Grab2Go
Company Announcement

Grab2Go AS 2023 2nd HALF-YEAR AND 12 MONTH UNAUDITED INTERIM REPORT

Grab2Go AS publishes 2023 2nd half-year and 12 month unaudited interim report.

Sales activities

   The Grab2Go sales strategy focuses on:

·       Pharmacies

·       Petrol stations

·       Convenience stores

In the pharmacy sector, Grab2Go has carried out a pilot project in cooperation with the Benu pharmacy of the Rapla Risti center, where the first Grab2Go device was installed in September 2022. Since it is a completely new and innovative solution in this field, additional changes and testing were carried out in cooperation with the Medicines Agency, so that the safety and quality offered by the device are equivalent to those of a regular pharmacy service. demands. The first Grab2Go device was launched on March 29, 2023, with an official 6-month limited license.

The customers' interest in this area is high and the company's expansion plans include the growth of this sector, Grab2Go has started cooperation with Accelerate Estonia. Accelerate Estonia is an organization specially created by the Estonian Ministry of Economic Affairs and Communications that promotes cooperation between companies and the public sector. The purpose of the cooperation is to define the technical requirements for the technology more broadly, enabling the wider adoption of the technology in the given sector in Estonia and ensuring the availability of medicines around the clock. Updated legislation in Estonia and Estonia as an example is a good platform for other European countries for further developments.

In the gas station chain sector, Grab2Go announced on August 9, 2023 that it has signed an agreement of intent with Terminal AS with the aim of creating an autonomous self-service store solution in this sector. Cooperation is currently pending until a suitable location for the device is found.

In the convenience store sector, the company continues to have a cooperation agreement with R-Kiosk. The cooperation is currently in the phase of customer location and time planning.

As part of promoting the convenience store sector and introducing the solution to a wider range of customers, we will install the technology in the Ülemiste City campus and open a sales point in cooperation with the operator at the beginning of the second quarter of 2024.

Active sales work is carried out with all customers of the defined focus sector. In 2023, financial markets and the general macroeconomic environment have weakened, but according to the company's management, investors' interest in financing promising projects has been preserved, which will allow the company to raise funds for the implementation of development plans in the future. The company has made changes to its plans and adjusted spending to adjust to the economic situation.

Results

The turnover for the 2nd half of the financial year 2023 is 20,986 euros, which consists of the sales of equipment rental and maintenance services. (The turnover for the second half of 2022 was 8,870 euros). The total turnover of the financial year was 21,264 euros (8,870 euros in the 2022 financial year)

The company's net loss for the 2nd half of the financial year 2023 is 202 thousand euros (the loss for the 2nd half of 2022 was 280,414 euros). The 2023 financial year ended with a loss of 416,723 euros, which is about the same size as the 2022 loss of 421,915 euros. The result of the 2nd half of the financial year 2023 will be affected by the discount and write-off of the prototype device that was recorded as a fixed asset of Grab2Go. The company decided to dismantle the prototype and uses the resulting components in the manufacture of new devices. Due to the completion of a new and significantly more advanced device, the prototype no longer fulfilled the function of a demo device. The loss from revaluation of fixed assets was 85,028 euros. Despite the fact that the operating costs of the 2023 financial year were also inflated by preparatory costs for listing on First North, which consisted of advisor fees, stock exchange fees and settlement fees, as well as revaluation of fixed assets, the company's loss remained smaller than the year before thanks to other cost cuts, including salary expenses.

As of 31.12.2023, the company's balance sheet was 855,933 euros (31.12.2022: 938,137 euros). Current assets amounted to 236,663 euros (31.12.2022: 246,588 euros). The volume of fixed assets was 619,270 euros (31.12.2022: 691,549 euros). The company's equity was 838,809 euros, which constituted 98% of the balance sheet volume (31.12.2022: 579,753, forming 61.8% of the balance sheet volume).

In the second half of the financial year 2023, 63 thousand euros were invested in the development of its product (158 thousand euros in the first half of 2022), which consisted of software development costs in the amount of 10 thousand euros and hardware development in the amount of 53 thousand euros. 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 total investments for 2023 have been 116 thousand euros (463 thousand euros in 2022), which consisted of software development costs of 52 thousand euros and hardware development of 63 thousand.

The company's cash flow in the 2nd half of 2023 was -191 thousand euros (-233 thousand euros in the comparable period of 2022), including cash flow from business activities -145 thousand euros and cash flow from investment activities -46 thousand euros. The company's cash flow in 2023 was -84 thousand euros (164 thousand euros in 2022), including cash flow from business activities -352 thousand euros, cash flow from investment activities -103 thousand euros and cash flow from financing activities -371 thousand euros.

The financial reports of reporting period can be found below:

Balance sheet

(In Euros)

Income statement

(In Euros)

Cash flow report

(In Euros)

Changes in equity

(In Euros)

   Additional information can be found in attached document.

         For more information, please contact:
         
         
         Mart Viilipus
         
         Grab2Go AS board member
         
         
         Phone: + 372530 53173
         
         mart@grab2go.eu
         
         https://www.grab2go.eu/