8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 13, 2022

VOLTA INC.

(Exact name of registrant as specified in its charter)

Delaware	001-39508	35-2728007
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

155 De Haro Street
San Francisco, CA 94103

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (888) 264-2208

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common Stock, par value of $0.0001 per share	VLTA	New York Stock Exchange
Warrants, each exercisable for one share of Class A Common Stock for $11.50 per share	VLTA WS	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 13, 2022, Volta Inc. (the “Company”) issued a press release announcing certain financial results for the first quarter ended March 31, 2022. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information set forth in this Item 2.02 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 Item 7.01 Regulation FD Disclosure.

On May 13, 2022, the Company posted an investor presentation to the investor section of its website at https://investors.voltacharging.com. Representatives of the Company intend to present some of or all of this information to current and prospective investors on the Company's earnings call for the quarter ended March 31, 2022 and at various investor meetings. A copy of the investor presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

The furnishing of the attached presentation is not an admission as to the materiality of any information therein. The information contained in the slides is summary information that is intended to be considered in the context of more complete information included in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”) and other public announcements that the Company has made and may make from time to time by press release or otherwise. The Company undertakes no duty or obligation to update or revise the information contained in this report, although it may do so from time to time as its management believes is appropriate. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosures. For important information about forward looking statements, see the slide titled “Forward Looking Statements” in Exhibit 99.2 attached hereto.

The information set forth in this Item 7.01 (including Exhibit 99.2) shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit Number	Description
99.1	Volta Inc. Press Release dated May 13, 2022
99.2	Volta Inc. Presentation dated May 13, 2022

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

VOLTA INC.
By:	/s/ Francois P. Chadwick
	Name: Francois P. Chadwick
	Title: Chief Financial Officer

Date: May 13, 2022

EX-99.1

Volta Inc. Reports First Quarter Financial Results

•First Quarter Revenue Increased 77% Year-Over-Year to $8.4 million

•Media (Behavior and Commerce) Revenue Increased 73% Year-over-Year to $6.1 million

•39% Year-Over-Year Growth in Total Installed Stalls – 2,548 as of March 31, 2022

•Added New Media Brand partners Showtime, Zoom, Bank of the West and T-Mobile to the platform; additional campaigns for PepsiCo, Disney, Aetna, and Sephora

SAN FRANCISCO (May 13, 2022) – Volta Inc. (NYSE: VLTA, VLTA WS) (“Volta” or the “Company”), an industry-leading electric vehicle (“EV”) charging network powering vehicles and commerce, today announced financial results for its fiscal first quarter ended March 31, 2022.

“We made continued progress against our strategy with total revenue growing 77%, media revenue up 73%, and total installed stalls growing 39% year-over-year,” said Brandt Hastings, Interim CEO, CRO at Volta. “New and expanded partnerships with top retail locations like Tanger Outlets and Six Flags, national advertisers such as T-Mobile and PepsiCo, as well as enhancements to our AI and data-science offerings, position us to further accelerate growth and ownership of the rapidly expanding electric mobility marketplace.”

Recent Key Company Highlights in 2022

New Partnership with Tanger Outlets – Announced a plan to install Volta charging stations at Tanger locations in nine U.S. markets, unlocking two new geographies for Volta. This agreement provides shoppers with access to a mix of DC Fast and AC charging with eye-catching charging stations located near the entrances of Tanger’s premium outlets. Tanger will also leverage Volta’s media network nationally, regionally, and locally as part of its omnichannel marketing partnership strategy.

Six Flags -Expanded relationship with this high-traffic entertainment venue where Volta’s charging and media model resonates. This expansion deal was for an additional five sites and 85 incremental stalls.

Volta Media Network™ Momentum - Added new media partners Showtime, Zoom, Bank of the West, and T-Mobile to the platform and ran additional campaigns for PepsiCo, Disney, Aetna, and Sephora.

Alabama's Electric Vehicle Infrastructure Plan- The State of Alabama leveraged Volta’s PredictEVⓇ software product in its plan to deploy infrastructure intelligently, efficiently, and equitably to boost the economic impact of electric vehicle charging across the state.

