VLTA - Earnings call transcript Q4 2021

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Operator

Ladies and gentlemen, thank you for standing by. Good morning. My name is Donna and I will be your conference operator today. At this time, I would like to welcome everyone to Volta, Inc.'s fourth quarter and full-year 2021 earnings conference call and webcast. At this time all participants are in a listen-only mode. follow presentation. will session question-and-answer the formal A [Operator Instructions].

ahead. being a to now will this please Katherine is reminder, conference recorded. go Katherine, turn Relations. Volta's President, I Vice As Bailon, Investor the call over

Katherine Bailon

statements to statements, these sector With conference website Chief be statements are of representative Interim These CEO President, Good expected cause actual subsequent And expectations our Officer; and morning. company's Hastings, events. And call could in obligation to from from any like Financial as be XXXX discuss differ on and you forward-looking during risks me which can for current reflect Brandt is forward-looking fiscal and financial expectations Investors and new including These results revision or and Volta materially at being note, on Chief expectations. views are to fourth to not We as call, statements and related no of future statements results. forward-looking revise undertakes Officer; Operations. to Drew of the investment the the and call initiatives. that light to outlook date. statements subject assumptions, any Please or Vice web publicly results a of uncertainties Revenue only be today's on uncertainties. Executive company of quarter release and regard conference on for Francois information should are that, of the variety joining and Volta's to based financial relied call these to risks us growth upon views and the thank subject of today, our as investors.voltacharging.com today's you will this Bennett, meeting our This Chadwick, guidance, broadcast section remind would and management Volta over Network accessed making is

important most including other XX, filed our risks refer of on company's SEC, XX-K report further XXXX. results, please annual discussion the material factors to its financial affect recent that April the For and the on Form could with filings

today's performance. measures the measures measures, are non-GAAP not financial non-GAAP considered should believe Volta's and GAAP supplemental of for, useful from, addition be In company a will call, These results. as which as in to, or addition, during discuss substitute isolation they in

The Friday additional regarding discussed disclosures You each the on press of be webcast non-GAAP call Investor over available Volta's website. Relations SEC, the with also filings posted find measures call which in of will Francois. I With the will past on the today's this financial of Charging and turn the will release issued call to website. on its section Volta the company's this is that,

Francois Chadwick

to the to of the time for EVs addresses make of EV popular fastest site, the transformative top We're evolution digital significant store This was solidified and commercial And located Volta tremendous EV adoption, priority. media for with recent as reach shift is accelerated. before sector heralded the year with and a company's rapid pole and is retail Volta's of the thank XXXX and charging. by support electric all is joining exciting by high to the charging. EV growth the to increase public evident out familiar network near locations purchase. us. everyone in Katherine. brands arguably of attract and one a Volta entrances sectors, industry, customers noteworthy OEM both quite involved momentum private shift What EVs, actions. Thanks, shoppers the new demand growing and large vehicle in they enter screens format seconds to the company's most serve as and The simultaneously for allow you properties a build impact,

the Volta, we've at for first stations. to the EV in driving US prices surged Energy units this per Bloomberg fast recorded lean in in demand for Finance. Also, levels XXX% year-over-year to sold New March, in XXXX, searches that in tracking fast saw market, is since With their in growth And increase according decision seen our a XXXX, mind, hit United Trends. began what gas January highest cars in the As Google electric States during online DC an strategy. is DC charging into we

remarkable, execution for Take to Volta. our shortly. and note, poised and via Volta We more renewed land bellwethers strategy, focus will with expansion talk and are expand the furthering site on industry significant exciting these about is that metrics benefit and moat a competitive

Executive Chief the XX, will on through March The ended company's XXXX. Officer Officer, Mr. identify Mercer search as board Hastings we board as and December as XXXX. as a XXXX to transition. the his replacement Friday management officer Christopher Brandt to filed Mr. immediately, the Scott Executive Mr. XXth Chief like Mercer on the serve CEO for committee Volta into in XXXX, as announced ending Interim transition as of the XX-K the the the annual fiscal address year officer. The and each chief also Revenue Wendel's the current has continued company's company's independent adviser resignation Mercer's successful the filing dive XX, a On recently the effective in deeper of for formed Chief take company's the report an a Form permanent Officer employee President addition that Before an to position year, order while of Wendel of April XX, Mercer announced of of company's the resignation. was to executive on appointed to board agreed directors effective March period, I'd resignation company. Mr.

one the Bennett, pass me successes of let Drew? our Operations, discuss EVP our Now, it major to of to year. Drew of

