Wallbox Announces Second Quarter 2024 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, 2024 and provided a business update.

Second Quarter 2024 Highlights and Business Update:

• Generated revenue of €48.8 million, our highest revenue grossing quarter to date, representing an increase of 48% compared to the same period last year
• Strong performance in the North American market for both AC and DC sales, which experienced over 65% year-over-year revenue growth, faster than the EV market
• Continuous growth in our DC sales with 64% growth globally compared to the same period last year and 307% growth compared to the last quarter in the North American market
• Announcement of the launch of our highest power-to-footprint ratio DC fast charger yet, the Supernova 220
• Commercial contract with Generac signed in May showed solid traction with several thousands units sold, and has now expanded to include additional products such as Supernova 180 NA and Pulsar Pro
• Consistent gross margin of 39.1%, after the strong improvement in the first quarter of 2024, representing an improvement of 936 basis points compared to last year
• Adjusted EBITDA improved 47% compared to the same period last year with our continued cost efforts towards profitability
• Accomplished the first month of positive adjusted EBITDA in June, showing solid proof points towards our future profitability and cash generation goals
• Ended the period with €65.2 million of cash, cash equivalents and financial investments, which does not include the recently announced $45 million investment from Generac and other investors

Executive Commentary

Enric Asuncion, CEO of Wallbox, said, “We reported solid second quarter results, our best to date in terms of revenue growth. The primary growth driver for the second quarter was the US market, which experienced over 65% year-over-year revenue growth from increased sales of Wallbox’s award-winning home AC chargers and public DC fast chargers. While our relative performance is reinforcing our market share, the current market growth is below our expectations. We believe that the long-term potential of the industry remains untouched, as EVs are on an irreversible path, but navigating the current cycle in the EV transition is key to long-term success. With that in mind, we are delighted by the follow-up investment from Generac and other investors, further strengthening Wallbox’s balance sheet to get us to long term capital appreciation. It also demonstrates the shareholders trust in the long-term success of the company.’’