Volta Inc. Reports Fourth Quarter and Year End 2021 Financial Results

– Fourth Quarter Revenue Increased 45% Year-Over-Year to $12.1 Million

– Annual Revenue Increased 66% Year-Over-Year to $32.3 Million

– 44% Year-Over-Year Growth in Total Installed Stalls – 2,330 as of December 31, 2021

Volta Inc. (NYSE: VLTA, VLTA WS) (“Volta” or the “Company”), an industry-leading electric vehicle (“EV”) charging network powering vehicles and commerce, today announced financial results for its fourth quarter and full fiscal year ended December 31, 2021.

“2021 was a transformative year for both the company and the industry," said Francois Chadwick, CFO of Volta. "We continue to see significant growth in the market, and we are well-positioned to take advantage of this acceleration."

Recent Key Company Highlights in 2021 and 2022

Walgreens - Expanded partnership with 1,000 DC fast charging stalls at over 500 Walgreens throughout the U.S. This agreement furthers Volta’s DC fast charging expansion strategy and Walgreens’ support of initiatives that aim to lower emissions and make the planet healthier for communities everywhere.

European Expansion with New Signings - Signed partnership deals with the global sporting goods chain Decathlon, starting with installations in St. Gallen, Switzerland, and the movie theater company Cineplex Group in Germany. Volta also celebrated the installation of its first charging stations in France at the popular restaurant Key West near Annecy.

Partnership with Cinemark Theater - Expanded beyond the initially announced 100 domestic stations.

Fourth Quarter 2021 Financial Highlights

• Revenues increased 45% year-over-year to $12.1 million, compared to $8.4 million in the prior-year period.

Revenues by Category

• Selling, general and administrative expenses excluding stock-based compensation and one-time expenses were $32.2 million, compared to $13.1 million, also excluding stock-based compensation and one-time expenses, in the prior-year period.
• Net loss was $121.1 million, compared to a loss of $31.5 million in the prior-year period.
• Adjusted EBITDA was $30.7 million loss, compared to $12.9 million loss in the prior-year period.
• Cash and marketable securities were $262.3 million as of December 31, 2021.
• Weighted average shares outstanding for the three months ended December 31, 2021, were 160.4 million.

Full Year 2021 Financial Highlights

• Revenues increased 66% year-over-year to $32.3 million, compared to $19.5 million in the prior-year.

Revenues by Category

• Net loss was $276.6 million, compared to a loss of $70.6 million in the prior-year period.
• Adjusted EBITDA was $83.8 million loss for the full year 2021, compared to $40.1 million loss in 2020.

For a reconciliation of Adjusted EBITDA and EBITDA, which are non-GAAP measures, to net loss, the most comparable GAAP measure, please see the table captioned “Non-GAAP Reconciliation” set forth at the end of this press release. These expectations do not consider, or give effect to, among other things, unforeseen events, including changes in global economic conditions.

Total Stalls Connected, including Site Partners

Total stalls connected as of December 31, 2021, was 2,330, representing a 44% year-over-year increase. A stall is attributed to a station based on the number of vehicles that can charge concurrently and there are certain configurations of Volta sites where one station is capable of charging more than one vehicle at a time. The Company added 193 stalls in the quarter and ended 2021 in 23 states.

Full Year 2022 Outlook

Based on current business conditions, business trends and other factors, for the full year ending December 31, 2022, the Company reiterates guidance of:

• Full year 2022 Revenue in the range of $70 million to $80 million
• Total incremental, connected stalls in the range of 1,700 to 2,000

In addition, the Company is now guiding to:

• Total incremental, connected sites to be in the range of 650 to 750 sites

First Quarter Outlook

Based on current business conditions, business trends and other factors, for the three months ended March 31, 2022, the Company reiterates guidance of:

• First quarter Revenue in the range of $8 million to $8.5 million

Webcast and Conference Call Information

Company management will host a webcast and conference call on April 18, 2022, at 8:30 a.m. Eastern Time, to discuss the Company’s financial results and business operations updates.

Interested investors and other parties can listen to a webcast of the live conference call and access the Company’s first quarter update presentation by logging onto the Investor Relations section of the Company’s website at https://investors.voltacharging.com/.

