Wallbox Announces Third 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 third quarter ended September 30, 2023 and provided a business update.

Third Quarter 2023 Highlights and Business Update:

• Generated revenue of €32.5 million.
• Delivered gross margins of 35%, a 530 basis point sequential improvement.
• Exceeded cost reduction targets in Q3 2023, driving almost €39 million in savings this year.
• Activated almost 50,000 AC chargers globally through distribution partners and installers in the third quarter of 2023, an increase of 30% as compared to the prior year period.
• Drove 285% unit growth and 350% revenue growth in DC public charging during the period, both on a year-over-year basis.
• Announced the acquisition of ABL GmbH (“ABL”), the market share leader in Germany, Europe’s largest EV market. ABL will enhance Wallbox’s competitive position and advance its anticipated path to profitability.
• Announced partnership with Kia America to deliver Wallbox’s bidirectional Quasar 2 alongside Kia’s new EV9 SUV in 2024.

Executive Commentary

Enric Asuncion, CEO of Wallbox, said, “We continued to make great strides in executing our business plan during the third quarter, including acquiring ABL, launching new products, and driving new partnerships with global brands like Kia. ABL is one of the most important announcements we’ve had to-date and we believe it has the opportunity to drastically change our financial profile, providing meaningful commercial, operational, and financial synergies. We’ve also exceeded our cost reduction objectives, and see an opportunity to further refine our expense base as we finish the year. The work that's been done gives us confidence in our goal of achieving profitability in the upcoming year.”

Mr. Asuncion continued, “We are fully focused on what we can control, including bringing new products to market, expanding new partnerships with global brands, controlling costs, and driving profitability in 2024. While we cannot control the markets, we can control how we execute within them. Our DC business has done exceptionally well, and our comprehensive solution across a global footprint should give shareholders confidence we will catch the energy transition on a number of fronts. ABL and their commercial focus, combined with our DC offering, are expected to provide growth opportunities no matter what shape the EV adoption curve resembles in the near-term.”