- Third quarter revenue increased 69% year-over-year to $14.4
million
- Record media revenue of $12.2 million, an increase of 9%
quarter-over-quarter and 66% year-over-year
- Volta’s network of installed charging stalls was 3,093 as of
September 30, 2022, adding 173 charging stalls, up 6%
quarter-over-quarter and up 45% year-over-year
- Volta Media™ Network surpassed 5,700 screens and one billion
monthly media impressions; new advertisers included Google, Neiman
Marcus, FIJI Water, Peacock, and Capital One; repeat advertisers
included Jeep, Target, Disney, Bank of America, and Coca-Cola
- Volta reduced run-rate cash SG&A by 43%, which included a
54% reduction of U.S. full-time headcount
Volta Inc. (NYSE: VLTA, VLTA WS) (“Volta” or the “Company”), an
industry-leading electric vehicle (“EV”) charging and media
company, today announced financial results for its third quarter
ended September 30, 2022.
“Volta’s business continues to grow, demonstrating the power and
value of our business model and media network,” said Vince Cubbage,
Interim CEO at Volta. “While Volta’s short-term challenges have
been significant, we continue to take aggressive action to reduce
costs and grow revenue, while positioning the Company for long-term
success. We're a powerful dual energy and media network, delivering
the best charging solution for drivers, advertisers, commercial
properties, and municipalities. I remain as excited as ever about
the opportunity in front of us and the prospects for our
business.”
Third Quarter and Recent Business Highlights
Organizational Realignment & Cost Reductions: Volta
reduced run-rate cash SG&A by 43%, which included a 54%
reduction of U.S. full-time headcount. The Company continued to
streamline the organization and prioritize resources toward
revenue-driving initiatives, including expanding its digital
advertising business and accelerating its role as an EV charging
partner for commercial properties and government agencies.
Federal Funds: Volta realigned a component of its sales
organization to emphasize its unique offerings as an ideal
public-private partner for state and federal government agencies to
ensure high-value deployment of the $7.5 billion of federal funding
under the Bipartisan Infrastructure Law. Results of this
realignment include Volta’s work with the City of Hoboken, which
demonstrates the attractiveness of Volta’s model to communities
developing EV charging infrastructure to serve growing demand.
Volta will continue to prioritize future EV charging station
installations that qualify for government-provided funds by
leveraging its PredictEV® infrastructure planning software. By
analyzing multiple data sources, including local economic and
equity data, PredictEV can identify locations within Volta’s signed
pipeline of over 7,200 EV charging stalls, nearly 4,000 of which
Volta believes satisfy the government’s requirements.
Accelerating National Digital Advertising Business: In
the quarter, the Volta Media™ Network surpassed 5,700 screens and
one billion monthly media impressions. This network footprint,
combined with advanced digital media capabilities such as
data-driven audience targeting, programmatic media buying, dynamic
creative triggers, mobile retargeting, and a suite of measurement
analytics, offered value to an increasingly diversified roster of
clients. AdExchanger recently awarded Volta the Best Commerce Media
Technology for its campaign with Coca-Cola®, demonstrating the
power of the Volta Media Network to drive measurable sales for
leading advertisers.
Third Quarter 2022 Financial Highlights
- Total third quarter revenue increased 69% year-over-year to
$14.4 million.
- Record media revenue of $12.2 million, an increase of 9%
quarter-over-quarter and 66% year-over-year.
Revenue by Category
Three months ended September
30,
2022
2021
Revenues
(in thousands)
Media Revenue
$
12,245
$
7,360
Network Development
1,878
1,071
Charging Network Operations
38
(1
)
Network Intelligence
196
60
Total Revenues
$
14,357
$
8,490
- Selling, general and administrative expenses were $40.0
million, compared to $55.7 million in the prior-year period.
- Net loss was $42.5 million, compared to a loss of $69.7 million
in the prior-year period.
- Adjusted EBITDA was $30.9 million loss, compared to $22.1
million loss in the prior-year period.
- Cash and marketable securities were $15.6 million as of
September 30, 2022.
- Weighted-average shares outstanding for the three months ended
September 30, 2022 were 168.8 million.
Total Stalls Connected, including for Network Development
Customers
In the third quarter, Volta’s installed base increased by 173
stalls, bringing Volta’s installed base of total stalls connected
as of September 30, 2022 to 3,093, representing a 45%
year-over-year increase. A stall is attributed to a station based
on the number of vehicles that can charge concurrently from that
station, and there are certain configurations of Volta sites where
one station is capable of charging more than one vehicle at a time.
The Company now has stalls in 31 states and territories.
Webcast and Conference Call Information
Company management will host a webcast and conference call on
November 14, 2022, at 5:00 p.m. Eastern Time, to discuss the
Company’s financial results and business operations updates.
