Voltatron (VOTR) H1 2024 earnings summary

Executive summary

• Revenue and earnings in the VoltaMobil battery segment fell short due to the insolvency of a key vehicle manufacturer and halted cooperation on container storage systems.

• The failed sale of GreenCluster GmbH negatively impacted the VoltaStore segment, leading to lower than expected revenue and earnings.

• Management implemented a cost-cutting program and is focusing on stabilizing GreenCluster and targeting defined customer segments.

• Strategic review ongoing as current business areas are considered too small for sustainable capital market operations.

Financial highlights

• Group revenue for H1 2024 was €3.8 million, down from €5.8 million year-over-year.

• EBITDA for H1 2024 was €-1.5 million (margin -40.8%), compared to €-0.4 million (margin -7.2%) in H1 2023.

• Net loss for H1 2024 was €-1.7 million, compared to €-0.6 million in H1 2023; EPS was €-0.08 (prior year: €-0.03).

• Gross profit margin declined to 23.1% from 33.4% year-over-year.

• Cash flow from operating activities improved to €1.5 million from €0.8 million year-over-year.

Outlook and guidance

• FY 2024 revenue forecast was lowered from €10.5 million to approximately €6 million due to failed GreenCluster sale and customer insolvency.

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

• Management aims to reach break-even at GreenCluster and is repositioning to target specific customer segments.