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Friday, November 12, 2021

Volta Inc. Reports Financial Results for Third Quarter 2021

 Volta Inc. Reports Financial Results for Third Quarter 2021


Third Quarter Revenue Up 77% year-over-year (“YoY”) to $8.5 Million, up 22% quarter-over-quarter (“QoQ”)

– 50% YoY growth in Total Installed Stalls - 2,137 as of Sept 30, 2021, up 168 in the quarter

– Added new media brands Visa, DHL and Discover to the platform; while Comcast, Dunkin’, FedEx, and Hulu returned as repeat advertisers

SAN FRANCISCO--(BUSINESS WIRE)-- Volta Inc. (NYSE: VLTA) ("Volta" or "the Company"), an industry leader in commerce-centric electric vehicle (“EV”) charging networks, today announced financial results for its third quarter ended September 30, 2021.

“This year has been momentous for Volta as we continue our mission to build the fueling infrastructure of the future and support the multi-generational shift to electric mobility,” said Scott Mercer, Founder and CEO of Volta. “Since announcing our business combination with Tortoise in February, we have continued growing our Network Development partner relationships across multiple sectors and flagship community locations, while further strengthening our Behavior and Commerce customer base. I couldn’t be more excited about Volta’s future. Our significant pipeline provides a strong foundation for future growth that will further compound the value of our network.”

Key Company Highlights

  • Six Flags Agreement partnering with Six Flags Entertainment Corporation, the world’s largest regional theme park company and the largest operator of waterparks in North America, to make EV charging accessible at their parks across the United States serving hundreds of millions of guests.
  • Launch of PredictEV™ product, a machine learning and artificial intelligence driven solution for infrastructure planning, with a multi-year commitment from Southern Company, the second largest utility company in the United States, to utilize the product in its transportation electrification programs.
  • Partnering with Bloomberg Media for first-of-its-kind, “Air Pollution Scoreboard” digital place-based integration featuring climate change-focused editorial content across Volta’s national network.

Results for Third Quarter 2021

Revenue grew 77% YoY to $8.5 million, compared to $4.8 million in the prior-year period, largely attributable to strong growth within Behavior and Commerce. Behavior and Commerce revenue grew to $7.4 million from $2.2 million in the prior-year period, primarily due to increased sales of media campaigns with national brands. Network Development revenue decreased YoY due to a decrease in customer-owned installations.

Revenue by Category

 

Three Months Ended September 30,

(in thousands)

2021

 

 

2020

Revenues

 

 

 

 

 

Behavior and Commerce

$

7,360

 

 

$

2,214

 

Network Development

1,071

 

 

2,581

 

Charging Network Operations

(1)

 

 

 

Network Intelligence

60

 

 

 

Total revenue

$

8,490

 

 

$

4,795

 

Cost of services was $5.4 million, compared to $4.6 million in the prior-year period, primarily due to increased station rent driven by a larger aggregate number of active leases, additional advertising and media costs, and a rise in network costs due to an increased charge for station data plans.

Selling, general and administrative expenses were $29.0 million, compared to $9.0 million in the prior-year period. This was primarily due to planned growth initiatives that resulted in increased costs, including bonuses and commissions of $2.2 million and additional insurance costs of $1.2 million, with one-time expenses related to non-cash stock-based compensation of $4.2 million and professional services fees of $3.2 million incurred related to the de-SPAC process.

Net loss was $43.1 million, compared to a loss of $14.5 million in the prior-year period, and earnings before interest, taxes, depreciation and amortization (EBITDA) was a loss of $38.3 million compared to a loss of $9.5 million in the prior-year period.

In April of FY20, Volta received loan proceeds of $3.2 million under the Paycheck Protection Program (“PPP”) of the CARES Act. Although the Company received full forgiveness for the PPP loan, as the entire amount was used for eligible expenses under the program, the Company repaid the entire balance of the $3.2 million loan on October 12, 2021.

In the quarter, Volta completed its business combination with Tortoise Acquisition Corp. II, resulting in net proceeds of $350 million. The Company had a cash and marketable securities balance of $331 million as of September 30, 2021.

Shares outstanding as of September 30, 2021 were 161.9 million.

Results Nine Months Ended September 30, 2021

Revenues increased 82% to $20.2 million, compared to $11.1 million in the prior-year period, largely attributable to strong growth within Behavior and Commerce.