Drew Bennett

XX, our announced really Walgreens a we On partnership. expansion Francois. February Thanks, this significant year, of

a to US-based XXX charging at perfect charging, given XX for Walgreens Walgreens spends Volta Our X,XXX the average match typically of shopper stalls locations faster announced forms is the DC additional over next an in time a Walgreens expansion months. includes fast store. XX

XX another is DC to give the at fast an We increase interaction This in an partnership driver the our ambitions, customer, with take to market sales initial touch and XX providing a partnership imagine, charge. That a we and Volta. at next point the step visit continued agreement minute grown Brandt charging DC Walgreens now to charger resulting X,XXX can opportunity is Hastings, for Brandt? a of can to a XXx fast Walgreens, at parties, installed meaningful during XX looked CEO decided you that locations. for in win further all in into our store I driver Walgreens a that charge, A very and With number stores. the began the our time average ways. with timeframe. has additional Interim for the together, relationship, will discuss where, successes. Walgreens XXXX CRO, the As in our and XXX pass to

Brandt Hastings

to And you Drew. a like our I'd is it's Thanks, today. acquisition Walgreens expand also to with all good great strategy. site add, be of land and example

consistently we for and the our a accordingly. rest to to look possible high capital DC increase that, charging as value efficient that and high to expect our is as we provides to utilization grow And then plan continue year and of as sign market partners. we over fast see in for site the with footprint Our many time deliver towards partners demand beyond, manner the goal

the grocery & the coming partners whole largest they over Lion, properties Hannaford us Our with in Ahold Giant the to of Delhaize grow Since the Coast, has deployments A USA, Delhaize brands, because Volta's XXX in Volta fifth Food banner banners, plans keep back underway. relationship Shop, with of Charging impact a partner that wonderful and Stop with. the USA to been Foods, East has has work which XXXX, at on stores retailer Martin's initial the began time. the Giant five see four November to their includes on group expanded for

has arm, partners how and Delhaize media as retail help relationship Volta Ahold a addition, begun reseller. selling drive partner This represents Peapod USA's Digital solutions our with to of Labs, inventory provides value-added impact. a also suite channel In media

footprint, a in not drive growth impact the can that electric the and for As At commercial Volta, influence our purchasing to site partners. on mentioned, we the initial alongside in also shift delivery value of energy mobility. the is driving we focused but stalls, in only are

studies of demonstrated the have Volta spend. shifts Third-party consumer in presence that stations create significant can

each As greater with want on examples participants, note, which XXX our results. of than partners, for impact studies how Volta garnered following three of the to I drives comment

a provider a A of advertised of The awareness as because XX% found increase that A second the to XX% store another greater from study store over store of because by greater another showed charging XX% because amenity choose their that the of pharmacy done brand favorability brands third-party particular media charging of that led Volta had company to charging and respondents card the would amenity is showed XX% for opportunity. for of to this respondents and major would the stated brand of only choose amenity. result done XX% to to a this their credit over and first the grocery XX% the study brand third offers control expanding further group. study surprisingly, banking opposed study Not company an relationship partner charging Volta. charging this with the because favorability amenity. compelling site

over to Francois. to like back Now, I'd pass it

Francois Chadwick

Thanks, Brent.

charging charging infrastructure, year XXXX will Infrastructure The level funding & infrastructure. later the momentum. beginning in deployed Moving Act, in Investment New initiatives historic a to $X.X charging investment seeing easy and beyond, be IIJA, tailwinds billion, which data will US funds state and significantly are the are IIJA EV particular Jobs electrifying we seeing, for in investment Finance into from Bloomberg of Energy to and we accelerate and policy already indicates wants this need emerge. in installation total transportation, and accelerating to that Recent federal

and analytics historically encompasses charging. utilities largest public the entities taxpayers policymakers, definition DTE Planning already portions in is Thus federal access federal funds and federal to we working public Southern also as utilities reference Volta leading analysts benefit Volta plans and significant efficient community state such of as that portion particular, is the impactful Edison, through intelligent that will customers, and decisions monies. charging, Southern significant well from with and While the utilities is underserved which $X.X consultants, and adequate in uniquely government state about strategy of EV submit of expects cost AI United actively proven some as allocated. making being that Georgia and being EV guidelines where a Power, Volta's energies for these efficiently the is the plans of has that especially transportation In benefit go-to-market our Energy to none the governments billion second XXXX developed, ensures August communities. the powered to that just Power as along of of be to efficient, Volta are make from placed industry, dollars to such possible. are and fits is and Alabama a by of detail list with effective Volta's departments to and PredictEV, tool, Volta in planning funding positioned market entities to to department and to to by network used ensure government States, consideration Company, are infrastructure amassed grants. Mississippi still Power. must far, utility the planning where deployed such California allocated spend for deploy ensure

