Grab2Go
Company Announcement

Grab2Go AS 2023 1st 6 MONTH INTERIM REPORT

Grab2Go AS publishes 2023 1st 6 month unaudited interim report.

Results

The Net sales for the first half of the financial year 2023 is 278 euros, which consists of the sales of equipment rental and maintenance services. (The turnover for the first half of 2022 was 0).

Since the company's regular income is just beginning, the net loss for the first half of the financial year 2023 is 215 thousand euros (the loss for 6 months of 2022 was 141,501 euros). The operational costs of the 1st half 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 of 30.06.2023, the company's balance sheet was 1,092,667 euros (30.06.2022: 966,662 euros). Current assets amounted to 364,021 euros (30.06.2022: 424,360 euros). The volume of fixed assets was 728,646 euros (30.06.2022: 542,302 euros). The company's equity was 1,040,981 euros, which constituted 95.3% of the balance sheet volume (30.06.2022: 860,167, 89% of the balance sheet volume).

In the first six months of the financial year 2023, 53 thousand euros were invested in the development of its product (294 thousand euros in the first half of 2022), which consisted of software development costs of 42 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.

Sales activities

In the pharmacy sector, Grab2Go has a cooperation with the Benu pharmacy of the Rapla Risti shopping 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 tests were carried out in cooperation with Board of Medicines of Estonia to ensure the safety and quality of the device would equally meet the requirements of a regular pharmacy service. With an official temporary permit, the first Grab2Go device was launched on March 29, 2023. As customers are interested in this field and the company has big plans on this market, Grab2Go has started cooperation with Accelerate Estonia, which is an organization specially created by the Estonian Ministry of Economy and Communications for cooperation between companies and the public sector. As an expected result of the cooperation, Grab2Go hopes that the technical requirements for enabling self-service pharmacies will be agreed upon so that the solution can be used autonomously 24/7.

In the gas station sector, Grab2Go announced on August 9, 2023, that it has signed an agreement of intent with Terminal AS with the aim of creating an automatic self-service store solution that will be launched in 2023 at the Terminal AS gas station.

Team

As of the end of June 2023, the company employed four founding shareholders. Software development and hardware development have mostly been acquired as outsourcing from specialists in the field. In order to speed up and to have more efective cost control the development of software and hardware, external cooperation partners are involved, from whom the resource of software developers and engineers is mainly provided for the faster development of the necessary functionality. Up to 30 people work are working behalf of the Grab2Go product including the subcontracted resources.

The financial reports for 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