Voltabox Customer Base Continues to be Cautious Because of the Coronavirus - Market Shows High Interest in Innovative FSD Battery Technology

- Customers severely affected by the coronavirus pandemic continue to confirm orders at a rate slower than expected in the fourth quarter - postponements to 2021

- Revenue forecast for fiscal year 2020 now at € 17 million - absolute EBITDA nevertheless only slightly below expectations

- Innovative battery concept Voltabox-Flow-Shape-Design(R) (FSD) is seen as trend-setting by experts and end customers

Delbrück, Germany, December 7, 2020 - For the fourth quarter, Voltabox AG [ISIN DE000A2E4LE9] no longer expects, on the basis of the current call-offs, to achieve the operating performance objectives for the current fiscal year that it set on the basis of earlier customer expectations. The reason is the increasing number of messages from customers who, with reference to the coronavirus pandemic, are postponing orders that were initially expected for the current quarter into the coming year, or are holding back planned orders until further notice. At the same time, the Voltabox Management Board sees the positive, appreciative feedback from customers and industry experts on the presentation of the new Voltabox-Flow-Shape-Design(R) battery concept as confirmation of its technological approach and future product strategy.

The ongoing caution on the part of customers, whose orders and confirmations in the fourth quarter are at a lower level than originally planned, is mainly due to increased difficulty of planning during the coronavirus pandemic. The Voltabox Management Board thus no longer assumes that the operating business can be increased significantly and in line with planning by the end of the year through comprehensive deliveries. As a result, Voltabox's economic situation in the fourth quarter continues to be particularly affected by the impact of the COVID-19 pandemic. Orders with larger batch quantities will probably not be realized until next year.

In the current fiscal year, Voltabox AG most recently aimed for revenue at the lower end of the € 25 to 45 million range with an EBITDA margin of -60 percent. Given the cautious mood now manifesting itself in the end markets in which it is active, the company considers a decline in its revenue to around € 17 million to be realistic. The absolute result at EBITDA level of € -17 million is only slightly below previous expectations. In line with the reduced level of revenue, however, the margin is expected to be reduced to -100 percent. The company expects final effects of the inventory valuation of the old technology to be felt in fiscal year 2020.

By mid-2021, as announced last week, Voltabox will significantly and sustainably broaden its revenue structure through the market launch of the new Voltabox-Flow-Shape-Design(R) battery concept. Very soon after the international sales launch, the market acceptance of the new technology was confirmed by a great deal of extraordinarily positive feedback from experts and end customers. "The reactions of customers who operate internationally in particular show that with our solution we have hit a nerve of the market. Well-known potential operators and customers, also beyond the commercial vehicle sector, have underlined their concrete interest in the technology in previous discussions and events held so far to present Flow-Shape-Design. The inquiries indicate that especially the flexibility and safety aspects of the technology concept, the potential for cost savings, the integration possibilities and the focus sectors we want to address with the technology, have received particular attention and are driving this development", explains Jürgen Pampel, CEO of Voltabox AG.

The planned licensing model is currently being concretized in discussions, some of which are at an advanced stage, with first pilot customers. Besides, the effects resulting from the launch of Voltabox-Flow-Shape-Design(R) are currently being analyzed. As recently, the company will update its medium-term planning accordingly in its 2020 Annual Report.

About Voltabox AG

Voltabox AG (ISIN DE000A2E4LE9), which is listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange, is a system provider for e-mobility in industrial applications as well as in select mass markets. Its core business lies in intrinsically safe, highly developed high-performance lithium-ion battery systems that are modular and in serial production. The battery systems are used for applications including commercial vehicles, such as buses for public transportation, forklifts, automated guided vehicles and mining vehicles. The company also develops and produces high-quality lithium-ion battery systems for select mass-market applications such as pedelecs and e-bikes as well as starter batteries for high-performance motorcycles.

Voltabox has production sites at its headquarters in Delbrück, Germany, in Austin, Texas, USA, and in Kunshan, China.

Additional information about Voltabox can be found at www.voltabox.ag/en.

Contact

Voltabox AG

Stefan Westemeyer
Artegastrasse 1
33129 Delbrück, Germany
Tel.: +49 (0) 52 50 - 99 30-685
Fax: +49 (0) 52 50 - 99 30-901
Email: [email protected]