In earlier fact, this infrastructure PredictEV an year. Alabama build EV the to deliver plan State and of used

enabled just tool In deliver new a expanding to electrification to Company, Southern a tool at their scale. utilities in customers collaboration the and our addition, with PredictEV to announced a growing partnership analytics That new PredictEV. Fleet, for planning Volta fleet software

to Europe. expansion Volta's Turning international recent into

sporting cinema German the Europe, and positioned encouraged Austria, partners, have by we We brands ahead roughly signed markets as since Cineplex reception their excited is service advertisers XX market In a US Group; Hibis promote media continents. Euromaster; Volta and as goods unique EU European including Switzerland; with is opportunity initial well sites Hotel of chain, as across France, XX in in Switzerland. [ph] in to to Decathlon The such Group company, provide are provider, from December, car the key five-plus European years and the Germany, stalls European France. and

the critical initial we on tenders these provide Importantly, very credentials, Volta enabling already positive which larger see address to feedback. way for deals

me turned let as our we to main pipeline. full-year turning to two it Before QX results, relates KPIs and signings stall on These stall in explain installation. are the and development our track stalls

full-year results. qX turning Now financials and our to

for range revenue, within For we and fourth our installations the signings. delivered quarter, outlook

year-over-year. behavior New business, $XX.X commerce revenue XX% QX Total full year-over-year. year stall to FY for Volta's of with year And our and million, ended XXX XX% million. the QX exceeded revenue, XXX% quarter-over-quarter signings up was revenue the in our $X.X up million stalls, to expectations million. and behavior by XX% an to $XX.X construction We and is sites, grew grew year-over-year $XX grew XXX% XXXX XX%. XX% media XX% base year-over-year, advertising from up install furthermore, commerce queue year-over-year X,XXX which revenue and and XXXX.

Walgreens February and X,XXX For XXXX, sites, before we on construction was exited in in stalls, effectively with year this announced our anticipate XXXX. the we we sites double We we signed our signed XXX will stores our with pipeline. full-year X,XXX of and stalls. representing these the of Based XXX network deal signings,

stall just in was year Our XXXX average in $XX,XXX. per under revenue

new compared Volta's networks platform JPMorgan site a that campaigns leases, on and brands data charge media to in increased advertising Coca Chase, an to additional Oakley the fourth $X.X rent fourth Procter a services Sephora, and increased aggregate advertising and included cost and During the fourth Cost million period, of plans. quarter Brands included Volta primarily station to media due of the due in by to additional $X.X Volvo. the Cola, Gamble, ran larger quarter, media number quarter an station was and during for prior-year driven costs, rising network million Amazon.

Our gross the for XX%. quarter margin was

principally million the cash compensation $XX.X XX%. million and expenses, related the $XXX.X compared XXXX as million for XXXX. for fourth $XXX million as December was loss to of the and and of and quarter, EBITDA XX, compared million marketable was the $XX.X year fourth which was and the stock-based period. period. stock-based million $XXX.X was securities for increasing prior-year of excluded $XX.X the due the to million XXXX, one-time one-time in prior-year the a balance the compensation $XX.X year stock-based to were had expenses and million million $XX.X expenses, company fourth The Net Including was headcount compensation $XXX.X fourth for one-time for for in million to respectively, full-year costs the excluding increase For as compared expenses, and margin gross compliance $XX.X also The public million loss to year-over-year quarter for of SG&A for loss costs. the loss Adjusted of and period. quarter company million quarter, prior-year quarter $XX.X million $XX.X compared fourth $XX.X XXXX. SG&A

key in out scale in science actively we a that fund supply place new the chain and To we sites, in past, on data rapidly key network our our and initiatives. headcount in increased current build end, operations, CapEx business. As in engineering persons, that are non-dilutive stalls making round have the ensuring from the by place capital signals we build to resources sure process the the sales sites, next our finance, the our clients. have meet mentioned customers demand in place making significant partners execute and XXX our across right hires drive to made enormous to to Europe, have we and the and the and functions to management, team, on as stalls our EV more media the we increasing out see service in site XXXX drivers, greater Volta strategic advertising of marketplace pursuing we to and organization on

by stock Wendel B by X,XXX,XXX and share restricted each stock As XX.X X,XXX,XXX we Mr. and stock. shares units securities result for fourth Mr. convertible weighted of Mercer Class convertible the held Mercer. units Mr. our of will denominated Mr. held in held restricted equal or settled Class Wendel the founders, outstanding stock units and of executives Further, and B stock of with common award common stock be the restricted million Class The separation securities forfeited into any a of our agreement forfeited were stock founders quarter common into converted average shares or million. A Class equity an common by A XXX.X Class B number shares

