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, 2023 and provided a business update.
First Quarter 2023 Highlights:
- Successfully executed its cost reduction program, driving
almost €10 million of cash savings from the previous quarter
- Achieved gross margins on 36.8%, a sequential improvement of 90
basis points
- Announced new products and capabilities including Pulsar Pro,
ENERGY STAR, Supernova 180, and Supernova Gen2, which open new
opportunities and expand the addressable market
- Generated revenues of €35.1 million, an increase of 24%
compared to the first quarter of 2022
- Raised an additional €25 million of long-term debt to further
strengthen the balance sheet
- Entered the Japanese market, one of the most exciting and
sophisticated markets for EV charging.
Executive Commentary Enric Asuncion, CEO of Wallbox,
said, “The first quarter of 2023 played out in-line or better than
we anticipated. Our cost reduction program is driving meaningful
operating leverage through the business, and resulted in almost €10
million of cash savings from the prior quarter. While we are
focused on achieving profitability and improving our balance sheet
in the short-term, our long-term strategy of introducing new,
innovative products and entering new markets is quickly yielding
results. Our portfolio has never been in better shape and we are
very well positioned to meet the huge demand we see ahead.”
Financial Outlook The following reflects the company’s
expectations for select key financial metrics for the second
quarter and full-year 2023.
- Expect second quarter 2023 revenue between €40 million and €50
million
- Expect gross margin flat to slightly up sequentially
- Continue to expect full-year 2023 revenue between €240 million
and €290 million.
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, May 4,
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, market growth
and market opportunity and objectives for future operations. The
words “anticipate,” “believe,” “can,” “continue,” “could,”
“estimate,” “expect,” “forecast,” “intend,” “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 users' relationship to the grid. Wallbox goes
beyond electric vehicle charging 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 and headquartered
in Barcelona, the company now employs approximately 1,200 people in
its offices in Europe, Asia, and the Americas. For additional
information, please visit www.wallbox.com.
Source: Wallbox NV
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version on businesswire.com: https://www.businesswire.com/news/home/20230504005565/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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