Volta announced third quarter financials this week.   Volta generates revenues from selling advertising on digital screens installed on electric car vehicle charging stations.  Here’s a summary of performance.

• Ad revenue was $12.2 million for the third quarter for 2022.  While this is up 66% from the prior year it represents an improvement of only 9% over the second quarter.  Not good for a company which needs hockey stick growth to get to breakeven.  It wasn’t too long ago the company was guiding to revenue of $18 million for the third quarter.
• The company had 5,700 installed digital screens at September 30, 2022.  Billboard Insider computes the company’s average monthly revenue per digital screen at $716.08.
• The company reduced headcount by 54% during the third quarter to reduce operating deficits.  Even so the company’s adjusted cashflow (EBIDTA) was still a negative $31 million for the third quarter of 2022.

Billboard Insider’s take:  Volta’s stock has declined 90% over the past year as the company has dialed back screen growth and revenue projections.  The company has only $16 million of cash and will run out of money in the fourth quarter of 2022 without a capital raise.

[wpforms id=”9787″]

Paid Advertisement