Q2’22 report highlighted improvement in operations
Search for capital ongoing
Urb-it has announced that the board of directors is exploring financing options for the purpose of sustaining the working capital of the business and continuing the pursuit of the long-term strategy.
We have estimated a need to raise SEK 100m in equity
On 27 September 2022, the company announced that it had carried out a directed share issue of SEK 23.3m. Per our latest post-results comment, we estimated that the company would be required to raise approx. SEK 100m by issuing equity during H2’22.
Underlying business said to have improved
While we do not know the outcome of Q3’22 yet, momentum in the business appeared to improve per the Q2’22 report. For instance, Urb-it’s key market, France, reached a positive gross margin after direct delivery costs in the second quarter, and we forecasted sales in H2’22 to grow by 122% y-o-y.
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