Wallbox N.V. (NYSE:WBX), a leading provider of electric vehicle
(“EV”) charging and energy management solutions worldwide, today
announced its financial results for the second quarter ended June
30, 2024 and provided a business update.
Second Quarter 2024 Highlights and Business Update:
- Generated revenue of €48.8 million, our highest revenue
grossing quarter to date, representing an increase of 48% compared
to the same period last year
- Strong performance in the North American market for both AC and
DC sales, which experienced over 65% year-over-year revenue growth,
faster than the EV market
- Continuous growth in our DC sales with 64% growth globally
compared to the same period last year and 307% growth compared to
the last quarter in the North American market
- Announcement of the launch of our highest power-to-footprint
ratio DC fast charger yet, the Supernova 220
- Commercial contract with Generac signed in May showed solid
traction with several thousands units sold, and has now expanded to
include additional products such as Supernova 180 NA and Pulsar
Pro
- Consistent gross margin of 39.1%, after the strong improvement
in the first quarter of 2024, representing an improvement of 936
basis points compared to last year
- Adjusted EBITDA improved 47% compared to the same period last
year with our continued cost efforts towards profitability
- Accomplished the first month of positive adjusted EBITDA in
June, showing solid proof points towards our future profitability
and cash generation goals
- Ended the period with €65.2 million of cash, cash equivalents
and financial investments, which does not include the recently
announced $45 million investment from Generac and other
investors
Executive Commentary
Enric Asuncion, CEO of Wallbox, said, “We reported solid second
quarter results, our best to date in terms of revenue growth. The
primary growth driver for the second quarter was the US market,
which experienced over 65% year-over-year revenue growth from
increased sales of Wallbox’s award-winning home AC chargers and
public DC fast chargers. While our relative performance is
reinforcing our market share, the current market growth is below
our expectations. We believe that the long-term potential of the
industry remains untouched, as EVs are on an irreversible path, but
navigating the current cycle in the EV transition is key to
long-term success. With that in mind, we are delighted by the
follow-up investment from Generac and other investors, further
strengthening Wallbox’s balance sheet to get us to long term
capital appreciation. It also demonstrates the shareholders trust
in the long-term success of the company.’’
Conference Call Information
Wallbox NV will host a conference call to discuss the results
and provide a business update at 8:00 AM Eastern Time today, August
1, 2024. The live audio webcast and accompanying presentation, will
be accessible on Wallbox’s Investor Relations website at
https://investors.wallbox.com/overview/default.aspx. A recording of
the webcast will also be available following the conference
call.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements contained
in Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”) and Section 21E of the Securities Exchange Act of
1934, as amended (the “Exchange Act”). All statements contained in
this press release other than statements of historical fact should
be considered forward-looking statements, including, without
limitation, statements regarding Wallbox’s future operating results
and financial position, business strategy and plans, including,
without limitation, regarding expectations regarding profitability,
market growth, market opportunity and financial position. The words
“anticipate,” “believe,” “can,” “continue,” “could,” “estimate,”
“expect,” “focus,” “forecast,” “intend,” “likely,” “may,” “might,”
“plan,” “possible,” “potential,” “predict,” “project,” “should,”
“target,” “will,” “would” and similar expressions are intended to
identify forward-looking statements, though not all forward-looking
statements use these words or expressions. These statements are
neither promises nor guarantees, but involve known and unknown
risks, uncertainties and other important factors that may cause our
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements, including,
but not limited to: Wallbox’s history of operating losses as an
early stage company; the adoption and demand for electric vehicles
including the success of alternative fuels, changes to rebates, tax
credits and the impact of government incentives; Wallbox’s ability
to successfully manage its growth; the accuracy of Wallbox’s
forecasts and projections including those regarding its market
opportunity; competition; risks related to losses or disruptions in
Wallbox’s supply or manufacturing partners; impacts resulting from
geopolitical conflicts; risks related to macro-economic conditions
and inflation; Wallbox’s reliance on the third-parties outside of
its control; risks related to Wallbox’s technology, intellectual
property and infrastructure; occurrence of any public health crisis
or similar global events as well as the other important factors
discussed under the caption “Risk Factors” in Wallbox’s Annual
Report on Form 20-F for the fiscal year ended December 31, 2023, as
such factors may be updated from time to time in its other filings
with the Securities and Exchange Commission (the “SEC”), accessible
on the SEC’s website at www.sec.gov and the Investors Relations
section of Wallbox’s website at investors.wallbox.com. Any such
forward-looking statements represent management’s estimates as of
the date of this press release. Any forward-looking statement that
Wallbox makes in this press release speaks only as of the date of
such statement. Except as required by law, Wallbox disclaims any
obligation to update or revise, or to publicly announce any update
or revision to, any of the forward-looking statements, whether as a
result of new information, future events or otherwise.
