1H22 Revenue Up 92% Y/Y, Q2 Revenue Up 46% Y/Y

Strong Mobility Metrics: QAPUs Up 90% Q/Q And Trips Up 71% Q/Q

Helbiz Live and Kitchen Generate 44% of 1H22 Revenue vs. Zero in 1H21

Intense Focus on Cost Efficiency, Cash Preservation and Drive Toward Profitable Operations

Helbiz Inc. (“Helbiz” or “the Company”) (Nasdaq: HLBZ), a global leader in micro-mobility, today reported its financial results for the three and six months ended June 30, 2022.

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1H22 Revenue Up 92% Y/Y, Q2 Revenue Up 46% Y/Y Strong Mobility Metrics: QAPUs Up 90% Q/Q And Trips Up 71% Q/Q Helbiz Live and Kitchen Generate 44% of 1H22 Revenue vs. Zero in 1H21 Intense Focus on Cost Efficiency, Cash Preservation and Drive Toward Profitable Operations (Graphic: Business Wire)

Second Quarter and First Half 2022 Business and Financial Highlights

Financial

• First half revenue of $7.7 million, up 92% y/y
• Second quarter revenue of $4.4 million up 46% y/y
• Raised $10 million via new issue of convertible notes in the second quarter
• Rationalized cost structure to more efficiently use cash and reduce future funding requirements

Mobility

• Quarterly Active Platform Users (“QAPUs”) up 90% q/q, Trips up 71% q/q
• Mobility revenue of $2.7 million, up 72% q/q
• Driving toward profitable Mobility operations by reducing cost of revenue by 17% y/y
• Expanded global footprint with entry into Australia market

Media

• Completion of the first Serie B season as streaming partner generating $6 million over the season
• Amazon Prime Video integration with Helbiz Live
• Serie B 2022-2023 season available on Helbiz Live on all devices and smart TVs in Italy

Kitchen

• Helbiz Kitchen revenue nearly doubled sequentially as awareness builds
• Completed administrative steps for ITA AIRWAYS project

Helbiz Chief Executive Officer Salvatore Palella said, “Now that we have established a solid foundation for growth, we are intensely focused on operating profitably. Our primary services have been introduced to consumers, our operating infrastructure is in place, and now we need to drive scale while spending efficiently and effectively. We saw an early indication of success, with mobility cost of revenue declining meaningfully in Q2.”

Commenting on other achievements in the quarter, Palella said, “Performance in Q2 was solid, with substantial top line growth and clear progress in the micro-mobility business. We expanded into Australia, our first step in Asia Pacific, and grew our existing footprint with new licenses in the U.S. and Italy. We also expanded the size of the fleet and the types of e-vehicles offered.”

Palella said, “Even as we drive toward profitable operations in the near-term, we are not losing sight of the massive opportunity in front of us. We are also strengthening the foundation for long-term growth. The due diligence for the transaction with Wheels is underway. Furthermore, last week we announced our entry into taxi hailing, a natural extension of our mobility services. We look forward to sharing more news on these long-term initiatives in the months ahead.”

Helbiz Chief Financial Officer Giulio Profumo said, “From top to bottom, the whole team at Helbiz is focused on getting to profitable operations as quickly as possible. We are cutting unnecessary costs and spending more effectively on necessary expenses. The reduction in mobility cost of revenue this quarter is gratifying, an early indication that our efforts are seeing results. We intend to aggressively manage costs in the near term, even as we also invest to drive aggressive growth.”

Profumo said, “Second quarter revenue grew significantly both yearly and sequentially, due to the incremental contribution from Media and Kitchen. Importantly, growth was solid in our core mobility business and we are improving margins as we bring down mobility cost of revenue. Even with our cost-control focus, we are investing effectively and efficiently in talent, advertising, marketing, and R&D to sustain our pace of expansion.”

Profumo said, “To fund our multiple growth opportunities, we raised another $5 million in July and August. Looking forward, we will deploy more vehicles, pursue more micro-mobility licenses, and drive expansion in Asia Pacific. We are excited about our potential in the months ahead.”

Conference Call Details

What: 2022 Q2 Results

When: Monday, August 15, 2022

Time: 4:30 p.m. EDT

Where:

Live Dial-in Details: Webcast Link

North America (toll-free): +1 (800) 715-9871

International: +1 (646) 307-1963

Conference ID: 4146974

Replay Available: https://investors.helbiz.com/

About Helbiz

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 40 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. 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. For additional information, please visit www.helbiz.com.

Forward-Looking Statements

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 affect 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 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.

(A) Commitments and Contingencies

Leases

The Company entered into various non-cancellable operating lease agreements for office facilities, e-mopeds leases, corporate vehicles’ licensing, and corporate housing entered into by the Company with lease periods expiring through 2024. These agreements require the payment of certain operating expenses, such as non-refundable taxes, repairs and insurance and contain renewal and escalation clauses. The terms of the leases provide for payments on a monthly basis and sometimes on a graduated scale. The Company recognizes rent expense on a straight-line basis over the lease period and has accrued for rent expense incurred but not paid. Lease expenses under operating leases were $746 and $1,484 for the three and six months ended on June 30, 2022, respectively; and $657 and $1,119 for the three and six months ended on June 30, 2021, respectively.

Additionally, the Company entered into various non-cancellable capital lease agreements for 3,750 eScooters and R&D equipment with financial institutions. The capital lease agreements included within Financial liabilities on the condensed consolidated balance sheet as of June 30, 2022 amounted to $2,792, of which $2,649 is related to the 3,750 eScooters and $143 is related to the R&D equipment. The capital lease agreements for the 3,750 eScooters have a duration between 12 to 18 months while the R&D equipment agreement has a duration of 36 months. The eScooters/R&D equipment under the lease are collateral for the lease obligations and are included within property, plant and equipment on the condensed consolidated balance sheet as of June 30, 2022 (Refer to Note. 7 Property, equipment and deposits, net for further information). Lease expenses under capital leases were accounted as interest expenses for $83 and $112 for the three and six months ended on June 30, 2022, respectively.

Lease expenses under capital leases were accounted as interest expenses for $83 and $112 for the three and six months ended on June 30, 2022, respectively.

Litigation

From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. There are currently no material legal proceedings against the Company, and the Company is not aware of investigations being conducted by a governmental entity into the Company. The Company does not disclose litigation with a remote possibility of an unfavorable outcome.

(B) Includes stock-based compensation for employees and services received, as follows

Note: For more accompanying notes to the condensed consolidated financial statements above, please refer to the Company’s quarterly report on Form 10-Q filed with Securities and Exchange Commission (the “SEC”) for the quarter ended June 30, 2022.

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