Voltabox (VBX) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months was €4.9 million, down from €8.0 million year-over-year, reflecting subdued demand and challenging market conditions.

• EBITDA for the period was €-2.3 million, a decline from €-1.1 million year-over-year, with an EBITDA margin of -46.1%.

• Net loss widened to €-2.6 million from €-1.4 million year-over-year; EPS was €-0.13 compared to €-0.07.

• Cost reduction programs and focus on selected business activities helped alleviate some earnings pressure.

Financial highlights

• Group revenue for Q3 was €1.1 million, down from €2.3 million in Q3 2023.

• Gross profit for the first nine months was €1.2 million, with a gross margin of 24.8% in Q3 (prior year: 30.1%).

• Operating cash flow was negative at €-2.0 million, compared to €0.9 million in the prior year.

• Free cash flow for the first three quarters was €-3.1 million, versus €0.1 million year-over-year.

• Cash and cash equivalents at period end were €0.2 million, down from €0.9 million at year-end 2023.

Outlook and guidance

• Revenue guidance for 2024 was revised from €10.5 million to €6 million due to market headwinds and the failed sale of GreenCluster GmbH.

• EBITDA margin guidance was adjusted from -15% to 0% to approximately -50%.

• Management expects continued challenging conditions but sees initial positive indicators for mid-term outlook in VoltaMobil.