Wallbox (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, 2021. Highlights included:
Full Year 2021 Highlights:
- Generated revenues of approximately $86.5 million, an increase
of 266% compared to the full year 20201
- Achieved gross margin of 38.2%2
- Sold 129,000 chargers, an increase of 261% compared to the full
year 2020
- Delivered its first Supernova public DC charging solutions in
Europe, and
- Sold devices in nearly 100 countries and hired 464 employees,
bringing the total to almost 900 employees as of fiscal
year-end.
Fourth Quarter 2021 Highlights:
- Generated record revenues of approximately $31.3 million, an
increase of 165% compared to the fourth quarter of 20201
- Achieved gross margins of 36.7%2
- Sold approximately 44,000 chargers, an increase of 128%
compared to the fourth quarter of 2020
- Completed business combination with Kensington Capital
Acquisition Corp. II, becoming the first Spanish technology company
listed on the NYSE
- Began production at a new 121,000 square foot state-of-the-art
manufacturing facility in Barcelona, Spain
Executive Commentary
Enric Asuncion, CEO of Wallbox, said, “2021 was a pivotal year
for us - we became a public company, launched new award-winning
products, formed strategic commercial partnerships and expanded
into almost 100 markets, all whilst maintaining our focus on
constant innovation. We also exceeded internal expectations with
year-over-year revenue growth of 266% and gross margins of 38.2%.
These results are a product of the commitment of our employees, the
trust of our partners and customers, and the support of our
investors. We have a lot to look forward to in 2022.”
Recent Updates:
- Introduced Quasar 2, the next generation of Wallbox’s
bi-directional charger for the home, at CES in January 2022
- Aired first nationally televised advertisement during Super
Bowl LVI
- Announced key strategic partnerships with Napa Auto Parts and
Polaris, and expanded our program with Uber nationwide, and
- Launched ATLAS, the company’s first proprietary embedded
CPU
Mr. Asuncion continued, “Our strategy to deliver holistic energy
management solutions that bring innovative hardware and software
together, is resonating with customers and driving market share
gains globally. While geopolitical uncertainty, supply chain
disruptions, and input cost inflation persist, we believe we have
the operational expertise and infrastructure required to navigate
these challenges and are well positioned for continued success. We
enter 2022 in a strong competitive position, our portfolio has
never been better, and we continue to open up new exciting channels
to reach customers wherever they are.”
Financial Outlook - First quarter and full year 20223
The following reflects the company’s expectations for select key
financial metrics for the first quarter and full-year 2022.
First quarter 2022
- Expects first quarter 2022 revenue to be in the range of €26
and €28 million, representing an approximate quarterly
year-over-year growth rate between 170% and 190%
- Expects gross margin of approximately 37%
Full year 2022
- Continues to expect full-year 2022 revenue in the range of €175
and €205 million euro, representing an approximate annual
year-over-year growth rate of between 145% and 190%.
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, March
16, 2022. The live audio webcast and presentation, along with
supplemental information, 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 2021 Unaudited
Financial Results
Wallbox N.V.
Abbreviated Income Statement -
USD4
Consolidated Statement of Profit or Loss Data
(Unaudited, in thousands $)
Year Ended
Quarter ended December 31, December 31,
2021
2020
2021
Revenue
$
86,467
$
23,770
$
31,334
Change in inventories and raw materials and consumables used
(53,458)
(12,773)
(19,823)
Employee benefits
(37,262)
(11,845)
(11,570)
Other operating expenses
(55,454)
(9,896)
(33,423)
Amortization and depreciation
(10,248)
(2,874)
(3,572)
Other income
792
349
(27)
Operating loss
(69,162)
(13,268)
(37,081)
R&D Capitalization
(14,467)
(8,670)
(5,655)
One off expenses
14,751
-
14,751
Employee Stock Option Plan
4,392
3,124
2,593
Amortization and depreciation
10,248
2,874
3,572
Other income
(792)
(349)
(27)
Adjusted EBITDA
(55,031)
(16,290)
(21,847)
Adjusted EBITDA is defined as net income (loss) before
depreciation and amortization, provision (benefit) for income taxes
and net finance cost adjusted to take account of the impact of
certain non-cash and other items that we do not consider in our
evaluation of ongoing operating performance. These non-cash and
other items include, but not are limited to; share of loss (profit)
from equity method investments, Employee Stock Option Plan fair
valuation impact, wages and benefits for employees incurred on
development activities capitalized as intangible assets and other
one-off expenses related to special operations.
Wallbox N.V.
