Wallbox N.V. - WBX STOCK NEWS

Wallbox N.V. (NYSE: WBX) announced the appointment of two board observers, Dr. Dieter Zetsche and Justin Mirro, collectively bringing over 70 years of automotive experience. Dr. Zetsche, former Chairman of Daimler AG, and Mr. Mirro, Founder of Kensington Capital Partners, will guide Wallbox in its strategic direction and operational excellence. The company plans to seek shareholder approval to expand its board and elect them as directors at the 2023 Annual General Meeting. Wallbox aims to strengthen partnerships with leading automotive companies as it continues to grow in the EV sector.

Wallbox (NYSE:WBX), a leader in electric vehicle charging solutions, has announced its participation in several upcoming virtual investor events. On March 7, 2023, CEO Enric Asuncion will attend a virtual roadshow with TD Cowen Research. Following this, on March 13, 2023, Chief Innovation Officer Eduard Castañeda will join a fireside chat at Chardan’s Grid Innovation Virtual Summit. The final event is on March 23, 2023, where CFO Jordi Lainz and VP of Investor Relations Matt Tractenberg will discuss recent results and business strategy at the Bank of America Global Industrials Conference in London. Wallbox continues to expand its offerings across 113 countries.

Wallbox N.V. (NYSE:WBX) reported strong financial results for 2022, with revenues of €147 million, exceeding 100% growth year-over-year, and gross margins at 40.5%. The company launched new products, opened factories in Arlington and Barcelona, and formed strategic partnerships with major brands. In Q4 2022, revenue reached €37.3 million, up 44% from Q4 2021, driven by a remarkable 425% growth in North America. However, the CEO cautioned about challenges in Europe and lowered forecasts for 2023, projecting revenues between €240 million and €290 million, with gross margins around 38%. Despite these hurdles, Wallbox aims for profitability and a stronger market position.

Wallbox (NYSE: WBX) announced its compliance with the Biden administration's finalized EV charging infrastructure standards under the NEVI Formula Program. The company highlighted its Arlington, Texas manufacturing facility, which is expected to produce over 250,000 units in 2023 and over one million by 2030. Wallbox aims to support the growing demand for EV chargers, including its best-selling Pulsar Plus and the upcoming Hypernova and Quasar 2 models. The company emphasizes its commitment to U.S. manufacturing and job creation, having been recognized for significant U.S. investments.

Wallbox (NYSE: WBX) will announce its fourth quarter and full year 2022 financial results on March 1, 2023, before market opens. A webcast is scheduled for 8:00 AM ET to discuss the results and provide a business update. The session will feature remarks from Enric Asunción, CEO, and Jordi Lainz, CFO, followed by a Q&A segment. Wallbox is focused on advancing electric vehicle charging and energy management solutions across 113 countries, emphasizing sustainable energy practices and user control over consumption.

Wallbox N.V. (NYSE:WBX) announced cost-reduction measures to align with its 2023 guidance, impacting approximately 15% of its workforce. The company expects annualized savings of around €50 million. Additionally, Wallbox increased its cash position by €70 million in Q4 2022, enhancing its financial flexibility. These steps aim to expedite the company's path to profitability by nearly one year, despite challenges in global supply chains affecting electric vehicle delivery rates. CEO Enric Asunción emphasized the importance of these decisions for long-term growth, amidst ongoing market disruptions.

Wallbox (NYSE:WBX) has appointed Cesar Ruipérez as a member of its Board of Directors and Chairperson of the Nominating and Corporate Governance Committee, succeeding Diego Diaz. Ruipérez brings extensive experience in corporate development from Iberdrola, where he has worked since 2008 on mergers and acquisitions. His new role is expected to enhance Wallbox's strategic direction in the electric vehicle industry. CEO Enric Asunción expressed gratitude for Diaz's contributions and optimism for Ruipérez's impact on the company's growth.

Wallbox (NYSE: WBX) has partnered with Lyft (NASDAQ: LYFT) to provide EV charging solutions for Lyft drivers in the U.S. and Canada. This collaboration focuses on improving the accessibility and affordability of home EV charging through discounted Level 2 chargers and installation services. The Pulsar Plus charger, available in 40 Amp and 48 Amp variants, is highlighted as a key product. This partnership is noteworthy given a Consumer Reports survey indicating that 71% of Americans are interested in owning EVs, with charging logistics being a major barrier.