conditions Based customers and $XX in to of to current outlook outlook market for be our our from are the $XX for range million. input reiterating and Turning XXXX. on we XXXX revenue our team, million to

the provided historically as lightest of is Regarding context towards quarterly budgets revenue, year ramp we our move on have quarter industry, seasonality media more to most In the first build media and revenue. as revenue the the tends fourth quarter. we the the advertising through

we a cadence result, to of in Volta of the the Total business' the the Our align revenue half of with seasonal media network range be patterns. XXXX advertising a in likely as of revenue as will part in connected second our X,XXX. be industry's reflection media the expect will And of spend. media greater growing to stalls accompanying X,XXX revenue year, scale incremental generation and

guiding company to total to In to in XXX XXX of be sites addition, range the the incremental is sites. connected now

XXXX, customer quarter we electrification the expect the enormous the million we reasons leadership revenue we that for revenue this prior utilization. are should $X million. growth of the per excited would stall for long-term such and leading charging still one March Volta first market the as shift up have opportunity opportunity. that first base, and our the utilization for For increase monetize the quarter Proof greatest Walgreens, marquee our XX, in The market networks, has market per future meaningful reiterating like $X.X stall Volta. traction our I about customers underlying streams revenue tailwind now as share untapped right include of we multitude and the ending provides time, to be to charge in Volta. of for a world in to range stall and wrap United further meet to for points and a our remain to building a outlook operating in US, to over with team, product class Volta's to such States, growing revenue

exciting a are meet Volta excellence, and exciting execution gives confidence very with be that attention we'll to we towards this of history turning our regard. of very our it the time us can this of the challenge be All aim We making cusp this that the at best company. in in

we keep we Q&A, not provide has time, our this what Q&A. to the operator I a team that, over you additional financial color questions. questions ask position call outlook. are to turn like on results our Thank open to focused Before beyond and At changes With to for would management I all the be I'll to would in on been already disclosed. line up the you. now directing your for

Operator

[Operator Instructions].

Our today of from Mark Sachs. Delaney is question coming Goldman first

Mark Delaney

asked I for you CEO? was Brandt. priorities was question First you focus has the your board your in elaborate could interim and you, as to role more bit on hoping what a on

Francois Chadwick

I'll to in stalls would Francois. and cadence. the remain same. say X,XXX We which guidance much the mentioned hitting very the second. is to It's million pass XXXX. hitting This we've a and and all site I for I the guidance, revenue the priorities installation for stall think Brandt the about XXXX is million, mentioned to our locations $XX But $XX year

focus. that's the color. think And over real to Brandt to I'll add any pass it additional I

Brandt Hastings

that business executing we two I'd focused plan Francois' our very categories. to this on on And stated, falls Volta. love we are around, comments underscore into important call, including really as at extremely

in stalls million on The to a put first in to $XX And stalls focus XXXX. X,XXX the is of XXXX. range with range second in to is stalls X,XXX connected $XX the in incremental revenue continuing ground, that of million in

Mark Delaney

year. in for follow-up to questioners this operating queue. question you expenses, and over on turn expenses it my of think Francois, terms the the one you and other about for in I'll us Can Just help expenses both CapEx?

Francois Chadwick

when look it related to our the think a XXXX comp of large million a as the for as That excluded is one-time was was look did operating all things there you've expenses of and adjusted stock-based $XX.X I at the one for [indiscernible] you expense. year. $XX.X at stock that you when quarter that you SG&A, comp was expenses, the to do amount SG&A of mention and non-cash I the million significant figure. fourth got

actually as in a costs As on as relates SPAC, mentioned, well going the I non-cash we've of adjustment the continue expand. people compensation, growing – we've some for through and as one-off mentioned, grow adjustments, as to key those been the large merger XXX top as areas the of of stock-based company we it and that, to sort additional

have the coming to very looks want at we that robust CapEx every relates pipeline. in to firstly, I have it mention CapEx, project a committee that we in that As may single

that As locations in of you the in make we look our front highly all to sure know, we visible of the position most stores stores.

lot the remarks, a spend mentioned fast, new of at owner. site in time as DC the also sort And this I prepared looking of of my DC needs We first. earlier for demand

CapEx, obviously we So look as internal our – we return spend, at best CapEx on where that at through calculations. at we've it we as run look [indiscernible] looked

Mark Delaney

any have this for without terms in you're specific guidance and able CapEx comp you to with share for SG&A Do of stock-based year? and figures

