6-K
Wallbox N.V. (WBX)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OFFOREIGN PRIVATE ISSUER
PURSUANT TO SECTION 13A-16 OR15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2025
Commission File Number: 001-40865
Wallbox N.V.
(Translation of registrant’s name into English)
Carrer delFoc, 68
Barcelona, Spain 08038
Tel: +34 930 181 668
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXPLANATORY NOTE
On February 26, 2025, Wallbox N.V. (the “Company” or “Wallbox”) released information regarding its results of operations for the three months and full year ended December 31, 2024. A copy of the Company’s press release and presentation materials are furnished hereto as Exhibits 99.1 and 99.2, respectively.
WALLBOX N.V. FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS
Full Year 2024 Highlights
| • | For the year ended December 31, 2024, the Company had revenue of €163.9 million, gross margin of<br>34.8% and operating loss of €108.7 million. |
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| • | The Company introduced new products and services including, Supernova 220, Supernova Eichrecht, and Supernova UL.<br> |
| --- | --- |
| • | The Company sold approximately 1000 DC units and 162,000 AC units in the year ended December 31, 2024.<br> |
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| • | During the twelve months ended December 31, 2024, the Company reduced its labor costs and other operating<br>expenses by 11%. |
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| • | As of December 31, 2024 headcount was 35% lower compared to the same period last year.<br> |
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| • | The Company raised approximately $45 million of cash through equity transactions. |
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| • | As of December 31, 2024, the Company had inventory of €71.1 million. |
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| • | As of December 31, 2024, the Company had approximately €46 million of cash, cash equivalents and<br>financial investments and approximately €198 million of loans and borrowings. |
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Fourth Quarter 2024 Highlights
| • | For the quarter ended December 31, 2024, the Company had revenue of €37.4 million, gross margin of<br>34.6% and operating loss of €26.0 million. | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| • | For the quarter ended December 31, 2024, labor costs and other operating expenses were<br>€28.8 million and capital expenses were €3.9 million. €1.5 million was invested in property, plant and equipment. | ||||||||||||||
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| • | During the three-month ended December 31, 2024, revenues by geography and as a percentage of total revenues<br>were as follows: | ||||||||||||||
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| • | AC chargers – €26.9 million / 72% | ||||||||||||||
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| • | DC chargers – €2.9 million / 8% | ||||||||||||||
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| • | Software and other services – €7.7 million / 20% | ||||||||||||||
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| • | During the three months ended December 31, 2024, revenues by geography and as a percentage of total revenues<br>were as follows: | ||||||||||||||
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| • | Europe – €25.7 million / 69% | ||||||||||||||
| --- | --- | ||||||||||||||
| • | North America – €10.5 million / 28% | ||||||||||||||
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| • | Asia Pacific – €0.9 million / 2% | ||||||||||||||
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| • | Latin America – €0.4 million / 1% | ||||||||||||||
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| Consolidated Statements of Profit or Loss | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (In thousand Euros) | |||||||||||||||
| Year Ended December 31^st^ | Quarter Ended December 31^st^ | ||||||||||||||
| 2024 | 2023 | Q4 2024 | Q3 2024 | Q4 2023 | |||||||||||
| Revenue | 163,943 | 143,769 | 37,394 | 34,656 | 43,250 | ||||||||||
| Changes in inventories and raw materials and consumables used | (106,878 | ) | (95,503 | ) | (24,458 | ) | (26,671 | ) | (29,064 | ) | |||||
| Gross Profit | **** | 57,065 | **** | **** | 48,266 | **** | **** | 12,936 | **** | **** | 7,985 | **** | **** | 14,186 | **** |
