- Full Year Revenue: EUR163.9 million, reflecting a 14% growth compared to last year.
- Q4 Revenue: EUR37.4 million, down 14% year over year, but improved 8% compared to last quarter.
- Adjusted EBITDA: Improved by 21% year over year, from negative EUR74.2 million to negative EUR58.8 million.
- Q4 Adjusted EBITDA: Negative EUR12.3 million, improved 43% compared to last quarter.
- Gross Margin: 34.6% in Q4, lower than the target range of 38% to 40%.
- AC Unit Sales: More than 162,000 units delivered in 2024.
- DC Unit Sales: Close to 1,000 units delivered in 2024.
- Q4 AC Sales: EUR26.9 million, representing 72% of global consolidated revenue, with 14% growth quarter over quarter.
- Q4 DC Sales: EUR2.9 million, representing 8% of sales, lower than expected.
- Software and Services Revenue: EUR7.7 million in Q4, representing 20% of total revenue and 18% growth compared to last quarter.
- Cash and Equivalents: Approximately EUR46 million at the end of the quarter.
- Loans and Borrowings: Approximately EUR198 million, with EUR91 million in long-term debt and EUR107 million in short-term debt.
- CapEx: EUR3.9 million in Q4, with full year PP&E and intangibles CapEx at EUR9.9 million, a 39% decrease compared to 2023.
- Inventory: EUR71.1 million, a 23% reduction compared to the same period last year.
- Labor and OpEx Costs: EUR28.8 million in Q4, flat compared to last year, with a 19% year-over-year reduction in cash costs.
- Headcount Reduction: 35% reduction compared to the same period last year.
- Q1 2025 Guidance: Revenue between EUR34 million and EUR37 million, gross margin between 37% and 39%, and negative adjusted EBITDA between EUR8 million and EUR11 million.
Release Date: February 26, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Wallbox NV (WBX, Financial) achieved a 14% revenue growth for the full year 2024, totaling EUR163.9 million, driven by strong growth in North America and the full-year contribution of ABL.
- The company surpassed one million chargers sold in its history, delivering over 162,000 AC units and nearly 1,000 DC units in 2024.
- Wallbox NV (WBX) improved its adjusted EBITDA by 21% year over year, from negative EUR74.2 million to negative EUR58.8 million, due to growth and cost optimization.
- The company introduced a new business unit structure, enhancing efficiency in servicing target segments such as home & business, fast charging, and software.
- Wallbox NV (WBX) strengthened commercial relationships with key partners like Engie, Generac, and Iberdrola, and raised an additional $45 million from strategic investors in 2024.
Negative Points
- Q4 2024 revenue was EUR37.4 million, down 14% year over year, missing the guidance range due to slower DC fast charger sales.
- Gross margin for Q4 was 34.6%, below the target range of 38% to 40%, impacted by a lower contribution from DC fast chargers and ABL.
- The company faced challenges in the EV market, with only a 6% year-over-year growth in key regions, affecting overall performance.
- Wallbox NV (WBX) reported a consolidated adjusted EBITDA loss of EUR12.3 million for Q4, missing the guidance range due to softer topline and lower gross margin.
- The company has significant short-term debt, approximately EUR107 million, and is actively negotiating with lenders to minimize loan repayments in 2025.
Q & A Highlights
Q: How should we think about the mix of products in the US market given potential regulatory changes and funding impacts?
A: Enric Asunción, CEO: In the US, we expect an improvement towards fast charging, especially with the launch of the Supernova UL and upcoming certifications. Fast charging deals take time to mature, typically around 200 days, so we anticipate growth in this segment. Our goal is to achieve a 50% mix of fast charging and home/business charging. Despite potential policy changes, home charging is also growing, possibly due to concerns over disappearing incentives.
Q: What is the path to becoming EBITDA and free cash flow positive, and what revenue levels are needed to achieve this?
A: Enric Asunción, CEO: We aim to maintain or increase market share, as seen in North America where we grew 40% compared to the market's 20%. We target revenues of EUR40 million to EUR45 million to reach break-even, with full impact expected by Q3 2025. Our strategy includes reducing OpEx and optimizing our organizational structure to achieve profitability.
Q: How is Wallbox positioned regarding import tariffs, especially in the US?
A: Enric Asunción, CEO: We are well-positioned with manufacturing in Europe and an assembly facility in Arlington, US, reducing exposure to tariffs. For fast charging, currently manufactured in Barcelona, we have plans to shift more production to the US if necessary. We also source materials from multiple suppliers to mitigate risks from tariffs on imports from China.
Q: Can you elaborate on the EUR10 million capital raise and its impact on funding runway?
A: Enric Asunción, CEO: We are proud of the support from strategic shareholders like Iberdrola. Our focus is on becoming operationally cash flow positive through inventory reduction and working capital optimization. We aim to minimize the need for additional capital, but if necessary, we have proven access to capital markets.
Q: What are the main challenges and opportunities for Wallbox in 2025?
A: Enric Asunción, CEO: 2025 will bring growth opportunities, but volatility in EV sales may persist. We are focused on generating profitable growth with a diversified product portfolio, strategic partnerships, and a global presence. We aim to provide better market insights and expect incremental improvements in the upcoming quarters.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
