UMT United Mobility Technology AG Reports Half-Year Results for 2024
München - The UMT United Mobility Technology AG (WKN: A2YN70) has unveiled its half-year financial report for 2024, revealing a significant drop in performance and persistent challenges affecting its operations. Over the first half of the year, the company recorded total revenues amounting to €58,000, a stark decline from €97,000 in the previous year. Similarly, the gross profit plummeted by €40,000 to reach €57,000 compared to €97,000 in the prior year.
A Closer Look at the Financials
The underlying operational results are concerning, with the operating earnings before interest and taxes (EBIT) reflecting a loss of €408,000, worsening from a loss of €263,000 in 2023. Additionally, the earnings before tax (EBT) exhibited a grim figure of €556,000, compared to €229,000 the year before, indicating a troubling trend of increasing financial distress. As a result, by June 30, 2024, UMT AG reported an annual loss of €556,000, growing from a loss of €251,000 in the previous year.
UMT AG continues to grapple with lingering issues stemming from its previous investments that have contributed to escalating costs. However, the company is starting to pivot towards constructing an independent advisory and product portfolio and building an international customer outreach team.
“The company is still in a turnaround phase after facing considerable challenges in recent years, especially regarding the development and expansion of our own product offerings, as well as sales enhancement. With a relatively low operational cost structure, we are working diligently to robustly expand our operations. The convertible bond we are currently placing is expected to significantly bolster our marketing and sales efforts, thus attracting new customers and increasing revenues,” commented Erik Nagel, CEO of UMT AG.
Technology Focus and Future Directions
In its journey, UMT AG markets and delivers independent, advisory-based AI solutions predominantly in the Document and Process Management realm across Europe. The company’s flagship solution, UMTVision, stands out by automating all text-based processes through the parallel and sequential application of various AI models. This flexibility allows for significant efficiency enhancements in document processing within internal workflows, akin to a virtual assistant powered by artificial intelligence.
For instance, UMTVision is proficient in matching incoming invoices against purchase orders, automatically Processing damage reports alongside customer contract terms, and independently handling transport orders within logistics contexts, propelling operational efficiencies that many enterprises are keen to adopt.
Alongside expanding its operational offerings, UMT AG is exploring partnerships with enterprises aligned with its core competencies. The goal is to evolve into a provider of focused and scalable solutions and product offerings, focusing on IT and AI-driven efficiency gains for businesses. This strategic shift indicates a robust plan to capitalize on the ongoing digital transformation wave sweeping across industries.
The half-year report of 2024 can be accessed on the company’s website under the Financial Reports section.
About UMT AG
UMT United Mobility Technology AG is synonymous with delivering tailor-made solutions in digitalization and business process automation. Its proprietary Payment Hub, alongside advancements in AI and Blockchain, positions UMT AG favorably in the burgeoning field of Supply Chain Management solutions.
Focusing on scalable digital solutions for the B2B segment, UMT AG also aims for growth through strategic acquisitions of both customers and technologies. Its decade-plus experience in IT and consulting underpin the company’s commitment to investing in firms that facilitate the digital transformation of SMEs.