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Walgreens - Expanded partnership with 1,000 DC fast charging stalls at over 500 Walgreens throughout the U.S. This agreement furthers Volta’s DC fast charging expansion strategy and Walgreens’ support of initiatives that aim to lower emissions and make the planet healthier for communities everywhere.

First Quarter 2022 Financial Highlights

•Revenues increased 77% year-over-year to $8.4 million, compared to $4.7 million in the prior-year period.

Revenue by Category

	Three months ended March 31,
	2022	2021
Revenues	(in thousands)
Media Revenue (formerly Behavior & Commerce)	$    6,118	$    3,529
Network Development	2,214	1,001
Charging Network Operations	1	—
Network Intelligence	53	210
Total Revenues	$    8,386	$    4,740

•Selling, general and administrative expenses excluding stock-based compensation were $39.7 million, compared to $15.3 million in the prior period.

•Net loss was $48.1 million, compared to a loss of $65.2 million in the prior-quarter period.

•Adjusted EBITDA was $41.4 million loss, compared to $15.9 million loss in the prior-year period.

•Cash and marketable securities were $205.4 million as of March 31, 2022.

•Weighted average shares outstanding for the three months ended March 31, 2022 were 172.0 million.

Total Stalls Connected, including Site Partners

Total stalls connected as of March 31, 2022 was 2,548, representing a 39% year-over-year increase. A stall is attributed to a station based on the number of vehicles that can charge concurrently and there are certain configurations of Volta sites where one station is capable of charging more than one vehicle at a time. The Company added 218 stalls in the three months ended March 31, 2022 and now has stalls in 26 states.

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Full Year 2022 Outlook    

Based on current business conditions, business trends and other factors, for the full year ending December 31, 2022, the Company reiterates guidance of:

•Full year 2022 Revenue in the range of $70 million to $80 million

•Total incremental, connected stalls in the range of 1,700 to 2,000

•Total incremental, connected sites to be in the range of 650 to 750 sites

Second Quarter Outlook

Based on current business conditions, business trends and other factors, for the three months ending June 30, 2022, the Company provides guidance of:

•Second quarter Revenue in the range of $13 million to $14 million

Webcast and Conference Call Information

Company management will host a webcast and conference call on May 13, 2022, at 8:00 a.m. Eastern Time, to discuss the Company’s financial results and business operations updates.

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 +1-844-825-9789 (domestic) or + 1-412-317-5180 (international). A telephonic replay will be available approximately two hours after the call by dialing +1-844-512-2921, or for international callers, +1-412-317-6671. The pin number for the replay is 10166826. The replay will be available until 11:59 p.m. Eastern Time on May 27, 2022.

About Volta Inc.

Volta Inc. (NYSE: VLTA) is an industry-leading electric vehicle (“EV”) charging network powering vehicles and commerce. 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 people’s 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

This press release contains references to EBITDA and Adjusted EBITDA of Volta, which are adjusted from results based on generally accepted accounting principles in the United States (“GAAP”) and exclude certain expenses, gains and losses. The Company defines and calculates EBITDA as net loss attributable to Volta before the impact of interest income or expense, provision for income taxes, depreciation and amortization. The Company defines and calculates Adjusted EBITDA as EBITDA adjusted to exclude stock-based compensation expense and warrant valuation.

These non-GAAP financial measures are provided to enhance the user’s understanding of our prospects for the future and the historical performance for the context of the investor. The Company’s management team uses these non-GAAP financial measures in assessing performance, as well as in planning and forecasting future periods. These non-GAAP financial measures are not computed according to GAAP and the methods the Company uses to compute

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them may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

Refer to the attached financial supplement for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures for the three months ended March 31, 2022 and March 31, 2021.

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 stations 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 “anticipates,” “feels,” “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 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 impact of competing technologies that could reduce the demand for EVs; 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; the risk that Volta may fail to effectively build scalable and robust processes to manage the growth of its business and to expand its geographic footprint; the ability to protect its intellectual property rights; and those factors discussed in Volta’s Annual Report on Form 10-K for the year ended December 31, 2021 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.

