Voltabox AG / Key word(s): Change in Forecast
Voltabox Not Expected to Reach Growth Targets for 2020 Due to COVID-19 Pandemic; Reduces Forecast for the Current Fiscal Year
Delbrück, Germany, March 27, 2020 - The increasing order cancellations and noticeable decline in customer orders as well as the obstruction of supply chains for important electronic and housing components in the wake of the COVID-19 pandemic have resulted in a significant deterioration in the short-term business prospects for Voltabox [ISIN DE000A2E4LE9]. Voltabox has thus applied for a shorter working hours model and will make extensive structural adjustments to the cost base to stabilize its operations.
The Management Board is of the opinion that it will not be possible to make up for the revenue losses already identified and still expected in the further course of the year resulting from the spread of SARS-CoV-2 - even if the overall economic conditions quickly return to normal. Accordingly, Voltabox will not be able to reach the projected results for the 2020 fiscal year. Due to the situation, which is changing daily, and the considerable uncertainty about the duration and consequences of the COVID-19 pandemic, the Management Board is currently unable to make a reliable revenue and earnings forecast for the current year and has thus reduced its forecast for 2020.
Voltabox AG (ISIN DE000A2E4LE9), which is listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange, is a system provider for e-mobility in industrial applications as well as in select mass markets. Its core business lies in intrinsically safe, highly developed high-performance lithium-ion battery systems that are modular and in serial production. The battery systems are used for applications including commercial vehicles, such as buses for public transportation, forklifts, automated guided vehicles and mining vehicles. The company also develops and produces high-quality lithium-ion battery systems for select mass-market applications such as pedelecs and e-bikes as well as starter batteries for high-performance motorcycles.
Voltabox has production sites at its headquarters in Delbrück, Germany, in Austin, Texas, USA, and in Kunshan, China, as well as a development site in Markgröningen, Germany.
Additional information about Voltabox can be found at www.voltabox.ag/en.
|Phone:||+49 (0)5250 9930 964|
|Fax:||+49 (0)5250 9930 901|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1009633|
|End of Announcement||DGAP News Service|