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.”
Conference Call
Information
Wallbox NV will host a conference call to discuss the results
and provide a business update at 8:00 AM Eastern Time today,
November 9, 2023. The live audio webcast and accompanying
presentation, will be accessible on Wallbox’s Investor Relations
website at https://investors.wallbox.com/overview/default.aspx.
A recording of the webcast will also be available following the
conference call.
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, including,
without limitation, regarding product deliveries, inventory
management, cost cutting opportunities and expectations, and
potential EV programs, competitive position, partnership expansion
and other growth opportunities, synergies, and anticipated
profitability, market growth and market opportunity and objectives
for future operations. The words “anticipate,” “believe,” “can,”
“continue,” “could,” “estimate,” “expect,” “focus,” “forecast,”
“intend,” “likely,” “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 losses or disruptions in
Wallbox’s supply or manufacturing partners; impacts resulting from
geopolitical conflicts; risks related to macro-economic conditions
and inflation; Wallbox’s reliance on the third-parties outside of
its control; risks related to Wallbox’s technology, intellectual
property and infrastructure; occurrence of any public health crisis
or similar global events as well as the other important factors
discussed under the caption “Risk Factors” in Wallbox’s Annual
Report on Form 20-F for the fiscal year ended December 31, 2022, as
such factors may be updated from time to time in its other filings
with the Securities and Exchange Commission (the “SEC”), accessible
on the SEC’s website at www.sec.gov and the Investors Relations
section of Wallbox’s website at investors.wallbox.com. Any such
forward-looking statements represent management’s estimates as of
the date of this press release. Any forward-looking statement that
Wallbox makes in this press release speaks only as of the date of
such statement. Except as required by law, Wallbox disclaims any
obligation to update or revise, or to publicly announce any update
or revision to, any of the forward-looking statements, whether as a
result of new information, future events or otherwise.
Non-IFRS Financial Measures
Wallbox reports its financial information required in accordance
with the International Financial Reporting Standards (“IFRS”). This
release includes financial measures not based on IFRS, including
EBITDA and Adjusted EBITDA (together, the “Non-IFRS Measures”). See
the definitions set forth below for a further explanation of these
terms.
Wallbox defines EBITDA as loss for the period before income tax
credit, financial income, interest expenses, amortization and
depreciation and share of profit of equity-accounted investees. We
define Adjusted EBITDA as net income (loss) before depreciation and
amortization, provision (benefit) for income taxes and interest
expense adjusted to take account of the impact of certain non-cash
and other items that we do not consider in our evaluation of our
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 liabilities, share
listing expenses, foreign exchange gains/(losses), share based
payment plan expenses and other items outside the scope of our
ordinary activities and share of profit of equity-accounted
investees. Management uses these Non-IFRS Measures as measurements
of operating performance because they assist management in
comparing the Company’s operating performance on a consistent
basis, as they remove the impact of items not directly resulting
from the Company’s core operations; for planning purposes,
including the preparation of management’s internal annual operating
budget and financial projections; to evaluate the performance and
effectiveness of our strategic initiatives; and to evaluate the
Company’s capacity to fund capital expenditures and expand its
business.
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 period, 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 EBITDA or
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, EBITDA and Adjusted EBITDA should not
be considered as measures 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.
About Wallbox
Wallbox is a global technology company, dedicated to changing
the way the world uses energy. Wallbox creates advanced electric
vehicle charging and energy management systems that redefine the
relationship between users and the network. Wallbox goes beyond
charging electric vehicles to give users the power to control their
consumption, save money and live more sustainably. Wallbox offers a
complete portfolio of charging and energy management solutions for
residential, semi-public, and public use in more than 100 countries
around the world. Founded in 2015 in Barcelona, where the company’s
headquarters are located, Wallbox currently has offices across
Europe, Asia, and America. For more information, visit
www.wallbox.com
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version on businesswire.com: https://www.businesswire.com/news/home/20231109016921/en/
Wallbox Public Relations Contact: Elyce Behrsin Public Relations
Press@wallbox.com +34 622 513 358
Wallbox Investor Contact: Matt Tractenberg VP, Investor
Relations Matt.Tractenberg@wallbox.com +1 404-574-1504
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