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For Investor/Analyst:

Katherine Bailon, VP of Investor Relations

Katherine@voltacharging.com

For Media/Press:

Jette Speights, VP of Communications

Jette@voltacharging.com

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Volta Inc. and Subsidiaries

Unaudited Condensed Consolidated Balance Sheets

	March 31, 2022	December 31, 2021
	(in thousands, except share data)
ASSETS
Current assets
Cash and cash equivalents	$    205,408	$    262,260
Accounts receivable	5,213	12,587
Inventory	2,355	2,726
Prepaid partnership costs - current	8,935	8,982
Prepaid expenses and other current assets	12,820	12,091
Total current assets	234,731	298,646
Operating lease right-of-use assets, net	88,226	76,364
Property and equipment, net	124,588	97,728
Other non-current assets	322	321
Intangible assets, net	446	643
Goodwill	221	221
Total assets	$    448,534	$    473,923
LIABILITIES
Current liabilities
Accounts payable	32,126	18,460
Accounts payable - due to related party	—	1
Accrued expenses and other current liabilities	19,644	20,168
Operating lease liability - current portion	7,405	5,952
Deferred revenue	7,181	8,450
Term loans payable, net of unamortized debt issuance costs - current	15,998	15,998
Warrant liability	12,372	27,071
Total current liabilities	94,726	96,100
Term loans payable, net of unamortized debt issuance costs and current term loan payable	19,998	23,997
Operating lease liability - non-current portion	75,456	64,422
Other non-current liabilities	7,650	7,268
Total liabilities	$    197,830	$    191,787
STOCKHOLDERS' (DEFICIT) EQUITY
Class A and Class B common stock, $0.0001 and $0.001 par value respectively: 400,000,000 (Class A 350,000,000 Class B 50,000,000) shares authorized as of March 31, 2022 and December 31, 2021; 162,244,822 (Class A 161,849,487, Class B 395,335) and 162,105,399 (Class A 152,218,214, Class B 9,887,185) shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	16	16
Additional paid-in capital	727,267	710,638
Accumulated other comprehensive income	301	213
Accumulated deficit	(476,880)	(428,731)

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Volta Inc. and Subsidiaries

Unaudited Condensed Consolidated Balance Sheets

Total stockholders’ (deficit) equity	250,704	282,136
Total liabilities, redeemable convertible preferred stock and stockholders’ (deficit) equity	$    448,534	$    473,923

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Volta Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss

	Three Months Ended March 31,
	2022	2021
REVENUES	(in thousands except share data)
Service revenue	$    7,974	$    4,231
Product revenue	275	299
Other revenue	137	210
Total revenues	$    8,386	$    4,740
COSTS AND EXPENSES
Costs of services (exclusive of depreciation and amortization shown below)	9,262	4,609
Costs of products (exclusive of depreciation and amortization shown below)	420	352
Selling, general and administrative	56,219	60,857
Depreciation and amortization	3,695	2,173
Other operating expense	326	120
Total costs and expenses	69,922	68,111
Loss from operations	(61,536)	(63,371)
OTHER (INCOME) EXPENSES
Interest expense, net	1,313	1,687
Other expense, net	—	201
Change in fair value of warrant liability	(14,700)	(88)
Total other (income) expenses	(13,387)	1,800
LOSS BEFORE INCOME TAXES	(48,149)	(65,171)
Income tax expense	—	—
NET LOSS	$    (48,149)	$    (65,171)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	88	—
TOTAL COMPREHENSIVE LOSS	$    (48,061)	$    (65,171)
Weighted-average Class A common stock outstanding, basic and diluted	153,696,945	7,974,872
Net loss per Class A common stock, basic and diluted	$    (0.28)	$    (4.15)
Weighted-average Class B common stock outstanding, basic and diluted	18,294,483	7,733,885
Net loss per Class B common stock, basic and diluted	$    (0.28)	$    (4.15)