Cash & Cash Equivalents -
USD4
Cash and Cash Equivalents (Unaudited,
in thousand $)
Year Ended December 31,
2021
2020
Cash and cash equivalents
$
129,009
$ 27,409
Financial Investments (1)
64,559
294
Cash, cash equivalents and Financial Investments at
31 December
193,569
27,702
Average annual USD/EUR rate applied
1.133
1.227
(1) Financial Investments are included in Other
current financial assets
Wallbox N.V.
Investments in PP&E and
Long-term Borrowings - USD4
Investments and Long-term Borrowings (unaudited, in
thousands $)
Year Ended December 31,
2021
2020
Investments in Property, plant and equipment and
Intangible Assets Property, plant and equipment
$ 23,731
$
5,351
Intangible assets -excluding R&D (salaries capitalized)
9,038
8,692
Total Investments in Property, plant and equipment and
Intangible Assets
32,769
14,043
Total Loans and borrowings long term
19,943
11,956
Average annual USD/EUR rate applied
1.133
1.227
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 Wallbox’s
future financial results and management expectations. In some
cases, you can identify forward-looking statements by terminology
such as “anticipate,” “believe,” “may,” “can,” “should,” “could,”
“might,” “plan,” “possible,” “project,” “strive,” “budget,”
“forecast,” “expect,” “intend,” “will,” “estimate,” “predict,”
“potential,” “continue” or the negatives of these terms or
variations of them or similar terminology, but the absence of these
words does not mean that statement is not forward-looking. Such
forward-looking statements are subject to risks, uncertainties, and
other factors which 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 any 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 may cause Wallbox’s
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 health pandemics
including those of COVID-19; losses or disruptions in Wallbox’s
supply or manufacturing partners; impacts resulting from the
conflict between Russia and Ukraine; Wallbox’s reliance on the
third-parties outside of its control; risks related to Wallbox’s
technology, intellectual property and infrastructure; and other
important factors discussed under the caption “"Risk Factors”" in
Wallbox’s final prospectus on Form 424(b)(3) filed with the SEC on
November 12, 2021, as such factors may be updated from time to time
in its other filings with the SEC, including Wallbox’s Annual
Report on Form 20-F for the fiscal year ended December 31, 2021,
accessible on the SEC’s website at www.sec.gov and the Investors
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
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 IFRS. This release may include certain financial measures not
based on IFRS, including Adjusted EBITDA, Adjusted EBITDA Margin
and selected financial data on a constant currency basis (the
“Non-IFRS Measures”).
Wallbox defines Adjusted EBITDA as net income (loss) before
depreciation and amortization, provision (benefit) for income taxes
and net finance cost adjusted to take account of the impact of
certain non-cash and other items that we do not consider in our
evaluation of ongoing operating performance. These non-cash and
other items include, but not are limited to; share of loss (profit)
from equity method investments, Employee Stock Purchase Plan fair
valuation impact, wages and benefits for employees incurred on
development activities capitalized as intangible assets and other
one-off expenses related to special operations. 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.
Wallbox may also present selected financial data translated from
euro to U.S. dollar at explicitly stated rates which may not comply
with IFRS financial measures. Management believes that currency
translated information provides useful information to both
management and investors by excluding financial implications of
foreign currency translations, which management believes are not
indicative of Wallbox’s core operations. Management believes
providing currency translated information provides valuable
supplemental information regarding our results of operations,
thereby facilitating comparisons of our business performance to
previously provided guidance and is consistent with how management
evaluates the Company’s performance.
Wallbox’s calculations of its non-IFRS measures may differ from
similarly titled measures used by others and, accordingly, are not
meant to be a substitution for recorded amounts presented in
conformity with IFRS, nor should such amounts be considered in
isolation. Reconciliations of the non-IFRS financial measures to
the most closely applicable IFRS measure are presented below.
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 to 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 98 countries around the
world. Founded in 2015 and headquartered in Barcelona, the company
now employs approximately 900 people in its offices in Europe,
Asia, and the Americas. For additional information, please visit
www.wallbox.com.
__________________________ 12021 quarterly and annual income
statement figures have been translated at a USD/EUR rate of $1.208,
consistent with the Wallbox financial model and projections
previously provided in September 2021 2Defined as revenues less
inventories and raw materials and consumables used, divided by
revenues 3Forward looking guidance is not translated into USD to
avoid exchange rate impact 42021 balance sheet has been translated
at 1.133 USD/EUR and 2020 balance sheet at 1.227, consistent with
Wallbox’s forthcoming form 20-F. Financial statements are
translated to USD for investor & media convenience only.
Wallbox’s functional currency is EUR
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version on businesswire.com: https://www.businesswire.com/news/home/20220316005170/en/
Wallbox Public Relations Contact: Elyce Behrsin Public Relations
Press@wallbox.com +34 622 513 358 Wallbox Investor Contact: Matt
Tractenberg VP, Investor Relations Matt.Tractenberg@wallbox.com +1
404-574-1504
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