| Employee benefits | (71,488 | ) | (81,236 | ) | (16,824 | ) | (17,673 | ) | (18,114 | ) | |||||
| Other operating expenses | (54,089 | ) | (59,788 | ) | (11,940 | ) | (14,187 | ) | (10,783 | ) | |||||
| Amortization and depreciation | (37,873 | ) | (28,443 | ) | (10,191 | ) | (9,264 | ) | (8,633 | ) | |||||
| Impairment of goodwill | (2,349 | ) | — | — | — | — | |||||||||
| Net other income | 25 | 14,260 | 57 | (559 | ) | 12,291 | |||||||||
| Operating Loss | **** | (108,709 | ) | **** | (106,941 | ) | **** | (25,962 | ) | **** | (33,698 | ) | **** | (11,053 | ) |
| Financial income | 1,945 | 1,472 | 704 | 284 | 305 | ||||||||||
| Financial expense | (23,680 | ) | (15,247 | ) | (6,484 | ) | (5,622 | ) | (4,886 | ) | |||||
| Change in fair value of derivative warrant liabilities | 1,081 | 6,476 | 5,525 | (5,683 | ) | 3,822 | |||||||||
| Foreign exchange gains / (losses) | (4,044 | ) | 1,466 | (4,656 | ) | 1,686 | 2,268 | ||||||||
| Financial Results | **** | (24,698 | ) | **** | (5,833 | ) | **** | (4,911 | ) | **** | (9,335 | ) | **** | 1,509 | **** |
| Loss Before Tax | **** | (133,407 | ) | **** | (112,774 | ) | **** | (30,873 | ) | **** | (43,033 | ) | **** | (9,544 | ) |
| Income tax credit | 1,894 | 703 | 268 | 359 | (1,302 | ) | |||||||||
| Loss for the Period | **** | (131,513 | ) | **** | (112,071 | ) | **** | (30,605 | ) | **** | (42,674 | ) | **** | (10,846 | ) |
Cash and Cash Equivalents
(In thousand Euros)
| Year Ended December 31 | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Cash and cash equivalents | 20,036 | 101,158 | ||
| Financial Investments (1) | 25,578 | 5,426 | ||
| Cash, cash equivalents and Financial Investments at 31 December | 45,614 | 106,584 | ||
| (1) | Financial Investments are included in Other current financial assets | |||
| --- | --- |
Investments and Loans & Borrowings
(Inthousand Euros)
| Year Ended December 31 | ||||
|---|---|---|---|---|
| 2023 | 2023 | |||
| Investments in Property, plant and equipment and Intangible Assets | ||||
| Property, plant and equipment | 3,114 | 9,106 | ||
| Intangible assets - excluding R&D (salaries capitalized) | 6,790 | 7,103 | ||
| Total Investments in Property, plant and equipment and Intangible Assets | **** | 9,904 | **** | 16,209 |
| Non-Current Liabilities - Loans and Borrowings | 91,058 | 80,861 | ||
| Current Liabilities - Loans and Borrowings | 107,411 | 126,496 | ||
| Total Loans and Borrowings | **** | 198,469 | **** | 207,357 |
Definitions and Basis of Presentation
| • | Gross Margin is defined as revenue less changes in inventory, raw materials and other consumables used divided by<br>revenue. |
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| • | Long-term debt includes assumed debt from recent acquisitions and other additional facilities.<br> |
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| • | Operating loss consists of the Company’s revenue and other income less changes in inventories and raw<br>materials and consumables used, employee benefits, other operating expenses, impairment of goodwill, and amortization and depreciation. |
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| • | Other operating expenses primarily consist of professional services, marketing expenses, external temporary<br>workers expense, delivery expense, insurance premiums and other expenses, including leases of machinery with lease terms of 12 months or less and leases of office equipment with low value, including IT equipment. |
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| • | Revenue consists of retail sales, sales from distributors, resellers and installer customers of charging<br>solutions for EVs, which includes electronic chargers and other services. |
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INCORPORATION BY REFERENCE
The information included in this Report on Form 6-K under the heading “Wallbox N.V. Fourth Quarter and Full Year 2024 Financial Results” is hereby incorporated by reference into the Company’s Registration Statement on Form S-8 (File No. 333-263795) and Registration Statements on Form F-3, as amended (File Nos. 333-268347, 333-268792, 333-271116, 333-273323, 333-276491 and 333-281952) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished. Exhibit 99.1 and Exhibit 99.2 hereto shall not be deemed incorporated by reference into such registration statements.
