Grab2Go AS Unaudited Interim Report for the First Half of 2025
Financial Results
The revenue for the first half of the 2025 financial year was EUR 2,420 (H1 2024: EUR 1,162). Revenue consisted of sales of device components and services.
The net loss for the reporting period was EUR 76.5 thousand (H1 2024: EUR 98 thousand). The reduction in loss was mainly achieved through significantly lower operating expenses.
As of 30 June 2025, the company’s total assets amounted to EUR 659 thousand (30 June 2024: EUR 752 thousand).
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Current assets: EUR 174 thousand (2024: EUR 181 thousand)
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Fixed assets: EUR 485 thousand (2024: EUR 572 thousand)
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Equity: EUR 574 thousand, representing 87.1% of total assets (2024: EUR 741 thousand, 98.5%)
During the reporting period, investments were mainly made in intangible assets, continuing the development of both the software and hardware platform.
Cash Flows
The company’s cash flows in the first half of 2025 were negative, totalling EUR -10.4 thousand (H1 2024: EUR -76.3 thousand).
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Operating cash flow: EUR -10.4 thousand
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Investing cash flow: EUR 0
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Financing cash flow: EUR 0
At the end of the period, the company’s cash and cash equivalents amounted to EUR 475 (30 June 2024: EUR 12.9 thousand).
Key Sales Activities and Developments
In the first half of 2025, activities continued in target markets, including Canada.
In Estonia, we completed a pilot project in cooperation with Selver in Ülemiste City business campus. Within the project, Grab2Go’s autonomous store solution was tested, offering customers 24/7 shopping opportunities and providing the company with valuable market feedback.
Summary
Grab2Go continues to focus on the development and market introduction of its autonomous pharmacy and retail technology.
The following section presents the financial results of the reporting period.
Balance Sheet
(in euros)
| 30.06.2025 | 31.12.2024 | 30.06.2024 | |
| Assets | |||
| Current assets | |||
| Cash | 475 | 873 | 12,888 |
| Receivables and prepayments | 331 | 4,331 | 1,708 |
| Inventories | 173,365 | 173,228 | 166,072 |
| Total current assets | 174,171 | 178,433 | 180,668 |
| Non-current assets | |||
| Tangible assets | 17,052 | 17,320 | 9,664 |
| Intangible assets | 467,564 | 527,592 | 561,979 |
| Total non-current assets | 484,616 | 544,912 | 571,643 |
| Total assets | 658,787 | 723,345 | 752,311 |
| Liabilities and Equity | |||
| Current liabilities | |||
| Borrowings | 40,000 | 30,000 | 0 |
| Payables and prepayments | 44,663 | 42,698 | 11,063 |
| Total current liabilities | 84,663 | 72,698 | 11,063 |
| Total liabilities | 84,663 | 72,698 | 11,063 |
| Equity | |||
| Share capital at nominal value | 812,527 | 812,527 | 812,527 |
| Share premium | 878,394 | 878,394 | 878,394 |
| Retained earnings (losses) from previous periods | -1,040,275 | -852,112 | -852,112 |
| Profit (loss) for the reporting period | -76,522 | -188,162 | -97,561 |
| Total equity | 574,124 | 650,647 | 741,248 |
| Total liabilities and equity | 658,787 | 723,345 | 752,311 |
Income Statement
(in euros)
| 01.01–30.06.2025 | 01.01–31.12.2024 | 01.01–30.06.2024 | |
| Revenue | 2,420 | 5,664 | 1,162 |
| Other operating income | 0 | 10,500 | 10,000 |
| Goods, raw materials, and services | -1,025 | -9,781 | -8,486 |
| Other operating expenses | -17,618 | -59,900 | -37,791 |
| Personnel expenses | 0 | -10,806 | 0 |
| Depreciation and amortisation | -60,296 | -120,592 | -60,296 |
| Other expenses | -3 | -2,622 | -2,621 |
| Operating profit (loss) | -76,521 | -187,537 | -98,033 |
| Other financial income and expenses | -1 | -625 | 7 |
| Profit (loss) before tax | -76,522 | -188,162 | -98,025 |
| Net profit (loss) for the reporting period | -76,522 | -188,162 | -98,025 |
Cash Flow Statement
(in euros)
| 30.06.2025 | 31.12.2024 | 30.06.2024 | |
| Cash flows from operating activities | |||
| Operating profit (loss) | -76,522 | -187,537 | -97,561 |
| Depreciation and amortisation | 60,296 | 120,592 | 60,296 |
| Total adjustments | 60,296 | 120,592 | 52,917 |
| Change in receivables and prepayments related to operating activities | 3,852 | 2,076 | 4,699 |
| Change in inventories | 11 | -32,191 | -25,035 |
| Change in payables and prepayments related to operating activities | 1,964 | 25,574 | 5,122 |
| Interest received | 0 | 7 | 7 |
| Government grants received | 0 | 10,500 | 10,000 |
| Net cash from operating activities | -10,399 | -60,979 | -49,859 |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment and intangible assets | 0 | -57,366 | -26,932 |
| Net cash from investing activities | 0 | -57,366 | -26,473 |
| Cash flows from financing activities | |||
| Loans received | 0 | 30,000 | 0 |
| Net cash from financing activities | 0 | 30,000 | 0 |
| Total cash flows | -10,399 | -88,835 | -76,331 |
| Cash and cash equivalents at the beginning of period | 5,874 | 89,209 | 89,209 |
| Cash and cash equivalents at the end of period | 475 | 874 | 12,888 |
Statement of Changes in Equity
(in euros)
| Share capital | Share premium | Retained earnings (losses) | Total | |
| 31.12.2023 | 812,527 | 878,394 | -852,112 | 838,809 |
| Net loss for the reporting period | – | – | -97,561 | -97,561 |
| 30.06.2024 | 812,527 | 878,394 | -949,673 | 741,248 |
| Net loss for the reporting period | – | – | -90,601 | -90,601 |
| 31.12.2024 | 812,527 | 878,394 | -1,040,274 | 650,647 |
| Net loss for the reporting period | – | – | -76,522 | -76,522 |
| 30.06.2025 | 812,527 | 878,394 | -1,116,796 | 574,125 |
Additional information can be found in attached document.
For more information, please contact: Mart Viilipus, CEO, Phone: + 372530 53173, mart@grab2go.eu, https://www.grab2go.eu/