The conference call can be accessed live over the phone by dialing +1-877-423-9813 (domestic) or + 1-201-689-8573 (international). A telephonic replay will be available approximately two hours after the call by dialing +1-844-512-2921, or for international callers, +1-412-317-6671. The pin number for the replay is 13729279. The replay will be available until 11:59 p.m. Eastern Time on May 2, 2022.

About Volta Inc.

Volta Inc. (NYSE: VLTA) is an industry-leading electric vehicle (“EV”) charging network powering vehicles and commerce. Volta’s vision is to build EV charging networks that capitalize on and catalyze the shift from combustion-powered miles to electric miles by placing stations where consumers live, work, shop, and play. By leveraging a data-driven understanding of driver behavior to deliver EV charging solutions that fit seamlessly into people’s daily routines, Volta’s goal is to benefit consumers, brands, and real-estate locations while helping to build the infrastructure of the future. As part of Volta’s unique EV charging offering, its stations allow it to enhance its site hosts’ and strategic partners’ core commercial interests, creating a new means for them to benefit from the transformative shift to electric mobility. To learn more, visit www.voltacharging.com.

Non-GAAP Financial Information

This press release contains references to EBITDA and Adjusted EBITDA of Volta, which are adjusted from results based on generally accepted accounting principles in the United States (“GAAP”) and exclude certain expenses, gains, and losses. The Company defines and calculates EBITDA as net loss attributable to Volta before the impact of interest income or expense, provision for income taxes, depreciation, and amortization. The Company defines and calculates Adjusted EBITDA as EBITDA adjusted to exclude stock-based compensation expense and warrant valuation.

These non-GAAP financial measures are provided to enhance the user’s understanding of our prospects for the future and the historical performance for the context of the investor. The Company’s management team uses these non-GAAP financial measures in assessing performance, as well as in planning and forecasting future periods. These non-GAAP financial measures are not computed according to GAAP and the methods the Company uses to compute them may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

Refer to the attached financial supplement for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures for the twelve months ended December 31, 2021, and 2020.

Total Stalls Installed

Volta management considers “Total Stalls” as the total size of its installed charging network at the end of the period, including Volta-owned and network partner-owned charging stations operated by Volta. Volta’s management uses Total Stalls Installed for internal network planning and forecasting purposes, including evaluating the potential Behavior and Commerce revenue generating capacity of its charging network, which is generated through delivery of content by Volta’s partners across both Volta-owned and its network partner-owned charging stalls. In addition, Total Stalls Installed provides the basis for Volta’s assessment of its charging network operations as well. Volta believes that this performance measure provides meaningful, supplemental information regarding the Volta charging network that helps illustrate trends in its business and operating performance. Volta believes that this performance measure is helpful to its investors as it is used by management in assessing the growth of the Volta charging network.

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “anticipates,” “feels,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, statements regarding Volta’s strategy and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: intense competition faced by Volta in the EV charging market and in its content activities; the possibility that Volta is not able to build on and develop strong relationships with real estate and retail partners to build out its charging network and content partners to expand its content sales activities; market conditions, including seasonality, that may impact the demand for EVs and EV charging stations or content on Volta’s digital displays; risks, cost overruns and delays associated with construction and installation of Volta’s charging stations; risks associated with any future expansion by Volta into additional international markets; cost increases, delays or new or increased taxation or other restrictions on the availability or cost of electricity; rapid technological change in the EV industry may require Volta to continue to develop new products and product innovations, which it may not be able to do successfully or without significant cost; the impact of competing technologies that could reduce the demand for EVs; the risk that Volta’s shift to including a pay-for-use charging business model and the requirement of mobile check-ins adversely impacts Volta’s ability to retain driver interest, content partners and site hosts; the EV market may not continue to grow as expected; the risk that Volta may fail to effectively build scalable and robust processes to manage the growth of its business and to expand its geographic footprint; the ability to protect its intellectual property rights; and those factors discussed in Volta’s Annual Report on Form 10-K for the year ended December 31, 2021 under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”), as supplemented by other reports and documents Volta files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Volta undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Volta Inc. and Subsidiaries

Non-GAAP Reconciliation

EBITDA and Adjusted EBITDA

The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net loss, the most directly comparable U.S. GAAP measure reported in Volta’s consolidated financial statements for the following periods:

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