VLTA - VLTA STOCK NEWS

Volta Inc. (NYSE: VLTA) announced new capabilities for its PredictEV® platform, enabling state and local governments to identify optimal EV charger locations in disadvantaged communities. This aligns with the federal Justice40 goal, which aims for 40% of benefits from federal investments, including $7.5 billion for EV infrastructure, to reach these communities. The platform supports the National Electric Vehicle Infrastructure (NEVI) Formula Program, providing data-driven insights for effective charger deployment as states finalize their plans.

Volta Inc. (NYSE: VLTA) has announced a significant organizational realignment aimed at reducing costs and aligning resources with key strategic priorities. The latest measures include a furlough program and a 54% reduction in U.S. full-time employees, leading to a 43% decrease in cash Selling, General, and Administrative (SG&A) expenses. Volta is prioritizing revenue-driving initiatives, particularly in its digital advertising business and electric vehicle (EV) charging solutions, capitalizing on the $7.5 billion federal funding for EV infrastructure under the Bipartisan Infrastructure Law.

Volta Inc. (NYSE: VLTA) announced all advertisers now have equal access to Volta Media™ Network's programmatic inventory, enhancing digital out-of-home (DOOH) advertising opportunities. This access is facilitated by Vistar Media's mediation solution, allowing real-time bid evaluation by advertisers. The move aims to attract more marketers to integrate Volta's inventory into omni-channel campaigns, leveraging advanced measurement capabilities for enhanced effectiveness. With over 5,400 digital screens, Volta continues to position itself as a leader in the EV charging and media space.

Volta Inc. (NYSE: VLTA) has announced the introduction of three-dimensional (3D) creative campaigns across its Volta Media™ Network. This innovation enhances engagement for consumers and attracts high-value advertisers. The network delivers over one billion monthly impressions and features dynamic options like real-time weather triggers and mobile retargeting. Notably, targeted campaigns on Volta have achieved a 56% higher return-on-ad-spend than the industry average. The network is strategically located at EV charging stations near major retailers, making it a prime advertising platform.

Volta Inc. (NYSE: VLTA) has partnered with Tucson Electric Power (TEP) to enhance EV charging infrastructure in underserved communities in Tucson, Arizona. This initiative aligns with Volta's 'Charging For All' program and aims to provide accessible charging options to residents, particularly renters and those in multifamily housing. Eight new charging stalls will be installed at high-traffic locations. The collaboration also supports the Biden-Harris Administration's Justice40 goal, directing federal investments to disadvantaged communities, leveraging Volta's innovative advertising and charging model for sustained revenue.

Volta Inc. (NYSE: VLTA) announced a strategic realignment to enhance cost efficiency and focus on its digital advertising business while pursuing federal funding opportunities in the EV charging sector. The measures include a 10% workforce reduction, consolidation of offices, and various cost-saving initiatives. Volta revised its Q3 revenue guidance to between $13.5 million and $14.5 million, while withdrawing its full-year 2022 revenue and installation guidance. Despite challenges, the company aims to leverage its PredictEV® platform and partnerships to capture growth in the EV infrastructure market.

Volta Inc. (NYSE: VLTA) has launched a new educational campaign as part of its ‘Charging For All’ initiative, utilizing the Volta Media™ Network to promote electric vehicle (EV) adoption. This campaign coincides with National Drive Electric Week and aims to address consumer concerns about EVs while highlighting their benefits. The campaign will leverage Volta’s extensive network of over 2,900 charging stalls and 4,900 media screens to reach audiences nationwide. This initiative is supported by recent federal legislation designed to enhance EV infrastructure and affordability.

Volta reported a remarkable second quarter in 2022, with a 121% year-over-year revenue increase to $15.3 million. Media revenue also soared by 73% year-over-year to $11.2 million. The company added a record 372 charging stalls, achieving a total of 2,920 stalls, marking a 48% year-over-year growth. Volta announced partnerships with Kroger and major brands like Michelin and Lyft, enhancing its advertising capabilities. However, the company reported a net loss of $37.4 million, indicating a need for improved profitability.

Volta Inc. (NYSE: VLTA) announced that its Volta Media™ Network has surpassed one billion monthly impressions in the United States, nearly doubling its reach in less than nine months. The network's expansion, facilitated by media-enabled EV charging stations in high-traffic areas, benefits advertisers by targeting high-income consumers. Volta has reported providing over 124 million electric miles and avoiding more than 30,000 tons of CO2 emissions. Additionally, it offers measurement capabilities for advertisers, demonstrating strong sales lifts and return on ad spend (ROAS).