Heavy Adoption in Newly Launched Markets and Increased Usage of Cruiser Product Drive Ongoing Performance Improvements
Last Mile Holdings Ltd. (“MILE” or the “Company”) (TSXV:MILE) (OTC:AZNVF), a leading micro-mobility company with the broadest product suite in the industry, today provided its latest update highlighting certain key performance indicators (“KPIs”) and new market launches driving the success and significant growth in its recently acquired and now fully integrated operating subsidiary, Gotcha Mobility (“Gotcha”). The Company’s announcement is a further update to prior press releases originally issued on June 17, 2020 and July 6, 2020, respectively.
Strong performance within the expanding Gotcha ecosystem and expected continued growth is being driven in large part by the following highlights:
- In the month of July, Gotcha officially launched micro-mobility systems in the following cities and states: Galveston, TX (e-scooters and cruisers); South El Monte, CA (e-bikes); and St. Clair Shores, MI (e-scooters).
- Consistent revenue driven by high ridership in key markets, such as: Memphis, TN (cruisers); Baton Rouge, LA (e-bikes); and Charleston, SC (pedal bikes).
- After a contract renewal, Gotcha is re-launching its exclusive e-scooter program at Michigan State University in early August as students return for the fall semester.
- Average ride times have remained at consistent levels since early May and continue to represent significant increases across the board from pre-COVID-19 pandemic averages.
- Outperformance within the higher-margin cruiser and scooter products in the summer months contributing to attractive unit-economic profile.
- In early August, Gotcha surpassed 86,000 unique riders across its multi-modal fleet and has logged more than 260,000 trips year-to-date.
Throughout the ongoing COVID-19 pandemic, Gotcha has been coordinating efforts with university and municipal partners to keep its products on the streets and provide riders a socially-distant transportation alternative. With many universities anticipating various level of student attendance in the fall of this year, Gotcha expects to record increased usage within many of its current 30 university locations, including its upcoming re-launch at Michigan State University.
“During a time when there has been so much upheaval in the marketplace and the broader economy, we have generated consistent and improving results in many markets and across all offerings,” said MILE CEO Max Smith. “Our multi-modal approach to transportation solutions as well as our highly-targeted go-to-market strategy continues to prove itself as a superior long-term, fiscally responsible growth plan. With certain student populations slated to return to some of our larger existing markets this fall, we are conservatively monitoring usage rate and are optimistic that ridership levels have significant room for even further improvement in the months ahead as we can provide our riders with a socially-distant and safe way to get around campus.”
About Last Mile Holdings
Last Mile Holdings (TSXV: MILE), formerly OjO Electric, is one of the largest micro-mobility companies in the U.S., offering the broadest product suite in the industry. Last Mile has 30 university and 50 municipal contracted shared mobility systems under the OjO and Gotcha brands. The acquisition of Gotcha in the first quarter of 2020 provides an expansive growth pipeline and a portfolio of products including electric bikes, trikes, scooters, and cruisers. For more information, visit lastmile-holdings.com.
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About Gotcha Mobility
Gotcha, a subsidiary of Last Mile Holdings, is a shared electric mobility company dedicated to providing innovative products and technologies that get people out of single-occupancy cars and safely onto efficient, sustainable micro-transit products. The company operates electric bikes, trikes, scooters, and cruisers as transportation solutions tailored to cities and universities across the US. Gotcha empowers communities to lead happier, more productive lives through the transformative power of affordable, accessible micro-transit. For more information, visit ridegotcha.com.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” and “forward-looking information” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to: Last Mile Holdings and Gotcha’s business and prospects and the Company’s objectives, goals or future plans, including the planned deployment of its mobility units; and the business, operations, and management of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the ability of Company to meet its deployment targets, access to sufficient mobility units, meeting the requirement of the permits granted to Company, general business, economic and social uncertainties including the impact of COVID-19; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in the Company’s public documents filed on SEDAR at www.sedar.com; and other discussed in this news release. Accordingly, the forward-looking statements discussed in this release, may not occur and could differ materially as a result of these known and unknown risk factors and uncertainties affecting the companies. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility of the adequacy or accuracy of this release.
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SOURCE Last Mile Holdings Ltd.
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