EQS-News: Voltabox Demonstrates Operational Progress in the third Quarter – Preparations for next Growth Step underway

Voltabox Demonstrates Operational Progress in the third Quarter – Preparations for next Growth Step underway

• Group revenue of € 8.0 million (prior year: € 0.7 million) and EBITDA margin of -14% (prior year: -239.2%) massively improved year-on-year, as expected
• Preparation of the organization for the next growth step in 2024 leads to slight increase in personnel expenses
• Important milestones achieved in Q3: cooperation to enter market for stationary outdoor battery containers and significant progress in the development of new battery system

Paderborn, Germany, November 16, 2023 – Voltabox ["Voltabox" or the "Company"; ISIN DE000A2E4LE9] today published its interim statement for the first nine months. During this period, the Voltabox Group generated revenue of approximately € 8 million. In the current fiscal year, the first full fiscal year after the realignment of the company, Voltabox can rely on completely new, improved framework conditions due to the intensive work on the organization and its business model. Nevertheless, the 10.5-fold increase in revenue within one year is remarkable. EBITDA also improved significantly compared to the previous year. After three quarters, the EBITDA margin is -14% (prior year: -239%). According to the recently adjusted forecast, the Management Board expects an unadjusted EBITDA margin of approx. -9% for the full year. Revenues are therefore expected to be around € 11 million.

In addition to the good operating performance in the third quarter, the Company has achieved important milestones for its short and medium term future. These include, in particular, the strengthening of the sales force, including the VoltaStore business unit. In doing so, the company was able to acquire expertise and experience at an early stage in order to ensure the further development of its market presence, the successful introduction of new products and the further professionalization of processes. The signing of the cooperation agreement with INOMO, a hardware and software solution provider for battery systems, was also of paramount importance. Together, the two companies will produce and market stationary outdoor battery containers in the coming year. Sales are expected to start in January 2024. The first customers have already expressed interest in the cooperation partners' unique stationary storage platform, which includes an innovative energy management system and has stand-alone capabilities in addition to backup power functions.

In the third quarter, the Voltabox team also made significant progress in the development of the Voltabox NextGen battery system. As the successor generation to the systems currently in use, this will open up new customer groups and is characterized by significant technical improvements. For example, Voltabox uses a new high-voltage battery management system. In particular, the completely new system architecture promises significant advances in use. With the new development, the Group is aiming for optimal usability for both mobile and stationary applications.

With regard to the consolidated interim financial statements, the Voltabox Group generated total revenue of € 8.9 million in the first nine months of the fiscal year (prior year: € 1.9 million), taking into account other operating income of € 0.9 million. In the first half of the year, retail sales in the young VoltaStore business unit still accounted for a relatively high proportion of total revenue. This factor, which influences gross profit, has recently declined, resulting in a gross profit ratio of 30.1% after three quarters. Meanwhile, the cost of materials ratio deteriorated to 81.2%. One factor behind this development is the price decline in the PV module market, which has a direct impact on the business of the VoltaStore business unit. Although the personnel expenses ratio of 19.3% (prior year: 124.9%) is still relatively low, current expenses are higher than budgeted and are therefore impacting profitability. This is due to the early expansion of the base headcount to enable the organization to take the next growth step.

As a result, earnings before interest, taxes, depreciation and amortization (EBITDA) improved to € -1.1 million (prior year: € -1.7 million). The EBITDA margin was therefore -14.0% (prior year: -239.2%). EBIT of € -1.4 million (prior year: € -2.1 million) corresponds to a margin of -16.4% (prior year: -299.1%). Consolidated net income was comparable (prior year: € -2.1 million).

The assets of the Voltabox Group decreased as of September 30, 2023 as a result of the reduction in other assets and trade receivables. They now amount to € 5.0 million (December 31, 2022: € 6.6 million). Non-current assets increased to € 1.7 million (December 31, 2022: € 1.0 million) as a result of the capitalization of intangible assets and an increase in property, plant and equipment.

Current assets decreased by € 2.3 million to € 3.3 million (December 31, 2022: € 5.6 million). This was mainly due to the significant reduction of other assets to € 0.2 million (December 31, 2022: € 2.3 million). Inventories were continuously increased to € 1.4 million. They are mainly dedicated to the further market development of the VoltaStore business unit, and the ramping-up of series production in the VoltaMobil business unit. Trade receivables were recently further reduced to € 0.7 million (December 31, 2022: € 1.7 million).

In the reporting period, the Voltabox Group generated a positive cash flow from operating activities of € 0.9 million (prior year: € -1.3 million). After CAPEX investments in property, plant and equipment of approximately € 0.3 million (prior year: € 0.4 million) and in intangible assets of approximately € 0.5 million (prior year: € 0.1 million), the Company generated Free cash flow of € 0.1 million (prior year: € -1.8 million).

About Voltabox AG

Voltabox AG (ISIN DE000A2E4LE9), which is listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange, is a technology driven provider for e-mobility solutions in industrial applications. Its core business lies in intrinsically safe, highly developed high-performance lithium-ion battery systems that are modular and in serial production. The battery systems are primarily used in agricultural and construction machinery as well as in electric and hybrid-electric buses for public transportation. In addition, Voltabox is active in the field of infrastructural energy production and corresponding utilization models through its subsidiary GreenCluster GmbH. For more information, visit www.voltabox.ag.

Contact

Voltabox AG

Patrick Zabel (CEO)

Technologiepark 32

33100 Paderborn

Email: investor@voltabox.ag