Micromobility operator Helbiz announced Tuesday it will “be discontinuing operations in non-profitable or cash-positive markets by spring 2023” after assessing that “certain markets do not possess the necessary conditions for profitability in the near term.”

The announcement did not specify which markets the company is exiting, though the company said 90% of exits are already completed.

“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,” Helbiz stated. Competitor Bird also exited some U.S. and international markets last year, citing similar reasons.

Helbiz also said Tuesday that it’s “actively seeking new markets in which to expand and grow sustainably.” Last week, the company touted expansions in Austin, Texas, Honolulu and Orlando, Florida.

Third-quarter results shared in November showed the company had a net loss totaling $63.7 million through the first nine months of 2022. The company said it would cut 15% of its staff a week after reporting the figures.

Helbiz said Tuesday that in markets where either of the two operators had a “significant user base but were not on a path to achieve profitability,” Helbiz will implement Wheels’ long-term rental program. Helbiz acquired Wheels last year. In one example, Helbiz scooters left the District of Columbia in December. Now, monthly subscriptions are available for about $130.

The company has also said it intends to open a storefront this quarter in San Francisco for consumers interested in buying their own vehicle.