Wallbox Announces First Quarter 2025 Financial Results

BARCELONA, Spain--(BUSINESS WIRE)--May 07, 2025-- 

Wallbox N.V. $(WBX)$, a leading provider of electric vehicle ("EV") charging and energy management solutions worldwide, today announced its financial results for the first quarter ended March 31, 2025 and provided a business update.

First Quarter 2025 Highlights and Business Update:

   -- Generated revenue of EUR37.6 million in the quarter exceeding the 
      guidance provided last quarter 
 
   -- Improved Gross Margin by 634 basis points quarter over quarter, now 
      landing at 38.1% for the first quarter of 2025, within our target range 
 
   -- Adjusted EBITDA was EUR(7.8) million representing a 42% improvement 
      quarter-over-quarter 
 
   -- North American sales maintained strong momentum, growing by 142% compared 
      to the same period last year 
 
   -- Strong recovery of DC sales, growing 41% compared to last quarter 
 
   -- Continued operational optimization resulted in a 13% quarter-over-quarter 
      reduction in labor costs and OPEX 
 
   -- Opened pre-orders for Wallbox's Quasar 2 bi-birectional charger, in 
      partnership with KIA, with a target to expand energy capabilities for Kia 
      EV9 Drivers 
 
   -- Successfully obtained CTEP and NTEP certifications for the Supernova DC 
      fast charger to boost sales in California, currently, the largest EV 
      market in the USA 
 
   -- Finalized debt framework agreement with primary lenders Santander, BBVA, 
      Caixa and the syndicated loan (EBN, ICO, ICF, MoraBanc and COFIDES) to 
      defer debt payments until May 2026 
 
   -- Surpassed the milestone of 100,000 EV chargers produced in the U.S. 
      facility in Arlington, Texas. 

Executive Commentary

Enric Asunción, CEO of Wallbox, said, "We've kicked off 2025 with a solid first quarter, delivering revenue, Gross Margin, and Adjusted EBITDA in line or better than the guidance provided last quarter. Our growth with strategic partners and the creation of a healthy backlog for the upcoming quarter reinforce our confidence that we're building real momentum. At the same time, we believe the Adjusted EBITDA break-even point is getting closer, thanks to continued gains in operational efficiency and another quarter of cost reductions, all while maintaining revenue. We're also executing on strategic priorities, including opening pre-orders for Quasar 2 and restructuring banking agreements."

Mr. Asunción continued, "The EV market delivered encouraging growth in the first quarter of 2025, a signal of renewed momentum for the industry. While we remain cautious in our outlook for the remainder of the year given ongoing economic uncertainty, our focus remains unchanged: to deliver best-in-class charging solutions that allow us to continue capturing growth from both existing and new customers, all while maintaining strict cost discipline. We are making meaningful progress across all these fronts. As Wallbox evolves into a more agile and efficient platform for growth, we are confident in our ability to unlock long-term value for our shareholders."

Financial Outlook - Second Quarter 2025

The following reflects the company's expectations for select key financial metrics for the second quarter 2025.

   -- Expects second quarter 2025 revenue to be in the range of EUR37 million 
      and EUR39 million 
 
   -- Expects Gross Margin1 between 37% and 39% 
 
   -- Expects a negative Adjusted EBITDA1 between EUR(5) million and EUR(8) 
      million 
 
(1) See Non-IFRS Financial Measures section below 
 

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, May 7, 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.

First Quarter 2025 Unaudited Financial Results

Wallbox N.V.

 
 
Consolidated 
 Statements of 
 Profit or Loss 
(In thousand Euros) 
                            Year End                Quarter End 
                      --------------------  ---------------------------- 
                        2024       2023     Q1 2025   Q4 2024   Q1 2024 
                      ---------  ---------  --------  --------  -------- 
 
   Revenue             163,943    143,769    37,642    37,394    43,050 
   Changes in 
    inventories and 
    raw materials 
    and consumables 
    used              (107,920)  (95,503)   (23,284)  (25,500)  (25,989) 
                      ---------  ---------  --------  --------  -------- 
Gross Profit           56,023     48,266     14,358    11,894    17,061 
 
   Employee benefits  (71,488)   (81,236)   (14,975)  (16,824)  (19,823) 
   Other operating 
    expenses          (54,089)   (59,788)   (10,011)  (11,940)  (12,788) 
   Amortization and 
    depreciation      (37,873)   (28,443)   (10,204)  (10,191)  (8,750) 
   Impairment of 
    assets            (26,415)       -       1,194    (24,066)     - 
   Net other income      25       14,260       22        57       519 
                      ---------  ---------  --------  --------  -------- 
Operating Loss        (133,817)  (106,941)  (19,616)  (51,070)  (23,781) 
 