Revenues by Category

 

Nine Months Ended September 30,

(in thousands)

2021

 

 

2020

Revenues

 

 

 

 

 

Behavior and Commerce

$

17,373

 

 

$

4,181

 

Network Development

2,412

 

 

6,189

 

Charging Network Operations

 

 

706

 

Network Intelligence

387

 

 

 

Total revenue

$

20,172

 

 

$

11,076

 

Total Stalls Connected, including Site Partners

Total stalls connected at September 30, 2021, were 2,137, representing a 50% YoY increase. The company added 168 stalls in the quarter and now has sites in 23 states. Volta's stalls generated over 238,000 estimated charging sessions per month, 24% utilization per 24-hour period, with a total 3.5 GWh Network Throughput in the quarter.

The following table sets forth total stalls connected, together with total revenue, for the Nine months ended September 30, 2021 and September 30, 2020:

 

Nine Months Ended
September 30,

(in thousands)

2021

2020

Total revenue

$

20,172

$

11,076

Total stalls connected, including site partners

2,137

1,427

Full Year 2021 Outlook

Based on current business conditions, business trends and other factors, for the full year ending December 31, 2021, the Company expects:

  • Revenue in the range of $32 million to $36 million
  • Total signings to be in the range of 600 sites to 700 sites
  • Total operational stalls in the range of 2,300 to 2,500, with 1,300 plus stalls in our construction queue.

For a reconciliation of a non-GAAP figure to the applicable GAAP figure please see the table captioned “Non-GAAP Reconciliation” set forth at the end of this press release. These expectations do not consider, or give effect to, among other things, unforeseen events, including changes in global economic conditions.

Webcast and Conference Call Information

Company management will host a webcast and conference call on November 10, 2021, at 5:00 p.m. Eastern Time, to discuss the Company's financial results.

Interested investors and other parties can listen to a webcast of the live conference call and access the Company’s first 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 1-800-954-0683 (domestic) or + 1-212-231-2903 (international). A telephonic replay will be available approximately two hours after the call by dialing 1-844-512-2921 (domestic) or +1-412-317-6671 (international). The conference ID for the live call and pin number for the replay is 21998704. The replay will be available until 11:59 p.m. Eastern Time on November 24, 2021.

About Volta Inc.

Volta Inc. (NYSE: VLTA) is an industry leader in commerce-centric EV charging networks. Volta’s vision is to build EV charging networks that capitalize on and catalyze the shift from combustion-powered miles to electric miles by placing stations where consumers live, work, shop and play. By leveraging a data-driven understanding of driver behavior to deliver EV charging solutions that fit seamlessly into drivers’ daily routines, Volta’s goal is to benefit consumers, brands and real-estate locations while helping to build the infrastructure of the future. As part of Volta’s unique EV charging offering, its stations allow it to enhance its site hosts’ and strategic partners’ core commercial interests, creating a new means for them to benefit from the transformative shift to electric mobility. To learn more, visit www.voltacharging.com.

Non-GAAP Financial Information

In addition to its financial results determined in accordance with U.S. GAAP, Volta believes the following non-GAAP measure is useful in evaluating its operating performance. Volta uses the following non-GAAP financial measure to evaluate its ongoing operations and for internal planning and forecasting purposes. Volta believes that this non-GAAP financial measure, when taken together with the corresponding U.S. GAAP financial measure, provides meaningful, supplemental information regarding its performance by excluding certain items that may not be indicative of its business, results of operations or outlook. Volta considers EBITDA to be an important measure because it helps illustrate underlying trends in its business and its historical operating performance on a more consistent basis. Volta believes that the use of EBITDA is helpful to its investors as it is a metric used by management in assessing the health of its business and its operating performance.

However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. In addition, other companies, including companies in Volta’s industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Volta’s non-GAAP financial measures as tools for comparison. A reconciliation is provided below for the non-GAAP financial measure to the most directly comparable financial measure stated in accordance with U.S. GAAP. Investors are encouraged to review the related U.S. GAAP financial measure and the reconciliation of this non-GAAP financial measure to its most directly comparable U.S. GAAP financial measure, and not to rely on any single financial measure to evaluate Volta’s business.