EXHIBIT INDEX
| Exhibit<br>No. | Description |
|---|---|
| 99.1 | Wallbox N.V. Press Release, dated February 26, 2025 |
| 99.2 | Wallbox N.V. Presentation, dated February 26, 2025 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Wallbox N.V. | ||
|---|---|---|
| Date: February 26, 2025 | By: | /s/ Enric Asunción Escorsa |
| Enric Asunción Escorsa | ||
| Chief Executive Officer |
EX-99.1
Exhibit 99.1
Wallbox Announces Fourth Quarter & Full Year 2024 Financial Results
BARCELONA, SPAIN - February 26, 2025 - 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 fourth quarter and full year ended December 31, 2024 and provided a business update.
Fourth Quarter 2024 Highlights and Business Update:
| • | Generated revenue of €37.4 million, representing growth of 8% compared to the last quarter<br> |
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| • | North American market maintained strong momentum, achieving 64% year-over-year growth |
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| • | AC charger sales for home and business grew 14% from the previous quarter |
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| • | Continued optimization of operations resulting in a reduction of labor costs and OPEX of 10%<br>quarter-over-quarter |
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| • | Quasar 2 became the first bidirectional charger in its category to receive U.S. product certification from UL<br>Solutions |
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| • | Successfully obtained Eichrecht certification for the Supernova DC fast charger, ensuring accurate and<br>transparent energy measurement under German calibration laws and unlocking the German market |
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| • | Started production of the new Pulsar Pro Socket |
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Full Year 2024 Highlights:
| • | Generated revenue of €163.9 million, reflecting 14% growth compared to last year<br> |
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| • | Achieved 41% revenue growth in North America for the full year of 2024 |
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| • | Enhanced organizational efficiency by driving down labor costs and operating expenses, achieving an 11%<br>year-over-year reduction |
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| • | Adjusted EBITDA^1^ improved by 21% year over year<br> |
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| • | Raised approximately $45 million of cash through equity transactions, further strengthening the<br>relationship with key strategic shareholders (excluding the recent private placement of approximately $10 million that took place in February 2025) |
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| • | Wallbox has surpassed one million EV chargers sold worldwide since launching operations |
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| • | Introduced new products and services including Supernova 220, Supernova Eichrecht, and Supernova UL<br> |
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Executive Commentary
Enric Asuncion, CEO of Wallbox, said, “2024 has been a challenging year for the industry as the EV market slowdown continued. However, Wallbox has successfully navigated these headwinds, and we believe we have all the elements in place to drive sustained, long-term profitable growth. Over the past year, we have expanded our business, optimized costs, launched new products, forged new partnerships and secured additional funding. Additionally, we have surpassed the milestone of more than one million chargers sold, further solidifying our position as a global leader in the EV charging industry”.
Mr. Asunción continued, “We are already operating more efficiently, and with additional optimization efforts underway, we believe this approach will enable us to aim for profitability irrespective of topline growth. While significant growth lies ahead, we recognize that EV sales may remain volatile in 2025. However, we believe Wallbox is well positioned to navigate this landscape, capitalize on opportunities, and emerge stronger. By maintaining a strong focus on cost discipline, driving innovation, delivering industry-leading charging solutions, and fine-tuning our core business fundamentals, we are confident that Wallbox is well-positioned for sustained success.”
Financial Outlook - First Quarter 2025
The following reflects the company’s expectations for select key financial metrics for the first quarter 2025.
| • | Expects first quarter 2025 revenue to be in the range of €34 million and €37 million<br> |
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| • | Expects Gross Margin^1^ between 37% and 39%<br> |
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| • | Expects a negative Adjusted EBITDA^1^ between<br>€(8) million and €(11) million |
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| ^1^ | See Non-IFRS Financial Measures section below |
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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, February 26, 2025. 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.
Fourth Quarter & FY 2024 Unaudited Financial Results
Wallbox N.V.
