New York–(business telegram)–Hellbiz (NASDAQ:HLBZ) today announced that it will take several measures to reduce the company’s financial burden and reduce costs in order to shorten its path to profitability. Cost-cutting and staff reductions will reduce the monthly burn rate to between 20 and 30%.
In the coming days, 15% of the workforce will be reduced in the US and Europe across corporate and operations teams. Also, an in-depth review of current costs and liabilities will be undertaken with a view to further reduce expenditure. Already, Helbiz is working with third parties and reducing operations where it makes sense to reduce costs. Ultimately, Hellbiz Media will seek partners to share or take over business operations in order to reduce them as ongoing cost centers and focus solely on the mobility business.
“As we reviewed the business, we concluded that our core mobility business has the best potential to quickly achieve profitable operations,” said Salvatore Palella, CEO and founder. “We will focus solely on mobility with the goal of becoming the world leader in mobility. To do this we must transform, cut costs and divestiture. To preserve our capital and achieve profitability, we need to optimize our cash utilisation. should take action to align with the most likely driver of revenue growth in the coming quarters. This cut will reduce cutbacks to 20 to 30% in the immediate future, we with partners regarding the media business (Hellbiz Live) Will start a conversation too.
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-cycles, e-mopeds, on a convenient, user-friendly platform with over 65 licenses in cities around the world. offers. The merger with Wheels, the leading player in California, adds a unique sit-down scooter, along with long-term rental memberships for individuals, businesses and universities. Helbiz uses a customized, proprietary fleet management technology, artificial intelligence and environmental mapping to optimize operations and business sustainability. Hellbiz is expanding its urban lifestyle products and services to include live streaming services, food delivery and more, all available within its mobile app. Please visit www.helbiz.com for additional information.