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Volta Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows

	Three months ended March 31,
	2022	2021
	(in thousands)
Cash flows from operating activities
Net loss	$    (48,149)	$    (65,171)
Adjustments to reconcile net loss to net cash used in operating activities:
Reduction in the carrying amount of ROU assets	2,289	1,094
Depreciation and amortization	3,695	2,173
Stock-based compensation	16,485	45,519
Amortization of debt issuance costs	84	—
Accretion expense	43	—
Non-cash interest expense	—	84
Revaluation of warrant liability to estimated fair value	(14,700)	(88)
Expenses related to invoices in dispute	—	624
Loss on disposal of property and equipment and inventory	326	—
Other	—	120
Changes in operating assets and liabilities:
Accounts receivable	7,450	244
Inventory	372	582
Prepaid expenses and other current assets	(743)	(4,793)
Prepaid partnership costs	(845)	349
Operating lease right-of-use asset	(13,703)	(4,657)
Other non-current assets	(1)	(216)
Accounts payable	13,666	4,906
Accounts payable - due to related party	(1)	143
Accrued expenses and other current liabilities	(13,225)	(4,709)
Accrued interest	(1,294)	(1,399)
Deferred revenue	(1,959)	(476)
Lease incentive liability	22	(5)
Operating lease liability	12,486	3,960
Other noncurrent liabilities	3,365	(18)
Contingent liability	500	—
Net cash used in operating activities	$    (33,837)	$    (21,734)
Cash flows from investing activities
Purchase of property and equipment	(17,384)	(3,572)
Capitalization of internal-use software	(1,611)	(14)
Disposal of property and equipment	—	179
Net cash used in investing activities	$    (18,995)	$    (3,407)
Cash flows from financing activities
Due from employees for taxes paid on partial recourse notes	—	(8,340)

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Volta Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows

Proceeds from issuance of Series D-1 convertible notes	—	28,721
Payments of long term debt	(4,083)	—
Proceeds from exercise of stock options	159	864
Payment of issuance costs related to Series D and D-1 preferred stock	—	(1,290)
Payment of financing activity principal	(184)	(145)
Net cash (used in) provided by financing activities	$    (4,108)	$    19,810
Effect of exchange rate changes on cash and cash equivalents	88	—
Net decrease in cash and cash equivalents	(56,852)	(5,331)
Cash and cash equivalents, beginning of period	262,260	58,806
Cash and cash equivalents, end of period	$    205,408	$    53,475
Supplemental disclosures of cash flow information
Cash paid for interest	2,523	1,504
Non-cash investing and financing activities
Purchases of property and equipment not yet settled	18,167	5,281
Initial recognition of operating lease right-of-use asset	13,989	4,835
Initial recognition of operating lease liability	13,511	4,471

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Volta Inc. and Subsidiaries

Non-GAAP Reconciliation

EBITDA and Adjusted EBITDA

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

	Three months ended March 31,
	2022	2021
	(in thousands)
Net (Loss)	$    (48,149)	$    (65,171)
Interest expense	1,313	1,687
Depreciation and amortization	3,695	2,173
EBITDA	$    (43,141)	$    (61,311)
Stock-based compensation expense	16,485	45,519
Warrant valuation	(14,700)	(88)
Adjusted EBITDA	$    (41,356)	$    (15,880)

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EX-99.2

May 13, 2022 Q1 2022 Earnings Call

May 13, 2022 Forward-Looking Statements This presentation 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 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”) on September 21, 2021 https://www.sec.gov/Archives/edgar/data/0001819584/000121390021048911/fs12021_voltainc.htm, Volta's Annual Report on Form 10-K, filed with the SEC on April 15, 2022 https://www.sec.gov/Archives/edgar/data/0001819584/000162828022009389/vlta-20211231.htm, Quarterly Reports on Form 10-Q, and 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 presentation. There may be additional risks that Volta does not presently know or that Volta currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

