EQS-News: Basis laid for solid development - Voltabox expects further progress towards profitability targets

Basis laid for solid development - Voltabox expects further progress towards profitability targets

• Revenue of around 3 million down compared to previous year, but well above forecast loss lower than expected
• Equity base strengthened as a result of successfully implemented capital market measures during reporting year
• Forecast for 2023 fiscal year: Group revenue of around 12.8 million with EBITDA margin of 0% Q1/2023 indicates solid development for full year

Paderborn, April 27, 2023 - Voltabox AG ["Voltabox" or the "Company" or the "Company"; ISIN DE000A2E4LE9] today published its annual report for the 2022 fiscal year and on this occasion announced the forecast of the Management Board regarding the development of the Group in the current fiscal year. As already communicated, the Company's revenue is expected to increase significantly in the current fiscal year on the basis of the business areas realigned or newly established in the past year.

"We have succeeded in occupying two areas that will enable above-average growth effects in the coming years. In the past fiscal year, we were able to lay the foundations for positioning ourselves successfully and sustainably in these areas very quickly. In the current situation, it is extremely important for Voltabox to be a reliable partner for our customers. With an effective procurement network in the background and a high-performance production partner, we are already able to deliver our products and are thus well prepared for the upcoming market demand for our solutions," says Patrick Zabel, CEO of Voltabox.

The forecast made for the 2022 fiscal year was achieved or even exceeded in parts. Thus, with Group revenue of around 3.0 million, the company is above the forecast of 2.5 million. Nevertheless, the composition of revenue differs from the original expectations of the Management Board. The sales generated by the newly established GreenCluster GmbH, which forms the VoltaStore business unit, more than compensated for the delayed production ramp-up of the outsourced manufacturing of battery systems due to long delivery times for components and other production materials. Thus, in the past fiscal year, consolidated revenue was primarily composed of income from services provided, the sale of battery systems, and revenue from the trade and installation of photovoltaic modules. Nevertheless, the Voltabox Group recorded a year-on-year decline in sales of -14.5% (prior year: 3.5 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to -2.3 million in the reporting year (prior year: -3.7 million), which corresponds to an EBITDA margin of-77.1%. This forecast figure was thus better than originally assumed (forecast of April 28, 2022: -2.5 million).

As a result of the delayed production ramp-up mentioned above and the associated reduction in business activities, the cost of sales, in particular the cost of materials, also declined. The cost of materials ratio (calculated as the ratio of cost of materials to sales and changes in inventories) improved to 76.6% (prior year: 93.9%). This results in gross profit of 0.7 million (prior year: 0.4 million) for the 2022 fiscal year excluding other operating income which corresponds to a gross profit margin of 24.9% (prior year: 11.0%). Personnel expenses fell by 59.3% to 1.1 million (prior year: 2.8 million) as a result of the scheduled reduction in the workforce. Due to the only slight decline in revenue, the personnel expense ratio fell to 33.8% (prior year: 80.2%). Other operating expenses remained slightly lower at 3.0 million (prior year: 3.3 million). After scheduled depreciation of property, plant and equipment and amortization of intangible assets amounting to 0.6 million (prior year: 3.3 million), earnings before interest and taxes (EBIT) improved to -3.9 million (prior year: -10.0 million). Accordingly, the EBIT margin was -130.6% (prior year: -285.7%). Thus, the Voltabox Group generated a consolidated result of -4.0 million in the reporting period (prior year: -12.8 million). This corresponds to earnings per share of -0.23.

The assets of the Voltabox Group increased to 6.6 million as of the balance sheet date (December 31, 2021: 5.7 million), mainly due to the inventory build-up for the VoltaStore business unit. Non-current assets decreased to 1.0 million (December 31, 2021: 1.6 million), mainly due to the impairment of financial assets. Current assets increased to 5.6 million (December 31, 2021: 4.1 million). This is mainly due to the increase in inventories, trade receivables and cash and cash equivalents. At the same time, trade receivables increased to 1.7 million (December 31, 2021: 0.2 million). Other current assets amount to 2.3 million (December 31, 2021: 2.4 million) and mainly include receivables from the capital increase in the amount of 1.9 million. The Voltabox Group's equity remained unchanged at 1.7 million as of the balance sheet date (December 31, 2021: 1.7 million).

"With our new major shareholders, the Triathlon Group as well as the Sunlight Group, we are part of a unique combination of innovative strength, expansion dynamics and economic solidity as well as financial strength. In this constellation, we want to contribute our strengths in the field of high-voltage applications as well as the implementation of business models in the field of infrastructural energy generation to the benefit of the entire group. I am absolutely convinced that Voltabox can provide real added value here and at the same time profit considerably in the future," says Patrick Zabel.

Cash flow from operating activities increased to -2.7 million in the reporting period (prior year: -8.2 million). Cash flow from investing activities amounted to -0.4 million (prior year: 9.9 million). Cash flow from financing activities increased to 3.4 million (prior year: -3.6 million) as a result of the capital increase. Accordingly, free cash flow amounted to -3.0 million (prior year: -8.7 million). The Company thus failed to achieve its original free cash flow forecast, which was expected to be less than -2.5 million.

For the 2023 fiscal year, the Group expects a significant increase in revenue to around 12.8 million with an EBITDA margin of probably 0%. The strong increase will be made possible primarily by the dynamic growth of the young business in the VoltaStore area. At the same time, the Management Board also expects a significant increase in revenue volume of around 100% in the core business with lithium-ion battery systems for high-voltage applications such as construction and agricultural machinery.

The improved revenue generation has already become apparent in the first quarter. On this basis, the Management Board expects an even distribution of the expected annual revenue over the corresponding quarters of the fiscal year. The publication of the interim statement as of March 31, 2023 is scheduled for May 25.

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.

Contact

Voltabox AG

Patrick Zabel (CEO)

Technologiepark 32

33100 Paderborn

Email: investor@voltabox.ag