Interested investors and other parties can listen to a webcast
of the live conference call and access the Company’s third quarter
update presentation by logging onto the Investor Relations section
of the Company’s website at
https://investors.voltacharging.com/.
The conference call can be accessed live over the phone by
dialing +1-888-999-6281 (domestic) or +1-848-280-6550
(international). A telephonic replay will be available
approximately three hours after the call by dialing
+1-844-512-2921, or for international callers, +1-412-317-6671. The
pin number for the replay is 11152525. The replay will be available
until 11:59 p.m. Eastern Time on November 28, 2022.
About Volta Inc.
Volta Inc. (NYSE: VLTA) is an industry-leading electric vehicle
(“EV”) charging and media company. Volta's unique network of
charging stations powers vehicles and drives business growth while
accelerating a clean energy future. Volta delivers value to site
hosts, brands, and consumers by installing charging stations that
feature large-format digital advertising screens located steps away
from the entrances of popular commercial locations. Retailers can
attract and influence foot traffic, advertisers can precisely
target audiences, and EV drivers can charge their vehicles
seamlessly as they go about their daily routines. Volta's extensive
network leverages its proprietary PredictEV® platform, which uses
sophisticated behavioral science and machine learning technology to
help commercial property owners, cities, and electric utilities
plan EV infrastructure intelligently, efficiently, and equitably.
To learn more, visit www.voltacharging.com.
Non-GAAP Financial Information
This press release contains references to EBITDA and Adjusted
EBITDA of Volta, which are adjusted from results based on generally
accepted accounting principles in the United States (“GAAP”) and
exclude certain expenses, gains and losses. The Company defines and
calculates EBITDA as net loss attributable to Volta before the
impact of interest income or expense, provision for income taxes,
depreciation and amortization. The Company defines and calculates
Adjusted EBITDA as EBITDA adjusted to exclude stock-based
compensation expense and change in fair value of warrant
liabilities.
These non-GAAP financial measures are provided to enhance the
user’s understanding of our prospects for the future and the
historical performance for the context of the investor. The
Company’s management team uses these non-GAAP financial measures in
assessing performance, as well as in planning and forecasting
future periods. These non-GAAP financial measures are not computed
according to GAAP and the methods the Company uses to compute them
may differ from the methods used by other companies. Non-GAAP
financial measures are supplemental, should not be considered a
substitute for financial information presented in accordance with
GAAP and should be read only in conjunction with our consolidated
financial statements prepared in accordance with GAAP.
Refer to the attached financial supplement for a reconciliation
of these non-GAAP financial measures to their most directly
comparable GAAP measures for the three and nine months ended
September 30, 2022, and 2021.
Total Stalls Installed
Volta management considers “Total Stalls Installed” as the total
size of its installed charging network at the end of the period,
including Volta-owned and network development customer-owned
charging stations operated by Volta. Volta’s management uses Total
Stalls Installed for internal network planning and forecasting
purposes, including evaluating the potential Media (previously
Behavior and Commerce) revenue generating capacity of its charging
network, which is generated through delivery of content by Volta’s
advertisers across both Volta-owned and its network development
customer-owned charging stalls. In addition, Total Stalls Installed
provides the basis for Volta’s assessment of its charging network
operations. Volta believes that this performance measure provides
meaningful, supplemental information regarding the Volta charging
network that helps illustrate trends in its business and operating
performance. Volta believes that this performance measure is
helpful to its investors as it is used by management in assessing
the growth of the Volta charging network.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of federal securities laws, including statements
regarding Volta’s future business, operations and financial
performance. These forward-looking statements generally are
identified by words such as “anticipate,” “believe,” “estimate,”
“expect,” “future,” “intend,” “may,” “opportunity,” “plan,”
“potential,” “project,” “should,” “strategy,” “will,” “would,” and
similar expressions. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this press release, including but not limited to the
factors, risks and uncertainties included in our Annual Report on
Form 10-K for the fiscal year ended December 31, 2021, as updated
in our subsequent Quarterly Reports on Form 10-Q, as such factors
may be updated from time to time in our other filings with the
Securities and Exchange Commission (the "SEC"), accessible on the
SEC’s website at www.sec.gov and the Investor Relations section of
our website at www.voltacharging.com. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and, except as
required by law, we assume no obligation and do not intend to
update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise.
Volta Inc.
