New Risk • Jun 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €4.45, the stock trades at a trailing P/E ratio of 76x. Average forward P/E is 27x in the Electrical industry in Germany. Total returns to shareholders of 102% over the past three years. New Risk • May 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€84.1m market cap, or US$98.4m). Aankondiging • May 14
Voltatron AG, Annual General Meeting, Jun 19, 2026 Voltatron AG, Annual General Meeting, Jun 19, 2026, at 11:00 W. Europe Standard Time. New Risk • May 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €83.1m (US$97.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risk Market cap is less than US$100m (€83.1m market cap, or US$97.3m). New Risk • Apr 20
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. New Risk • Mar 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Aankondiging • Jan 10
Voltatron AG to Report Fiscal Year 2025 Results on Apr 16, 2026 Voltatron AG announced that they will report fiscal year 2025 results at 8:00 AM, Central European Standard Time on Apr 16, 2026 New Risk • Nov 19
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€3.4m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€3.4m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Negative equity (-€1.3m). Aankondiging • Aug 21
Voltatron AG (DB:VBX) acquired remaining 1% stake in Ekm Elektronik GmbH from David Franke. Voltatron AG (DB:VBX) acquired remaining 1% stake in Ekm Elektronik GmbH from David Franke on August 21, 2025. Following the acquisition, David Franke reinvested in Voltatron AG, purchasing over 41,800 Voltatron shares at EUR 5.26 per share.
Voltatron AG (DB:VBX) completed the acquisition of remaining 1% stake in Ekm Elektronik GmbH from David Franke on August 21, 2025. New Risk • Aug 19
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€3.4m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€3.4m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Negative equity (-€1.3m). Aankondiging • Jun 02
Voltabox AG, Annual General Meeting, Jul 08, 2025 Voltabox AG, Annual General Meeting, Jul 08, 2025, at 10:00 W. Europe Standard Time. Reported Earnings • May 05
Full year 2024 earnings released: €0.21 loss per share (vs €0.17 loss in FY 2023) Full year 2024 results: €0.21 loss per share (further deteriorated from €0.17 loss in FY 2023). Revenue: €5.85m (down 45% from FY 2023). Net loss: €4.08m (loss widened 26% from FY 2023). Aankondiging • Apr 17
Voltabox AG (DB:VBX) completed the acquisition of 99% stake in Ekm Elektronik GmbH from Axxellon GmbH and Triathlon Holding GmbH. Voltabox AG (DB:VBX) signed a framework agreement to acquire 99% stake in Ekm Elektronik GmbH from Axxellon GmbH and Triathlon Holding GmbH for €28.5 million on February 10, 2025. Voltabox AG, with the approval of the Supervisory Board, has committed to acquire 99% of the shares in EKM Elektronik GmbH. The acquisition will be financed through a subordinated loan granted by GBD to Voltabox AG in the corresponding amount, which was also agreed upon today and carries an interest rate of 3% p.a. The loan is secured by the pledge of the acquired EKM shares to GBD. EKM specializes in the development, manufacturing, and distribution of solutions in the field of electronic components and devices, enabling Voltabox AG to strategically expand its business operations. The completion of the share divestments by Triathlon Holding GmbH and the acquisition of EKM’s shares by Voltabox AG remains subject to various conditions, which are expected to be met by the end of February 2025.
