Wallbox Announces Fourth Quarter and Full Year 2023 Financial Results
Fourth Quarter 2023 Highlights and Business Update:
- Generated revenue of €43.3 million, representing growth of approximately 34% compared to the prior year period
- Delivered almost 500 units of Supernova in the fourth quarter
- Realized gross margins of 32.8%
- Exceeded cost reduction targets for the fourth quarter, driving more than €4.8 million in savings compared to the prior quarter
- Improved adjusted EBITDA by 54% from the year-ago period
-
Acquired ABL, the leading EV charging company in
Germany - Announced the strategic investment and upcoming commercial agreement with Generac, a leading global designer and manufacturer of energy technology solutions
Full Year 2023 Highlights:
- Generated revenue of €143.8 million
- Achieved 323% DC revenue growth from the full-year 2022
- Exceeded cost reduction targets by more than 20%, reducing 2023 cash expenses by more than €60 million
- Raised €142.9 million of cash through debt and equity transactions, further strengthening the balance sheet and ending the year with €107 million of cash, cash equivalents, and financial investments
- Announced strategic partnerships with Free2Move, Kia, and Costco
- Introduced new products and services including Pulsar Pro, Supernova 150, and WallboxCare
Executive Commentary
Conference Call Information
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Abbreviated Income Statement – EUR |
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Consolidated Statements of Profit or Loss | ||||||||
(In thousand Euros) | ||||||||
Year Ended |
Quarter Ended |
|||||||
2023 |
2022 |
Q4 2023 | Q4 2022 | |||||
Revenue |
143,769 |
|
144,185 |
|
43,250 |
|
32,324 |
|
Changes in inventories and raw materials and consumables used |
(95,503 |
) |
(85,605 |
) |
(29,064 |
) |
(19,927 |
) |
Employee benefits |
(81,236 |
) |
(88,814 |
) |
(18,114 |
) |
(23,696 |
) |
Other operating expenses |
(59,788 |
) |
(91,555 |
) |
(10,783 |
) |
(26,741 |
) |
Amortization and depreciation |
(28,443 |
) |
(18,890 |
) |
(8,633 |
) |
(6,833 |
) |
Net other income |
3,094 |
|
1,844 |
|
1,125 |
|
(606 |
) |
Negative goodwill (ABL business combination) |
11,166 |
|
- |
|
11,166 |
|
- |
|
Operating Loss |
(106,941 |
) |
(138,835 |
) |
(11,053 |
) |
(45,479 |
) |
One off expenses |
3,031 |
|
- |
|
558 |
|
- |
|
Employee Stock Options Plan |
14,191 |
|
32,625 |
|
(780 |
) |
5,845 |
|
ESPP (Non-Cash) |
1,360 |
|
- |
|
246 |
|
- |
|
Amortization and depreciation |
28,443 |
|
18,890 |
|
8,633 |
|
6,833 |
|
Share of profit of equity accounted investee |
- |
|
(330 |
) |
- |
|
384 |
|
Other income |
(14,260 |
) |
(1,844 |
) |
(12,291 |
) |
606 |
|
Adjusted EBITDA |
(74,176 |
) |
(89,494 |
) |
(14,687 |
) |
(31,811 |
) |
|
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Cash & Cash Equivalents – EUR |
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Cash and Cash Equivalents | |||
(In thousand Euros) | |||
Year Ended |
|||
2023 |
2022 |
||
Cash and cash equivalents |
101,158 |
83,308 |
|
Financial Investments (1) |
5,426 |
5,269 |
|
Cash, cash equivalents and Financial Investments at 31 December |
106,584 |
88,577 |
|
(1) Financial Investments are included in Other current financial assets |
|
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Investments in PP&E and Long-term Borrowings - EUR |
|||
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Investments and Long-term Borrowings | |||
(In thousand Euros) |
Year Ended |
||
2023 |
2022 |
||
Investments in Property, plant and equipment and Intangible Assets | |||
Property, plant and equipment |
9,106 |
36,262 |
|
Intangible assets - excluding R&D (salaries capitalized) |
7,103 |
9,861 |
|
Total Investments in Property, plant and equipment and Intangible Assets |
16,209 |
46,123 |
|
Total Loans and borrowings long term |
80,861 |
44,359 |
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 product offerings, inventory management, cost cutting opportunities and expectations, competitive position, expectations from partnerships and the acquisition of ABL business, financial outlook, and expectations regarding profitability, market growth and market opportunity and objectives for future operations. 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
Non-IFRS Financial Measures
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
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Wallbox Public Relations Contact:
Public Relations
Press@wallbox.com
+34 673 31 09 05
Wallbox Investor Contact:
VP, Investor Relations
Matt.Tractenberg@wallbox.com
+1 404-574-1504
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