The troubled battery company Varta has lowered its revenue forecast for the current fiscal year. Due to disappointing demand, the company now expects revenue of 820 to 870 million euros, instead of the previously targeted at least 900 million euros.

The company from Ellwangen explained on Thursday evening that, in addition to weak demand, the loss of market share in energy storage systems in the domestic market also contributed to the reduced forecast. Additionally, delayed product launches of high-voltage storage systems are weighing on revenue development.

After the news became known, Varta shares temporarily fell by 10.85 percent to 8.87 euros in after-hours trading on the Tradegate platform.

Already at the beginning of May, Varta was excluded from the SDAX after the company had failed to publish the audited annual financial report on time as a result of a hacker attack. In mid-March, Varta announced that the publication could not take place before April 30 due to the hacker attack that became known on February 13.

The recent downward revision of forecasts heightens the challenges currently faced by Varta. The company must not only deal with external market conditions but also internal problems and delays. The coming months will be crucial in regaining investors' trust and ensuring a sustainable recovery.