Consolidated Statementsof Profit or Loss
(In thousand Euros)
| Year Ended December 31^st^ | Quarter Ended December 31^st^ | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | Q4 2024 | Q3 2024 | Q4 2023 | |||||||||||
| Revenue | 163,943 | 143,769 | 37,394 | 34,656 | 43,250 | ||||||||||
| Changes in inventories and raw materials and consumables used | (106,878 | ) | (95,503 | ) | (24,458 | ) | (26,671 | ) | (29,064 | ) | |||||
| Gross Profit | **** | 57,065 | **** | **** | 48,266 | **** | **** | 12,936 | **** | **** | 7,985 | **** | **** | 14,186 | **** |
| Employee benefits | (71,488 | ) | (81,236 | ) | (16,824 | ) | (17,673 | ) | (18,114 | ) | |||||
| Other operating expenses | (54,089 | ) | (59,788 | ) | (11,940 | ) | (14,187 | ) | (10,783 | ) | |||||
| Amortization and depreciation | (37,873 | ) | (28,443 | ) | (10,191 | ) | (9,264 | ) | (8,633 | ) | |||||
| Impairment of goodwill | (2,349 | ) | — | — | — | — | |||||||||
| Net other income | 25 | 14,260 | 57 | (559 | ) | 12,291 | |||||||||
| Operating Loss | **** | (108,709 | ) | **** | (106,941 | ) | **** | (25,962 | ) | **** | (33,698 | ) | **** | (11,053 | ) |
| Financial income | 1,945 | 1,472 | 704 | 284 | 305 | ||||||||||
| Financial expense | (23,680 | ) | (15,247 | ) | (6,484 | ) | (5,622 | ) | (4,886 | ) | |||||
| Change in fair value of derivative warrant liabilities | 1,081 | 6,476 | 5,525 | (5,683 | ) | 3,822 | |||||||||
| Foreign exchange gains / (losses) | (4,044 | ) | 1,466 | (4,656 | ) | 1,686 | 2,268 | ||||||||
| Financial Results | **** | (24,698 | ) | **** | (5,833 | ) | **** | (4,911 | ) | **** | (9,335 | ) | **** | 1,509 | **** |
| Loss Before Tax | **** | (133,407 | ) | **** | (112,774 | ) | **** | (30,873 | ) | **** | (43,033 | ) | **** | (9,544 | ) |
| Income tax credit | 1,894 | 703 | 268 | 359 | (1,302 | ) | |||||||||
| Loss for the Period | **** | (131,513 | ) | **** | (112,071 | ) | **** | (30,605 | ) | **** | (42,674 | ) | **** | (10,846 | ) |
| Income tax credit | (1,894 | ) | (703 | ) | (268 | ) | (359 | ) | 1,302 | ||||||
| Amortization and depreciation | 37,873 | 28,443 | 10,191 | 9,264 | 8,633 | ||||||||||
| Financial income | (1,945 | ) | (1,472 | ) | (704 | ) | (284 | ) | (305 | ) | |||||
| Financial expenses | 23,680 | 15,247 | 6,484 | 5,622 | 4,886 | ||||||||||
| Change in fair value of derivative warrant liabilities | (1,081 | ) | (6,476 | ) | (5,525 | ) | 5,683 | (3,822 | ) | ||||||
| Foreign exchange gains/(losses) | 4,044 | (1,466 | ) | 4,656 | (1,686 | ) | (2,268 | ) | |||||||
| EBITDA | **** | (70,836 | ) | **** | (78,498 | ) | **** | (15,771 | ) | **** | (24,434 | ) | **** | (2,420 | ) |
| Share based payment plan expenses | 2,837 | 14,191 | 586 | 872 | (780 | ) | |||||||||
| Other items | (25 | ) | (3,094 | ) | (57 | ) | 559 | (1,125 | ) | ||||||
| Negative goodwill | — | (11,166 | ) | — | — | (11,166 | ) | ||||||||
| One-time expenses | 6,123 | 3,031 | 2,761 | 1,035 | 558 | ||||||||||
| Other non-cash expenses | 712 | 1,360 | 138 | 159 | 246 | ||||||||||
| Impairment of goodwill | 2,349 | — | — | — | — | ||||||||||
| Adjusted EBITDA | **** | (58,840 | ) | **** | (74,176 | ) | **** | (12,343 | ) | **** | (21,809 | ) | **** | (14,687 | ) |
Wallbox N.V.
