Helbiz, Inc. (NASDAQ: HLBZ), is a global leader in micro-mobility services. Launched in 2015 and headquartered in New York City, the company offers a fleet of vehicles including e-scooters, e-bicycles, and e-mopeds all on one platform. Helbiz utilizes a proprietary fleet management platform, artificial intelligence, and environmental mapping to optimize operations. Helbiz is expanding its urban lifestyle products and services to include live streaming services, food delivery, financial services and more, all accessible within its mobile app.
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In a reverse merger transaction, Helbiz shares began trading on the NASDAQ on August 13, 2021, under the ticker symbol HLBZ. Transitioning to the NASDAQ can be a big event for any company and the company shares can stay under the radar of investors for some time.
As urban centers across the globe continue to add inhabitants the market for micro-mobility has been projected to be $300-450B by 2030. Some of the biggest players in micro mobility are BIRD, a private US company estimated to be worth $1-10B, and LIME, also a private US company, with an estimated value of $2.4B and whose major backer is UBER.
There are several more players in this nascent sector such as YULU and TILER, but HLBZ appears to be, as it claims, the first public company in the micro-mobility sector. This could be a strategic advantage for HLBZ if it seeks financing to expand operations.
Some large cap public companies offer micro-mobility products for rental, but not as their main business. SPIN, a popular micro-mobility company, provides riders access to high-quality scooters with a maximum speed of 15 miles per hour and is owned by Ford Motor (NYSE: F). In addition to their ride sharing business, Lyft (NASDAQ: LYFT) offers a micro mobility service.
In its investor presentation from February 2021, HLBZ estimates 2021 revenues at $80M with that figure growing to $449M by 2025. For the same periods the company projects non-GAAP EBITDA of $13M and $190M respectively. Advertising and new verticals are indicated as a significant source of revenues with mobility (unit sales and rentals) being the major revenue contributor.
Helbiz operates primarily in the US and Italy but hold licenses in other countries including Spain, France, Greece, UK, Serbia, and Canada. HLBZ is the dominant player in the sector in Italy. Company guidance states that growth in licenses is likely to occur outside the US and Italy.
Advertising, and the potential for food delivery in urban centers may be a growth area for the company. Advertising placed on tens of thousands of vehicles may be quite effective and food delivery service has been in high growth mode.
Some recent developments reported by Helbiz are:
On September 1st, the company announced a partnership with VOX, a global leader in technological solutions for tourism and culture, to launch an interactive map with a dedicated audio guide for riders throughout the Washington, D.C. metropolitan area where the company has been awarded a permit to operate a fleet of 1,500 e-bikes. The company has a similar experience for visitors in Rome.
On August 3, 2021, Helbiz announced that it had lunched a fleet of 100 MiMoto electric mopeds throughout Pescara, Italy. The region of operation will also include neighboring cities Montesilvano, Francavilla and San Giovanni Teatino. Helbiz acquired MiMoto earlier in 2021.
On August 16, 2021, Helbiz announced the launch of its first electric scooter intended for sale called Helbiz One. The Helbiz One e-scooter was created with sustainability, efficiency, and safety at its core. With a custom design by Pininfarina and engineered by MT Distribution, each device comes equipped with front and rear shock absorbers, LED indicator lights and display, a dedicated smartphone app, and a bluetooth system. It also features 3 driving modes: eco, city and sport. The e-scooters will be available for purchase in 2022.
As a newly listed NASDAQ company, transitioning from a private company, we will have to wait for financial statements that reflect the company’s public operations, along with associated SEC filings. The most recent 10-Q is for the period ending June 30, 2021 reflecting results as a private company.
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