ELMO Rent fulfilled the 12-month forecast in 10 months
The total sales revenue of ELMO Rent for 10 months 2021 is 942,032 euros exceeding the 12-month forecast (934,651 euros).
The total sales turnover of ELMO Rent in October was 321,386 euros (forecast 106,931 euros), increasing six times compared to the previous year. The turnover increased by 105% compared to September this year, thus breaking the previous month's record turnover (159,524 euros in September 2021).
See the annex 1- sales versus forecast, per month
The record sales revenue was result of higher sales revenue of short-term rental, growth in sales of the vehicle fleet’s management extra services in the business direction and higher sales revenue of used cars planned from the change of the vehicle fleet. Short-term rental income increased 3.7 times compare to previous year. The higher-than-expected sales revenue of used cars was caused by the general nationwide deficit of used cars, which also increased the sales price.
"Delays in the delivery of new vehicles held back our fast growth in the summer. We are pleased that we forecasted the sales potential of our own used cars at an early stage, and this has now proved its worth. In terms of turnover, it is important to pay attention to the increase in the share of short-term rent (3.7 times higher than a year earlier), which usually starts decreasing in September, but we were able to achieve August sales, which is usually the sweetest month of the season“ said Enn Laansoo Jr , founder of ELMO Rent.
The growth of new customers slowed down somewhat compared to September (798 in October vs. 1021 in September), but there was still growth compared to the same period in 2020 was 5,5 times.
ELMO Rent considers the CO2 emissions saved by environmentally friendly cars in urban areas to be equally important with sales and registration of new customers: in October, ELMO Rent electric cars covered 229,932 km, which saved more than 28,050 kg of CO2 emissions.
More news from October:
In relation of the technical description of the remote-control technology submitted to the Transport Administration on October 4, 2021, the official date and place of the ELMO Rent’s remotely controlled car site test has been agreed with the Transport Administration.
At the GreenEST Summit, the largest green technology conference in the region, held on 29 October, ELMO Rent demonstrated its remote-controlled car technology to the public for the first time via a 4G communication network. ELMO Rent also managed to win the main award – “The company with the most ambitious and top-level team at the conference”, which was issued by the Association of Angel Investors EstBAN and the law firm Triniti. "A positive surprise in the form of EstBAN is ideal for us in time, as we are preparing for the next round of Nasdaq to enter abroad and the EstBAN experience, and the network will definitely help us make the best funding decisions," added Enn Laansoo, Jr. See https://view.news.eu.nasdaq.com/view?id=b2a1efaaf31927f47002ab64a2c607b06&lang=en
The final competition of the Cyber Battle of Estonia 2021 took place on 30 October in Tartu, where ELMO Rent was one of the contributors and gave the competitors a task to unlock its electric motorcycle.
Enn Laansoo, Jr.
Chairman of the Advisory Board