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Altimeter Growth Corp. (AGC) stock rises in aftermarket – What’s happening?

Altimeter Growth Corp. (AGC) rises to 6.26% in aftermarket. However, the last trading session concluded at 10.87 with an increase of 6.88%.

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Second Quarter 2021 Financial Results

AGC announced second-quarter 2021 results on 13th September 2021. Grab’s Gross Merchandise Value (GMV) increased by 62 percent year over year to $3.9 billion. Despite governments strengthening movement restrictions in the aftermath of the COVID-19 epidemic, deliveries and mobility saw high YoY GMV growth of 58 percent and 93 percent, respectively. Moreover, Adjusted Net Sales hit a record high of $550 million, increasing 92 percent year over year.

Revenue increased by 132 percent year over year to $180 million. Adjusted EBITDA was $214 million, down $8 million years over year. Monthly Transacting Users climbed by 28% year over year, while expenditure per user, as measured by GMV per Monthly Transacting Users (MTU), increased by 27%. In Q2 2021, the number of registered GrabFood merchants approximately quadrupled compared to Q2 2020, while the number of registered GrabPay merchants nearly doubled. Lastly, Grab’s cash liquidity was $5.3 billion as of June 30, 2021, up from $3.7 billion as of December 31, 2020.

First Quarter 2021 Financial results

AGC reported first-quarter 2021 financial results on 2nd August 2021. GMV increased 5% year over year to $3.6 billion. Deliveries GMV increased by 49% year over year, although mobility suffered as a result of government lockdowns and other restrictions during the COVID-19 epidemic. Moreover, Adjusted Net Sales increased by 39% year over year to $507 million. $216 million in revenue was a new high. Grab’s Adjusted EBITDA grew by $233 million to $111 million. Total Segment Adjusted EBITDA of $35 million, excluding regional corporate expenditures, was up $231 million years over year.

Grab’s net loss was $652 million in Q1 2020, compared to $771 million in Q1 2020, which included non-cash charges such as interest on convertible redeemable preference shares and depreciation. Lastly, the power of Grab’s super-app synergies across its business divisions was highlighted by a 31 percent rise in spending per user.

Grab in Partnership with AGC

On 13th April 2021, Grab made a deal with Altimeter Growth Corp. to go public in the United States. It was believed to be the largest-ever U.S. stock offering by a Southeast Asian firm. As consumer spending increases, so do the revenue prospects for Grab’s merchant and driver-partners, enticing them to join the ecosystem. Grab thinks that with its super app approach, it is well-positioned to fulfill the requirements of customers, retailers, and drivers across Southeast Asia.

Through a single app, it provides an ecosystem of complementary services that serve high-frequency, everyday requirements. This produces a flywheel effect that propels expansion while decreasing service costs. The more services available, the more options customers have, and hence the higher the value of the Grab super app. In fact, the number of Grab users who utilize two or more services has increased by fivefold in the previous two years.

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