3 May 13, 2022 Volta’s Leadership on Today’s Call Francois Chadwick Chief Financial Officer Brandt is a revenue executive with two decades of experience building innovative business models and driving transformational growth for global companies such as iHeartMedia and Clear Channel Communications. In addition to his role as Interim CEO, Brandt leads Volta's advertising and charging solutions teams to deliver measurable impact to top international brands, agency partners, commercial properties, and retail locations. Brandt has led Volta's strong revenue growth and expanded the company's site partner relationships significantly since joining the company in 2020. Drew Bennett EVP, Network Operations Francois comes to Volta with more than 25 years of experience as a senior finance professional working in areas such as IPO finance and readiness, tax, compliance, accounting, strategy, business operations, mergers and acquisitions, financial planning and process design - with a particular focus on growth stage strategies. During his time at Uber, Francois was part of the team that scaled the company globally, orchestrating the launch of Uber in more than 100 countries and guiding its global growth plans. He helped to build Uber as it went through both the IPO and post-IPO process. Under his leadership, Francois built and coordinated a team of 200+ global professionals. He also served as a Board Member of Uber International CV. Brandt Hastings Interim CEO & Chief Revenue Officer Drew is Executive Vice President of Network Operations at Volta. In his role, he leads infrastructure development, supply chain, field operations, and customer support teams responsible for the continued growth and quality of the company’s EV charging network. With almost a decade of experience in EV infrastructure, Drew has held senior leadership positions at a variety of high-growth EV, clean energy, and climate-related companies. Prior to Volta, Drew served as the Head of Global Charging Infrastructure at Tesla, where he managed Tesla’s Supercharger, Home Charging, and Destination Charging businesses across 40+ countries. Drew holds B.S. and M.S. degrees in Management Science and Engineering from Stanford University. Katherine Bailon VP, Investor Relations Katherine brings more than 20 years of finance and investment experience to her role at Volta, having spent eight years on the buy-side as a hedge fund analyst specializing in technology segments such as green tech and auto tech. Her affinity for electric vehicles came early, having begun researching, writing, and investing in them in 2009. Before that, Katherine spent four years on the sell-side as a junior analyst in a top-ranked technology research team and then seven years in institutional sales at Goldman Sachs as Managing Director.

May 13, 2022 Brandt Hastings Interim CEO and CRO

5 May 13, 2022 Volta Q1 Performance Highlights Revenue $8.4 million, up 77% • Media Revenue $6.1 mn, up 73% Q1 Installed Base of Stalls 2,548 Media Brands • Showtime, Zoom, Bank of the West, T- Mobile new customers • PepsiCo, Disney, Aetna and Sephora returned repeat advertisers • 218 Stalls added in Q1, Up 39% YoY Site Partner Announcements • Tanger Outlets in nine markets • Walgreens 1,000 DC Fast stalls at 500 stores • Signed 3 new MSAs, Expanded 7 MSAs Europe • Signed partnership deals • Decathlon, the global sporting goods chain • Cineplex Group in Germany • Volta also celebrated the installation of its first charging stations in France

6 May 13, 2022 Volta’s Expanding Charging Network • Geographic Footprint: 26 States • 39 DMAs3 S C R E E N S 1 4,527S T A L L S S I T E S 4,695 2,548 800 3,727+ + I N S T A L L E D P I P E L I N E D E P L O Y M E N T B A S E T E C H N I C A L E V A L U A T I O N 2 1,443 1,461++ 7,051 ++ 7,785 1 Some stalls do not have screens, some wall mounted have a single screen 2 The part of the funnel that is under Technical Evaluation – Volta and our partners are serious enough about a project that Volta has decided to invest technical resources that will address feasibility and contractual variables required before both parties can agree to sign off on the project. 3 Designated Market Area Initial Stall Deployments France & Germany