Total Stalls Installed

Volta management considers “Total Stalls” as the total size of its installed charging network at the end of the period, including Volta-owned and network partner-owned charging stalls operated by Volta. Volta’s management uses Total Stalls Installed for internal network planning and forecasting purposes, including evaluating the potential Behavior and Commerce revenue generating capacity of its charging network, which is generated through delivery of content by Volta’s partners across both Volta-owned and its network partner-owned charging stalls. In addition, Total Stalls Installed provides the basis for Volta’s assessment of its charging network operations as well. 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 includes forward-looking statements, which are subject to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, statements regarding Volta’s strategy and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: intense competition faced by Volta in the electric vehicle (“EV”) charging market and in its content activities; the possibility that Volta is not able to build on and develop strong relationships with real estate and retail partners to build out its charging network and content partners to expand its content sales activities; market conditions, including seasonality, that may impact the demand for EVs and EV charging stations or content on Volta’s digital displays; risks, cost overruns and delays associated with construction and installation of Volta’s charging stations; risks associated with any future expansion by Volta into additional international markets; cost increases, delays or new or increased taxation or other restrictions on the availability or cost of electricity; rapid technological change in the EV industry may require Volta to continue to develop new products and product innovations, which it may not be able to do successfully or without significant cost; the risk that Volta’s shift to including a pay-for-use charging business model and the requirement of mobile check-ins adversely impacts Volta’s ability to retain driver interest, content partners and site hosts; the EV market may not continue to grow as expected; and the ability to protect its intellectual property rights; and those factors discussed in Volta’s Registration Statement on Form S-1 under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”), as supplemented by other reports and documents Volta files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Volta undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Volta Inc. and Subsidiaries

Unaudited Condensed Consolidated Balance Sheets

 

 

September 30, 2021

 

December 31, 2020

 

(in thousands)

ASSETS

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

331,254

 

 

$

58,806

 

Accounts receivable, less allowance for doubtful accounts; $53.2 and $53.2, respectively

8,662

 

 

6,150

 

Inventory

3,867

 

 

6,152

 

Prepaid partnership costs - current

9,692

 

 

9,625

 

Prepaid expenses and other current assets

9,932

 

 

921

 

Total current assets

363,407

 

 

81,654

 

Operating lease right-of-use assets, net

61,570

 

 

49,434

 

Property and equipment, net

82,389

 

 

49,358

 

Notes receivable - employee

 

 

1,019

 

Other non-current assets

3

 

 

327

 

Prepaid partnership costs - non-current

415

 

 

 

Intangible assets, net

845

 

 

 

Goodwill

221

 

 

 

Total assets

$

508,850

 

 

$

181,792

 

 

 

 

 

LIABILITIES

 

 

 

Current liabilities

 

 

 

Accounts payable

35,864

 

 

5,494

 

Accounts payable - due to related party

 

 

92

 

Accrued expenses and other current liabilities

13,898

 

 

21,533

 

Operating lease liability - current portion

9,267

 

 

7,484

 

Deferred revenue

6,928

 

 

7,625

 

Term loans payable - current

19,527

 

 

10,323

 

Warrant liability

37,269

 

 

698

 

Total current liabilities

122,753

 

 

53,249

 

Term loans payable, net of unamortized debt issuance costs and current term loan payable

27,662

 

 

40,697

 

Operating lease liability - non-current portion

47,844

 

 

37,146

 

Other non-current liabilities

6,944

 

 

7,004

 

Total liabilities

$

205,203

 

 

$

138,096

 

 

 

 

 

Redeemable convertible Legacy Volta Preferred Stock, $0.0001 par value: 86,845,643 shares authorized; 76,493,917 shares issued and outstanding as of and December 31, 2020. Volta Inc. Preferred Stock, $0.0001 par value: 10,000,000 shares authorized; no shares were outstanding as of September 30, 2021 (aggregate liquidation preference of $0 and $214,719,011 as of September 30, 2021 and December 31, 2020, respectively)

 

 

182,599

 

 

 

 

 

STOCKHOLDERS' (DEFICIT) EQUITY

 

 

 

Common Stock, $0.0001 par value: 400,000,000 and 152,901,000 shares authorized; 161,905,042 and 24,696,437 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

16

 

 

1

 

Additional paid-in capital

584,572

 

 

13,233

 

Accumulated deficit

(280,941

)

 

(152,137

)

Total stockholders’ (deficit) equity

303,647

 

 

(138,903

)

Total liabilities, redeemable convertible Preferred Stock and stockholders’ (deficit) equity

$

508,850

 

 

$

181,792

 

Volta Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss

 

 

 

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

2021

 

2020

 

 

2021

 

2020

REVENUES

(in thousands except share and per share)

Service revenue

$

8,058

 

 

$

4,043

 

 

 

$

19,115

 

 

$

8,907

 

Product revenue

372

 

 

752

 

 

 

670

 

 

1,463

 

Other revenue

60

 

 

 

 

 

387

 

 

706

 

Total revenues

8,490

 

 

4,795

 

 

 

20,172

 

 

11,076

 

 

 

 

 

 

 

 

 

 

COSTS AND EXPENSES

 

 

 

 

 

 

 

 

Costs of services (exclusive of depreciation and amortization shown below)

5,347

 

 

