– Third Quarter Revenue Up 77% year-over-year ("YoY") to $8.5 Million, up 22% quarter-over-quarter ("QoQ")

– 50% YoY growth in Total Installed Stalls - 2,137 as of Sept 30, 2021, up 168 in the quarter

– Added new media brands Visa, DHL and Discover to the platform; while Comcast, Dunkin', FedEx, and Hulu returned as repeat advertisers

Volta Inc. (NYSE:VLTA) ("Volta" or "the Company"), an industry leader in commerce-centric electric vehicle ("EV") charging networks, today announced financial results for its third quarter ended September 30, 2021.

"This year has been momentous for Volta as we continue our mission to build the fueling infrastructure of the future and support the multi-generational shift to electric mobility," said Scott Mercer, Founder and CEO of Volta. "Since announcing our business combination with Tortoise in February, we have continued growing our Network Development partner relationships across multiple sectors and flagship community locations, while further strengthening our Behavior and Commerce customer base. I couldn't be more excited about Volta's future. Our significant pipeline provides a strong foundation for future growth that will further compound the value of our network."

Key Company Highlights

Six Flags Agreement partnering with Six Flags Entertainment Corporation, the world's largest regional theme park company and the largest operator of waterparks in North America, to make EV charging accessible at their parks across the United States serving hundreds of millions of guests.
Launch of PredictEV™ product, a machine learning and artificial intelligence driven solution for infrastructure planning, with a multi-year commitment from Southern Company, the second largest utility company in the United States, to utilize the product in its transportation electrification programs.
Partnering with Bloomberg Media for first-of-its-kind, "Air Pollution Scoreboard" digital place-based integration featuring climate change-focused editorial content across Volta's national network.

Results for Third Quarter 2021

Revenue grew 77% YoY to $8.5 million, compared to $4.8 million in the prior-year period, largely attributable to strong growth within Behavior and Commerce. Behavior and Commerce revenue grew to $7.4 million from $2.2 million in the prior-year period, primarily due to increased sales of media campaigns with national brands. Network Development revenue decreased YoY due to a decrease in customer-owned installations.

Revenue by Category

	Three Months Ended September 30,
(in thousands)	2021			2020
Revenues
Behavior and Commerce	$		7,360	$	2,214
Network Development	1,071			2,581
Charging Network Operations	(1)			—
Network Intelligence	60			—
Total revenue	$	8,490		$	4,795

Cost of services was $5.4 million, compared to $4.6 million in the prior-year period, primarily due to increased station rent driven by a larger aggregate number of active leases, additional advertising and media costs, and a rise in network costs due to an increased charge for station data plans.

Selling, general and administrative expenses were $29.0 million, compared to $9.0 million in the prior-year period. This was primarily due to planned growth initiatives that resulted in increased costs, including bonuses and commissions of $2.2 million and additional insurance costs of $1.2 million, with one-time expenses related to non-cash stock-based compensation of $4.2 million and professional services fees of $3.2 million incurred related to the de-SPAC process.

Net loss was $43.1 million, compared to a loss of $14.5 million in the prior-year period, and earnings before interest, taxes, depreciation and amortization (EBITDA) was a loss of $38.3 million compared to a loss of $9.5 million in the prior-year period.

In April of FY20, Volta received loan proceeds of $3.2 million under the Paycheck Protection Program ("PPP") of the CARES Act. Although the Company received full forgiveness for the PPP loan, as the entire amount was used for eligible expenses under the program, the Company repaid the entire balance of the $3.2 million loan on October 12, 2021.

In the quarter, Volta completed its business combination with Tortoise Acquisition Corp. II, resulting in net proceeds of $350 million. The Company had a cash and marketable securities balance of $331 million as of September 30, 2021.

Shares outstanding as of September 30, 2021 were 161.9 million.

Results Nine Months Ended September 30, 2021

Revenues increased 82% to $20.2 million, compared to $11.1 million in the prior-year period, largely attributable to strong growth within Behavior and Commerce.