7 May 13, 2022 Network Site Partners Media Volta’s First Quarter Highlights Site Partners - New Additions, Expansions Media Customers – New Logos, Repeat customers Q1 NEW SITE PARTNERS Q1 SITE PARTNERS WITH EXPANDED SITE RELATIONSHIPS Q1 NEW CUSTOMERS Q1 REPEAT CUSTOMERS FURTHER CUSTOMER EXAMPLESFURTHER SITE PARTNER EXAMPLES UTILITIES & GOVERNMENTS Revenue Streams LCFS CREDITS EARNED & SOLD California Oregon Charging Network Buildout Q1 REPEAT CUSTOMERS Q1 REPEAT CUSTOMERS FURTHER CUSTOMER EXAMPLES Network Intelligence Network Development Services Charging Network Operations

8 May 13, 2022 Super Bowl 2022 - Seven of nine Auto advertisements featured an EV • EV Models are perfect for the Volta Media Platform • In Q1 Volta had two Auto OEMs run (Super Bowl Ad) Amplification Campaigns The Electric Vehicle Industry is Investing in Our Media Platform VOLTA Super Bowl 2022 Amplification Campaigns Polestar 2 Nissan Ariya • $77.5 of the $110 million that automakers spent on commercials for the 2022 Super Bowl advertised EV models. • In 2021 EV ads accounted for 7.5 percent of auto advertising spent in the U.S, more than triple the level of 2019.1 1Automative News

9 May 13, 2022 Network Expansion Highlights Q1 Momentum MSAs and Signed Expansion Smart & Final West Coast Grocery Store Chain Walgreens • MSAs – 3 new agreements signed representing over 450 sites • Signed Expansions 8 partners representing 598 sites and 1,262 stalls • A chain of warehouse-style food and supply stores • New Q1 MSA – 100% of stores in the U.S. will participate • Volta won more than 50% of stores – competitive win • 500 Sites • 1,000 Stalls

10 May 13, 2022 Media Business Highlights Q1 Momentum +73% YOY +107% YOY 16 Q1 Media Revenue Growth Of Volta’s Top 20 Customers bought across multiple of the last 5 Quarters Q1 Media Campaign Volume Of Volta’s Top 20 Customers bought across ALL 5 of the last 5 Quarters 7 5 Of Volta’s top 6 Advertisers in Q1 grew their spend with Volta triple digits YOY

11 May 13, 2022 Media Revenue Seasonality Advertising Industry Revenue • Percentage of Year by Quarter Clear Channel Buzzfeed Facebook 16.55 23.7 26.61 33.14 17.32 21.44 22.83 38.4 22.12 24.87 24.6 28.4 18.67 23.34 24.68 33.31 13.6 24.98 28.35 33.08 0 25 50 Q1 21 Q2 21 Q3 21 Q4 21 VoltaAverage Seasonality of Volta’s Revenue compared to advertising peer group

12 May 13, 2022 Volta wins 6th large-scale utility partnership Volta’s PredictEV ® software is used by utility companies around the United States to identify ideal station locations including: • Michigan Office of Future Mobility and DTE Energy • Southern Company • Tucson Electric Power PredictEV ® named a Finalist by Fast Company for the second consecutive year A panel of Fast Company’s editors and reporters selected winners and finalists from a pool of nearly 3,000 entries across transportation, education, food, politics, health, social justice and more. These awards celebrate innovations that positively impact society by tackling climate change, social inequality, and public health crises. In 2021, Volta was recognized in the Energy Category. Volta’s PredictEV® Recognized for Established Excellence • PredictEV software underpins our go to market and acts as an indirect support to our overall business model • We also sell the product to Utilities and Governments as a SaaS (Software as a Service) • Recurring Revenue • Software gross margins

13 May 13, 2022 • Accelerate revenue growth and Beat or meet Annual Revenue Target of $70-80 mn • Beat or meet annual connected stall count Goals of 1,700 – 2,000 incremental connected stalls • Activate “Charge for Charging” Revenue in H2 • Enhance public company infrastructure and E.S.G. Reporting Volta is Laser Focused on Four Key Goals for 2022