Francois Chadwick

guidance No, yet, that we've not Mark. provided

Operator

Pavel Our next Raymond coming question James. is of Molchanov from

Pavel Molchanov

European build talk that? about Europe this the of incremental Happy percentage into represent Of can to leaning will new kind see you you year, opportunity. share that the your guys within or

Francois Chadwick

out you start with team. some. built launched I don't in will Europe, XXXX. mind. of earlier a if a just macro We And we broader you tell picture Europe I'll in

from screens sort And couple Mercedes we're is in demand locations, stalls locations partners We've have advertising coming There offer with our resonating France. now. as site well. two the a prime media out, offices. have the in find very the also the team and XX respect We Cinemark. is there's an very, And amount offer folks we to of the Paris that of actually from with putting on of mentioned the located advertising clients. that in success built approximately Germany of in the Site between we well. that folks and and We've in Berlin that's door in incredible out the stories

overall disclosed So, say looking as Pavel, percentage we've it overall. relates so but be attractive far, to a to our it not that is that percentage, can very I

Pavel Molchanov

On front, an had, at that? update we you plans point, market. on enter the the Can one international Canadian to think get I

Francois Chadwick

I question, a way I CapEx is good question the it's a address this it a This because of type think Delaney the that every Goldman I'd address that, I'd from to to also question. day, that sort back question Mark asked. is like tie

to As other And of in is team say, at, are we one able it Europe seem to we locations. to would our well. at to at look Canada look I as as continue look a the does easy as deploying and places we be capital other to potentially attract consider. at would be things the The very greatest Pavel, well return. in different looking option opportunities and countries

of infrastructure All our committee. goes through capital it

All of the it is measured up opportunities against seeing. all we're

get that So, CapEx running return, our to best make And, make the we we bang our are through that sure I'd for we we're opportunities. buck. looking at yes, yes, these committee all the sure say, best

Pavel Molchanov

just zooming on finally, guidance. Maybe revenue your in,

you individual time? your I breaking mix sales as items, revenue a but realize, not out, do You're be will portion of that electricity line rising over the anticipate

Francois Chadwick

colloquially turn think looking We of I when back year, that it are the to charging. call that Pavel, charge the for is the still that anticipate this we've Yep. plan. XXXX, mentioned and in on always is half we

revenue of into the run overall and end will increases the be some yes, of year the there back percentage towards XXXX a as and pie, incremental so, beyond. we And

comments to a to remember I here think is Pavel. the prepared I'll key go – here, my couple of thing back

year-end believe, highest revenue in think stall. you If the per math, we proposition. that's revenue late us simple just stall that on that – we're that of turn on ourselves of for allows is, to of think this charge, can And as more phenomenal actually we then into industry. you charge cake really actually. turn the and if beyond ability put as $XX,XXX an to XXXX is key in did per on the based running the of key And one and average I position, layer a we into position just that winning And, more roll definitely, XXXX, a about

Operator

Andres coming Sheppard question next Cantor is from of Our Fitzgerald.

Andres Sheppard

I lot to XX% emphasis question. guided just stronger. had a past, XXXX. In this expect DCFC account get by a for you you now the sense about from charging revenue the the the that on call quick I is that

is I'm guidance accelerate unchanged? wondering, opportunity Or is maybe an So, that? to there still that even

Francois Chadwick

level the to going I site two and more to is, DC I that and charging the delivers – mix manage make out, adopting charging and more demand this changing, to greater always changing it's looking the thing though, partner the One moving the seeing. increase EV adoption, going sort in thing demand always is as, coming do of course, what market think as best we're we're to the for we're of of we're is I say is AC the would for point want to fast. that the yes, result for the site sure not driver. We're well partner. towards at With looking then onto road, cars starting notice DC

stack. credits. to think a potential that's on slightly force the impact for a adapting that. the carbon of seen We've in are driving our as fast that, going ability that difference to more revenue about and And more we the to we And course, more electrons. start DC deployment increase going to demand the Also, for in see be market. more of to So, and this and mix us will delivery that's in claim in have states

we relates look do will through As as XXXX, it that's to progress recent to we and have guidance, any not we the years. given something

Andres Sheppard

$X the follow-up. you of I EV the to end then a result is to the to I billion think, at of submission the to regards August think and this, the charging In confirmed of allocated quick September. will Infrastructure will as the one state plans, Maybe that plans, Act, the alluded be end be by

to sense And to Infrastructure the fund of the you I'm are wondering expecting receive just that similarly, what of you use from So, Act? might any CapEx? some

