Wallbox Announces Fourth Quarter and Full Year 2022 Financial Results
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.
- Record revenue of €147 million in 2022, up over 100% Year-over-Year.
- Exceptional growth of 425% in North America.
- Successful launch of Supernova public DC fast charger.
- Secured $30 million in letters of intent for Hypernova charging station.
- Strategic partnerships with industry leaders including Nissan and Lyft.
- Operating loss of €136.7 million for 2022.
- Challenges in EV deliveries in Europe due to economic and geopolitical factors.
- Q1 2023 revenue guidance lower than expected, between €35 million and €40 million.
Full Year 2022 Highlights:
-
Opened two new state of the art factories, one in
Arlington, Texas , the other inBarcelona, Spain - Sold more than 230,000 chargers worldwide
-
Acquired two attractive companies,
ARES Electronics andCoil, Inc. - Launched Supernova, a new public DC fast charger
-
Generated record revenues of
€147 million , an increase of more than100% compared to 2021, and achieved gross margins1 of40.5% -
Announced strategic partnerships with, among others, Nissan, Fisker, Uber,
BestBuy , and Lyft to provide chargers and installation services to their customers.
Fourth Quarter 2022 Highlights:
-
Secured letters of intent totaling nearly
for Hypernova, the company's 400kW DC fast charging station designed to satisfy current$30 million U.S. government subsidy requirements. -
Generated revenues of
€37.3 million , an increase of44% compared to the fourth quarter of 2021 and again exceeding the global EV market growth -
Delivered exceptional revenue growth of
425% inNorth America -
Raised
€43.5 million through the sale of common shares to private investors including company management, board members, and strategic partners.
Executive Commentary
Financial Outlook
The following reflects the company’s expectations for select key financial metrics for the first quarter and full year 2023.
First Quarter 2023
-
Expect first quarter 2023 revenue between
€35 million and€40 million , representing an approximate quarterly year-over-year growth rate between25% and45% - Expect gross margin flat sequentially
Full year 2023
-
Expect full-year 2023 revenue between
€240 million and€290 million , representing an approximate annual year-over-year growth rate between60% and100% -
Expect gross margin of approximately
38%
Conference Call Information
Fourth Quarter 2022 Unaudited Financial Results
Abbreviated Income Statement – EUR
Consolidated Statements of Profit or Loss Data |
|
|
|
(In thousand Euros) |
|
|
|
|
Year Ended
|
Quarter Ended
|
|
|
2022 |
2021 |
Q4 2022 |
|
|
|
|
Revenue |
146,971 |
71,579 |
37,305 |
Changes in inventories and raw materials and consumables used |
(87,485) |
(44,253) |
(24,002) |
Employee benefits |
(87,590) |
(29,666) |
(22,472) |
Other operating expenses |
(91,555) |
(43,405) |
(26,741) |
Amortization and depreciation |
(18,890) |
(8,483) |
(6,833) |
Net other income |
1,844 |
656 |
(606) |
Operating Loss |
(136,705) |
(53,572) |
(43,349) |
|
|
|
|
One off expenses |
- |
8,046 |
- |
Employee Stock Options Plan |
31,401 |
2,455 |
6,826 |
Amortization and depreciation |
18,890 |
8,483 |
6,833 |
Other income |
(1,844) |
(656) |
606 |
Adjusted EBITDA |
(88,258) |
(35,245) |
(29,084) |
Adjusted EBITDA is defined as loss for the year before depreciation and amortization, income tax credits, and financial income and interest expense further adjusted to take account of the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These non-cash and other items include, but not are limited to; change in fair value of convertible bonds and derivative warrants, share listing expenses, foreign exchange gains and losses, share based payments expense and other one-off expenses/income related to special operations.
Cash & Cash Equivalents – EUR
Cash and Cash Equivalents |
|
|
|
(In thousand Euros) |
|
|
|
|
Year Ended |
||
|
2022 |
|
2021 |
Cash and cash equivalents |
83,308 |
|
113,865 |
Financial Investments (1) |
5,158 |
|
56,982 |
|
|
|
|
Cash, cash equivalents and Financial Investments at 31 December |
88,466 |
|
170,847 |
|
|
|
|
(1) Financial Investments are included in Other current financial assets |
|
|
|
Investments in PP&E and Long-term Borrowings - EUR
Investments and Long-term Borrowings |
|
|
|
|
(In thousand Euros) |
Year Ended |
|||
|
|
2022 |
|
2021 |
Investments in Property, plant and equipment and Intangible Assets |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment |
36,262 |
|
20,945 |
|
Intangible assets - excluding R&D (salaries capitalized) |
9,431 |
|
7,978 |
|
|
|
|
|
Total Investments in Property, plant and equipment and Intangible Assets |
45,693 |
|
28,923 |
|
|
|
|
|
|
Total Loans and borrowings long term |
44,359 |
|
17,577 |
Wallbox Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Wallbox’s future operating results and financial position, business strategy and plans, market growth and objectives for future operations. The words “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “”target,” will,” “would” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox’s history of operating losses as an early stage company; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox’s ability to successfully manage its growth; the accuracy of Wallbox’s forecasts and projections including those regarding its market opportunity; competition; risks related to health pandemics including those of COVID-19; losses or disruptions in Wallbox’s supply or manufacturing partners; impacts resulting from the conflict between
Non-IFRS Financial Measures
The Non-IFRS Measures may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate these measures in the same manner. We present the Non-IFRS Measures because we consider them to be important supplemental measures of our performance, and we believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies. Management believes that investors’ understanding of our performance is enhanced by including the Non-IFRS Measures as a reasonable basis for comparing our ongoing results of operations. By providing the Non-IFRS Measures, together with reconciliations to IFRS, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.
Items excluded from the Non-IFRS Measures are significant components in understanding and assessing financial performance. The Non-IFRS Measures have limitations as analytical tools and should not be considered in isolation, or as an alternative to, or a substitute for loss for the year, revenue or other financial statement data presented in our consolidated financial statements as indicators of financial performance. Some of the limitations are: such measures do not reflect revenue related to fulfillment, which is necessary to the operation of our business; such measures do not reflect our expenditures, or future requirements for capital expenditures or contractual commitments; such measures do not reflect changes in our working capital needs; such measures do not reflect our share based payments, income tax benefit/(expense) or the amounts necessary to pay our taxes; although depreciation and amortization are not included in the calculation of Adjusted EBITDA, the assets being depreciated and amortized will often have to be replaced in the future and such measures do not reflect any costs for such replacements; and other companies may calculate such measures differently than we do, limiting their usefulness as comparative measures.
Due to these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business and are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. In addition, the Non-IFRS Measures we use may differ from the non-IFRS financial measures used by other companies and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. Furthermore, not all companies or analysts may calculate similarly titled measures in the same manner. We compensate for these limitations by relying primarily on our IFRS results and using the Non-IFRS Measures only as supplemental measures.
A reconciliation of the Company’s Adjusted EBITDA guidance to the most directly comparable IFRS financial measure cannot be provided without unreasonable efforts and is not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that are made for future changes in the fair value of cash-settled share-based payment liabilities; foreign exchange gains/(losses) and the other adjustments reflected in our reconciliation of historical non-IFRS financial measures, the amounts of which, could be material.
About
1 Gross margin is defined as revenue less changes in inventory, raw materials and other consumables used divided by revenues.
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Wallbox Public Relations Contact:
Public Relations
Press@wallbox.com
+34 673 310 905
Wallbox Investor Contact:
VP, Investor Relations
Matt.Tractenberg@wallbox.com
+1 404-574-1504
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