May 13, 2022

15 May 13, 2022 Technical Evaluation Pipeline Timeline of the process Qualification Visit Tenant/Landlord Approval Contract signed 4,527 Stalls - Technical Evaluations 3,727 Stalls - Deployment Pipeline Proposal Volta has strong demand from our Site Partners • 4,500+ stalls undergoing feasibility assessment prior to contract signature

54321 6 16 May 13, 2022 Site Deployment Pipeline Overview Signed Deals with Site Partners at Specific Locations Con str uc tio n Pr e- co ns tru ct ion Pe rm itt ing En gin ee rin g & Des ign Com m iss ion ing 3,727 Stall Deployment Pipeline Volta has over 3,700 stalls that are signed and in various stages of the deployment pipeline • Combined with the Technical Evaluation Pipeline, Volta is currently working on projects that represent a 3.5x growth of the current network

17 May 13, 2022 FY22 Network Growth Deployment cadence accelerates quarterly Approximation of Stall Installation Cadence, by quarter (Q1 Actual) Approximation of Installed Base, by quarter (Q1 Actual) 2,548 2,898 3,348 4,180 218 350 450 832 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1 22 Q2 22 Q3 22 Q4 22 79% YOY GR EXPECTED • FY22 Full Year Guidance of 1,700- 2,000 additional installed stalls • 4,180 stalls installed base represents midpoint of guidance APPROXIMATIONACTUAL Installed Base Portion Installed in the quarter

18 May 13, 2022 Deployment Pipeline Signed opportunities under development are driving 2022 growth Approximation of Stall Installation Cadence Deployment Pipeline 0 500 1000 1500 2000 2500 3000 3500 4000 350 450 832 Q1 2022 Q2 2022 Q3 2022 Q4 2022 3,723 Approximation of Stall Installation Cadence Signed Deployment Pipeline Midpoint of Guidance with significant upside execution opportunity

May 13, 2022

20 May 13, 2022 Volta’s First Quarter Highlights Site Partners - New Additions, Expansions Media Customers – New Logos, Repeat customers Q1 SITE PARTNERS WITH EXPANDED SITE RELATIONSHIPS Q1 REPEAT CUSTOMERS FURTHER CUSTOMER EXAMPLES FURTHER SITE PARTNER EXAMPLES UTILITIES & GOVERNMENTS Revenue Streams LCFS CREDITS EARNED & SOLD California Oregon Q1 REPEAT CUSTOMERS Q1 REPEAT CUSTOMERS FURTHER CUSTOMER EXAMPLES Parking Stall Lease - Expense Q1 2022 Total Revenues $8,386 UP 77% YoY $6,118 | 73% of Total | UP 73% YOY Q1 NEW CUSTOMERS $1 | NM | NM$53 | 1% of Total | (75%) YOY $2,214 | 26% of Total | 121% YOY Charging Network Buildout Network Site Partners Media R venue Streams Network Intelligence Network Development Services Charging Network Operations Q1 NEW SITE PARTNERS

21 May 13, 2022 Revenues Three Months Ending Mar-22 Mar-21 YOY % Media Revenue (formerly Behavior and Commerce) $ 6,118 $ 3,529 73% Network Development 2,214 1,001 121% Charging Network Operations 1 — 100% Network Intelligence 53 210 (75%) Total Revenue $ 8,386 $ 4,740 77% Revenue by Category $ in 000s

