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

EQS-News: Voltabox AG / Key word(s): Quarterly / Interim Statement
Voltabox Demonstrates Operational Progress in the third Quarter -
Preparations for next Growth Step underway

16.11.2023 / 09:40 CET/CEST
The issuer is solely responsible for the content of this announcement.

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

  * Group revenue of EUR 8.0 million (prior year: EUR 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 EUR 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 EUR 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 EUR 8.9 million in the first nine months of
the fiscal year (prior year: EUR 1.9 million), taking into account other
operating income of EUR 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 EUR -1.1 million (prior year: EUR -1.7 million). The EBITDA
margin was therefore -14.0% (prior year: -239.2%). EBIT of EUR -1.4 million
(prior year: EUR -2.1 million) corresponds to a margin of -16.4% (prior year:
-299.1%). Consolidated net income was comparable (prior year: EUR -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 EUR 5.0 million (December 31, 2022: EUR 6.6 million). Non-current
assets increased to EUR 1.7 million (December 31, 2022: EUR 1.0 million) as a
result of the capitalization of intangible assets and an increase in
property, plant and equipment.

Current assets decreased by EUR 2.3 million to EUR 3.3 million (December 31,
2022: EUR 5.6 million). This was mainly due to the significant reduction of
other assets to EUR 0.2 million (December 31, 2022: EUR 2.3 million).
Inventories were continuously increased to EUR 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 EUR 0.7 million (December
31, 2022: EUR 1.7 million).

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


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   Language:       English
   Company:        Voltabox AG
                   Technologiepark 32
                   33100 Paderborn
                   Germany
   Phone:          +49 (0)5250 9930 964
   E-mail:         info@voltabox.ag
   Internet:       www.voltabox.ag
   ISIN:           DE000A2E4LE9
   WKN:            A2E4LE
   Listed:         Regulated Market in Frankfurt (Prime Standard);
                   Regulated Unofficial Market in Berlin, Dusseldorf,
                   Hamburg, Munich, Stuttgart, Tradegate Exchange
   EQS News ID:    1775205

End of News EQS News Service
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1775205 16.11.2023 CET/CEST