4,554

 

 

 

15,087

 

 

11,551

 

Costs of products (exclusive of depreciation and amortization shown below)

528

 

 

669

 

 

 

881

 

 

1,388

 

Selling, general and administrative

28,963

 

 

8,954

 

 

 

107,172

 

 

26,491

 

Depreciation and amortization

3,116

 

 

2,257

 

 

 

7,812

 

 

5,251

 

Other operating (income) expense

203

 

 

(13

)

 

 

1,067

 

 

(361

)

Total costs and expenses

38,157

 

 

16,421

 

 

 

132,019

 

 

44,320

 

Loss from operations

(29,667

)

 

(11,626

)

 

 

(111,847

)

 

(33,244

)

 

 

 

 

 

 

 

 

 

OTHER EXPENSES

 

 

 

 

 

 

 

 

Interest expense, net

1,639

 

 

2,778

 

 

 

5,030

 

 

5,695

 

Other expense, net

188

 

 

97

 

 

 

467

 

 

84

 

Change in fair value of warrant liability

11,554

 

 

(3

)

 

 

11,436

 

 

(14

)

Total other expenses

13,381

 

 

2,872

 

 

 

16,933

 

 

5,765

 

LOSS BEFORE INCOME TAXES

(43,048

)

 

(14,498

)

 

 

(128,780

)

 

(39,009

)

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

19

 

 

 

24

 

 

23

 

NET LOSS

$

(43,048

)

 

$

(14,517

)

 

 

$

(128,804

)

 

$

(39,032

)

 

 

 

 

 

 

 

 

 

Weighted-average Class A common stock outstanding, basic and diluted (Note 13 - Net Loss Per Share)

65,921,920

 

 

1,575,462

 

 

 

27,997,946

 

 

1,573,563

 

Net loss per Class A common stock, basic and diluted (Note 13 - Net Loss Per Share)

$

(0.58

)

 

$

(1.56

)

 

 

$

(3.48

)

 

$

(4.19

)

Weighted-average Class B common stock outstanding, basic and diluted (Note 13 - Net Loss Per Share)

8,481,143

 

 

7,733,885

 

 

 

8,998,756

 

 

7,733,885

 

Net loss per Class B common stock, basic and diluted (Note 13 - Net Loss Per Share)

$

(0.58

)

 

$

(1.56

)

 

 

$

(3.48

)

 

$

(4.19

)

Volta Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows

 

 

 

Nine Months Ended September 30,

 

2021

 

2020

 

(in thousands)

Cash flows from operating activities

 

 

 

Net loss

$

(128,804

)

 

$

(39,032

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Reduction in the carrying amount of ROU assets

3,211

 

 

1,804

 

Depreciation and amortization

7,812

 

 

5,251

 

Stock-based compensation

51,411

 

 

818

 

Amortization of debt issuance costs

252

 

 

(9,001

)

Non-cash interest expense

 

 

(496

)

Revaluation of warrant liability to estimated fair value

11,436

 

 

(14

)

Expenses related to invoices in dispute

624

 

 

 

Loss on abandonment of property and equipment

542

 

 

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

(2,510

)

 

7,099

 

Inventory

2,286

 

 

1,232

 

Prepaid expenses and other current assets

(8,914

)

 

(893

)

Prepaid partnership costs

(1,941

)

 

(4,613

)

Operating lease right-of-use asset

(14,699

)

 

(10,895

)

Other non-current assets

324

 

 

239

 

Accounts payable

30,371

 

 

(20,261

)

Due to related party

(92

)

 

89

 

Accrued expenses and other current liabilities

(7,506

)

 

16,466

 

Deferred revenue

(697

)

 

3,182

 

Lease incentive liability

(39

)

 

(16

)

Operating lease liability

12,482

 

 

9,471

 

Other noncurrent liabilities

504

 

 

(4,189

)

Net cash used in operating activities

(43,948

)

 

(43,759

)

 

 

 

 

Cash flows from investing activities

 

 

 

Purchase of property and equipment

(41,470

)

 

(12,753

)

Capitalization of internal-use software

422

 

 

 

Incentive lease obligation

 

 

605

 

Acquisition of 2Predict

(200

)

 

 

Net cash used in investing activities

(41,248

)

 

(12,148

)

 

 

 

 

Cash flows from financing activities

 

 

 

Due from employees for taxes paid on partial recourse notes

(8,340

)

 

 

Proceeds from issuance of Class B Common Stock warrants

 

 

291

 

Proceeds from issuance of Series D Preferred Stock

28,721

 

 

 

Proceeds from issuance of Series D-1 convertible notes

 

