Announcement • Jan 24
Fin Sustainable Logistics acquired Urb-it AB (publ). Fin Sustainable Logistics acquired Urb-it AB (publ) on January 23, 2024.
Fin Sustainable Logistics completed the acquisition of Urb-it AB (publ) on January 23, 2024. Reported Earnings • Oct 29
Third quarter 2023 earnings released: kr0.018 loss per share (vs kr0.15 loss in 3Q 2022) Third quarter 2023 results: kr0.018 loss per share. Revenue: kr12.2m (down 4.6% from 3Q 2022). Net loss: kr39.1m (loss widened 11% from 3Q 2022). Revenue is forecast to grow 62% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Logistics industry in Europe. Announcement • Oct 11
Urb-It AB (Publ) Announces CFO Changes Kristian Hansen, who has served as Interim CFO since May 2023, will be concluding his successful 6-month assignment with Urb-it. During his tenure, Kristian has played a crucial role in steering the company's financial direction, and his contributions have been invaluable. Effective immediately, the daily responsibilities will be assumed by Benjamin Feld. Benjamin brings a wealth of experience in finance, having almost accumulated a decade of expertise in various finance roles at organizations such as Lidl Sverige and Arvid Nordquist. Benjamin joined Urb-it in April 2022, and his deep knowledge of the company's operations and financial landscape makes him the ideal candidate to lead Urb-it's finance department into the future. New Risk • Aug 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr151m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr151m free cash flow). Share price has been highly volatile over the past 3 months (238% average daily change). Shareholders have been substantially diluted in the past year (over 8x increase in shares outstanding). Market cap is less than US$10m (€2.65m market cap, or US$2.86m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr48m net loss in 2 years). Revenue is less than US$5m (kr54m revenue, or US$4.9m). Reported Earnings • Aug 27
Second quarter 2023 earnings released: kr0.009 loss per share (vs kr0.15 loss in 2Q 2022) Second quarter 2023 results: kr0.009 loss per share (improved from kr0.15 loss in 2Q 2022). Revenue: kr11.7m (down 21% from 2Q 2022). Net loss: kr20.7m (loss narrowed 41% from 2Q 2022). Revenue is forecast to grow 66% p.a. on average during the next 3 years, while revenues in the Logistics industry in Europe are expected to remain flat. Announcement • May 06
Urb-It AB (Publ) Announces the Appointment of Kristian Hansen as CFO Urb-it AB (publ) announced it has appointed Kristian Hansen as its new CFO. Kristian has worked for more than 25 years within finance in several roles, including in the capacity of CFO and Financial Director. His latest assignment was with Konica Minolta Business Solutions, where he spent almost seven years as the Finance Director. Reported Earnings • Apr 30
First quarter 2023 earnings released: kr0.016 loss per share (vs kr0.17 loss in 1Q 2022) First quarter 2023 results: kr0.016 loss per share (improved from kr0.17 loss in 1Q 2022). Revenue: kr12.0m (down 5.2% from 1Q 2022). Net loss: kr34.3m (loss narrowed 12% from 1Q 2022). Revenue is forecast to grow 59% p.a. on average during the next 3 years, while revenues in the Logistics industry in Europe are expected to remain flat. Recent Insider Transactions • Mar 17
Chief Executive officer recently bought €4.6k worth of stock On the 8th of March, Kevin Kviblad bought around 1m shares on-market at roughly €0.0035 per share. This transaction increased Kevin's direct individual holding by 5x at the time of the trade. In the last 3 months, they made an even bigger purchase worth €8.1k. Kevin has been a buyer over the last 12 months, purchasing a net total of €20k worth in shares. Breakeven Date Change • Mar 07
Forecast to breakeven in 2025 The 2 analysts covering Urb-it expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 29% per year to 2024. The company is expected to make a profit of kr13.0m in 2025. Average annual earnings growth of 72% is required to achieve expected profit on schedule. Reported Earnings • Mar 04
