Wallbox Announces Strong Fourth Quarter and Full Year 2021 Financial Results
Wallbox (NYSE:WBX) reported a robust financial performance for Q4 2021 and the full year, with revenues reaching approximately $86.5 million, marking a 266% increase year-over-year. In Q4 alone, revenues hit a record $31.3 million, up 165% from the previous year. The company sold 129,000 chargers overall, achieving a gross margin of 38.2%. Wallbox also completed a business combination with Kensington Capital, becoming the first Spanish tech firm on the NYSE. Looking ahead, Q1 2022 revenue is expected between €26-28 million, reflecting significant growth.
- Revenue increased 266% year-over-year in 2021.
- Achieved gross margins of 38.2%.
- Sold 129,000 chargers, representing a 261% growth.
- Completed business combination with Kensington Capital, becoming NYSE's first Spanish tech listing.
- Forecasts Q1 2022 revenue growth between 170% and 190%.
- Operating loss of $69.2 million for the year.
- Adjusted EBITDA loss of $55 million.
Full Year 2021 Highlights:
-
Generated revenues of approximately
, an increase of$86.5 million 266% compared to the full year 20201 -
Achieved gross margin of
38.2% 2 -
Sold 129,000 chargers, an increase of
261% compared to the full year 2020 -
Delivered its first Supernova public DC charging solutions in
Europe , and - Sold devices in nearly 100 countries and hired 464 employees, bringing the total to almost 900 employees as of fiscal year-end.
Fourth Quarter 2021 Highlights:
-
Generated record revenues of approximately
, an increase of$31.3 million 165% compared to the fourth quarter of 20201 -
Achieved gross margins of
36.7% 2 -
Sold approximately 44,000 chargers, an increase of
128% compared to the fourth quarter of 2020 -
Completed business combination with
Kensington Capital Acquisition Corp. II, becoming the first Spanish technology company listed on the NYSE -
Began production at a new 121,000 square foot state-of-the-art manufacturing facility in
Barcelona, Spain
Executive Commentary
Recent Updates:
-
Introduced Quasar 2, the next generation of Wallbox’s bi-directional charger for the home, at CES in
January 2022 - Aired first nationally televised advertisement during Super Bowl LVI
-
Announced key strategic partnerships with
Napa Auto Parts and Polaris, and expanded our program with Uber nationwide, and - Launched ATLAS, the company’s first proprietary embedded CPU
Financial Outlook - First quarter and full year 20223
The following reflects the company’s expectations for select key financial metrics for the first quarter and full-year 2022.
First quarter 2022
-
Expects first quarter 2022 revenue to be in the range of
€26 and€28 million , representing an approximate quarterly year-over-year growth rate between170% and190% -
Expects gross margin of approximately
37%
Full year 2022
-
Continues to expect full-year 2022 revenue in the range of
€175 and€205 million euro, representing an approximate annual year-over-year growth rate of between145% and190% .
Conference Call Information
Fourth Quarter 2021 Unaudited Financial Results
Abbreviated Income Statement - USD4 |
||||||
Consolidated Statement of Profit or Loss Data | ||||||
(Unaudited, in thousands $) | Year Ended | Quarter ended | ||||
2021 |
|
2020 |
|
2021 |
||
Revenue | $ 86,467 |
$ 23,770 |
$ 31,334 |
|||
Change in inventories and raw materials and consumables used | (53,458) |
(12,773) |
(19,823) |
|||
Employee benefits | (37,262) |
(11,845) |
(11,570) |
|||
Other operating expenses | (55,454) |
(9,896) |
(33,423) |
|||
Amortization and depreciation | (10,248) |
(2,874) |
(3,572) |
|||
Other income | 792 |
349 |
(27) |
|||
Operating loss | (69,162) |
(13,268) |
(37,081) |
|||
R&D Capitalization | (14,467) |
(8,670) |
(5,655) |
|||
One off expenses | 14,751 |
- |
14,751 |
|||
Employee Stock Option Plan | 4,392 |
3,124 |
2,593 |
|||
Amortization and depreciation | 10,248 |
2,874 |
3,572 |
|||
Other income | (792) |
(349) |
(27) |
|||
Adjusted EBITDA | (55,031) |
(16,290) |
(21,847) |
Adjusted EBITDA is defined as net income (loss) before depreciation and amortization, provision (benefit) for income taxes and net finance cost 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; share of loss (profit) from equity method investments, Employee Stock Option Plan fair valuation impact, wages and benefits for employees incurred on development activities capitalized as intangible assets and other one-off expenses related to special operations.
Cash & Cash Equivalents - USD4 |
||||
Cash and Cash Equivalents | ||||
(Unaudited, in thousand $) | Year Ended December 31, | |||
2021 |
2020 |
|||
Cash and cash equivalents | $ 129,009 |
$ 27,409 |
||
Financial Investments (1) | 64,559 |
294 |
||
Cash, cash equivalents and Financial Investments at 31 December | 193,569 |
27,702 |
||
Average annual USD/EUR rate applied | 1.133 |
1.227 |
||
(1) Financial Investments are included in Other current financial assets |
Investments in PP&E and Long-term Borrowings - USD4 |
||||
Investments and Long-term Borrowings | ||||
(unaudited, in thousands $) | Year Ended |
|||
2021 |
2020 |
|||
Investments in Property, plant and equipment and Intangible Assets | ||||
Property, plant and equipment | $ 23,731 |
$ 5,351 |
||
Intangible assets -excluding R&D (salaries capitalized) | 9,038 |
8,692 |
||
Total Investments in Property, plant and equipment and Intangible Assets | 32,769 |
14,043 |
||
Total Loans and borrowings long term | 19,943 |
11,956 |
||
Average annual USD/EUR rate applied | 1.133 |
1.227 |
Wallbox Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Wallbox’s future financial results and management expectations. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “predict,” “potential,” “continue” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.
These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Wallbox’s 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
Wallbox’s calculations of its non-IFRS measures may differ from similarly titled measures used by others and, accordingly, are not meant to be a substitution for recorded amounts presented in conformity with IFRS, nor should such amounts be considered in isolation. Reconciliations of the non-IFRS financial measures to the most closely applicable IFRS measure are presented below.
About
__________________________
12021 quarterly and annual income statement figures have been translated at a USD/EUR rate of
2Defined as revenues less inventories and raw materials and consumables used, divided by revenues
3Forward looking guidance is not translated into USD to avoid exchange rate impact
42021 balance sheet has been translated at
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Wallbox Public Relations Contact:
Public Relations
Press@wallbox.com
+34 622 513 358
Wallbox Investor Contact:
VP, Investor Relations
Matt.Tractenberg@wallbox.com
+1 404-574-1504
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