micromobility.com Inc.

What they do

The company shifted its core business from micromobility and media to software services during 2024, providing white-label software development and IPO preparation services to enterprise clients. Revenue comes from a single client, Everli S.p.A., a related party controlled by majority shareholder Salvatore Palella. The company has offices in New York and Belgrade and no longer operates mobility services. Its primary historical mobility and media businesses were sold or suspended.

Revenue drivers

• Software development services — Generates revenue by providing software development and IPO preparation services to Everli S.p.A., a related party; this is the sole active client and contributed $1.4 million in 2024 revenue.
• Enterprise solutions (legacy) — The company previously offered white-label and enterprise-level software solutions to partners in transportation and mobility, but current revenue is entirely from related-party software services.
• Discontinued mobility and media operations — Prior to 2024, revenue came from intra-urban transportation and media services; these operations were sold or suspended and are now reported as discontinued operations.

Recent performance

For the three months ended September 30, 2025, revenue from continuing operations was $610 thousand, up from $451 thousand in the prior-year period, all from a related party. The company reported net income from continuing operations of $379 thousand for Q3 2025, compared to a net loss of $1,265 thousand in Q3 2024. For the nine months ended September 30, 2025, revenue was $1,563 thousand and net loss from continuing operations was $1,434 thousand. As of September 30, 2025, total assets were $1.4 million, total liabilities were $38.9 million, and shareholder equity was negative $37.5 million. Cash and equivalents stood at only $15 thousand.

Strategy

Management has shifted the company's focus to software development and business services, targeting the transportation and mobility sectors. The company sold its U.S. micromobility subsidiary, Wheels Lab, in August 2024 and agreed to sell its European mobility and media businesses to a related party in December 2024. It aims to provide scalable white-label technology solutions and enterprise-level software to partners and clients. The company has offices in New York and Belgrade and is in the process of transferring Helbiz DOO to become a wholly-owned subsidiary. Completion of the Europe sale is subject to court approval or a waiver from a noteholder, which has not yet been obtained.

Risks

• Customer concentration — All revenue is from a single related-party client, Everli S.p.A., which is controlled by the majority shareholder, creating dependence on one customer.
• Going concern and liquidity — As of September 30, 2025, the company had $15 thousand in cash, total liabilities of $38.9 million, and negative shareholder equity of $37.5 million, raising substantial doubt about its ability to continue as a going concern.
• Related-party transactions — The sale of European mobility assets to an entity controlled by the majority shareholder and software services provided to Everli are related-party transactions that may present conflicts of interest.
• Pending court approval — The December 2024 sale of Helbiz Europe Limited and micromobility.com Italia S.r.l. is conditioned on approval from the Supreme Court of New York or a waiver from a noteholder, and as of the 10-K date, such approval had not been received.

Outlook

Management has not provided specific financial guidance, but the company's stated strategy is to continue developing and commercializing its software platform and enterprise solutions. The completion of the sale of European mobility and media businesses remains subject to court approval or noteholder waiver. The company's ability to continue as a going concern depends on raising additional capital or generating sufficient revenue, though no financing commitments are disclosed.