Unaudited Condensed
Consolidated Balance Sheets
September 30, 2022
December 31, 2021
(in thousands, except share
data)
ASSETS
Current assets:
Cash and cash equivalents
$
15,646
$
262,260
Accounts receivable, net
18,515
12,587
Inventory
2,132
2,726
Prepaid partnership costs
7,965
8,982
Prepaid expenses and other current
assets
12,582
12,091
Total current assets
56,840
298,646
Operating lease right-of-use assets,
net
95,503
76,364
Property and equipment, net
202,160
97,728
Restricted cash
12,953
—
Other noncurrent assets
742
321
Intangible assets, net
1,254
643
Goodwill
221
221
Total assets
$
369,673
$
473,923
LIABILITIES
Current liabilities:
Accounts payable
36,084
18,461
Accrued expenses and other current
liabilities
22,322
20,168
Current portion of operating leases
9,082
5,952
Deferred revenue
13,352
8,450
Term loan payable, net of unamortized
issuance costs - current
15,998
15,998
Warrant liabilities
5,094
27,071
Total current liabilities
101,932
96,100
Term loan payable, net of unamortized
issuance costs and current term loan payable
11,999
23,997
Noncurrent operating leases
81,383
64,422
Other noncurrent liabilities
8,182
7,268
Total liabilities
$
203,496
$
191,787
STOCKHOLDERS’ EQUITY
Class A and Class B common stock, $0.0001
and $0.0001 par value respectively: 400,000,000 (Class A
350,000,000, Class B 50,000,000) shares authorized as of both
September 30, 2022 and December 31, 2021
17
16
Additional paid-in capital
722,867
710,638
Accumulated other comprehensive income
134
213
Accumulated deficit
(556,841
)
(428,731
)
Total stockholders’ equity
166,177
282,136
Total liabilities and stockholders’
equity
$
369,673
$
473,923
Volta Inc.
Unaudited Condensed
Consolidated Statements of Operations and Comprehensive
Loss
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
(in thousands, except share
data)
OPERATING REVENUE
Service
$
13,987
$
8,058
$
36,752
$
19,115
Product
124
372
399
670
Other
246
60
936
387
Total operating revenue
14,357
8,490
38,087
20,172
OPERATING EXPENSE
Service costs
8,665
5,347
27,871
15,087
Product costs
143
528
440
881
Selling, general and administrative
40,015
55,664
140,172
133,873
Depreciation and amortization
5,252
3,116
13,564
7,812
Other operating expense
854
203
2,532
1,067
Total operating expense
54,929
64,858
184,579
158,720
Operating Loss
(40,572
)
(56,368
)
(146,492
)
(138,548
)
OTHER EXPENSE (INCOME)
Interest expense, net
1,080
1,639
3,592
5,030
Other expense, net
—
188
—
467
Change in fair value of warrant
liabilities
873
11,554
(21,978
)
11,436
Total other expense (income)
1,953
13,381
(18,386
)
16,933
LOSS BEFORE INCOME TAXES
(42,525
)
(69,749
)
(128,106
)
(155,481
)
Income tax expense
2
—
4
24
NET LOSS
$
(42,527
)
$
(69,749
)
$
(128,110
)
$
(155,505
)
OTHER COMPREHENSIVE LOSS
Foreign currency translation
adjustment
(137
)
—
(79
)
—
TOTAL COMPREHENSIVE LOSS
$
(42,664
)
$
(69,749
)
$
(128,189
)
$
(155,505
)
Weighted-average Class A common stock
outstanding, basic and diluted
168,750,399
65,923,212
163,265,514
27,998,369
Net loss per share Class A common stock,
basic and diluted
$
(0.25
)
$
(0.94
)
$
(0.76
)
$
(4.20
)
Weighted-average Class B common stock
outstanding, basic and diluted
—
8,481,143
6,077,937
8,998,756
Net loss per share Class B common stock,
basic and diluted
$
—
$
(0.94
)
$
(0.76
)
$
(4.20
)
Volta Inc. Non-GAAP
Reconciliation
EBITDA and Adjusted EBITDA
The following table provides a reconciliation of EBITDA and
Adjusted EBITDA to net loss, the most directly comparable U.S. GAAP
measure reported in Volta’s unaudited condensed consolidated
financial statements for the following periods:
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
(in thousands)
Net loss
$
(42,527
)
$
(69,749
)
$
(128,110
)
$
(155,505
)
Income tax expense
2
—
4
24
Interest expense, net
1,080
1,639
3,592
5,030
Depreciation and amortization
5,252
3,116
13,564
7,812
EBITDA
$
(36,193
)
$
(64,994
)
$
(110,950
)
$
(142,639
)
Stock-based compensation
4,376
31,312
27,207
78,112
Change in fair value of warrant
liabilities
873
11,554
(21,978
)
11,436
Adjusted EBITDA
$
(30,944
)
$
(22,128
)
$
(105,721
)
$
(53,091
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221114005866/en/
For Investor/Analyst: Drew Lipsher, Chief Development Officer
Drew@voltacharging.com
For Media/Press: Jette Speights, SVP of Communications
Jette.Speights@voltacharging.com
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