Helbiz announced that it will be discontinuing operations in non-profitable or cash-positive markets by spring 2023. The decision was reached following a comprehensive review of the Company's operations and a determination that certain markets do not possess the necessary conditions for profitability in the near term. The review revealed that these markets are characterized by a lack of robust regulatory frameworks, high levels of competition, an oversupply of vehicles, and overcrowded streets - all of which impede the Company's ability to achieve profitable margins.