Key Highlights:
Q1 2022 revenue of $2.5 million, up 6.7% compared to Q1 2021 revenue of $2.3 million with no new cars deployed during the quarter
Rapid expansion now underway, fueled by a $15 million debt facility in July 2021 and non-dilutive financing announced in Q1 2022, with expected addition of 400 vehicles quarterly to the Company's fleet in 2022
Reported positive shareholders' equity of $8.0 million, up from negative equity of $4.4 million at year-end 2021; first time Company has reported positive shareholders' equity; strengthened balance sheet expected to improve leasing terms
Record driver retention with average rental days per driver up 8% over Q1 2021
EVs and hybrids are now 34% of the Company's approximately 635 total vehicle fleet; EVmo remains on track to expand fleet to more than 2,000 vehicles by year-end 2022
"We are at an exciting inflection point in the ongoing evolution of EVmo," commented Stephen Sanchez, CEO of EVmo. "With non-dilutive financing partnerships and commitments secured, we are now beginning to rapidly scale our fleet. We began this process subsequent to the end of Q1 after securing financial commitments in March. We are confident we now have the resources to reach our goal of adding approximately 400 cars to our fleet each quarter through the remainder of the year, which will enable us to achieve our target of more than 2,000 vehicles by year-end 2022. Looking further ahead, we anticipate fleet growth will accelerate in 2023 and are targeting a minimum 25% growth in the number of new vehicles we add to our fleet quarterly, with longer term targets well in excess of that growth."
"As we have previously said, our model calls for 45% gross margins and 25% EBITDA margin at scale of approximately 2,000 cars, excluding vehicle depreciation. Based on this model, achieving our 2023 quarterly targets for fleet expansion would generate revenue of $50 million for the year with $12.5 million EBITDA," continued Sanchez. We believe our model and margins, combined with our management capability, can establish us as the clear industry leader in 2022. And importantly, we expect to be able to fund exponential growth from operating cash flow at scale, which we are on track to reach by year-end 2022, opening new access to non-dilutive debt capital to further accelerate our model."
