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 third quarter ended September 30, 2024 and provided a business update.
Third Quarter 2024 Highlights and Business Update:
- Generated revenue of €34.7 million, representing an increase of 7% compared to the same period last year. Excluding a one-off revenue charge of €1.6 million during the quarter, year over year growth was 12%
- Exceptional performance in the North American market with 45% year-over-year revenue growth, significantly higher than the EV market growth of 4%1. This further diversifies the geographical footprint while leveraging the complete product portfolio in all charging segments (Home, Commercial and Fast Charging)
- Continued optimization of operations by reducing costs and CAPEX
- 26% revenue growth year to date compared to the same period last year, versus only a 3% growth in the EV markets where Wallbox is present2
Executive Commentary
Enric Asuncion, CEO of Wallbox, said, “Wallbox continues to execute on its business strategy and has outperformed the market. However, the EV market continues to perform below everyone's expectations. With our geographical and product diversification, we are capturing growth and compensating for subdued performance in specific regions or segments. As part of continuous improvement efforts, we have announced the introduction of a new organizational structure based on business units. With the new business unit-driven model, we intend to tailor our approach more effectively to each segment, aiming to unlock the full potential of our solutions, reduce costs by better aligning our resources, and drive profitability long-term company-wide.’’
Mr. Asuncion continued, “We are facing a slower than predicted EV transition but we believe the long-term potential of the EV industry remains solid. Wallbox is a global leader in the space, we have sold over one million chargers in more than 100 countries, and continue to develop among the best-in-class charging and energy management solutions. Currently, our main objective is to match the cost structure with the current demand to drive our path to profitability and cash generation. With these initiatives, we are managing the current down cycle in the industry and we believe we are in a strong position to build long-term value for our shareholders”
Financial Outlook - Fourth Quarter 2024
The following reflects the company’s expectations for select key financial metrics for the fourth quarter 2024.
- Expects fourth quarter 2024 revenue to be in the range of €40 million and €45 million, representing an approximate year over year growth rate between 23% and 38%
- Expects Gross Margin3 between 38% and 40%
- Expects a negative Adjusted EBITDA3 between €(7) million and €(10) million
