After Significant Adjustments to the Corporate Structure: Voltabox Achieves Key Milestones in the Turnaround in Q1 2025

Paderborn, Germany, May 15, 2025 – Voltabox AG (DE000A2E4LE9) has reported its financial figures for the first time based on the new corporate structure in the interim financial statement for the first quarter of 2025. Following the divestments of assets in the high-voltage battery systems segment (part of the VoltaMobil business unit), the discontinued operations of GreenCluster GmbH, and the sale of shares in ForkOn GmbH, the consolidation scope now consists solely of the majority-acquired EKM Elektronik GmbH. The company specializes in the manufacturing of complex electronic solutions for a wide range of applications. EKM was included in the consolidation as of March 10, 2025. Accordingly, Voltabox Group achieved a Group revenue of €3.1 million in the first three months. Of this, €1.7 million is attributable to the continuing operations with the time-proportional consolidation of EKM. Earnings before interest, taxes, depreciation, and amortization (EBITDA), after a one-off effect from the sale of the discontinued operations, amounted to €2.1 million. The EBITDA contribution from the continuing operations, considering the limited consolidation of EKM, is €-0.3 million in Q1. As a result, the Group as a whole achieved a positive net income of €2.0 million, while the contribution from the continuing operations was €-0.5 million in the first quarter.

Martin Hartmann, CEO of Voltabox AG, emphasized the company’s operational development since the realignment: “The first quarter of 2025 clearly marks a period of profound strategic change for Voltabox. With the degree of implementation already achieved and our ongoing efforts to establish a sustainable business model, we are putting the company on track for future growth and profitability. Through the acquisition of EKM and a focus on our core business, we are now on a solid path to achieve our short- and medium-term objectives for the company’s development and to increase the corporate value in the long term.”

The business volume of EKM Elektronik GmbH, during the consolidation period starting March 10, 2025, was in line with the Management Board’s expectations – very robust and accompanied by a constant inflow of orders and bookings. Furthermore, the market is slowly but steadily recovering from the economically low levels of the previous year. The total operating performance of the continuing operations in Q1 amounts to €2.3 million. After a material expense of €1.1 million, the gross profit for the continuing operations is €1.2 million (gross profit margin: 52.3%). Depreciation in the continuing operations amounts to €0.2 million, including depreciation effects from the provisional purchase price allocation of €0.2 million.

As a result, considering the aforementioned developments and the first consolidation of EKM as of March 10, 2025, the net income of the continuing operations is €-0.5 million (prior year: €-0.3 million). The consolidated net income, which includes both the continuing operations and the one-off effects from the discontinued operations, amounts to €2.0 million (prior year: €-1.0 million). The contribution from EKM to the net income is still limited in Q1 due to the late timing of the first consolidation. In the further course of the year, the effects of the EKM integration will increasingly have a positive impact on the business development.

As of the balance sheet date, the company’s asset situation has already changed significantly due to the acquisition of 99% of the shares in EKM. The total assets increased significantly to €43.9 million as of March 31, 2025 (December 31, 2024: €5.7 million). Key drivers of the increase were the acquired assets of the company in connection with the provisional purchase price allocation of EKM. In contrast, the disposal of non-current assets related to the high-voltage battery activities of the VoltaMobil division (total sale price: €4.0 million) had a counteracting effect, amounting to around €2.0 million. A result of this was the strengthening of the liquidity situation – cash and cash equivalents increased to €12.2 million (December 31, 2024: €2.1 million). As of the reporting date, intangible assets amounted to €17.3 million (December 31, 2024: €2.0 million). This includes goodwill from the provisional purchase price allocation of EKM Elektronik GmbH, valued at €10.4 million.

The financing of the acquisition of EKM Elektronik GmbH was enabled by a subordinated loan from Geraer Batterie-Dienst GmbH in the amount of €28.7 million, leading to a significant increase in liabilities to affiliated companies, which amounted to €30.5 million as of March 31, 2025. Voltabox Group’s equity as of the balance sheet date stood at €-0.7 million (December 31, 2024: €-3.0 million). Taking into account the subordinated loan granted as part of the acquisition framework, the economic equity now amounts to €33.0 million.

In the reporting period, Voltabox Group achieved a positive cash flow from operating activities of €2.4 million (previous year: €0.4 million). Of this, €0.8 million is attributable to the discontinued operations. The cash flow from the continuing operations amounted to €1.6 million, primarily due to the reduction of working capital, mainly driven by the reduction of trade receivables.

The cash flow from investing activities at Group level amounted to €7.7 million. This includes inflows of €4.0 million from the disposal of property, plant and equipment in connection with the sale of assets related to the high-voltage battery activities of the VoltaMobil business unit. The cash and cash equivalents acquired with the acquisition of EKM (corresponding to EKM Elektronik GmbH’s cash balance) amounted to approximately €3.9 million as of the first consolidation date, March 10, 2025.

While the aforementioned one-off effect from the sale of assets related to the high-voltage battery activities amounted to €2.6 million, a one-off negative effect of €0.4 million arises in connection with the discontinued operations of GreenCluster GmbH. Regardless of this, the Management Board of Voltabox AG expects to achieve total revenue for the continuing operations between €15 million and €20 million, and an EBITDA in a range from break-even to €1 million for the ongoing fiscal year.
 

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About Voltabox AG

 Voltabox AG (ISIN DE000A2E4LE9), listed in the Regulated Market (Prime Standard) of Deutsche Börse AG in Frankfurt am Main, is a technology-driven provider of complex electronic solutions. The company develops and manufactures electronic assemblies, components, and complete systems that are used primarily in the battery and energy storage industry, life-support medical technology, industrial measurement and control technology, IoT solutions, as well as in consumer electronics and audio and lighting technology. Further information is available at www.voltabox.ag/en.

  

Media & Capital Markets Contact

Voltabox AG

Stefan Westemeyer

Technologiepark 32

33100 Paderborn

Phone:  +49 160 951 287 54

Email: investor@voltabox.ag