Volta Realigns Organization to Reduce Costs and Drive Strategic Priorities
Under the strategic reprioritization, Volta is focused on:
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Streamlining the Organization: Today’s announcement represents a
10% reduction in current full-time employees. As of today, Volta has reduced approximately18% of its full-time employees through other workforce reductions and organic attrition sinceJune 1, 2022 . -
Delivering Additional Cost Savings: Volta is implementing additional cost savings initiatives through tightening business processes, limiting the use of outside consultants, consolidating teams and its three
San Francisco offices into one, and managing marketing and administrative costs. -
Competing for Federal Funds: Volta’s model is attractive to municipalities, as demonstrated by its recent collaboration with the City of Hoboken. The company’s dedicated team is well-positioned as a public-private partner for state and federal government funding, as evidenced by Volta’s relationship with the
State of Michigan and DTE Energy. Volta intends to continue prioritizing EV charger installations that qualify for government-provided funds by leveraging its award-winning PredictEV® infrastructure planning software. By analyzing multiple data sources, including local economic and equity data, PredictEV can identify locations within the company’s pipeline of more than 8,200 EV charging stalls signed or covered under master service agreements (MSAs) that satisfy the government’s requirements.
"The Volta Board of Directors and senior executives are taking difficult but important steps to align the business with current market dynamics and position the company for long-term success," said
Financial and Install Outlook Update
The cost efficiency measures announced today intend to align Volta’s business with current market conditions. In addition to the risk factors outlined in Volta’s previous disclosures, these factors include: the advertising environment, particularly as automotive brands delay advertising spend due to inventory shortages; limited electrical transformer availability affecting DC Fast charger installations; and the impact of the Q4 shopping season on construction availability at commercial properties.
Given the ongoing execution of Volta’s strategic reprioritization, combined with these market conditions and an uncertain macroeconomic environment, the company is revising its Q3 revenue guidance to between
About Volta
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of federal securities laws, including statements regarding our electric vehicle charging and media network. These forward-looking statements generally are identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “may,” “opportunity,” “plan,” “potential,” “project,” “should,” “strategy,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended
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Media / Press:
jette@voltacharging.com
Investor / Analyst:
katherine@voltacharging.com
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