Revenues by Category

	Nine Months Ended September 30,
(in thousands)	2021			2020
Revenues
Behavior and Commerce	$		17,373	$	4,181
Network Development	2,412			6,189
Charging Network Operations	—			706
Network Intelligence	387			—
Total revenue	$	20,172		$	11,076

Total Stalls Connected, including Site Partners

Total stalls connected at September 30, 2021, were 2,137, representing a 50% YoY increase. The company added 168 stalls in the quarter and now has sites in 23 states. Volta's stalls generated over 238,000 estimated charging sessions per month, 24% utilization per 24-hour period, with a total 3.5 GWh Network Throughput in the quarter.

The following table sets forth total stalls connected, together with total revenue, for the Nine months ended September 30, 2021 and September 30, 2020:

	Nine Months Ended September 30,
(in thousands)	2021		2020
Total revenue	$	20,172	$	11,076
Total stalls connected, including site partners	2,137		1,427

Full Year 2021 Outlook

Based on current business conditions, business trends and other factors, for the full year ending December 31, 2021, the Company expects:

Revenue in the range of $32 million to $36 million
Total signings to be in the range of 600 sites to 700 sites
Total operational stalls in the range of 2,300 to 2,500, with 1,300 plus stalls in our construction queue.

For a reconciliation of a non-GAAP figure to the applicable GAAP figure please see the table captioned "Non-GAAP Reconciliation" set forth at the end of this press release. These expectations do not consider, or give effect to, among other things, unforeseen events, including changes in global economic conditions.

Webcast and Conference Call Information

Company management will host a webcast and conference call on November 10, 2021, at 5:00 p.m. Eastern Time, to discuss the Company's financial results.

Interested investors and other parties can listen to a webcast of the live conference call and access the Company's first quarter update presentation by logging onto the Investor Relations section of the Company's website at https://investors.voltacharging.com/.

The conference call can be accessed live over the phone by dialing 1-800-954-0683 (domestic) or + 1-212-231-2903 (international). A telephonic replay will be available approximately two hours after the call by dialing 1-844-512-2921 (domestic) or +1-412-317-6671 (international). The conference ID for the live call and pin number for the replay is 21998704. The replay will be available until 11:59 p.m. Eastern Time on November 24, 2021.

About Volta Inc.

Volta Inc. (NYSE:VLTA) is an industry leader in commerce-centric EV charging networks. Volta's vision is to build EV charging networks that capitalize on and catalyze the shift from combustion-powered miles to electric miles by placing stations where consumers live, work, shop and play. By leveraging a data-driven understanding of driver behavior to deliver EV charging solutions that fit seamlessly into drivers' daily routines, Volta's goal is to benefit consumers, brands and real-estate locations while helping to build the infrastructure of the future. As part of Volta's unique EV charging offering, its stations allow it to enhance its site hosts' and strategic partners' core commercial interests, creating a new means for them to benefit from the transformative shift to electric mobility. To learn more, visit www.voltacharging.com.

Non-GAAP Financial Information

In addition to its financial results determined in accordance with U.S. GAAP, Volta believes the following non-GAAP measure is useful in evaluating its operating performance. Volta uses the following non-GAAP financial measure to evaluate its ongoing operations and for internal planning and forecasting purposes. Volta believes that this non-GAAP financial measure, when taken together with the corresponding U.S. GAAP financial measure, provides meaningful, supplemental information regarding its performance by excluding certain items that may not be indicative of its business, results of operations or outlook. Volta considers EBITDA to be an important measure because it helps illustrate underlying trends in its business and its historical operating performance on a more consistent basis. Volta believes that the use of EBITDA is helpful to its investors as it is a metric used by management in assessing the health of its business and its operating performance.

However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. In addition, other companies, including companies in Volta's industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Volta's non-GAAP financial measures as tools for comparison. A reconciliation is provided below for the non-GAAP financial measure to the most directly comparable financial measure stated in accordance with U.S. GAAP. Investors are encouraged to review the related U.S. GAAP financial measure and the reconciliation of this non-GAAP financial measure to its most directly comparable U.S. GAAP financial measure, and not to rely on any single financial measure to evaluate Volta's business.