Full year 2022 earnings released: kr0.64 loss per share (vs kr0.51 loss in FY 2021) Full year 2022 results: kr0.64 loss per share (further deteriorated from kr0.51 loss in FY 2021). Revenue: kr56.1m (up 41% from FY 2021). Net loss: kr151.8m (loss widened 50% from FY 2021). Revenue is forecast to grow 65% p.a. on average during the next 2 years, compared to a 2.2% decline forecast for the Logistics industry in Europe. Announcement • Feb 18
Urb-It AB (Publ) Announces Resignation of Mark Rehnström as CFO Urb-it AB (publ) announced that Mark Rehnström, CFO at Urb-It AB, has announced his resignation for a new career opportunity outside Urb-it. Mark Rehnström is part of Urb-it's global management team and has been employedsince 2020. To guarantee the transition, Mark Rehnström will continue in his role during his notice period until Urb-it has found a replacement. Urb-it will immediately start recruiting a new CFO. Announcement • Dec 15
Urb-It Rolls Out Sustainable Last Mile Delivery Services for Evri (Previously Hermes) in London Urb-it announces it is rolling out its services in London with Evri, the largest dedicated parcel delivery company in the UK. Following commencing the partnership in Manchester and Liverpool, Urb-it and Evri have decided to launch operations in London, a city in which Urb-it is expanding its footprint to reach a total of 8 million customers. Urb-it's customer-centric last mile sustainable delivery services, conducted exclusively by its couriers on its e-cargo bike fleet across Europe, significantly reduce last mile C02 emissions, urban congestion, and air pollution. Urb-it is B Corp. certified, committed to maintaining the highest standard of environmental performance, social governance, public transparency, and legal accountability. Announcement • Nov 22
Urb-it AB (publ) Elects Jan Berg as New Board Member and New Chairman Urb-it AB (publ) at its extraordinary general meeting held on November 21, 2022, resolved, in accordance with shareholders proposal, to elect Jan Berg as new board member and new chairman of the board. Announcement • Nov 19
Urb-It AB (Publ) Announces Resignation of Fredrik Warstedt as Board Member and Chairman Urb-it AB (publ) announced Fredrik Warstedt has announced that in connection with the meeting he will resign as board member and chairman of the board of the Company. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Director Johan Englund was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
Third quarter 2022 earnings released: kr0.15 loss per share (vs kr0.12 loss in 3Q 2021) Third quarter 2022 results: kr0.15 loss per share (further deteriorated from kr0.12 loss in 3Q 2021). Revenue: kr12.8m (up 45% from 3Q 2021). Net loss: kr35.4m (loss widened 47% from 3Q 2021). Revenue is forecast to grow 82% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Online Retail industry in Germany. Announcement • Oct 19
Urb-it AB (publ) Announces Board Changes Chairman of the board Lage Jonason has informed the board of directors of Urb-it AB (publ) that he resigns from his position as director and chairman immediately. The reason for the decision is personal The board has elected Fredrik Warstedt as the new chairman of the board for the period until a new chairman is elected. Reported Earnings • Aug 19
Second quarter 2022 earnings released: kr0.15 loss per share (vs kr0.093 loss in 2Q 2021) Second quarter 2022 results: kr0.15 loss per share (down from kr0.093 loss in 2Q 2021). Revenue: kr14.8m (up 102% from 2Q 2021). Net loss: kr35.1m (loss widened 94% from 2Q 2021). Over the next year, revenue is forecast to grow 190%, compared to a 36% growth forecast for the Online Retail industry in Germany. Reported Earnings • Apr 29
First quarter 2022 earnings released: kr0.17 loss per share (vs kr0.083 loss in 1Q 2021) First quarter 2022 results: kr0.17 loss per share (down from kr0.083 loss in 1Q 2021). Revenue: kr12.7m (up 112% from 1Q 2021). Net loss: kr39.1m (loss widened 155% from 1Q 2021). Over the next year, revenue is forecast to grow 252%, compared to a 40% growth forecast for the industry in Germany. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Chairman of the Board Lage Jonason was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Apr 27
