Wallbox Announces Second Quarter 2023 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 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.”