Total Stalls Installed

Volta management considers "Total Stalls" as the total size of its installed charging network at the end of the period, including Volta-owned and network partner-owned charging stalls operated by Volta. Volta's management uses Total Stalls Installed for internal network planning and forecasting purposes, including evaluating the potential Behavior and Commerce revenue generating capacity of its charging network, which is generated through delivery of content by Volta's partners across both Volta-owned and its network partner-owned charging stalls. In addition, Total Stalls Installed provides the basis for Volta's assessment of its charging network operations as well. Volta believes that this performance measure provides meaningful, supplemental information regarding the Volta charging network that helps illustrate trends in its business and operating performance. Volta believes that this performance measure is helpful to its investors as it is used by management in assessing the growth of the Volta charging network.

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel," "believes," expects," "estimates," "projects," "intends," "should," "is to be," or the negative of such terms, or other comparable terminology and include, among other things, statements regarding Volta's strategy and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: intense competition faced by Volta in the electric vehicle ("EV") charging market and in its content activities; the possibility that Volta is not able to build on and develop strong relationships with real estate and retail partners to build out its charging network and content partners to expand its content sales activities; market conditions, including seasonality, that may impact the demand for EVs and EV charging stations or content on Volta's digital displays; risks, cost overruns and delays associated with construction and installation of Volta's charging stations; risks associated with any future expansion by Volta into additional international markets; cost increases, delays or new or increased taxation or other restrictions on the availability or cost of electricity; rapid technological change in the EV industry may require Volta to continue to develop new products and product innovations, which it may not be able to do successfully or without significant cost; the risk that Volta's shift to including a pay-for-use charging business model and the requirement of mobile check-ins adversely impacts Volta's ability to retain driver interest, content partners and site hosts; the EV market may not continue to grow as expected; and the ability to protect its intellectual property rights; and those factors discussed in Volta's Registration Statement on Form S-1 under the heading "Risk Factors," filed with the Securities and Exchange Commission (the "SEC"), as supplemented by other reports and documents Volta files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Volta undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Volta Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets

	September 30, 2021			December 31, 2020
	(in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	331,254		$	58,806
Accounts receivable, less allowance for doubtful accounts; $53.2 and $53.2, respectively	8,662			6,150
Inventory	3,867			6,152
Prepaid partnership costs - current	9,692			9,625
Prepaid expenses and other current assets	9,932			921
Total current assets	363,407			81,654
Operating lease right-of-use assets, net	61,570			49,434
Property and equipment, net	82,389			49,358
Notes receivable - employee	—			1,019
Other non-current assets	3			327
Prepaid partnership costs - non-current	415			—
Intangible assets, net	845			—
Goodwill	221			—
Total assets	$	508,850		$	181,792

LIABILITIES
Current liabilities
Accounts payable	35,864			5,494
Accounts payable - due to related party	—			92
Accrued expenses and other current liabilities	13,898			21,533
Operating lease liability - current portion	9,267			7,484
Deferred revenue	6,928			7,625
Term loans payable - current	19,527			10,323
Warrant liability	37,269			698
Total current liabilities	122,753			53,249
Term loans payable, net of unamortized debt issuance costs and current term loan payable	27,662			40,697
Operating lease liability - non-current portion	47,844			37,146
Other non-current liabilities	6,944			7,004
Total liabilities	$	205,203		$	138,096

Redeemable convertible Legacy Volta Preferred Stock, $0.0001 par value: 86,845,643 shares authorized; 76,493,917 shares issued and outstanding as of and December 31, 2020. Volta Inc. Preferred Stock, $0.0001 par value: 10,000,000 shares authorized; no shares were outstanding as of September 30, 2021 (aggregate liquidation preference of $0 and $214,719,011 as of September 30, 2021 and December 31, 2020, respectively)	—			182,599

