Helbiz Files Financial Information in Connection with Wheels Acquisition
4 February 2023
Helbiz, Inc. a leading provider of micro-mobility solutions, has announced that in connection with its acquisition of Wheels Labs, Inc., has released financial statements for Wheels’s 2021 fiscal year, financial statements for the first nine months of Wheels’s 2022 fiscal year and pro forma financial information for Helbiz and Wheels for the first nine months of 2022. We believe that the newly released financial information shows that this strategic move has significantly strengthened Helbiz's global footprint, business model versatility, and overall financial profile.
In 2021, the combined pro forma full year revenues of Helbiz and Wheels would have amounted to $22.6 million, an increase of 76% compared to Helbiz as a standalone entity, and the combined pro forma revenues for the first nine months of 2022 would have totaled $16.4 million, an increase of 45% compared to Helbiz as a standalone entity. These results demonstrate the strong potential for combined companies.
With combined operations in markets around the world, Helbiz is well-positioned to provide innovative transportation solutions to a growing number of customers. Since its initial year of operation, Wheels has established a presence in 12 cities and 4 Universities across the United States, including major markets such as New York City, Honolulu, and Austin. Additionally, Wheels is the only operator in all four permitted markets in the metropolitan Los Angeles area making it a prominent micro-mobility player in California.
Wheels's diverse business mix includes shared micro-mobility, long term rental services, vehicles dedicated to retail, and B2B operations, allowing the company to partner with businesses to provide employees and patrons with sustainable transportation as a benefit. For example, Wheels is available as a rental to Google and UberEats employees in certain North American cities.
The Wheels model, which is based on a sit-down two-wheeled vehicle with patented technology, including an integrated helmet and swappable battery technology, offers a new approach to micro-mobility. This form factor is more accessible to those who may not prefer or cannot ride stand-up scooters, expanding the market for micro-mobility transportation. The Wheels vehicle has been well-received by municipalities, universities, and enterprise partners looking for alternatives to traditional micro-mobility offerings such as scooters or bikes.
In regards to private mobility, the Wheels One, a highly anticipated new vehicle, has received strong demand with pre-order commitments totaling over $2.2 million with a second round of pre-orders that we hope generates over $5 million in commitments for future sales. This exceptional response confirms our confidence in the Wheels vehicle and its appeal to municipalities, universities, and enterprise partners seeking alternative solutions to traditional micro-mobility options.
"We are thrilled to announce the successful completion of our acquisition of Wheels Labs, Inc. This strategic move has significantly enhanced our global footprint, business model, and financial profile," said Salvatore Palella, CEO of Helbiz, Inc. "As demonstrated by our combined pro forma revenues of $22.6 million in 2021 and $16.4 million in the first nine months of 2022, this acquisition reinforces our strong potential for the combined companies.”
Wheels is a last-mile, shared electric mobility platform whose seated form factor changes the landscape in dockless mobility. In addition to being seated, Wheels devices have a low center of gravity and 14-inch wheels to help navigate uneven pavement surfaces. Wheels has launched a first-of-its-kind integrated helmet system that can give riders physical access to a shareable helmet with every ride they take. Wheels is headquartered in West Hollywood, California. Learn more at www.takewheels.com.
Helbiz is a global leader in micro-mobility services. Launched in 2015 and headquartered in New York City, the company offers a diverse fleet of vehicles including e-scooters, e-bicycles and e-mopeds all on one convenient, user-friendly platform with over 65 licenses in cities around the world. Helbiz utilizes a customized, proprietary fleet management technology, artificial intelligence and environmental mapping to optimize operations and business sustainability. For additional information, please visit www.helbiz.com.
Certain statements made in this press release are “forward-looking statements'' within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward looking statements. Due to known and unknown risks, actual results may differ materially from the Company’s expectations or projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: (i) the failure to meet projected development and production targets; (ii) changes in applicable laws or regulations; (iii) the effect of the COVID-19 pandemic on the Company and its current or intended markets; and (iv) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the “SEC”) by the Company. Additional information concerning these and other factors that may impact the Company’s expectations and projections can be found in its periodic filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and its Quarterly Reports for the first three quarters of 2022. The Company’s SEC filings are available publicly on the SEC’s website at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to Helbiz and speaks only as of the date on which it is made. Helbiz undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.
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