VLTA

Volta, Inc.

1.44
USD
-6.49%
1.44
USD
-6.49%
1.40 14.34
52 weeks
52 weeks

Mkt Cap 219.32M

Shares Out 152.31M

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Volta charges up on narrow earnings beat, promising partnerships

Volta Inc. (NYSE:VLTA +20.0%) shares surged higher after offering an optimistic outlook for the company’s growth in coming years. The San Francisco-based electric vehicle infrastructure company reported a lighter loss than expected by Wall Street, while edging past revenue estimates by $120,000 to reach $8.4 million. Both figures were significant leaps from the prior year, adding to an expanded footprint for charging stalls. “We made continued progress against our strategy with total revenue growing 77%, media revenue up 73%, and total installed stalls growing 39% year-over-year,” Interim CEO Brandt Hastings said. He added that expanded partnerships with companies like Tanger Outlets, and Six Flags, T-Mobile, and PepsiCo are paying dividends and should continue for quite some time. Company filings also reveal campaigns alongside Showtime, Zoom, Walgreens, Bank of the West, Aetna, and Sephora. Moving forward, management expects revenue in the range of $70 million to $80 million for the full year, the bulk of which eclipses analyst estimates set at $72.47 million. Total incremental connected stalls are expected to be in the range of 1,700 to 2,000 while connected sites are set to be in the range of 650 to 750 sites. Share rose more than 20% in mid-day trading on Friday. The solid results from Volta (VLTA) also lifted other electric vehicle charging stocks on Friday, with EVgo (EVGO +4.5%) and ChargePoint (CHPT +9.0%) both gaining into the close of the week. Read more on increasing bullishness on EVgo as of late.

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