STOCKHOLDERS' (DEFICIT) EQUITY
Common Stock, $0.0001 par value: 400,000,000 and 152,901,000 shares authorized; 161,905,042 and 24,696,437 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	16			1
Additional paid-in capital	584,572			13,233
Accumulated deficit	(280,941		)	(152,137		)
Total stockholders' (deficit) equity	303,647			(138,903		)
Total liabilities, redeemable convertible Preferred Stock and stockholders' (deficit) equity	$	508,850		$	181,792

Volta Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
REVENUES	(in thousands except share and per share)
Service revenue	$	8,058		$	4,043		$	19,115		$	8,907
Product revenue	372			752			670			1,463
Other revenue	60			—			387			706
Total revenues	8,490			4,795			20,172			11,076

COSTS AND EXPENSES
Costs of services (exclusive of depreciation and amortization shown below)	5,347			4,554			15,087			11,551
Costs of products (exclusive of depreciation and amortization shown below)	528			669			881			1,388
Selling, general and administrative	28,963			8,954			107,172			26,491
Depreciation and amortization	3,116			2,257			7,812			5,251
Other operating (income) expense	203			(13		)	1,067			(361		)
Total costs and expenses	38,157			16,421			132,019			44,320
Loss from operations	(29,667		)	(11,626		)	(111,847		)	(33,244		)

OTHER EXPENSES
Interest expense, net	1,639			2,778			5,030			5,695
Other expense, net	188			97			467			84
Change in fair value of warrant liability	11,554			(3		)	11,436			(14		)
Total other expenses	13,381			2,872			16,933			5,765
LOSS BEFORE INCOME TAXES	(43,048		)	(14,498		)	(128,780		)	(39,009		)

Income tax expense	—			19			24			23
NET LOSS	$	(43,048	)	$	(14,517	)	$	(128,804	)	$	(39,032	)

Weighted-average Class A common stock outstanding, basic and diluted (Note 13 - Net Loss Per Share)	65,921,920			1,575,462			27,997,946			1,573,563
Net loss per Class A common stock, basic and diluted (Note 13 - Net Loss Per Share)	$	(0.58	)	$	(1.56	)	$	(3.48	)	$	(4.19	)
Weighted-average Class B common stock outstanding, basic and diluted (Note 13 - Net Loss Per Share)	8,481,143			7,733,885			8,998,756			7,733,885
Net loss per Class B common stock, basic and diluted (Note 13 - Net Loss Per Share)	$	(0.58	)	$	(1.56	)	$	(3.48	)	$	(4.19	)

Volta Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows

	Nine Months Ended September 30,
	2021			2020
	(in thousands)
Cash flows from operating activities
Net loss	$	(128,804	)	$	(39,032	)
Adjustments to reconcile net loss to net cash used in operating activities:
Reduction in the carrying amount of ROU assets	3,211			1,804
Depreciation and amortization	7,812			5,251
Stock-based compensation	51,411			818
Amortization of debt issuance costs	252			(9,001		)
Non-cash interest expense	—			(496		)
Revaluation of warrant liability to estimated fair value	11,436			(14		)
Expenses related to invoices in dispute	624			—
Loss on abandonment of property and equipment	542			—
Changes in operating assets and liabilities:
Accounts receivable	(2,510		)	7,099
Inventory	2,286			1,232
Prepaid expenses and other current assets	(8,914		)	(893		)
Prepaid partnership costs	(1,941		)	(4,613		)
Operating lease right-of-use asset	(14,699		)	(10,895		)
Other non-current assets	324			239
Accounts payable	30,371			(20,261		)
Due to related party	(92		)	89
Accrued expenses and other current liabilities	(7,506		)	16,466
Deferred revenue	(697		)	3,182
Lease incentive liability	(39		)	(16		)
Operating lease liability	12,482			9,471
Other noncurrent liabilities	504			(4,189		)
Net cash used in operating activities	(43,948		)	(43,759		)

Cash flows from investing activities
Purchase of property and equipment	(41,470		)	(12,753		)
Capitalization of internal-use software	422			—
Incentive lease obligation	—			605
Acquisition of 2Predict	(200		)	—
Net cash used in investing activities	(41,248		)	(12,148		)

