Wallbox Announces First Quarter 2024 Financial Results

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 first quarter ended March 31, 2024 and provided a business update.

First Quarter 2024 Highlights and Business Update:

• Generated revenue of €43.1 million, an increase of approximately 23% compared to the same prior year period
• Realized gross margins of 39.6%, which is a 600 basis point improvement from the previous quarter
• Installed and delivered the first units of Supernova 180 DC fast charger in North America
• Continued successful integration of ABL, which is now benefiting from Wallbox’s sales channels
• Launched Pulsar Pro in North America
• Announced $26 million project award from the State of Washington
• Reduced labor costs by 21% and other operating expenses with 30%, both compared to the same prior year period
• Ended the period with €83.3 million of cash, cash equivalents and financial investments, positioning Wallbox to execute its strategic plan

Executive Commentary

Enric Asuncion, CEO of Wallbox, said, “We are very pleased with our optimization efforts in Q1 2024, which significantly improved our gross margin and our cost structure, even after including a full quarter of costs associated with the integration of ABL. The first quarter of 2024 saw growth volatility in select markets, offset by key commercial highlights such as the first deliveries of Supernova units in North America. While consumer caution is pressuring the speed of adoption of EVs in the near-term, we have made consistent progress in the transformative journey in which we continue to set ourselves apart, particularly in the current competitive landscape.”

Mr. Asuncion continued, ”Our team remains focused on executing our strategic plan, which includes sales growth with the introduction of new products such as the roll-out of Supernova 180 and Pulsar Pro in North America. We are also committed to continuous optimization which includes cost reduction and gross margin improvements. These efforts, including the reduction of inventory, are designed to help us maintain a strong cash position. The next phase in our evolution is about the ability to deliver profitable growth through a variety of economic climates. We believe that a robust and resilient business model and cost structure is within reach and we look forward to delivering substantial value to stakeholders.”