Cash & Cash Equivalents
Cashand Cash Equivalents
(In thousand Euros)
| Year Ended December 31 | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Cash and cash equivalents | 20,036 | 101,158 | ||
| Financial Investments (1) | 25,578 | 5,426 | ||
| Cash, cash equivalents and Financial Investments at 31 December | **** | 45,614 | **** | 106,584 |
| (1) | Financial Investments are included in Other current financial assets | |||
| --- | --- |
Wallbox N.V.
Investments in PP&E and Loans and Borrowings
Investments and Loans & Borrowings
(Inthousand Euros)
| Year Ended December 31 | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Investments in Property, plant and equipment and Intangible Assets | ||||
| Property, plant and equipment | 3,114 | 9,106 | ||
| Intangible assets – excluding R&D (salaries capitalized) | 6,790 | 7,103 | ||
| Total Investments in Property, plant and equipment and Intangible Assets | **** | 9,904 | **** | 16,209 |
| Non-Current Liabilities – Loans and<br>Borrowings | 91,058 | 80,861 | ||
| Current Liabilities – Loans and Borrowings | 107,411 | 126,496 | ||
| Total Loans Borrowings | **** | 198,469 | **** | 207,357 |
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, long term profitability and costs optimization, business strategy and plans and market opportunity, including in the German market. 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; executive orders and regulatory changes under the U.S. political administration and uncertainty therefrom, 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, 2023, 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 Adjusted EBITDA and Gross Margin (the “Non-IFRS Measure”). See the definitions set forth below for a further explanation of these terms.
Wallbox defines “Gross Margin” as revenue less changes in inventory, raw materials and other consumables used divided by revenue.
Wallbox defines EBITDA as loss for the period before income tax credit, financial income, financial expenses, amortization and depreciation, change in fair value of derivative warrants and foreign exchange gains/(losses). We define Adjusted EBITDA as EBITDA for the period further adjusted to take into account 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: share based payment plan expenses, certain one-time expenses related to a reduction in workforce initiated in January 2023, certain non-cash expenses related to the ESPP plan launched in January 2023, any negative goodwill arising from business combinations and other items outside the scope of our ordinary activities. 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 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.
We are not able to provide a reconciliation of Adjusted EBITDA guidance for the first quarter of 2025, and income (loss) for the period, the nearest comparable IFRS measure, because certain items that are excluded from Adjusted EBITDA cannot be reasonably predicted or are not in our control.In particular, in the case of Adjusted EBITDA, we are unable to forecast the timing or magnitude of impairment of intangible assets, income or loss on revaluation of contingent consideration, income or loss on derivative warrant liability valuation and exchange rate income or loss, in each case, as applicable without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, IFRS measures in the future.
