Wallbox Announces Record First Quarter 2022 Financial Results
May 11 2022 - 6:32AM
Business Wire
Wallbox (NYSE: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,
2022.
First Quarter 2022 Highlights:
- Generated record revenues of approximately €28.3 million, an
increase of 192% compared to the first quarter of 2021
- Achieved gross margins of 41.4%
- Sold approximately 51,000 chargers, an increase of more than
180% compared to the first quarter of 2021
- Introduced Quasar 2, the next generation bi-directional DC
charger for home and semi-public use, at CES 2022
- Announced strategic partnerships with Napa Auto Parts, Polaris,
City Electric, Best Buy Canada, and expanded our program with UBER
to include both the US and Canada
- Hired an additional 104 employees, reaching approximately 1,000
Wallboxers globally
Executive Commentary
Enric Asuncion, CEO of Wallbox, said, “Despite a complicated
geo-political backdrop and continued global supply chain
disruptions, Wallbox continues to perform exceptionally well and
exceeded expectations in the first quarter of 2022. I'm proud to
share our record results which highlight our continued commitment
to executing our business plan.
Mr. Asuncion continued, “Our strategy of providing the world
with smart, beautiful devices that help us consume energy in a more
intelligent way is resonating with our customers and is reflected
in our financial results. Revenue growth in the first quarter of
2022 was 192% on a year-over-year basis, and gross margin of 41.4%
surpassed even our own forecasts. The full year 2022 appears to be
evolving for us as we had expected, and we’re excited to begin
delivering new and innovative products to the market.”
Financial Outlook - Second Quarter and Full Year 2022
The following reflects the company’s expectations for select key
financial metrics for the second quarter 2022.
- Expects second quarter 2022 revenue to be in the range of €35
and €38 million, representing an approximate quarterly
year-over-year growth rate between 100% and 115%
- Expects gross margin of approximately 40%
Full year 2022
- Continues to expect full-year 2022 revenue in the range of €175
and €205 million, 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, May
11, 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.
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 Annual Report on Form 20-F for the fiscal year ended
December 31, 2021, as such factors may be updated from time to time
in its other filings with 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. 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.
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 more than 100 countries
around the world. Founded in 2015 and headquartered in Barcelona,
the company now employs approximately 1,000 people in its offices
in Europe, Asia, and the Americas. For additional information,
please visit www.wallbox.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220511005555/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
Wallbox NV (NYSE:WBX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Wallbox NV (NYSE:WBX)
Historical Stock Chart
From Apr 2023 to Apr 2024