The firm blames pessimistic outlook on reduced demand in the energy storage market.
German battery maker Varta AG announced on Thursday that it would downgrade its full-year revenue forecast for 2024.
The expected figure is now between €820 million and €870 million, lower than the previous forecast of at least €900 million euros.
“The reason for the adjustment is a further significant deterioration in the market environment for energy storage systems, especially in the second quarter of the current year,” the firm said in a press release.
Varta warned of a downgrade in April when it was failing to meet aims outlined in a restructuring plan, agreed with banks last year.
By the end of 2026, the firm had hoped to return to “profitable growth” after a period of financial weakness.
A series of challenges including volatile customer orders, supply chain problems, and a cyber attack made this target more unrealistic.
The hacking incident stopped Varta’s production for several weeks and forced it to postpone the publication of its 2023 financial results.
The restructuring plan was initially agreed with majority shareholder Michael Tojner after Apple cut production of its AirPods headphones, which used Varta technology.
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