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, 2023 and provided a business update.
Second Quarter 2023 Highlights:
- Grew U.S. sales by 67% compared to the same year-ago
period
- Delivered almost 350 units of Supernova DC fast chargers in the
quarter, representing more than 700% growth compared to the same
prior year period
- Record number of AC chargers delivered by distribution partners
and installers in the second quarter, an increase of 18% as
compared to the second quarter 2022
- Reduced quarterly cash expenses by €12.3 million from the
fourth quarter 2022
- Announced retail partnership with Costco, a leading North
American retailer
- Reported revenue of €33.0 million. Excluding a €1.8 million
adjustment for distributor rebates and returns, revenues were €34.8
million, relatively flat compared to Q1 2023
- Drove effective cash management through reduced capex and more
than $56 million of capital raised, resulting in cash and
short-term deposits on June 30th of €111 million
Executive Commentary Enric Asuncion, CEO of Wallbox,
said, “The second quarter of 2023 saw exciting commercial and
operational achievements, as well as challenges related to market
softness. Our broad global presence and expanding product portfolio
enables a more resilient business model, as seen by strong growth
from our DC fast charging portfolio partially offsetting some
regional weakness. Our distributors sold a record number of AC
chargers in the second quarter, reinforcing our view that channel
inventory is reaching the right levels. Inventory levels have been
reduced by more than €11 million year to date. Our cost reduction
program is driving meaningful operating leverage through the
business, and we continue to identify areas of additional
opportunity as we look to the second half of the year. The team is
managing capital in a responsible manner, and our cash position of
€111 million puts us in a comfortable position.”
Mr. Asuncion continued, “I’m pleased with our ability to focus
on what we can control and influence in the near-term. New products
and services are coming to market, new partnerships are ramping up,
and EV adoption continues at a fast pace. The long-term secular
growth drivers of our market are intact and our position has never
been better. For these reasons we remain confident in the
opportunity we see ahead and reaffirm our commitment to achieving
breakeven adjusted EBITDA in the fourth quarter of this year, and
positive adjusted EBITDA next year.”
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
2, 2023. 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.
Wallbox 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 deliveries, inventory
management, cost cutting opportunities and expectations, and
potential EV programs, 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 health pandemics
including those of COVID-19; losses or disruptions in Wallbox’s
supply or manufacturing partners; impacts resulting from the
conflict between Russia and Ukraine; 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; 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, 2022, 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 IFRS. This release includes financial measures not based on
IFRS, including Adjusted EBITDA (the “Non-IFRS Measures”).
Wallbox defines Adjusted EBITDA as net income (loss) before
depreciation and amortization, provision (benefit) for income taxes
and interest expense 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: change in fair value
of convertible bonds and derivative warrants, share listing
expenses, foreign exchange gains/(losses), share based payment
expenses, costs relating to the business combination, other items
outside the scope of our ordinary activities and share of profit of
equity-accounted investees. 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 year, 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 115 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
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version on businesswire.com: https://www.businesswire.com/news/home/20230802987303/en/
Wallbox Public Relations Contact:
Elyce Behrsin Public Relations Press@wallbox.com +34 622 513
358
Wallbox Investor Contact: Matt
Tractenberg VP, Investor Relations Matt.Tractenberg@wallbox.com +1
404-574-1504
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