EL7.AI
StocksMedium•12 November 2026•
4 min read

Voltatron revenue jumps 119% to €39.5 million in first nine months of 2026

Key Facts

1Revenue from continuing operations rose about 119% to €39.5 million in the first nine months of 2026, compared with €18.0 million a year earlier.
2Adjusted earnings before tax were €0.2 million, with a 0.6% margin, compared with €1.1 million and a 6.0% margin in the same period.
3The company reaffirmed its 2026 revenue outlook of €54 million to €57 million and EBITDA margin outlook of 7% to 10%.
4Operating cash flow turned negative at €2.2 million, compared with positive €2.3 million in the same period.

Revenue from continuing operations at Voltatron rose about 119% to €39.5 million in the first nine months of 2026, compared with €18.0 million in the same period of 2025, which the company attributed to acquisitions. The company listed its interim results through September 30 in its investor relations calendar for November 12, 2026. Revenue growth reflects the group’s expansion through companies it acquired during the year, while the figures indicate that acquisitions were the driver the company identified for the increase. But the expansion in sales coincided with pressure on adjusted earnings and operating cash flow. Chief Executive Martin Hartmann said the task now is to “consistently integrate these capabilities within the group and use them to develop additional business.”

Kurz Elektronik and its subsidiary Litalka-Elektronik were included in the nine-month results for only one month, after initial consolidation began on September 1, 2026. Voltatron acquired Kurz Elektronik on August 27. Part of the revenue growth was therefore tied to the group’s expanded scope, while the period’s figures included the two companies’ contribution for just one month. In its first-half report, the company recorded revenue from continuing operations of €24.6 million, compared with €9.2 million in the first half of 2025. In August, it also raised its annual revenue outlook to a range of €54–57 million from €47–51 million after agreeing to acquire Kurz Elektronik.

The operating gross profit margin improved to 47.2% in the nine months, from 38.9% in the same period a year earlier. Excluding a non-cash purchase gain of €1.1 million resulting from the acquisition of KOMITEC, the margin was 44.4%, compared with 42.7% in the prior period. The company said, however, that integration and organizational development expenses, along with start-up and transaction costs, weighed significantly on earnings for the period. The loss before tax was €1.5 million, compared with a loss of €1.1 million a year earlier. Adjusted to exclude the non-cash KOMITEC gain and the effects of purchase price allocation amortization, earnings before tax were €0.2 million, with a margin of 0.6%, compared with €1.1 million and a 6.0% margin in the year-earlier period.

At the balance-sheet level, total assets rose about 57% to €75.7 million on September 30, 2026, from €48.1 million at the end of 2025. Inventories increased about 215% to €16.1 million, from €5.1 million, with the company attributing €9.1 million of the balance to the expanded consolidation scope. It said it had built strategic inventory to address continued uncertainty in international supply markets and ensure it could deliver and meet customer demand. Non-current liabilities increased €13.1 million from the end of 2025 to €54.2 million, from €41.1 million, which the company attributed mainly to acquisition financing. Reported equity also rose to €6.2 million from €3.0 million, lifting its share of assets to 8.1% from 6.3%.

The company said economic equity was €56.9 million, or 75.1%, after accounting for long-term loans from related companies subject to a qualified subordination clause; these loans remain recorded as debt for accounting purposes. On liquidity, operating cash flow from continuing operations turned negative at €2.2 million in the first nine months of 2026, after a positive €2.3 million in the same period a year earlier. Cash and cash equivalents totaled €2.9 million on September 30, compared with €4.4 million at the end of 2025. These indicators reflect another aspect of a period in which assets and liabilities expanded alongside the integration of new acquisitions. The company cited integration and organizational development expenses, as well as start-up and transaction costs, among the factors that affected earnings.

The management board reaffirmed its outlook for fiscal 2026, setting consolidated revenue at €54 million to €57 million and an operating gross profit margin of 41% to 47%. The company expects an EBITDA margin of 7% to 10% and an adjusted earnings-before-tax margin of 0% to 1%. It expects the IFRS earnings-before-tax margin to range from negative 4% to negative 3%. The annual outlook remains in line with the range the company raised in August after agreeing to acquire Kurz Elektronik. The company said the KOMITEC and Kurz Elektronik acquisitions strengthened its development and manufacturing capabilities and brought additional stages of the value chain into the group. It added that VEMCOM Solutions, established in the first half, is expected to support the development of new sales markets and international expansion.