Francois Chadwick

$X.X they the ability energy, I out billion think, in course, that mentioned the able that. departments two which parts planning goes want in of transportation, we to there, departments the way, the for efficient, just the state use federal tool, and not that efficient state the be there's actually to – about $X There's way. the to state just used it there's especially and so be – there point of money planning well as firstly, to but billion in in to equitable an an that part, of also

capital there deploying in same sort for. it giving maybe But may need may same have location companies the be in that be a period time the not of looking that return means a that infrastructure. So, where EV to

So, the we're planning PredictEV of federal the as relates the about use and to of talking deployment tool that the our capital. that state definitely to

larger lot be to is to still There a the there's relates actually planning discussions. and it XXXX. As lot the we're to and be end be wrap But is into money your the monies, of those our discussed. We're deployment a start still discussions, the a going team to flowing get to as think, at towards XXXX those having the desire Andres, having I decided quickly all and deployment that table, late of XXXX correct. up and possible. into the to actual that money out to as see timeline is We're

deployed, sure using once to money deployed that looking communities. mentioned, I that course, we're tool, our again, capital I is into, underserved equitably think, is of as make

Operator

of question Davidson. from coming D.A. Somerville is Matt next Our

Matt Somerville

in about utilization wondering in of now far early across how XXXX questions. the April. past, looked if you quarter, we're that In fourth and the on A through rates I trends midway you thus Volta network. couple could the was comment talked maybe that

Francois Chadwick

the to our we we map question something closely, footprint opens for to a is that question can the talking to give This this help we're additional we third it in is data, you them of quarter. very, respect as need us quarter we're relates very put conversation stalls. stalls. to – because utilization, in to this similar what those When tell to to course, up that increased and and was very metrics, then able does with I where the fourth partners, site track utilization saw What it decide the actually

So very, steady very there.

carefully. be we DC DCs stations was That's into move what it similar ground. that see going we monitor very to similar. put ground, start may fourth into right stalls in fast is the subsequent something slight something very change very the the quarter. when quarter to sits and we're quarters, As the now, There the to a our the across But expect utilization throughout we as

Matt Somerville

new the installations. follow-up, had management talked permitting around a being prior team a bottleneck material about As

supply I'm still of First, X,XXX sort And guess end X,XXX level bottlenecks the that this the into to incorporated case I that, of sense for your of to outlook? supply logistical how chain day, of related trying wondering you extent the At get not or sort is? Francois, I'm the have derisked the to I'm outlook could is if a extent for you're chain on what Volta? to wondering, – incurring you comment second, is challenges,

Francois Chadwick

One of around Matt, there's supply question. the two chain. parts to sort I that other think there's really one around permits, was

permits first. so, let take me And question the

has we those it's what we're the electrification is the an what of and process. in certain decarbonization is, seeing permits think to seeing easier in the where in time, though over were getting a sort locations similar and past been places, quicker advancing I just certain

And no That new to We're longer. the I any or what We've or we've a build different out state where or as to to is same industry down. make again. have that municipality, a as go slow sure With past. bit a where and efficient I'll installing effective team, whole mentioned are say, locations facing a it that we issues us very respect mention we question, stores permitting seen the have city takes have stalls to permitting so we I before, doesn't doesn't it chain the to little same. possible than our would continued the As in facing. date. this firstly, supply

now. management chain out them the Volta built had of supply the books. world at class We've company team. here on for They're internally number a have We months within a

good So into expecting have supply well. through chain to we we've got – have settled incredibly planned we have to our they've what as working working do supply And fully beyond XXXX actually we're through management already relationships in. partners, where into our and team,

through take there in to long and gone time of that looked lead we've time items. and a are stalls potential that So, believe couple our every items a the do there's stalls. a component at goes And specific into long those that get

have those and supply have access of down already to that minor We slow from very planned don't parts, to guidance that them we those parts – we're we've into and don't impact very that our a that. therefore, actually the small instances, sure make giving. In of pre-bought chain, sort couple

feel guidance, things our of and hit stalls. current chain supply So, we've the feel the current into on our of we me that makes pre-planned understanding stand already comfortable we guidance comfortable will and understanding our where

Operator

Our question Irwin of is Capital. from ROTH next coming Craig

Craig Irwin

us sale talk fund In bit talked around growth, Can financing. that transactions potentially for maybe need about maybe approximate Can accounting economics your and remarks, future a specifically company, and And to how this public you would direction. little access, a use to prepared capital you? the sale Francois, your of I its or color – network the probably you little leaseback you little more maybe swing bit give for now assume historic that leaseback in growth? bit would a figure about talk you're out costs station there its a company's

