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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Contacts:
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