22 May 13, 2022 Q1-22 GAAP to Non-GAAP Gross Margin • Volta’s media business continues to see high direct gross margins on a quarterly basis. • Upfront costs for Network Development projects are typically higher and are expensed as incurred. Projects take between 6 and 12 months to complete and margins normalize around 30-35% at completion (based on standard site configurations). • Adjusting for accounting impacts from fixed priced contracts, total gross margin for Q122 is -1.9% and Network Development gross margin is approximately 12.9%. • Site Partner rent and other costs of sales are recognized as stations are installed ahead of monetization from media and other revenue streams. These fixed and overhead costs support total company revenue and are not evaluated by management against individual business lines. (1) Total revenue includes $53K from Network Intelligence and $1K from Charging Network Operations. (2) Adjustments relate to fair value allocations in fixed price, multiple-element arrangements. $ in 000s Total Volta GAAP Adjustments (2) Non-GAAP Total Revenue (1) 8,386 1,116 9,502 Total Costs (9,682) - (9,682) Gross Margin% -15.5% 100% -1.9% Media GAAP Adjustments Non-GAAP Media Revenue 6,118 - 6,118 Media Costs (535) - (535) Media Gross Margin$ 5,583 - 5,583 Media Gross Margin% 91.2% 91.2% Network Development GAAP Adjustments (2) Non-GAAP Network Development Revenue 2,214 1,116 3,331 Network Development Costs (2,900) - (2,900) Gross Margin$ (686) 1,116 430 Gross Margin% -31.0% 100% 12.9% Stall Operating COGS GAAP Adjustments Non-GAAP Site Partner Rent / Other COGS (6,246) (6,246)

May 13, 2022 23 Three Months Ending Mar-22 Mar-21 Service revenue $ 7,974 $ 4,231 Product revenue 275 299 Other revenue 137 210 Total revenues $ 8,386 $ 4,740 COSTS AND EXPENSES Costs of services (exclusive of depreciation & amortization shown below) 9,262 4,609 Costs of products (exclusive of depreciation & amortization shown below) 420 352 OPERATING EXPENSES Stock Comp1 $16,485 45,519 Non-stock comp SG&A 39,734 15,338 Selling, general & administrative 56,219 60,857 Depreciation & amortization 3,695 2,173 Other operating (income) expense 326 120 Total costs and expenses 69,922 68,111 Loss from operations $ (61,536) $ (63,371) OTHER (INCOME) EXPENSES Interest expense, net 1,313 1,687 Other expense, net — 201 Change in fair value of warrant liability (14,700) (88) Total other (income) expenses (13,387) 1,800 LOSS BEFORE INCOME TAXES $ (48,149) $ (65,171) Income tax expense — — NET LOSS $ (48,149) $ (65,171) OTHER COMPREHENSIVE LOSS Foreign currency translation adjustment 88 — TOTAL COMPREHENSIVE LOSS $ (48,061) $ (65,171) Weighted-average Class A common stock outstanding, basic and diluted 153,696,945 7,974,872 Net loss per Class A common stock, basic and diluted $ (0.28) $ (4.15) Weighted-average Class B common stock outstanding, basic and diluted 18,294,483 7,733,885 Net loss per Class B common stock, basic and diluted $ (0.28) $ (4.15) Consolidated Statement of Operations and Comprehensive Loss (Non-GAAP unaudited) $ in 000s (except share data) 1 Stock-based compensation of $16.5m recognized in Q1'22 was primarily due to $15.1m in one-time expenses related to the resignation of former executives.

May 13, 2022 24 Three months ended March 31, Mar-22 Mar-21 Net (Loss) $ (48,419) $ (65,171) Interest expense, net 1,313 1,687 Depreciation & amortization 3,695 2,173 EBITDA $ (43,141) $ (61,311) + Stock-based compensation expense 16,485 45,519 + Warrant valuation (14,700) (88) Adjusted EBITDA $ (41,356) $ (15,880) Reconciliation of Non-GAAP Measures to GAAP (Unaudited) $ in 000s

XML

Cover	May 13, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	May 13, 2022
Entity Registrant Name	VOLTA INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39508
Entity Tax Identification Number	35-2728007
Entity Address, Address Line One	155 De Haro Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94103
City Area Code	888
Local Phone Number	264-2208
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Central Index Key	0001819584
Amendment Flag	false
Class A Common Stock, par value of $0.0001 per share
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, par value of $0.0001 per share
Trading Symbol	VLTA
Security Exchange Name	NYSE
Warrants, each exercisable for one share of Class A Common Stock for $11.50 per share
Entity Information [Line Items]
Title of 12(b) Security	Warrants, each exercisable for one share of Class A Common Stock for $11.50 per share
Trading Symbol	VLTA WS
Security Exchange Name	NYSE