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
| Wallbox Public Relations Contact: | Wallbox Investor Contact: |
|---|---|
| Albert Cabanes | Michael Wilhelm |
| Public Relations | Corporate Development & IR |
| Press@wallbox.com | Investors@wallbox.com |
| Source: Wallbox N.V. |
EX-99.2
Exhibit 99.2
2024 EARNINGS REPORT
2024 EARNINGS REPORT Enric Asunción Luis Boada Michael Wilhelm Co-Founder & Chief Financial Officer Investor Relations Chief Executive Officer
Disclaimer This presentation 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 presentation 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, expected growth and profitability, business strategy initiatives and plans, expectations regarding the EV market growth and future sales. 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, executive orders and regulatory changes under the U.S. political administration and uncertainty therefrom 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, 2023, 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 presentation. Any forward-looking statement that Wallbox makes in this presentation 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. Unless otherwise indicated, information contained in this presentation concerning Wallbox’s industry and the markets in which it operates, including its general expectations, market position and market opportunity, is based on its management’s estimates and research, as well as industry and general publications and research, surveys and studies conducted by third parties. While Wallbox believes the information from these third-party publications, research, surveys and studies is reliable, it does not guarantee the accuracy or completeness of such information, and Wallbox has not independently verified this information. Management’s estimates are derived from publicly available information, their knowledge of the company’s industry and their assumptions based on such information and knowledge, which they believe to be reasonable. This data involves a number of assumptions and limitations which are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in Wallbox’s periodic reports filed with the SEC under the caption “Risk Factors.” These and other factors could cause Wallbox’s future performance and market expectations to differ materially from its assumptions and estimates. Q4 2024 x EARNINGS REPORT
2024 Highlights New Business Unit Structure EV Market Wallbox Group (in M€) Allows us to maximize and better #M of EV units sold1 Revenue Labour & OpEx Adj EBITDA2 serve each segment Evolved Product Portfolio 6% YoY With new versions of our chargers 2023 2024 6.1 5.8 163.9 141.0 143.8 125.6 (58.8) (74.2) 2023 2024 2023 2024 2023 2024 + Slow down in the EV Market + 162,000 AC and 1,000 DC units + More efficient organisational + Revenue growth and cost growth sold set-up optimization resulting in Fundraising 2024 adjusted EBITDA $45 million raised during the year + Market growth remains + Growth in NA market, with + Committed to drive down improvements below expectations +40% YoY costs to strengthen balance sheet + Past efforts setting us + Full year contribution of ABL up for future success 1. EV market excluding China 2024 EARNINGS REPORT 2. This is a non-IFRS measure. Please see slide 14 for a 4 Q4 reconciliation of this financial measure to the most comparable IFRS metric
Q4 2024 Highlights Q4 Revenue Q4 Gross Margin1 €37.4M 34.6% €12.3M A 14% YoY decrease for the quarter Adjusted EBITDA loss1 Impacted by product mix 64% YoY increase in NA +38,000 AC units sold Q4 Cash Costs2 Including ABL 19% +100 DC units sold Globally Decrease YoY 1. This is a non-IFRS measure. Please see slide 14 for a reconciliation of this financial measure to the most comparable IFRS metric Q4 2024 EARNINGS REPORT 2. This is a non-IFRS measure. Please see slide 17 for a reconciliation of this financial measure to the most comparable IFRS metric 5
Q4 2024 Revenues by Geography YoY Q4—Flat EV Market2 25% YoY Q4 WBX Revenue – AC sales 12% YoY Q4 EV Market2 outpacing market, DC sales down Europe 64% YoY Q4 WBX Revenue €25.7M / 69%1 North America €10.5M / 28%1 APAC €900k / 2%1 LATAM €400k / 1%1 1. As percentage of revenue 6 Q4 2024 EARNINGS REPORT 2. Rho Motion EV Charging Database—February 2025
