Helbiz Announces First Quarter 2022 Financial Results, Revenue Up 226%

Mobility Revenue Increased 55%, Quarterly Active Platform Users Increased 66%

Helbiz Unlimited Subscriptions Revenue Up 76%

Helbiz Inc. ("Helbiz" or "the Company") (NASDAQ:HLBZ), a global leader in micro-mobility and the first company in its industry to be publicly listed in the U.S., today reported its financial results for the quarter ended March 31, 2022 on Form 10-Q filed today with the U.S. Securities and Exchange Commission.

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Helbiz Announces First Quarter 2022 Financial Results, Revenue Up 226% (Graphic: Business Wire)

First Quarter 2022 Business and Financial Highlights

Financial

• Revenue of $3.3 million up 226% from the same period of 2021
• Operating expenses up due to investment in growth: media rights, marketing, talent, and expenses related to public listing
• Non-cash stock-based compensation expenses was approximately 6% of the total operating expenses
• Approximately 3,000 leased e-Scooters delivered on March 1, expanding fleet in service

Mobility

• Mobility Revenue increased by 55% to $1.6 million, driven by pay-per-ride
• Helbiz Unlimited subscriptions grew by 76%
• Started operating in Miami Dade County, first of any mobility company
• Quarterly Active Platform Users ("QAPUs") increased by 66%, and trips grew by 58%
• Partnership with Google Maps expands visibility of Helbiz service

Media

• Media generated revenue of $1.7 million, 50% of total quarterly revenue
• Revenue from commercialization of media rights was $1.3 million
• Added Major League Baseball (MLB) on the Helbiz Live platform in Italy

Helbiz Founder and Chief Executive Officer Salvatore Palella said, "We kicked off 2022 with solid growth across our diversified lines of business, especially due to the growing interest in Helbiz Unlimited, which bundles mobility, live streaming and food delivery services. Alongside our strong relationships with local governments, we made progress in strategic partnerships across our mobility and media businesses."

Palella continued, "We are negotiating a potential M&A transaction that could substantially increase our footprint and revenue. Parallel to this, we are applying for licenses and in discussions with new markets in the U.S., Europe and Asia Pacific to expand our service footprint. As demand recovers from pre-COVID levels, we expect faster growth in ride utilization and city expansion."

Helbiz Chief Financial Officer Giulio Profumo said, "The top line in Q1 grew substantially from one year ago, due to both our core mobility business and our emerging media initiative. Looking ahead, we are delivering vehicles to enlarge our fleet as planned. Our success is a function of the effort of our team around the world, and our willingness to make strategic investments. To fund growth, we recently secured another $10 million of capital via two convertible notes and we are well-positioned to capitalize on the progress of the industry as the year progresses."

Conference Call Details

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Webcast: https://edge.media-server.com/mmc/p/n7tvmo5k

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 Annual Report on Form 10-Q for the fiscal year ended March 31, 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 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 $525 for the three months ended on March 31, 2022, and $464 for the three months ended on March 31, 2021.

Additionally, in June 2021, the Company entered into a lease agreement for 2,950 eScooters with a European financial institution. This agreement, which has a duration of 12 months, became effective on March 1, 2022, following the delivery of the vehicles to the Company's warehouse. The Company shall pay a leasing fee of $224 (Euro 202), on a monthly basis, for a cumulative amount of $2,691 (Euro 2,424). At the end of the leasing agreement, the Company has the option to purchase the leased assets for a cumulative amount of $42 (Euro 38). Based on the terms of the purchase option the Company categorized the agreement as capital lease. The eScooters 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 March 31, 2022. Lease expenses under capital leases were accounted as interest expenses for $29 for the three months ended on March 31, 2022.

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

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