   Financial income     1,945      1,472      207       704       383 
   Financial expense  (23,680)   (15,247)   (3,489)   (6,484)   (5,878) 
   Change in fair 
    value of 
    derivative 
    warrant 
    liabilities         1,081      6,476      681      5,525     (344) 
   Foreign exchange 
    gains / 
    (losses)           (4,044)     1,466     3,876    (4,656)   (1,291) 
                      ---------  ---------  --------  --------  -------- 
Financial Results     (24,698)    (5,833)    1,275    (4,911)   (7,130) 
 
Loss Before Tax       (158,515)  (112,774)  (18,341)  (55,981)  (30,911) 
 
   Income tax credit    6,723       703       (73)     5,097      486 
 
Loss for the Period   (151,792)  (112,071)  (18,414)  (50,884)  (30,425) 
 
 
Reconciliation 
(In thousand Euros) 
 
                            Year End                Quarter End 
                      --------------------  ---------------------------- 
                        2024       2023     Q1 2025   Q4 2024   Q1 2024 
                      ---------  ---------  --------  --------  -------- 
 
Loss for the Period   (151,792)  (112,071)  (18,414)  (50,884)  (30,425) 
 
   Income tax credit   (6,723)     (703)       73     (5,097)    (486) 
   Amortization and 
    depreciation       37,873     28,443     10,204    10,191    8,750 
   Financial income    (1,945)    (1,472)    (207)     (704)     (383) 
   Financial 
    expenses           23,680     15,247     3,489     6,484     5,878 
   Change in fair 
    value of 
    derivative 
    warrant 
    liabilities        (1,081)    (6,476)    (681)    (5,525)     344 
   Foreign exchange 
    gains/(losses)      4,044     (1,466)   (3,876)    4,656     1,291 
                      ---------  ---------  --------  --------  -------- 
EBITDA                (95,944)   (78,498)   (9,412)   (40,879)  (15,031) 
 
   Share based 
    payment plan 
    expenses            2,837     14,191      557       586       652 
   Other items          (25)      (3,094)     (22)      (57)     (519) 
   Negative goodwill      -      (11,166)      -         -         - 
   One-time expenses    6,123      3,031     2,289     2,761     1,194 
   Other non-cash 
    expenses             712       1,360       26       138       220 
   Impairment of 
    assets             26,415        -      (1,194)    24,066      - 
                      ---------  ---------  --------  --------  -------- 
Adjusted EBITDA       (59,882)   (74,176)   (7,756)   (13,385)  (13,484) 
 
 

Wallbox N.V.

Cash & Cash Equivalents

 
 
 
Cash and Cash 
 Equivalents 
(In thousand Euros) 
                       Quarter Ended March 31    Year Ended December 31 
                      ------------------------  ------------------------ 
                         2025         2024         2024         2023 
                      -----------  -----------  -----------  ----------- 
Cash and cash 
 equivalents            35,582       77,932       20,036       101,158 
Financial 
 Investments (1)         5,053        5,395       25,578        5,426 
                      -----------  -----------  -----------  ----------- 
 
Cash, cash 
 equivalents and 
 Financial 
 Investments            40,635       83,327       45,614       106,584 
 
   (1) Financial Investments are included in Other current financial 
   assets 
 

Wallbox N.V.

Investments and Loans & Borrowings

 
 
Investments and Loans & Borrowings 
                                          Quarter Ended       Year Ended 
(In thousand Euros)                          March 31         December 31 
                                         ----------------  ----------------- 
                                          2025     2024     2024      2023 
                                         -------  -------  -------  -------- 
Investments in Property, plant and 
 equipment and Intangible Assets 
 
                Property, plant and 
                 equipment                 335      845     3,114    9,106 
                Intangible assets - 
                 excluding R&D 
                 (salaries 
                 capitalized)              378      927     6,790    7,103 
 
Total Investments in Property, plant 
 and equipment and Intangible Assets       713     1,772    9,904    16,209 
 
                Non-Current Liabilities 
                 -- Loans and 
                 Borrowings              66,762   95,787   66,659    80,861 
                Current Liabilities -- 
                 Loans and Borrowings    132,636  115,845  131,810  126,496 
 
Total Loans and Borrowings               199,398  211,632  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 expected future operating results and financial position, long term profitability and cost optimization, industry and company growth, business strategy and plans and market opportunity, including in the California 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;political and economic uncertainty and macroeconomic factors, such as impacts from tariffs and trade barriers, consumer spending, inflation and foreign exchange rates; 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; 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, 2024, 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.

Reconciliations of the forward-looking non-IFRS measures to the most directly comparable IFRS measures cannot be provided without unreasonable efforts and are not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations and certain other items reflected in our reconciliation of historical non-IFRS measures, the amounts of which could be material.

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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    CONTACT:    Wallbox Public Relations Contact: 

Albert Cabanes

Public Relations

Press@wallbox.com

Wallbox Investor Contact:

Michael Wilhelm

Corporate Development & IR

Investors@wallbox.com

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May 07, 2025 06:50 ET (10:50 GMT)