Cash flows from financing activities
Due from employees for taxes paid on partial recourse notes	(8,340		)	—
Proceeds from issuance of Class B Common Stock warrants	—			291
Proceeds from issuance of Series D Preferred Stock	28,721			—
Proceeds from issuance of Series D-1 convertible notes	—			20,205
Proceeds from issuance of Series D-1 convertible notes -related party	—			9,800
Proceeds from issuance of long term debt	—			22,042
Payments of long term debt	(4,084		)	—
Proceeds from PPP loan	—			3,193
Proceeds from exercise of stock options	1,296			5
Payment of issuance costs related to Series D and D-1 Preferred Stock	(1,290		)	—
Proceeds from financing activity	—			446
Payment of financing activity principal	(452		)	(223		)
Proceeds from reverse recapitalization and PIPE Financing	350,100			—
Payment of transaction costs related to reverse recapitalization	(8,307		)	—
Net cash provided by financing activities	357,644			55,758

Net increase (decrease) in cash, cash equivalents, and restricted cash	272,448			(149		)
Cash, cash equivalents, and restricted cash, beginning of period	58,806			10,758
Cash, cash equivalents, and restricted cash, end of period	$	331,254		$	10,609

Supplemental disclosures of cash flow information
Cash paid for interest	$	4,649		$	870

Non-cash investing and financing activities
Conversion of redeemable convertible preferred stock into common stock in connection with the reverse recapitalization	210,030			—
Beneficial conversion feature related to convertible notes	—			1,192
Transaction costs not yet paid	1,847			—
Cashless exercise of Legacy Volta preferred stock warrants	1,944			—
Forfeiture of shares to settle promissory notes collateralized to common stock	9,263			—
Initial recognition of operating lease right-of-use asset	14,860			10,895
Initial recognition of operating lease liability	14,211			10,337
Class B Common Stock warrants issued in satisfaction of services rendered	—			291
Issuance of Common Stock in a reverse recapitalization	1,221			—

Volta Inc. and Subsidiaries

Non-GAAP Reconciliation

EBITDA

In order to provide investors with greater insight and allow for a more comprehensive understanding of the information used by management and the board of directors in its financial and operational decision-making, Volta has supplemented the condensed consolidated Financial Statements presented on a U.S. GAAP basis in this Quarterly report and 10-Q with EBITDA as a non-GAAP financial measure. Volta believes EBITDA provides its board of directors, management and investors with a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. Volta also believes that EBITDA is a measure frequently used by securities analysts, investors and other interested parties in the evaluation of companies in its industry, and is a measure contained in its debt covenants. However, while Volta considers EBITDA to be an important measure of operating performance, EBITDA and other non-GAAP financial measures have limitations, and investors should not consider them in isolation or as a substitute for analysis of Volta's results as reported under U.S. GAAP.

The following table provides a reconciliation of EBITDA to net (loss) income, the most directly comparable U.S. GAAP measure reported in Volta's unaudited condensed consolidated financial statements for the following periods:

	Three Months Ended September 30,						Variance
in thousands	2021			2020			$			%
Net Income (Loss)	$	(43,048	)	$	(14,517	)	$	(28,531	)	197	%
Income tax (benefit) expense	—			19			(19		)	(100	)%
Interest expense	1,639			2,778			(1,139		)	(41	)%
Depreciation and amortization	3,116			2,257			859			38	%
EBITDA	$	(38,293	)	$	(9,463	)	$	(28,830	)	305	%

	Nine Months Ended September 30,						Variance
in thousands	2021			2020			$			%
Net Income (Loss)	$	(128,804	)	$	(39,018	)	$	(89,786	)	230	%
Income tax (benefit) expense	24			23			1			4	%
Interest expense	5,030			5,695			(665		)	(12	)%
Depreciation and amortization	7,812			5,251			2,561			49	%
EBITDA	$	(115,938	)	$	(28,049	)	$	(87,889	)	313	%

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Volta Inc. Reports Financial Results for Third Quarter 2021