Release Date: May 07, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Wallbox NV (WBX, Financial) reported Q1 2025 revenue of EUR37.6 million, exceeding guidance and showing strong performance in North America.
- Gross margin improved significantly to 38.1%, driven by a favorable product mix and cross-selling of ABL products.
- Labor costs and operating expenses decreased by 13% quarter-over-quarter and 23% year-over-year, highlighting operational efficiency.
- The company achieved a 42% year-over-year improvement in adjusted EBITDA, marking its best result since going public.
- Wallbox NV (WBX) secured significant partnerships, including a nationwide home EV charging program with Nissan in Canada and a pilot project with TotalEnergies in Belgium.
Negative Points
- Q1 2025 revenue was down 13% year-over-year, with weaker performance in Europe offsetting gains in North America.
- DC fast charging sales remain volatile, with growth dependent on large orders rather than steady increases.
- The European market showed improvement, but AC sales in Europe were still down 14% year-over-year.
- The company faces challenges from a volatile macro environment, including potential impacts from tariffs and supply chain vulnerabilities.
- Despite improvements, Wallbox NV (WBX) reported a negative adjusted EBITDA of EUR7.8 million for the quarter.
Q & A Highlights
Q: Can you discuss the integration of ABL and any opportunities for further consolidation in the industry?
A: Enric Asuncion, CEO: The integration of ABL has been successful, with significant synergies achieved, leading to cost savings and improved efficiency. We are focusing on cross-selling ABL products across Europe and introducing Wallbox products in Germany. While we are not actively pursuing new acquisitions, we may consider opportunities once we achieve cash positivity.
Q: Is there any additional traction for Quasar 2 beyond the partnership with Kia?
A: Enric Asuncion, CEO: While I can't disclose specifics, we are presenting Quasar 2 at the Power to Drive event in Europe and expect to announce a European partnership soon. Recent events in Spain have increased interest in Quasar 2, highlighting its relevance for energy resilience.
Q: Can you talk about the competitive landscape and opportunities as competitors face challenges?
A: Enric Asuncion, CEO: In the US, we see opportunities as competitors focus less on hardware and software solutions. Our US factory provides an edge in managing tariffs. In Europe, our strong presence in multiple markets gives us an advantage. In fast charging, we focus on cost-effective solutions in the 100 to 350 kW range.
Q: What are your expectations for product mix and its impact on margins and EBITDA?
A: Enric Asuncion, CEO: Fast charging margins are around 50%, while home and business margins are 37-40%. We aim to reduce inventories to improve margins. We plan to build a backlog for fast chargers to ensure steady growth and more efficient operations, which will enhance our sales mix and margins.
Q: How is Wallbox managing the impact of tariffs and the volatile macro environment?
A: Enric Asuncion, CEO: Our flexible production footprint and localized supply chain help us adapt to tariffs. We are cautious about making large investments due to market volatility but remain focused on optimizing operations and leveraging our US production capabilities to manage challenges effectively.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
