Volta revenues grew 77% during the first quarter of 2022 but the company is still cashflow negative.  Here are the results of the first quarter earnings release,, earnings presentation and webcast.

• Revenue increased 77% to $8.4 million in the first quarter of 2022.  Volta projects annual revenues of $70-80 million for 2022.
• Media revenues (e.g. ads on the 55 inch digital screens on charging stations) accounted for 73% of total revenues as you can see from the slide below.  The company runs 8 and 15 second ads.

• The company has an installed base of 4,695 screens.  By Insider’s calculations that works out to monthly ad revenue of $434 per screen.  Volta has another 7,051 screens in the pipeline.
• The sell-through rate or (ads sold as a % of total ads possible) is in the mid-20’s.  The company would like to increase the sell-through
• The company has negative cashflow (EBIDTA) of $43 million during the first 3 months of 2022 versus negative cashflow of $61 million for the first quarter of 2021.
• Cash totaled $205 million at March 2022 which is enough to finance estimated 2022 capexp of $140-160. and another couple quarters of cashflow deficits.

Volta CFO Francois Chadwick on ad customers.

Our media customers span a broad segment of sectors of the economy, but this wasn’t always the case. Before COVID, the largest segment for Volta was automobile OEMs with EV products. This unique world event created a pause in the spending from this group, which led Volta to begin making inroads into the consumer packaged goods, CPG segment…we continue to expand our market reach to additional advertising verticals such as retail, telecom, financial services, entertainment and more.

Ads sell at a CPM of $10-22.

The price that we sell our impressions as a wide range. Think of those between $10 to $22 per CPM, which stands for cost per mile thousand.

The company projects a significant increase in revenue per screen

For 2021, our media revenue per average stall was just over $13,000 and our media revenue per average screen was just under $7,000. At a mature scale, we would expect our media revenue to achieve $23,000 per stall or $11,500 per screen, as we generally have two screens per stalls, which is a 77% increase from current levels

Billboard Insider’s take:  20% ad occupancy is pretty low.  Interesting to see if it improves.  Volta’s CPM’s are in line with the rest of the out of home industry.

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