MCOM earnings analysis
What we found in MCOM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Micromobility.com reported Q2 2025 revenue of $476,000 (continuing operations), up from $398,000 a year earlier, with GAAP EPS of $(0.02) (improved from $(0.03)). Gross margin widened to ~21.8% and operating loss narrowed to $(541,000) from $(783,000). Liquidity remains a material concern — current liabilities rose to $39.174 million while continuing-operation cash was only $71,000 as of June 30, 2025.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Quarterly revenue growth (continuing ops)
- Revenue from continuing operations (IT services, related party) rose to $476,000 in Q2 2025 from $398,000 in Q2 2024, an increase of $78,000.
- Improved gross margin
- Gross profit for Q2 2025 was $104,000 (Revenue $476,000 less Cost of revenue $372,000), implying a gross margin of ~21.8% versus ~17.6% in Q2 2024 (Revenue $398,000 less Cost of revenue $328,000).
- Operating loss narrowed
- Loss from operations improved to $(541,000) in Q2 2025 from $(783,000) in Q2 2024 (a $242,000 improvement).
- EPS improved
- Basic and diluted net loss per share was $(0.02) for Q2 2025 versus $(0.03) in Q2 2024 (improvement of $0.01).
- Positive consolidated operating cash flow (YTD)
- Net cash provided by operating activities for the six months ended June 30, 2025 was $356,000 (vs. $(2,422,000) for the six months ended June 30, 2024); continuing-operations operating cash used was $(390,000) for the six months.
- Free cash flow roughly positive (six months)
- Six-month operating cash provided $356,000 minus purchases of equipment $1,000 implies free cash flow of approximately $355,000 for the six months ended June 30, 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Severe liquidity gap — current liabilities far exceed current assets
- Total current liabilities were $39,174,000 at June 30, 2025 versus total current assets $1,012,000, creating a large short-term liquidity deficit.
- Going concern disclosed
- Management states these conditions 'raise substantial doubt about the Company’s ability to continue as a going concern within one year' and that it 'plans to continue to fund its operations through debt and equity financing.'
- Large discontinued-operations liabilities and defaults
- Liabilities related to discontinued operations totaled $24,964,000 at June 30, 2025, including advances from bank of $13,537,000 and unsecured loans of $1,963,000 that 'are in default for non-payments under the original terms.'
- Material stockholders' deficit and translation loss
- Total stockholders' deficit worsened to $(37,917,000) at June 30, 2025 from $(33,164,000) at December 31, 2024; accumulated other comprehensive loss increased to $(3,644,000) (a $2,796,000 deterioration) attributable to foreign currency translation adjustments.
- Related-party concentration and conditional asset sale
- Continuing revenue is concentrated in a related-party service agreement (IT Services revenue $476,000 in Q2 2025 and $953,000 for six months), and the December 31, 2024 Stock Purchase Agreement to sell European mobility/media assets remains conditioned on Supreme Court approval or a waiver from a Note Holder.
- Significant non-operating expenses
- Non-operating expenses included interest expense (net) of $148,000 in Q2 2025 (and $327,000 for six months) and a SEPA financial expense of $500,000 in Q2 2025, contributing to net loss from continuing operations of $(1,436,000) for the quarter and $(1,814,000) for six months.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.02
- Gross margin
- 21.84873949579832%
- Operating margin
- -113.70462016806724%
- Segment
- IT Services (Related Party): $476,000 in Q2 2025 (up from $398,000 in Q2 2024); $953,000 for six months ended June 30, 2025 (up from $525,000).
- Segment
- Mobility & Media (Discontinued): $0 in Q2 2025 (down from $389,000 in Q2 2024); $339,000 for six months ended June 30, 2025 (down from $833,000).
What they said about what is next.
No numeric forward guidance provided. MD&A discloses the company 'plans to continue to fund its operations through debt and equity financing' and highlights the shift to IT software services (related-party revenues of $476,000 in Q2 2025 and $953,000 for the six months). Outlook is effectively deferred to financing outcomes and contingent asset-sale approvals.
The filing reads worse than the one before it.
What came before.
- 10-Q · November 19, 2024
- Micromobility.com reported Q3 revenue of $775,000 (down from $1,225,000 in 2023 Q3) and GAAP net income of $4,974,000 driven by a $7,596,000 gain on the sale of Wheels; continuing operations remained unprofitable with a…
- 10-Q · November 14, 2023
- Micromobility.com reported Q3 revenue of $1,554,000 (down from $3,675,000 in Q3 2022) and GAAP net loss of $9,477,000 (net loss per share $(0.06)). Revenue declined significantly year-over-year while operating and net…
- 10-Q · November 14, 2022
- Helbiz reported Q3 revenue of $3.675m (down from $4.702m a year earlier) and a GAAP net loss of $24.562m (loss per share $0.45). Mobility revenues declined while Media revenues grew; the company recorded a $10.390m…
- 10-Q · August 15, 2022
- Helbiz reported Q2 revenue of $4.358M, up from $2.982M in Q2 2021, driven by new Media revenues of $1.489M. However the company posted a net loss of $19.74M (EPS -$0.57) and burned significant cash, leaving cash and…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing MCOM makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever