4. Discontinued Operations – Mobility and Media businesses

 During the year ended December 31, 2024, the Company decided to indefinitely suspend the mobility operations in the United States of America and to sell the mobility and media operations in Italy, due to the high costs connected and the Company’s strategy to reduce the operating cash burn.

In connection with the suspension of the mobility business in the United States, the sale of Wheels assets and the expected sales of the European entities, the Company concluded that the assets, liabilities and results of operations of the Mobility and Media businesses met the criteria for classification as discontinued operations. As a result, the Company has presented the results of operations, cash flows and financial position of the mobility and media businesses as discontinued operations in the accompanying condensed consolidated financial statements and notes for all periods presented. 

The following table presents the assets and liabilities of mobility and media businesses, classified as Discontinued Operations as of June 30, 2025, and December 31, 2024.

 The following table presents the results of operations for the three and six months ended June 30, 2025, and 2024 for the mobility and media business, classified as Discontinued Operations.

Revenues from discontinued operations

Total Revenues from discontinued operations recorded for the six months ended June 30, 2025, amounting to $339; are fully related to a non-recurring event: the expiration and deletion of the US mobility wallets.

Financial liabilities from discontinued operations

Unsecured loans

Unsecured loans amounting to $1,963 as of June 30, 2025, is composed of multiple loans: a) $1,558 of a long-term bank loan obtained in 2020 through one of the Company’s wholly-owned Italian subsidiaries, and b) $405 long-term bank loans; the Company inherited these loans from the business combination with MiMoto. These unsecured loans are in default for non-payments under the original terms.

Advances from bank

During the year ended December 31, 2024, Helbiz Media, an Italian subsidiary of micromobility.com (fully owned by Helbiz Europe Limited) entered into a Service Supply agreement and into a Service agreement with Everli. Helbiz Media is one of the European entities expected to be sold to Palella Holdings LLC under the Stock Purchase Agreement entered on December 31, 2024.

The Service Supply Agreement requires Helbiz Media to provide design, development, and communication ideas and activities to Everli for one year. Under the terms of the agreement, Everli is to pay the Company $8,584 (including VAT, using June 30, 2025, EURO/USD exchange rate).

The Service Agreement is related to the use of Helbiz Media platform; in detail Helbiz Media grants Everli the exclusive rights to use the platform from December 1, 2024 to November 30, 2029. Under the terms of the service agreement, Everli is to pay the Company $16,418 (including VAT, using June 30, 2025 EURO/USD exchange rate) in two years from the signing date.

In connection with the two aforementioned agreements, the Company has entered into a financing arrangement with a banking institution whereby the Company receives advances, net of repayments, amounting to $12,767. These advances are secured solely by the underlying Everli receivables expected from the two service agreements.

During the three and six months ended June 30, 2025, the Company recorded $114 and $220, respectively, as Interest expenses from discontinued operations in the condensed consolidated statement of operations. As of June 30, 2025, the Company has $13,537 outstanding as principal and accrued interests, taking into consideration the repayments made by Everli directly to the bank.