Q4 2024 Revenues by Product AC Sales €26.9M / 72%1 8% DC Sales €2.9M / 8%1 72% Software, Services & Others 20% €7.7M / 20%1 Q4 2024 EARNINGS REPORT 1. As percentage of revenue 7
Q4 2024 Market Overview FY +6% YoY EVs Sold in Key Markets1 5.8M 6.1M 1.73 1.61 1.49 1.52 1.47 1.38 0.4 0.3 0.3 ROW 0.3 0.3 0.3 0.8 0.8 EU 0.8 0.8 0.7 0.7 0.4 0.4 0.5 0.5 0.5 0.5 NA Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY23 FY24 + EV market growth + Long-term prospect + US market continues to + Stricter emission + More and more continues to be remains solid for EV grow and is expected to regulations in Europe affordable electric volatile and below adoption – Massive continue growing despite come into effect vehicles are coming to expectations in growth expected any legislative changes2 market in 2025 most regions 1. Rho Motion EV Charging Database – February 2025 – In Millions 8 Q4 2024 EARNINGS REPORT 2. Rho Motion EV Sales Quarterly Outlook Q4 2024
Q4 2024 Financial Review Q4 Revenue Q4 Labor Costs & OPEX Results fell short of expectations €37.4M €28.8M and did not meet guidance Sustained rapid growth in NA, delivering 64% YoY Growth for Q4 as Impacted customers by slower built up DC inventory sales costs Continuous & OPEX focus to reduce labor Strong recovery in AC sales, Q4 Gross Margin1 Q4 Adjusted EBITDA Loss1 achieving 14% QoQ Growth 34.6% €12.3M Leaner organisation due to 10% QoQ cost reduction Impacted by the sales mix than Driven expected by softer gross topline margin and lower Q4 2024 EARNINGS REPORT 1. This is a non-IFRS measure. Please see slide 14 for a reconciliation of this financial measure to the most comparable IFRS metric 9
Q4 2024 Key Financial Metrics €46M €198M Cash And Cash Equivalent And Financial Q4 Loans and Borrowings Investments Successful extension of debt Excluding the announced $10M commitments February 2025 private placement €71.1M €3.9M Q4 Consolidated Inventory Q4 Capex 23% YoY reduction €1.5M spent on PPE + Working on divestment
- Leverage relationship + Focus on cash conservation or restructuring of non- with banking partners to and minimizing dilution core assets optimize debt structure Q4 2024 EARNINGS REPORT 10
Q4 2024 Closing Thoughts 2024 2025 Q1 2025 Expected Revenue Range Challenging year Industry is expecting significant EV €34-37M for the EV Market growth WBX strengthen itself during the past Wallbox is a leading platform and year continues to build-out its frontrunning Q1 2025 Expected Gross Margin + Successful launch of leading position charging solutions + Excellent growth in the North Keep carrying out additional efficiency 37%-39% American market measures to strengthen the company + Right sized the organization further on our path to profitability Q1 2025 Expected Adjusted EBITDA + Ripe for growth and margin incremental €(8)-(11)M Q4 2024 EARNINGS REPORT 11
Q&A
Financial Overview Consolidated Statement of Profit or Loss1 Y E A R E N D E D Q UA R T E R E N D E D Unaudited, in € 000’s 3 1 D E C E MBER 3 1 D E C E MBER 2024 2023 Q4 2024 Q3 2024 Q4 2023 Revenue 163,943 143,769 37,394 34,656 43,250 Change in inventories and raw materials and consumables used (106,878) (95,503) (24,458) (26,671) (29,064) Gross Profit 57,065 48,266 12,936 7,985 14,186 Employee benefits (71,488) (81,236) (16,824) (17,673) (18,114) Other operating expenses (54,089) (59,788) (11,940) (14,187) (10,783) Amortization and depreciation (37,873) (28,443) (10,191) (9,264) (8,633) Impairment of goodwill (2,349) — — Net other income 25 <<< 14,260 57 (559) 12,291 Operating Loss (108,709) (106,941) (25,962) (33,698) (11,053) Financial income 1,945 1,472 704 284 305 Financial expense (23,680) (15,247) (6,484) (5,622) (4,886) Change in fair value derivative liabilities 1,081 6,476 5,525 (5,683) 3,822 Foreign exchange gains/(losses) (4,044) 1,466 (4,656) 1,686 2,268 Financial Results (24,698) (5,833) (4,911) (9,335) 1,509 Loss before Tax (133,407) (112,774) (30,873) (43,033) (9,544) Income tax credit 1,894 703 268 359 (1,302) Loss for the Period (131,513) (112,071) (30,605) (42,674) (10,846) Q4 2024 EARNINGS REPORT 1. See slide 18 for definitions 13
