Is EV Charging Company Volta In Trouble Or Getting Ready To Take Off?
Is the ad-based charging station manufacturer in dire straights or are they right where they want to be as money is about to flow into the industry
The economy and the stock market are both currently in grim down turns. It’s never pleasant to see the value of money or other assets diminish, but such environments can also be opportunities for the future. Keeping that in mind, is upstart EV charging station company Volta, Inc. (VLTA) in dire straights or are present circumstances presenting investors with a chance to grab it cheap now that it has reached all-time lows?
Founded in 2010 by Scott Mercer, Volta is headquartered in San Francisco and provides EV charging stations in collaboration with retailers, grocery stores, entertainment centers and more. These partnerships and the ads the charging stations display allow users to charge for free for the first 30 minutes per visit. Additional charging can be purchased based on the local rates.
Volta’s website reports that they have accumulated some very strong numbers. Their charging stations have saved 3.5 million gallons of gas and offset more than 70 million pounds of CO2, all while delivering more than 150 million electric miles. They currently have 2,902 chargers in their network and growing.
Volta chargers offer different charging speeds. Their L2 charger deliver approximately 70 miles of range per two hours of charging while their DC Fast Charger offers up to 105 miles in just 30 minutes. Users utilize an app that connect them to a charger and tracks their location to notify them of the proximity of other chargers to their location.
For a company like Volta, which is still very much in the midst of trying to establish themselves, the current economic conditions have put them in turmoil. In light of uncertainty about the macro environment, the company withdrew the full-year guidance it had previously offered and also lowered their Q3 revenue expectations from $17-$18 million to $13.5-$14.5 million.
So far in 2022, Volta stock shares have fallen more than 80% to the present price of $1.21, which when reached on September 30th…