Voltabox in the Light of Business Transformation - Refocusing to be Completed in 2021

- Preliminary full-year results for 2020 in line with recently issued expectations, targeted EBITDA margin significantly exceeded

- Marketing of FSD technology proceeds dynamically as planned - first sample orders and successful contact initiation with several potential licensees

- Management Board sets conservative expectations for fiscal year 2021

Delbrück, Germany, April 27, 2021 - For Voltabox AG [ISIN DE000A2E4LE9], the 2020 fiscal year was, in line with expectations, another transition year following the significant impact the Corona crisis had on the company. As announced, the company expects the market launch of the new flow-shape design technology in the middle of this year to mark the completion of measures for adapting the business model.

According to preliminary, unaudited figures, Voltabox generated revenue of € 18.1 million in fiscal year 2020, slightly above the forecast of € 17 million. EBITDA amounts to € -8.1 million, which corresponds to an EBITDA margin of -44.9%. As announced, there are still individual effects from the inventory valuations of materials that will no longer be used by Voltabox to be reflected in the income statement in the 2020 consolidated financial statements. As expected, the free cash flow of € -1.8 million is slightly negative.

"After the setbacks of the previous year, we worked hard to steer the Voltabox Group into calmer and safer waters and to quickly achieve profitability. While the Corona pandemic has delayed these plans, we are not letting these hurdles stop us. The groundbreaking development of our flow-shape-design technology is the best proof that Voltabox's focus has been consistently sharpened," says Jürgen Pampel, CEO of Voltabox AG.

Voltabox has been doubly affected by the impact of the Corona pandemic. Blocked supply chains in the spring and subsequently significantly reduced call-off volumes from Voltabox customers, who were also noticeably affected by the Corona crisis, characterized the business performance in the past year. Nevertheless, the company was able to make considerable progress towards the "new Voltabox". In addition to concluding a long-term contract for the conversion of diesel buses to electric drives with the customer e-troFit, Voltabox developed a patented technology concept for the lighter, more efficient and more cost-effective construction of lithium-ion batteries. With the Voltabox-Flow-Shape-Design(R) (FSD), Voltabox aims to make the technology with its high market relevance available to a customer base as wide as possible through its own production as well as through out-licensing.

"Unfortunately, our existing customers continue to order very cautiously, which will presumably continue to significantly characterize our sales and earnings situation until the middle of the year. At the same time, however, we have created extremely exciting opportunities in the market with our FSD technology and the first products developed on this basis," explains Patrick Zabel, CFO of Voltabox AG.

As part of the licensing model set up for the commercialization of FSD, Voltabox will enable several customers to use the manufacturing process in the current fiscal year. In the Automotive application area, i.e. cars, trucks and two-wheelers, the longstanding majority shareholder paragon has expressed its intention to license the FSD technology. Voltabox itself will then focus its development and production activities on the core market of industrial applications. These primarily include the branches intralogistics, buses, construction and agricultural machinery, municipal vehicles and stationary power supply.

Voltabox AG will also offer production services in the field of highly automated lithium-ion battery production for the first time in these industries; initial inquiries are already being processed. As a result, the company expects a more base capacity utilization.

"Voltabox has performed well in the past months and years despite all adversities and has created a basis for reaching break-even more quickly. This is clearly an advantage for the current sales process and has once again widened the circle of approaching investors," emphasizes Klaus Dieter Frers, CEO of paragon and Chairman of the Supervisory Board of Voltabox AG.

In the 2021 fiscal year, the Voltabox Management Board now expects to generate sales of € 15 million with an EBITDA margin of -15%. The sales potential clearly exceeds this conservative estimate; however, the further recovery of the markets of Voltabox customers remains to be observed. Free cash flow is expected to be in the negative single-digit million range.

Due to delays in the audit of the consolidated financial statements, which have been communicated to the company by the auditor, the publication of the annual report has been postponed. Voltabox AG will publish the annual financial report immediately after finalization of the audit documentation. The new financial calendar will be published shortly. Additional information about Voltabox can be found at www.voltabox.ag/en.

About Voltabox AG

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.

Additional information about Voltabox can be found at www.voltabox.ag/en.

Contact

Voltabox AG

Stefan Westemeyer
Artegastrasse 1
33129 Delbrück, Germany
Tel.: +49 (0) 52 50 - 99 30-685
Fax: +49 (0) 52 50 - 99 30-901
Email: investor@voltabox.ag