Non-IFRS Financial Measures
Wallbox reports its financial information required in accordance
with the International Financial Reporting Standards (“IFRS”). This
release includes financial measures not based on IFRS, including
Adjusted EBITDA (the “Non-IFRS Measure”). See the definitions set
forth below for a further explanation of these terms.
Wallbox defines EBITDA as loss for the period before income tax
credit, financial income, interest expenses, change in fair value
of derivative warrants liabilities, foreign exchange
gains/(losses), amortization and depreciation and share of profit
of equity-accounted investees. We define Adjusted EBITDA as net
income (loss) before depreciation and amortization, income tax
credits, financial income and financial expense, change in fair
value of derivative warrants liabilities, foreign exchange
gains/(losses), further adjusted to take account of the impact of
certain non-cash and other items that we do not consider in our
evaluation of our ongoing operating performance. These non-cash and
other items include, but not are limited to: share based payment,
impairment of goodwill, transaction costs related to the Business
Combination, certain one-time expenses related to a reduction in
force initiated in January 2023, any negative goodwill arising from
business combinations, certain non-cash expenses related to the
ESPP plan launched in January 2023, and other items outside the
scope of our ordinary activities. Management uses these Non-IFRS
Measures as measurements of operating performance because they
assist management in comparing the Company’s operating performance
on a consistent basis, as they remove the impact of items not
directly resulting from the Company’s core operations; for planning
purposes, including the preparation of management’s internal annual
operating budget and financial projections; to evaluate the
performance and effectiveness of our strategic initiatives; and to
evaluate the Company’s capacity to fund capital expenditures and
expand its business.
The Non-IFRS Measures may not be comparable to similar measures
disclosed by other companies, because not all companies and
analysts calculate these measures in the same manner. We present
the Non-IFRS Measures because we consider them to be important
supplemental measures of our performance, and we believe they are
frequently used by securities analysts, investors and other
interested parties in the evaluation of companies. Management
believes that investors’ understanding of our performance is
enhanced by including the Non-IFRS Measures as a reasonable basis
for comparing our ongoing results of operations. By providing the
Non-IFRS Measures, together with reconciliations to IFRS, we
believe we are enhancing investors’ understanding of our business
and our results of operations, as well as assisting investors in
evaluating how well we are executing our strategic initiatives.
Items excluded from the Non-IFRS Measures are significant
components in understanding and assessing financial performance.
The Non-IFRS Measures have limitations as analytical tools and
should not be considered in isolation, or as an alternative to, or
a substitute for loss for the period, revenue or other financial
statement data presented in our consolidated financial statements
as indicators of financial performance. Some of the limitations
are: such measures do not reflect revenue related to fulfillment,
which is necessary to the operation of our business; such measures
do not reflect our expenditures, or future requirements for capital
expenditures or contractual commitments; such measures do not
reflect changes in our working capital needs; such measures do not
reflect our share based payments, income tax benefit/(expense) or
the amounts necessary to pay our taxes; although depreciation and
amortization are not included in the calculation of Adjusted
EBITDA, the assets being depreciated and amortized will often have
to be replaced in the future and such measures do not reflect any
costs for such replacements; and other companies may calculate such
measures differently than we do, limiting their usefulness as
comparative measures.
Due to these limitations, Adjusted EBITDA should not be
considered as a measure of discretionary cash available to us to
invest in the growth of our business and are in addition to, not a
substitute for or superior to, measures of financial performance
prepared in accordance with IFRS. In addition, the Non-IFRS
Measures we use may differ from the non-IFRS financial measures
used by other companies and are not intended to be considered in
isolation or as a substitute for the financial information prepared
and presented in accordance with IFRS. Furthermore, not all
companies or analysts may calculate similarly titled measures in
the same manner. We compensate for these limitations by relying
primarily on our IFRS results and using the Non-IFRS Measures only
as supplemental measures.
About Wallbox
Wallbox is a global technology company, dedicated to changing
the way the world uses energy. Wallbox creates advanced electric
vehicle charging and energy management systems that redefine the
relationship between users and the network. Wallbox goes beyond
charging electric vehicles to give users the power to control their
consumption, save money and live more sustainably. Wallbox offers a
complete portfolio of charging and energy management solutions for
residential, semi-public, and public use in more than 100 countries
around the world. Founded in 2015 in Barcelona, where the company’s
headquarters are located, Wallbox currently has offices across
Europe, Asia, and America. For more information, visit
www.wallbox.com
Source: Wallbox N.V.
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version on businesswire.com: https://www.businesswire.com/news/home/20240801322681/en/
Wallbox Public Relations Contact:
Elyce Behrsin Public Relations Press@wallbox.com +34 622 513
358
Wallbox Investor Contact: Michael
Wilhelm Corporate Development & IR Investors@wallbox.com
Wallbox NV (NYSE:WBX)
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