Shares in Pod Point Group Holdings PLC (LSE:PODP) tumbled 21% in early trading on Tuesday after the UK electric vehicle charging company warned that its full-year adjusted EBITDA loss would be significantly worse than expected.
Ahead of its audited results on April 29, the group said it had uncovered bad debts linked to the period from 2020 to 2024 that it no longer expects to collect.
As a result, it will take an £8 million hit, pushing its adjusted EBITDA loss to around £22 million - well below the previously guided £14 million.
The company also flagged additional non-cash charges identified during the audit process.
Despite the setback, Pod Point confirmed its year-end net cash position of £5.3 million remains unchanged and said debtor collections had improved since the start of the year.
The stock fell 1.37p to 5.22p.