Grab2Go
Company Announcement

Grab2Go AS 2024 1st 6 MONTH INTERIM REPORT

Grab2Go AS publishes 2024 1st 6 month unaudited interim report.

Results

The turnover for the first half of the financial year 2024 is 1 162 euros, which consists of the sale of device components. (The turnover for the first half of 2023 was 278 euros). In addition to sales revenue, the company has received a grant of 10 000 euros from Tehnopoli's AI accelerator in the first half of 2024.

The net loss for the first half of the financial year 2024 is 98 thousand euros (the loss for 6 months of 2023 was 216 thousand euros). Operating expenses for the 1st half of the 2024 financial year have been significantly cut. The decrease in salary costs is 99 thousand euros compared to the same period of the previous year due to the non remuneration of the board members. Significantly lower and other operating expenses, which in 2023 were affected by preparatory costs for listing on First North, which consisted of advisor fees, stock exchange fees and settlement fees.

As of 30.06.2024, the company's balance sheet total was 752 311 euros (30.06.2023: 1 092 667 euros). Current assets amounted to 180 688 euros (30.06.2023: 364 021 euros). The volume of fixed assets was 571 643 euros (30.06.2023: 728 646 euros). The company's equity was 741 248 euros, which constituted 98,5% of the balance sheet volume (30.06.2023: 1 040 981, 95,3% of the balance sheet volume).

In the first six months of the financial year 2024, 18 thousand euros were invested in the development of its product (53 thousand euros in the first half of 2023), which consisted of software development costs of 7 thousand euros and the rest in hardware development. As a result of the investments, the company has completed a basic software and hardware solution, to which sector-specific additional functionality can be added according to the customer's needs.

The company's cash flow in the first half of 2024 was -76 thousand euros (107 thousand euros in the comparable period of 2023), including cash flow from business activities -50 thousand euros and cash flow from investment activities -26 thousand euros.

Highlight of sales activities

During Grab2Go delegation visit to Toronto in June 2024, we focused on several important activities with aim of opening up the Canadian pharmacy market. Cooperation and communication with regulatory authorities took place in five Canadian provinces. Target was the mapping of public sector expectations and to identify potential pharmacy chains for cooperation. As a result, four potential customers were identified and the agreed meetings are ongoing.

We continue to work on creating a value proposition and marketing plan that meets market needs, as well as adapting service level agreements according to local requirements. We are actively looking for local distributors and are striving to find a local pilot customer. To ensure quality service, we are also developing a training program for local dealers.

In the convenience store sector, we installed the technology in the Ülemiste City business district and opened a convenience store on 19.09.2024 in cooperation with the Selver retail chain. This pilot project offers an opportunity to introduce and test innovative technology that aims to provide a more convenient shopping experience and address retail challenges such as labor shortages and 24/7 service costs. Customers have the opportunity to visit the store at a time that suits them, and the store has self-service cash registers where the goods can be picked up conveniently and quickly. The project is supported by campus infrastructure, which allows testing the solution among the tech-savvy community, providing valuable feedback and assessing market readiness.

Below are presented the financial reports of reporting period.

Statement of financial position

(In Euros)

Income statement

(In Euros)

Cash flow report

(In Euros)

Changes in equity

(In Euros)

Additional information can be found on attached document.

         Mart Viilipus, mart@grab2go.eu, tel: +372 5305 3173