BARCELONA, Spain–(BUSINESS THREAD)–Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) power management and charging solutions worldwide, today announced its financial results for the second quarter ended June 30 2022.
Highlights of Q2 2022:
It generated record revenues of 39.5 million euros, an increase of 124% compared to the second quarter of 2021. It achieved gross margins of 41.1%. It sold nearly 64,000 chargers, up 95% compared to the second quarter of 2021. A strategic partnership with Nissan has been announced to provide the charger. and installation services to buyers of their new Ariya EV in the US Acquired COIL Inc., a leading EV charging installer serving the US market, enabling in-house installation and maintenance solutions for to commercial, public and residential charging applications. Acquired ARES Electronics, an innovative printed circuit board supplier, expanding Wallbox’s design and manufacturing capabilities while increasing innovation cycle time and improving the resilience of its supply chain
Executive comment
Enric Asunción, CEO of Wallbox, said: “It has been a very busy quarter for Wallbox. The team performed very well and once again exceeded expectations. Revenue grew 124% year over year and we are very pleased with our gross margin of 41.1%. We’ve created exciting new partnerships, aggressively ramped up production of our Supernova DC fast chargers, and acquired two leading companies that are expected to expand our offerings, enhance our capabilities, and strengthen our competitive position in a fast growth While geopolitical uncertainty and inflation pose challenges for most companies, we are uniquely positioned in a very attractive market that benefits from strong secular headwinds.”
Mr. Asuncion continued, “I am also very excited to welcome Wallbox to COIL and ARES Electronics. COIL expands our addressable market and enables a full service offering of hardware, software and now installation services in North America . COIL is considered by many to be the premier installer in the US market and we look forward to helping them expand and grow their business. ARES Electronics has been a trusted supplier of innovative printed circuit boards (PCBs) to Wallbox for years, and is expected to bring unique capabilities that further differentiate our technology while enhancing our vertical integration.At a time when supply chain uncertainty persists, bringing this critical component in-house is a differentiator key
We continue to perform exceptionally well. Demand for electric vehicles worldwide appears to be at an inflection point, with a critical mass of buyers considering leaving traditional vehicles behind as governments around the world encourage the adoption of green transportation. While long-term trends point to continued growth, EV manufacturing capacity continues to focus. Gaining market share is a key objective at Wallbox, and to do so successfully in an environment where EV manufacturing capacity and deliveries lag behind consumer demand, we see as a testament to our business model and a solid execution by the team.”
Financial outlook – Third quarter and full year 2022
The following reflects the company’s expectations for a selection of key financial metrics for the third quarter of 2022.
It expects third-quarter 2022 revenue to be between €44 million and €49 million, representing an approximate year-over-year growth rate of between 140% and 170%.It expects a gross margin of approximately 40%
Full year 2022
It forecasts revenues for the year 2022 between 175 and 195 million euros, which represents an approximate year-on-year growth rate of between 145% and 170%
Conference call information
Wallbox NV will host a conference call to discuss the results and provide a business update at 8:00 am EST today, August 10, 2022. The live audio broadcast and presentation, along with additional information may be accessed on the Wallbox Investor Relations website. at https://investors.wallbox.com/overview/default.aspx. A recording of the webcast will also be available after the conference.
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 management’s expectations of Wallbox’s future financial results and new capabilities as a result of its recent acquisitions and partnerships. . In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “may,” “could,” “should,” “could,” “might,” “plan,” “possible,” ” “project”, “endeavour”, “budget”, “forecast”, “expect”, “try”, “choose”, “estimate”, “predict”, “potential”, “continue” or the negatives of such terms or variations thereof or similar terminology, but the absence of such words does not mean that this statement is not forward-looking. These forward-looking statements are subject to risks, uncertainties and other factors that 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 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 could cause Wallbox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the future. statements, including but not limited to: Wallbox’s history of operating losses as an early stage company; adoption and demand for electric vehicles, including the success of alternative fuels, changes in 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 related to its market opportunity; competition; risks related to health pandemics, including those of COVID-19; losses or disruptions to Wallbox’s supply or manufacturing partners; impacts arising from the conflict between Russia and Ukraine; risks related to macroeconomic conditions and inflation; Wallbox’s reliance on third parties beyond its control; risks related to Wallbox’s technology, intellectual property and infrastructure; and other important factors discussed under the heading “Risk Factors” in Wallbox’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021, as these factors may be updated from from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the investor relations section of Wallbox’s website at investors.wallbox.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statements made by Wallbox in this press release speak 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 a other way
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 users’ relationship with the grid. Wallbox goes beyond electric vehicle charging 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 worldwide. Founded in 2015 and headquartered in Barcelona, the company now employs approximately 1,100 people in its offices in Europe, Asia and America. For additional information, visit www.wallbox.com.
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