WEJO - WEJO STOCK NEWS

Wejo Moves Forward with Capitalization Plans

Wejo Group Limited (NASDAQ: WEJO) and TKB Critical Technologies 1 (NASDAQ: USCT) have filed a registration statement with the U.S. SEC regarding their proposed business combination. Announced on January 10, 2023, this combination aims to enhance Wejo's capabilities in smart mobility and analytics for connected vehicles. The filing of the S-4 and S-3 registration statements is crucial for progressing towards closing this transaction, which remains subject to SEC approval and other customary conditions. Wejo, known for its extensive vehicle data analytics, continues to engage stakeholders through SEC filings, press releases, and social media platforms for critical updates about its operations and strategic initiatives.

Wejo Group Limited (NASDAQ: WEJO) reported significant growth in its 2022 financial results, with net revenue increasing by 227% to $8.4 million, driven largely by the Traffic Management product line. Despite a net loss of $159.3 million, the company expects revenue growth of almost 200% in 2023, aided by strategic cost reductions. Noteworthy achievements include a 124% increase in Gross Bookings to $18.8 million and a 107% Net Retention Rate. The projected cash flow breakeven has been moved up to mid-2024, with plans for additional funding through a business combination with TKB Critical Technologies.

Wejo Group Limited (NASDAQ: WEJO) announces that it will release its fourth quarter and full-year 2022 financial results on April 3, 2023, at 8:30 am ET. A business update call will be held to discuss these results, the company's business strategy, and key performance indicators. This event will feature insights from CEO Richard Barlow and CFO John Maxwell, and will be accessible via webcast on the company's Investor Relations page. Wejo specializes in cloud and software analytics for connected vehicles, gathering data from over 20 million vehicles and 95 billion journeys to improve smart mobility.

Wejo Group Limited (NASDAQ: WEJO) announced further cost reductions to enhance capital longevity and expedite Free Cash Flow breakeven from mid-2024 to mid-2025. The company aims to streamline operations while reducing cash burn by over 50%, from $6 million to a projected $2-3 million monthly by year-end 2023. Wejo targets a 200% revenue growth in its U.S. business in 2023 and anticipates an Adjusted EBITDA loss between $45 million and $55 million, improving from previous estimates of $60 million to $70 million. The firm is also pursuing $100 million in additional funding, currently having $57 million in trust from its merger with TKB Critical Technologies (NASDAQ: USCT).

Wejo Group Limited (NASDAQ: WEJO) has launched its Road Health solution in Europe, enhancing proactive road safety through real-time and historical data insights. This innovative platform enables government agencies to analyze road conditions effectively, identifying maintenance priorities using connected vehicle data. The solution combines various road metrics, helping transport departments make informed decisions that improve safety and reduce maintenance costs. Powered by NIRA Dynamics, a subsidiary of the Volkswagen Group, the Road Health solution showcases the potential of connected vehicle data in transforming transportation infrastructure management.

Wejo Group Limited (NASDAQ: WEJO) has released research showing that average journeys in midsize U.S. cities are 27.5% longer due to congestion. Analyzing 19.6 million journeys from connected vehicles, the report highlights Miami as the most congested city with journeys 37% longer, while Wichita is the least congested at 18%. The congestion is notably worse during evening rush hours, with increases between 1% and 11% compared to morning. The data, part of a $3.4 billion market opportunity, aims to assist Departments of Transportation in making informed infrastructure decisions to enhance traffic flow and safety.

Wejo Group Limited (NASDAQ: WEJO) has partnered with the University Consortium for Geographic Information Science (UCGIS) to enhance research and education through location-based innovations. This collaboration involves 60 member universities leveraging Wejo's data from approximately 20 million vehicles and over 94 billion journeys for geographic information science research. The partnership aims to improve navigation, mapping, and consumer behavior insights while offering grants support and career opportunities to students and faculty. This initiative positions Wejo as a key player in transforming mobility data into actionable research.

Wejo Group Limited (NASDAQ: WEJO) has announced the resignation of Diarmid Ogilvy from its Board of Directors, effective February 28, 2023. Ogilvy, a co-founder and significant shareholder, contributed greatly to the company through his investment experience and entrepreneurial spirit. CEO Richard Barlow praised his influence during Wejo's formative years, emphasizing the company's strategic partnerships with major firms like General Motors and Microsoft. As Wejo continues to innovate in Smart Mobility solutions, Ogilvy plans to pursue other interests while remaining a supporter of the company's vision.

Wejo Group Limited (NASDAQ: WEJO) has released research indicating that electric vehicle (EV) drivers may soon match the journey distances of internal combustion engine (ICE) vehicles. Analyzing data from 2021-2022, the average distance driven by EVs increased by 5.5%, while ICE journeys decreased by 1.6%. Key cities such as Toledo, OH, and Dallas, TX, reported significant increases in EV distances, while locations like Fresno, CA, saw declines in ICE distances. Further, states like South Carolina and Texas experienced the most marked changes in EV driving distances. Despite growth in charging stations, their availability has little impact on journey length.