micromobility.com Inc (NASDAQ: MCOM) is a technology services company that shifted its core business during FY2024 from micromobility and media services to IT software development services. Revenue is generated through a service agreement with Everli S.p.A., a related party controlled by the company's majority shareholder, under which MCOM provides software development services. The prior micromobility and media businesses were reclassified as discontinued operations during the year ended December 31, 2024. The company is headquartered at 500 Broome Street, New York, NY. Salvatore Palella, who resigned as CEO in December 2024, beneficially owned approximately 51% of outstanding common stock as of April 14, 2025, through Palella Holdings LLC. Management identified material weaknesses in internal controls over financial reporting as of December 31, 2024. The company carries a stockholders' deficit, relies on related-party financing including convertible notes from Palella Holdings LLC, and does not own real estate.

Revenue model

Transactional service fees from a single related-party service agreement with Everli S.p.A. for software development services. All continuing-operations revenue for FY2024 is derived from this one contract. Prior revenue streams from micromobility operations and media services are classified as discontinued operations.

Products and services

IT software development services provided to Everli S.p.A. under a service agreement entered in 2024. Discontinued operations include legacy micromobility services and media services.

Customers and end markets

Single customer, Everli S.p.A., accounts for 100% of continuing-operations revenue for the year ended December 31, 2024. Everli is a related party, as it is controlled by the company's majority shareholder.

Geographic exposure

Headquartered in New York, NY. No additional geographic revenue breakdown is disclosed in the filing excerpts for continuing operations.

Source: SEC 10-K, filed 2025-04-15

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