Summary by Moomoo AI
Micromobility.com, a Delaware-based intra-urban transportation company, reported a significant decrease in financial performance for the quarter ended March 31, 2024. Revenue plummeted by 85% year-on-year to $571 thousand, primarily due to a strategic exit from unprofitable markets and the early termination of media agreements. Operating expenses saw a corresponding decrease, with cost of revenue dropping by 92% to $908 thousand. The company's net loss improved, narrowing from $19.55 million to $4.52 million, while diluted net loss per share decreased from $529.18 to $0.17. The company's business development efforts included entering into agreements with Everli S.p.A. for design, development, and software services. Looking ahead, Micromobility.com plans to continue funding operations through debt and equity financing, with a focus on achieving profitable operations and expanding its business lines.