Volta Inc. (NYSE:VLTA) stock slid over 20% on Tuesday after a mixed Q3 earnings result and a signal of slowing growth.
For the third quarter, a $0.25 loss per share came in slightly better than expected, while $14.36M in revenue reflected slower sales growth than anticipated by analysts. During the quarter, the company installed 173 stalls, bringing Volta’s installed base to a total of 3,093 stalls.
“While our pace of installation is still one of the best in the industry, this quarter saw fewer total stalls installed due to management’s decision to preserve our very limited capital during our ongoing capital raising process in response to current market conditions and in part due to the attractive investment tax credits, which become available at the beginning of next year under the inflation reduction,” Interim CEO Vince Cubbage explained on Monday evening. “Given the difficult chemical constraints that we face, Volta will continue to slow its installation cadence until capital, including focus of the funds through the myriad of federal programs previously announced, is more readily available.”
He added that the trajectory for full year capital expenditures is “dependent on the company’s ability to raise capital.”
Shares of the San Francisco-based EV infrastructure company fell 21.45% about an hour into Tuesday’s trading day. The decline extends an over 90% drop for the stock in the past year.
Read the earnings call transcript.