Forecast to breakeven in 2024 The analyst covering Urb-it expects the company to break even for the first time. New forecast suggests losses will reduce by 33% per year to 2023. The company is expected to make a profit of kr27.0m in 2024. Average annual earnings growth of 62% is required to achieve expected profit on schedule. Announcement • Apr 12
Urb-it AB (publ), Annual General Meeting, May 13, 2022 Urb-it AB (publ), Annual General Meeting, May 13, 2022. Agenda: To consider Presentation of the annual report and auditor's report, and also the group accounts and auditor's report for the group; to consider adoption of the profit and loss account and balance sheet, and also the consolidated profit and loss account and consolidated balance sheet; to consider allocation of the company's results in accordance with the adopted balance sheet; to consider discharge from liability towards the company for the Directors and the CEO; to consider Resolution on number of Directors and number of auditors; and to consider other matters. Reported Earnings • Mar 31
Full year 2021 earnings released: kr0.51 loss per share (vs kr0.46 loss in FY 2020) Full year 2021 results: kr0.51 loss per share (down from kr0.46 loss in FY 2020). Revenue: kr39.8m (up 124% from FY 2020). Net loss: kr100.9m (loss widened 55% from FY 2020). Over the next year, revenue is forecast to grow 271%, compared to a 43% growth forecast for the retail industry in Germany. Recent Insider Transactions • Mar 17
Chairman of the Board recently bought €449k worth of stock On the 14th of March, Lage Jonason bought around 1m shares on-market at roughly €0.31 per share. This was the largest purchase by an insider in the last 3 months. Lage has been a buyer over the last 12 months, purchasing a net total of €491k worth in shares. Reported Earnings • Feb 24
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: kr0.51 loss per share (down from kr0.46 loss in FY 2020). Revenue: kr39.8m (up 124% from FY 2020). Net loss: kr100.9m (loss widened 55% from FY 2020). Revenue exceeded analyst estimates by 3.8%. Over the next year, revenue is forecast to grow 271%, compared to a 44% growth forecast for the retail industry in Germany. Breakeven Date Change • Feb 23
Forecast to breakeven in 2024 The analyst covering Urb-it expects the company to break even for the first time. New forecast suggests the company will make a profit of kr27.0m in 2024. Average annual earnings growth of 56% is required to achieve expected profit on schedule. Reported Earnings • Dec 01
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: kr0.12 loss per share (down from kr0.09 loss in 3Q 2020). Revenue: kr8.82m (up 174% from 3Q 2020). Net loss: kr24.1m (loss widened 78% from 3Q 2020). Revenue exceeded analyst estimates by 6.7%. Over the next year, revenue is forecast to grow 357%, compared to a 53% growth forecast for the industry in Germany. Breakeven Date Change • Nov 27
No longer forecast to breakeven The analyst covering Urb-it no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of kr37.0m in 2023. New forecast suggests the company will make a loss of kr7.00m in 2023. Breakeven Date Change • Sep 23
Forecast to breakeven in 2023 The 2 analysts covering Urb-it expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr17.0m in 2023. Average annual earnings growth of 69% is required to achieve expected profit on schedule. Recent Insider Transactions • Aug 03
Chairman of the Board recently bought €42k worth of stock On the 28th of July, Lage Jonason bought around 100k shares on-market at roughly €0.42 per share. This was the largest purchase by an insider in the last 3 months. This was Lage's only on-market trade for the last 12 months. Reported Earnings • Jul 28
Second quarter 2021 earnings released: kr0.093 loss per share (vs kr0.17 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: kr7.39m (up 35% from 2Q 2020). Net loss: kr18.1m (loss narrowed 18% from 2Q 2020). 