Recap of 2025

Dear Colleagues and Valued Stakeholders,

As we approach the end of the year, I would like to take this opportunity to share a brief recap of CoMo’s journey and progress in 2025. Transparency has always been a core principle for us, and it is in that spirit that we regularly communicate our developments, milestones, and challenges.

We are currently finalising our consolidated financials for the year ending 2025. Due to the growing complexity of our business lines, geographic footprint, and corporate structure, this process will extend through the Christmas period. As such, the full audited and consolidated financial information will be shared in January.

Looking back to just under two years ago, Contigo Mobility—before it was shortened to CoMo—was established with a clear mission: to serve the underserved electric two-wheeler (E2W) and three-wheeler (E3W) markets globally. We intentionally chose to learn, observe, and build resilience by starting in Indonesia, allowing us to scale thoughtfully and at our own pace. It was through a combination of preparation and opportunity that we were able to secure key clients such as PLN (Indonesian Electricity Company), MIND ID (Ministry-owned Mining Holding), Lazada (Alibaba SEA), Pos Indonesia, Pasti Angkut, PT SAS, and PT Wolio. Supported by our initial core offerings—fleet subscription, ICE-to-EV conversion, battery swapping, and integrated mobility services—we began actively serving the market.

Since then, our platform has expanded significantly. We launched CoMoTo, our B2C leasing and ride-sharing service for E2W, E3W, and now microcars, as well as CoMoGO, our food and retail delivery platform. From 2024 onward, we increased our fleet size by more than five times, onboarded major new customers including JIWA Group (Indonesia’s largest coffee chain) and Astro (on-demand grocery delivery), expanded contract scopes with existing clients such as PLN, Lazada, and Wolio, and entered new markets including the UK, Nigeria, Spain, Poland, Tanzania, Pakistan and Malaysia, in addition to our existing presence. Our internal team has grown accordingly, and we are proud to work alongside strong global partners who continue to support our expansion and operational strength. We will continue to work with government agencies such as London and Partners under Mayor of London office, Ministry of Investment Spain, Pakistan, Indonesia, Tanzania and many others.

Operational discipline has been a major focus this year. We have implemented processes and systems to strengthen organisational control and visibility, adopting Microsoft tools, Odoo, and Google Cloud solutions to track financial and operational performance. In parallel, we have developed an in-house fleet management system that allows us to monitor our assets in real time while laying the foundation for future ride-sharing and e-commerce integrations.

During the year, we secured close to USD 500,000 in fresh capital, primarily allocated to lease security deposits, CAPEX purchases, and operational expenses. 

Looking ahead, we are actively engaging with strategic investors and are targeting a USD 15 million raise in 2026 to fuel our next phase of growth. We have been in discussions with institutional investors and family offices, and our strategic positioning has also attracted the Asian Development Bank, which will conduct due diligence—particularly on our B2G projects. In parallel, we have begun working with private equity firms with a strong interest in supporting gig-economy workers.

Our growth has not gone unnoticed. During this period, we were invited to bid for several distressed or transitioning companies, including Cake (Sweden), Energica (Italy), and Gesits (Indonesia). Each opportunity required careful evaluation to ensure alignment with our strategic focus. While we chose to forgo some, we continue to pursue others. We have also been approached by major OEMs such as Stellantis and Toyota to explore potential collaborations.

Despite our progress, the year has not been without challenges. In Indonesia, uncertainty surrounding government EV subsidies has delayed decisions and deliveries for both new and existing clients. This has resulted in renegotiations and tighter commercial terms, putting pressure on margins. At the same time, some leasing partners have imposed higher interest rates on vehicle financing, further impacting profitability. Market entry in new geographies has also required significant resources to address regulatory and technical hurdles.

To mitigate these challenges, we are actively renegotiating contracts to ensure fair and sustainable terms, finalising arrangements with new leasing partners, and accelerating expansion into higher-margin markets. We have also separated Indonesian operations from our international business to reduce complexity—operationally, financially, and strategically. Indonesia remains a strong core market, particularly for delivery-as-a-service, which aligns naturally with our fleet model. Meanwhile, the introduction of CoMoTo, CoMoGO, and our international footprint has strengthened our value proposition and continues to attract institutional investor interest through its innovation and differentiation.

The resilience and commitment demonstrated by the CoMo team throughout this journey have been exceptional. Achieving our ambition of reaching USD 30 million in scale is no small task—especially in a capital-intensive business—and while the road has been demanding, we remain focused and optimistic as we move into the coming year. I take on myself for any shortcomings and continue to strategically steer the company in the right direction.

On that note, I would like to sincerely thank our team, partners, and stakeholders for your continued trust and support. I wish you and your families a restful holiday season and look forward to sharing further updates in the new year.

Yours Sincerely,

Zuhri Yusof

Group CEO