Voltabox AG (DB:VBX) completed the acquisition of 99% stake in Ekm Elektronik GmbH from Axxellon GmbH and Triathlon Holding GmbH on April 15, 2025. Reported Earnings • Nov 17
Third quarter 2024 earnings released: €0.044 loss per share (vs €0.041 loss in 3Q 2023) Third quarter 2024 results: €0.044 loss per share (further deteriorated from €0.041 loss in 3Q 2023). Revenue: €1.14m (down 49% from 3Q 2023). Net loss: €833.0k (loss widened 6.3% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. New Risk • Aug 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Negative equity (-€3.2m). Minor Risks Shareholders have been diluted in the past year (10.0% increase in shares outstanding). Market cap is less than US$100m (€32.6m market cap, or US$36.3m). Reported Earnings • Aug 15
Second quarter 2024 earnings released: €0.037 loss per share (vs €0.013 loss in 2Q 2023) Second quarter 2024 results: €0.037 loss per share (further deteriorated from €0.013 loss in 2Q 2023). Revenue: €1.92m (down 30% from 2Q 2023). Net loss: €711.0k (loss widened 181% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Aankondiging • Jul 15
Voltabox AG, Annual General Meeting, Aug 27, 2024 Voltabox AG, Annual General Meeting, Aug 27, 2024, at 13:00 W. Europe Standard Time. Aankondiging • Jun 28
Voltabox Quits Talks on Sale of Solar Energy Subsidiary Voltabox AG (DB:VBX) announced that it has terminated discussions to sell its 80% stake in local solar energy equipment firm GreenCluster GmbH to an unnamed party. Although negotiations have already been well advanced, no agreement could be reached, Voltabox said. The German e-mobility solutions provider first disclosed in May that it had been in talks regarding the sale of GreenCluster stake as well as shareholder loans granted. Voltabox expected proceeds of a medium six-figure amount from the potential deal. New Risk • Jun 06
New major risk - Negative shareholders equity The company has negative equity. Total equity: -€2.5m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Negative equity (-€2.5m). Minor Risk Market cap is less than US$100m (€21.8m market cap, or US$23.7m). Reported Earnings • May 02
Full year 2023 earnings released: €0.17 loss per share (vs €0.23 loss in FY 2022) Full year 2023 results: €0.17 loss per share (improved from €0.23 loss in FY 2022). Revenue: €11.8m (up 294% from FY 2022). Net loss: €3.23m (loss narrowed 19% from FY 2022). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Aankondiging • Apr 26
Voltabox AG to Report Fiscal Year 2023 Final Results on Apr 30, 2024 Voltabox AG announced that they will report fiscal year 2023 final results on Apr 30, 2024 Reported Earnings • Nov 19
Third quarter 2023 earnings released: €0.041 loss per share (vs €0.024 loss in 3Q 2022) Third quarter 2023 results: €0.041 loss per share (further deteriorated from €0.024 loss in 3Q 2022). Revenue: €2.28m (up 442% from 3Q 2022). Net loss: €784.0k (loss widened 87% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Aankondiging • Nov 17
Voltabox AG to Report Q3, 2023 Results on Nov 16, 2023 Voltabox AG announced that they will report Q3, 2023 results on Nov 16, 2023 New Risk • Oct 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 8.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.6% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€1.2m). Shareholders have been diluted in the past year (10.0% increase in shares outstanding). Market cap is less than US$100m (€24.7m market cap, or US$26.2m). Reported Earnings • Aug 20
Second quarter 2023 earnings released: €0.013 loss per share (vs €0.016 loss in 2Q 2022) Second quarter 2023 results: €0.013 loss per share (improved from €0.016 loss in 2Q 2022). Revenue: €2.75m (up €2.69m from 2Q 2022). Net loss: €253.0k (loss narrowed 7.7% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Aankondiging • Jun 13
Voltabox AG to Showcase Revamped Product Portfolio at ees Europe Voltabox AG announced that it will present its new product and solution portfolio in a bundled form for the first time at ees Europe (electrical energy storage), the largest European trade fair for energy storage systems and batteries, taking place in Munich from June 14 to 16. Voltabox combines all business activities in the VoltaWorld ecosystem and addresses several market segments with numerous products and solutions for mobile as well as stationary applications. At the Voltabox booth B2.170 at ees Europe 2023, the company is now showing a live excerpt of its portfolio. The highlights of the trade show stand include two VoltaStore energy storage systems in the 50 to 250 kWh performance class with flexibly scalable specifications. Voltabox is thus presenting its stationary storage solutions to the market for the first time, emphasizing the logical expansion of its product range. The company is also pushing ahead with the expansion of its offering in the area of high-voltage storage technology for both indoor and outdoor applications. Here, an intensive cooperation with the specialist Beck Automation has been initiated. In general, Voltabox relies on a balanced combination of in-house developments and products created in cooperation with the company's extensive partner network - especially within the above named group of companies. In addition to the company's sales activities, Voltabox customers benefit from consulting services, installation service and commissioning by the company's own teams and electrical engineering master technicians. One innovation on display at the stand is the VoltaPort, a solar carport with an integrated inverter and battery storage. Designed for two cars, the parking lot is manufactured entirely in Germany and is capable of covering alpine snow loads. The robust construction gives the carport a unique selling point in the market. When it comes to manufacturing, sustainability is a key aspect.