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, 2023 and provided a business update.
Fourth Quarter 2023 Highlights and Business Update:
- Generated revenue of 43.3 million, representing growth of approximately 34% compared to the prior year period
- Delivered almost 500 units of Supernova in the fourth quarter
- Realized gross margins of 32.8%
- Exceeded cost reduction targets for the fourth quarter, driving more than 4.8 million in savings compared to the prior quarter
- Improved adjusted EBITDA by 54% from the year-ago period
- Acquired ABL, the leading EV charging company in Germany
- Announced the strategic investment and upcoming commercial agreement with Generac, a leading global designer and manufacturer of energy technology solutions
Full Year 2023 Highlights:
- Generated revenue of 143.8 million
- Achieved 323% DC revenue growth from the full-year 2022
- Exceeded cost reduction targets by more than 20%, reducing 2023 cash expenses by more than 60 million
- Raised 142.9 million of cash through debt and equity transactions, further strengthening the balance sheet and ending the year with 107 million of cash, cash equivalents, and financial investments
- Announced strategic partnerships with Free2Move, Kia, and Costco
- Introduced new products and services including Pulsar Pro, Supernova 150, and WallboxCare
Executive Commentary
Enric Asuncion, CEO of Wallbox, said, 2023 was a year of transitions at Wallbox. The EV adoption curve is in the process of crossing the chasm, which combined with higher interest rates and increased channel inventory, to drive variability in our forecasts and results. While those disruptions made for a challenging year, we focused on executing our long-term strategic plan, and achieved several outstanding milestones, highlighting our strength and resilience. We launched innovative new products, streamlined our cost base to accelerate our path to profitability, forged meaningful new partnerships with global brands including Generac, Costco, Kia, and Free2Move. With ABL, we acquired the leading EV charging company in Germany, positioning us at the forefront of the largest European market, and we added almost 143 million of cash to our balance sheet.
Mr. Asuncion continued, We are more lean, focused and determined than ever before, and we believe we are better positioned to lead in the markets in which we compete. The opportunities are compelling, and include our DC portfolio coming to North America, integrating ABL into our global channels, advancing our partnership with Generac, and so much more. We believe 2024 will be a year of growth and profitability for Wallbox, and we are excited to show customers, partners, and investors what were truly capable of.