Francois Chadwick

way of capital, two. definitely from item on with in providers remarks well able quarter deep say and earlier, expect coming my be to yes, an non-dilutive to discussions repeating we are in financing. Just more the or the prepared are Those non-dilutive next we

and at more the and marketplace forward those we've into in financing looking now. actually stalls. sort the That where to of sale more those the the that leaseback, way We're some operator we the owner and right it of deals done As deals the we're facing of yes, are are past. relates overall the that is

of is more look of the and as sort of discussing lot dialog of the financing a base, interested having sort around are do portfolio customer of capital the However, portfolios actually it's we in the the the larger providers with at something happening that the us. something more, potential that is

Craig Irwin

announcement, chunky, growth. your announcement, second question, network the big on provides nice of multi-year Walgreens very My context in visibility

trading XXXX and bankers below that's X,XXX kind your guidance few for like below. together expecting for the it put the pointing SPAC than were dramatically And where a permits. year-end you're Walgreens of the units but we for IPO, stock Your are, suggests we target for more contracts that maybe

can understand? Are more out you us or similar other other that a potential things we commentary So, some little similar in orders growth? permits causing make have contracts? significant there, maybe shortfall you than there such station else around to bit color should give are What a

Francois Chadwick

It's I a address think question. one good day. it's every I

me or break because that little two addressed. I question should a that to bit parts Let there's be three up question your think

the we a Walgreens about. and sizable was yes, Firstly, is contract that It's big a company. one very win very that very, is proud for feel –

latter start will we As as it you that contracts, have serious giving are will obviously the in installed cadence be XXXX can of number more the I into those that relates of year, a go have wins and And disclose anything towards through we to you that be other Those other XXXX. the as can't details pipeline customer well. through obviously, half on wins ongoing we to coming but potential will I particular, tell discussions.

don't things down. things mentioned slow to You feel I that the want anybody that permits. the permits are

states very already and mentioned permitting we're locations process, where – quickly. I places before, in things a through there in moving is As those where

that EV the the Europe, that's I a swifter a in five it's in adoption point that, of found out have process fully taking Some and sort which out to laid is places there years sort well is a much where quicker permits actually we've date. would of of some of getting the additional ahead out as much us process, don't time. game,

to I company I As a to area team point just I've sales a just want to having for the at feel I our and that very and strong out our comfortable, our very guidance in and it once chain built feel the the other robust, guidance financial the again and out for been on built having relates media very many installs, confident the teams year, actual stall I teams – team team feel given. sales in is supply sales that stalls stalls both our focus management that the now

Craig Irwin

the to more of SPAC so to of expected time my us why you complete lower than guidance at was merger. give be your understanding the can the much Just that some install restate question, are rates given

losses to I been the investors. in for stock of essential beyond where that your understanding think dramatic is a lot quite move investors equity feel volatility there's

Francois Chadwick

to understand for year. the come going back just I'm guidance to Craig, giving repeat the I I'm the and question. that

Operator

is question Needham of Bagri coming next & Company. Our from Vikram

Vikram Bagri

charge just proceed from out. charge signposts second day installation your only part you're with almost charge actually, signposts initiating with to be you what a I is to what The looking first with pilots Obviously, was free deal charge? really the Would conversation you charge note, DCFCs to ways more rates what for trying two-hour indicators actually signposts network. question. of and has question. the charge the call is what this should pricing are is limit, for for would for in reduce and charge question initially kind various the have day for how or like first, you initially? it. looking the initiate this It's your we do you US initiate same for in multiple for first That half that for you're or question. enjoy understand Vikram, happening question the background, a It the of of great plan I you run And And on on your probably in this of coming I looking strategy? angles customer this my charge you of to waiting something below sounds DCFCs address back market we XXXX? to

at that points is taking card look customer, stations. there experience is user user look the what's the turning friction we're that make and working – to sure DC, else? DC that is, right beta stations and to on ground. – on of is the the the But for how what tie start the our looking look that it back charge in is to like, interface the of the that We as understand fast through some that these our how are to into And, are are are looking credit everything what tie the looking charge Vikram, DC availability for our we're how beta testing correct, easy we and on any do All installed the for turn now. charging? your we have app driver for testing, do do obviously, you to we as we we that fast And charge driver? we turn data get everything we started the feedback app, on, authentication, with and This on you would turn and the we once once for

Vikram Bagri

was And bit sales? like to down understand from As of mix, the the margins related how by it same were also revenues gross to on product in quarter. third which a product fourth note, Just network development function a quarter. revenue it seems sequentially sticky more increased a revenues change driven in nicely was that try Is to are. follow-up, was I wondering, sales? these