Financial Overview Reconciliation1 Y E A R E N D E D Q UA R T E R E N D E D Unaudited, in € 000’s 3 1 D E C E MBER 3 1 D E C E MBER 2024 2023 Q4 2024 Q3 2024 Q4 2023 Loss for the Period (131,513) (112,071) (30,605) (42,674) (10,846) Income tax credit (1,894) (703) (268) (359) 1,302 Amortization and depreciation 37,873 28,443 10,191 9,264 8,633 Financial income (1,945) (1,472) (704) (284) (305) Financial expenses 23,680 15,247 6,484 5,622 4,886 Change in fair value of derivative warrant liabilities (1,081) (6,476) (5,525) 5,683 (3,822) Foreign exchange gains/(losses) 4,044 (1,466) 4,656 (1,686) (2,268) EBITDA (70,836) (78,498) (15,771) (24,434) (2,420) Share based payment expenses 2,837 14,191 586 872 (780) Other items (25) (3,094) (57) 559 (1,125) Negative goodwill—(11,166) — (11,166) One-time expenses 6,123 3,031 2,761 1,035 558 Other non-cash expenses 712 1,360 138 159 246 Impairment of goodwill 2,349 — —Adjusted EBITDA (58,840) (74,176) (12,343) (21,809) (14,687) Q4 2024 EARNINGS REPORT 1. See slide 18 for definitions 14
Financial Overview Cash & Cash Equivalents Unaudited, in € 000’s Y E A R E N DE D 3 1 D E C E M BER 2024 2023 Cash and cash equivalents 20,036 101,158 Financial Investments (1) 25,578 5,426 Cash, cash equivalents and Financial Investments at 31 December 45,614 106,584 Q4 2024 EARNINGS REPORT 1. Financial Investments are included in Other Current Financial Assets 15
Financial Overview Investments and Loans & Borrowings Unaudited, in € 000’s Y E A R E N D E D 3 1 D E C E M B E R 2024 2023 Investments in Property, plant and equipment and Intangible Assets Property, plant and equipment 3,114 9,106 Intangible assets—excluding R&D (salaries capitalized) 6,790 7,103 Total Investments in Property, plant and equipment 9,904 16,209 and Intangible Assets Non-Current Liabilities – Loans and Borrowings 91,058 80,861 Current Liabilities – Loans and Borrowings 107,411 126,496 Total Loans and Borrowings 198,469 207,357 Q4 2024 EARNINGS REPORT 16
Financial Overview Reconciliation Cash Cost1 Unaudited, in € 000’s YEAR 2024 YEAR 2023 Q4 Q3 Q4 Labor Costs & OPEX (28,764) (31,860) (28,897) R&D activation (3,091) (3,928) (6,146) Share based payment expenses 586 872 (780) One-time expenses 2,761 1,035 558 Other non-cash expenses 138 159 246 Cash Cost (28,370) (33,722) (35,019) Q4 2024 EARNINGS REPORT 1. See slide 18 for definitions 17
Definitions and Disclosures 1 “EBITDA” is defined as loss for the period before income tax credit, financial income, financial expenses, amortization and depreciation, change in fair value of derivative warrants, and foreign exchange gains/(losses). 2 “Adjusted EBITDA” is defined as EBITDA for the period further adjusted to take into account 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: share based payment plan expenses, certain one-time expenses related to a reduction in workforce initiated in January 2023, certain non-cash expenses related to the ESPP plan launched in January 2023, any negative goodwill arising from business combinations and other items outside the scope of our ordinary activities. 3 Operating loss consists of Wallbox’s revenue and other income less changes in inventories and raw materials and consumables used, employee benefits, other operating expenses, impairment of goodwill, and amortization and depreciation. 4 Wallbox’s revenue consists of retail sales, sales from distributors, resellers and installer customers of charging solutions for EVs, which includes electronic chargers and other services. 5 Gross Margin is defined as revenue less changes in inventory, raw materials and other consumables used divided by revenue. 6 Other operating expenses primarily consist of professional services, marketing expenses, external temporary workers expense, delivery expense, insurance premiums and other expenses, including leases of machinery with lease terms of 12 months or less and leases of office equipment with low value, including IT equipment. 7 Cash costs is defined as labor costs & opex excluding R&D activation, share based payment expenses, one-time expenses and other non-cash expenses Q4 2024 x EARNINGS REPORT 18
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