 

20,205

 

Proceeds from issuance of Series D-1 convertible notes -related party

 

 

9,800

 

Proceeds from issuance of long term debt

 

 

22,042

 

Payments of long term debt

(4,084

)

 

 

Proceeds from PPP loan

 

 

3,193

 

Proceeds from exercise of stock options

1,296

 

 

5

 

Payment of issuance costs related to Series D and D-1 Preferred Stock

(1,290

)

 

 

Proceeds from financing activity

 

 

446

 

Payment of financing activity principal

(452

)

 

(223

)

Proceeds from reverse recapitalization and PIPE Financing

350,100

 

 

 

Payment of transaction costs related to reverse recapitalization

(8,307

)

 

 

Net cash provided by financing activities

357,644

 

 

55,758

 

 

 

 

 

Net increase (decrease) in cash, cash equivalents, and restricted cash

272,448

 

 

(149

)

Cash, cash equivalents, and restricted cash, beginning of period

58,806

 

 

10,758

 

Cash, cash equivalents, and restricted cash, end of period

$

331,254

 

 

$

10,609

 

 

 

 

 

Supplemental disclosures of cash flow information

 

 

 

Cash paid for interest

$

4,649

 

 

$

870

 

 

 

 

 

Non-cash investing and financing activities

 

 

 

Conversion of redeemable convertible preferred stock into common stock in connection with the reverse recapitalization

210,030

 

 

 

Beneficial conversion feature related to convertible notes

 

 

1,192

 

Transaction costs not yet paid

1,847

 

 

 

Cashless exercise of Legacy Volta preferred stock warrants

1,944

 

 

 

Forfeiture of shares to settle promissory notes collateralized to common stock

9,263

 

 

 

Initial recognition of operating lease right-of-use asset

14,860

 

 

10,895

 

Initial recognition of operating lease liability

14,211

 

 

10,337

 

Class B Common Stock warrants issued in satisfaction of services rendered

 

 

291

 

Issuance of Common Stock in a reverse recapitalization

1,221

 

 

 

Volta Inc. and Subsidiaries
Non-GAAP Reconciliation

EBITDA

In order to provide investors with greater insight and allow for a more comprehensive understanding of the information used by management and the board of directors in its financial and operational decision-making, Volta has supplemented the condensed consolidated Financial Statements presented on a U.S. GAAP basis in this Quarterly report and 10-Q with EBITDA as a non-GAAP financial measure. Volta believes EBITDA provides its board of directors, management and investors with a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. Volta also believes that EBITDA is a measure frequently used by securities analysts, investors and other interested parties in the evaluation of companies in its industry, and is a measure contained in its debt covenants. However, while Volta considers EBITDA to be an important measure of operating performance, EBITDA and other non-GAAP financial measures have limitations, and investors should not consider them in isolation or as a substitute for analysis of Volta’s results as reported under U.S. GAAP.

The following table provides a reconciliation of EBITDA to net (loss) income, 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,

 

Variance

in thousands

2021

 

2020

 

$

 

%

Net Income (Loss)

$

(43,048

)

 

$

(14,517

)

 

$

(28,531

)

 

197

%

Income tax (benefit) expense

 

 

19

 

 

(19

)

 

(100

)%

Interest expense

1,639

 

 

2,778

 

 

(1,139

)

 

(41

)%

Depreciation and amortization

3,116

 

 

2,257

 

 

859

 

 

38

%

EBITDA

$

(38,293

)

 

$

(9,463

)

 

$

(28,830

)

 

305

%

The following table provides a reconciliation of EBITDA to net (loss) income, the most directly comparable U.S. GAAP measure reported in Volta’s unaudited condensed consolidated financial statements for the following periods:

 

Nine Months Ended
September 30,

 

Variance

in thousands

2021

 

2020

 

$

 

%

Net Income (Loss)

$

(128,804

)

 

$

(39,018

)

 

$

(89,786

)

 

230

%

Income tax (benefit) expense

24

 

 

23

 

 

1

 

 

4

%

Interest expense

5,030

 

 

5,695

 

 

(665

)

 

(12

)%

Depreciation and amortization

7,812

 

 

5,251

 

 

2,561

 

 

49

%

EBITDA

$

(115,938

)

 

$

(28,049

)

 

$

(87,889

)

 

313

%

 

Investors: ir@voltacharging.com
Media: press@voltacharging.com

Source: Volta Inc.

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The financial and technical analycies presented on this website have not been performed by an Investment Services Company, nor have they been compiled by a certified analyst . It is simply a display and presentation of public data of Greek and foreign shares with informative and entertaining character.


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