Francois Chadwick

sometimes I You've that of in would put ground, certain and to it. seasonality, questions. same the it just the of things, network lines a Not the revenue, more development seasonality Yes, its along happens again has the almost certain lot level the of ability answered quicker. to say stalls a

Sometimes it just happens a little slower. bit

cadence. margin. is does quarter. are does it the development little have in yes, install correct, there quarter bit So, gross revenue to as a that yes, affect from on sort impact the of slight moves you network And, difference a That an that

Operator

from today question of Tuohy. Shere is Craig last Our coming

Craig Shere

operating a sure feel alluded this realize there's relates I burn public burn is little my fourth your the that your the restatements, versus non-dilutive to question still how you cash correct, the the liquidity? working trajectory And a also one-time million debut. financing ongoing trajectory, cash do cash a about to. quarter, math But Notice you capital. I'm before $XX of lot was maybe if costs, burn

Francois Chadwick

of look When two at the operating the and the cash expenses also things. I CapEx to look through I there's OpEx burn through burn, that. parts the then the side at and

mentioned, capital that things, timeline the every it project at to look spend. at relates for committee to and we that does put it as look the with of As in return I place spend the have this capital does that side respect on

So, that. feeling good about very

been relates it expenses, our this looking look As at what this to carefully. I very, very – at operating do I is

We of have through discipline, are actual the installed beyond. And mapped out budgets. XXXX what matching spend amount I've those and a to operating discipline expenses significant to anticipated be financial the in

the at to portfolio of – a we potential myself feel have we the these CapEx in back in and liquidity good as and stalls, Also, very, discussions make that again, the So of there's get we lot sure place repeating actual with these the capital. very burn, of to mention, for – demand controlled. those in, once to a we're that for lot respect on the looking portfolio Craig, deals and that is the there's And at. I controls those burn are cost non-dilutive well Craig, it go I'll about procedures financing significant the as relates

Craig Shere

your mind the go cost, mix growth was as higher don't today. around DC The Analyst questioning to in shortfall. is, higher back chargers it value then thing Craig's the prior your in wanted Day, think of as is I maybe back I the to at station June, fast large back

relate installs, more the may to and in in far three with come what your DC about as just So, still that installs can as two, to years could fast In expectations? cash that anticipated assume words, of closer terms changes chargers one you other you with outlook and original flow. revenues fewer would and in mix discuss

Francois Chadwick

partners. has I seeing is think we're the last do. being year, fast are in changed, need we're June were back it, coming prepared DC we That strategy. Yes, When Yes. earlier through I for asked more you And we're demand correct. back, our looking what – what market to about has of changed. market it's my the coming I through seeing And as want expand partners. to site site in is the new go It's our remarks and land from well from current mentioned it

relates expand, As the what also in in on new land DC, DC they depending to and and the to looking seeing two, is, are it actually level both sites, we're location. have fast

sites, have chargers. spend relates long it they a to to level drivers coming were the can hey, where choice they fast are be charging these offer to in the and DC the car. current two, more they you able cars As saying, want our their honestly, there's needing because to make some that And back we to just may how opportunity put about

to with to feel want think will fast, right, hit it guidance. where our are we into I But add make stalls increase in – well, our DC more hit it you going to are I this are store and revenue revenue may opportunities I sure are installation that that will that. So, is why the for reduce, you comfortable correct don't any situation particular as does store – say with partly guidance the a XXXX we lead

again, So, the that, I'm demand. even that once changing, mix will mix to guidance is we the is I the the changing And feel though meet giving. due comfortable

Craig Shere

DC costs be focused? your about Very two, correct are the charger two level times last memory Europe that follow-up. is my more DC to and If is going

Francois Chadwick

the is the to times costs in stores. that actually approximately of materials DC level electricity the two bill the And getting Yes, the two store. plus store, due and the getting installation that's stalls are the to the

Europe, As seeing a to demand it as mix, a we're relates seeing we're well.

in what as two, will going chargers. that the looking respond actually is and we're we is. for. demand offer at both the level the look that well market to to DC continue meet We we as to the demand the we Europe, that can chargers as AC and sure So, mix make that assess

Operator

this turn comments. management back closing At I'd over to you. to like Thank time, the for floor

Francois Chadwick

on thanking We as everybody employees do Well, updates Thank customers their for to our we beyond. drive providing for you I want all for Volta's Okay. our to all. and of through our and to success, forward forward for your commitment. time our XXXX their their today. progress you future look thank conclude by shareholders contributions support

Operator

for you in Ladies thank and participation gentlemen, Volta. interest your and

You day. your at of may time disconnect lines your this and log enjoy off the rest or the webcast

Volta (VLTA) 18 Apr 222021 Q4 Earnings call transcript