Cabify ended 2022 with a consolidated net loss of €60 million, as announced on Monday. Information. The accounts, which correspond to the year-end of Cabify Inc (a company registered abroad), were in turn reflected in the accounts provided by Seaya Ventures, one of the funds that invested in Cabify.
The startup neither confirms nor denies that Cabify Inc. It is the parent company that brings together all the company’s accounts around the world. On the other hand, they remember that Cabify operates in each country through different companies.
In Spain only, for example, Cabify operates through Cabify España SL, Prestige and Limousine SL (which has a presence mainly in Barcelona) and Miurchi Car SL Cabify attributes this negative result to accounting adjustments. To this we must add the Operations Center collected through the Cabify Matrix.
“All references to the operational reality of the Company’s business have been declared. The accounting values reflect adjustments, of an accounting type, Which cannot be directly compared to business performance It also does not effectively impact the company’s finances,” explains Cabify.
In general, the startup confirms that the company’s operating result in 2022 was at what is known in the world of entrepreneurship as the break-even point, meaning that expenses and income were compensated.
This was contributed by an annual growth in sales volume of 32% and a total revenue volume of 688 million dollars, which is approximately 640 million euros at the current exchange rate. Gross profit, revenue minus cost of products sold, It amounted to 79 million euros, also 32% better than the previous year.
In Spain, in 2022, Cabify’s net sales volume, i.e. the sum of those registered by Cabify Spain, Miurchi, Prestige and Limousine, increased by 27.5% to 199.5 million euros, compared to 156.5 million recorded in 2021.
Additionally, Cabify had an overall operating result (also known as EBITDA, EBITDA) Positive 11.5 millionThis is a number slightly lower than the results of 2021 when the total reached 12.7 million. Cabify then explained that this decrease was due to an increase in investment volume.
The results then helped Juan de Antonio, CEO of Cabify, be optimistic about the future.
“We are able to generate our own resources which we invest in new services and products with high added value for our users, corporate mobility customers and cooperative drivers. We have also attracted additional investments to accelerate our goals,” Di Antonio said.
He added: “If we want millions of people to decide not to use their own cars within the city, we must offer them alternatives that are safe, sustainable, accessible and responsive to their different needs. We have a clear growth path ahead of us and we hope that our sales will multiply by 3 in the next three years.”
Currently, investors are also showing the same confidence. Last January, the company raised €15 million of debt from BBVA Spark, the bank’s startup investment vehicle.
The bank then explained that the round should primarily serve to support the company’s decarbonization and support its sustainable business strategy, covering the period from 2022 to 2025. The funds should therefore serve, primarily, to support Cabify’s initiatives such as the recent purchase of 200 electric cars in Madrid, which will be operated by Vector, a subsidiary of the group.
“What we are clear about is that we have to do it right, and we cannot fail in the search for profitability,” he explained in an interview. Business Insider Spain Juan Barbola, head of finance for the startup. “In finance, it’s easy to demand that accounts be good, but from a company culture point of view, it’s an adaptation process.”
He also confirmed that debt would be another way to finance Cabify: “In our last round there was already debt with the European Investment Bank (EIB). The logical thing is that there is a little bit of everything. It’s good and healthy.” To explore other avenues “The EIB is demanding lower returns and not as much equity.”
