Volta Inc.

Q3 revenue increased 69% year over year to $14.4 million. Media revenue was $12.2 million, up 66% year over year and 9% sequentially. Gross margin excluding station depreciation was 34% versus 32.5% in Q3 2021. SG&A was $40.0 million versus $55.7 million a year ago. Adjusted EBITDA was a loss of $30.9 million versus a $22.1 million loss in Q3 2021, and net loss was $42.5 million versus $69.7 million. Cash and marketable securities were $15.6 million at September 30, 2022. The company ended the quarter with 983 sites and 3,093 stalls, up 45% year over year, and 1,378 sites and 3,930 stalls in the signed construction pipeline. Management reiterated full-year gross margin guidance of 25% to 30%, and said full-year CapEx depends on the company’s ability to raise capital.

Interim CEO Vince Cubbage framed the quarter as part of a broader turnaround, emphasizing a “significant course correction” focused on lowering costs, improving operations, and rationalizing headcount. He highlighted the strategic value of Volta’s dual media and charging model, saying it can generate revenue before EV adoption is widespread and can also support public-sector charging buildouts through PredictEV and media-powered community benefits. His tone was optimistic and urgent: confident in the model, but clear that near-term execution is constrained by capital availability.

Stephen Pilatzke focused on the quarter’s financial performance and cost actions. He cited 34% gross margin excluding station depreciation, SG&A of $40.0 million, adjusted EBITDA loss of $30.9 million, net loss of $42.5 million, and cash and marketable securities of $15.6 million at quarter end. He also said the company continues to work to reduce recurring spend, and that full-year CapEx depends on the ability to raise capital.

Analysts pressed on capital raising, cash runway, and the meaning of the $96 million CWIP balance. Management said it is in active discussions with multiple parties, is open to different financing structures, and views the ATM as an insurance policy rather than a full solution; it would not quantify monthly cash burn or runway. On CWIP, management said the balance includes tangible items like charge stations and digital media screens plus some engineering costs, and that supplier inventory payments drove the increase in the balance. Questions also focused on Europe, Walgreens, charge-for-charge, and deployment timing; management said Europe is still early and capital-constrained, Walgreens should accelerate in 2023 but DC fast charging faces transformer and utility backlogs, and the full pipeline can take 6 to 12 months depending on permitting and other factors.