Helbiz Strengthens Global Footprint with Successful Acquisition of Wheels Labs, Inc.
Helbiz, 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.
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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.
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.
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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.”
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