Wallbox (WBX) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 revenue of €48.8 million, up 48% year-over-year, driven by strong AC and DC charger sales, especially in North America, with North American revenue up over 65% year-over-year.

• Secured a $45 million strategic investment, including $35 million from Generac, to strengthen the balance sheet and support growth initiatives and commercial expansion.

• Adjusted EBITDA loss reduced by 47% year-over-year to €11.2 million, with June being the first month of positive adjusted EBITDA.

• Continued integration of strategic partnerships and product launches, such as Supernova 180 and 220, and expanded commercial relationships globally.

• Expanded product and geographic diversification, with sales across all continents and charging segments.

Financial highlights

• Gross margin improved to 39.1%, up 936–940 basis points year-over-year, and stable sequentially.

• Labor costs and OPEX reduced by 11% year-over-year, despite acquisitions.

• Ended Q2 with €65.2 million in cash and equivalents, before the new $45 million investment.

• Inventory reduced by 5% sequentially to €84.9 million.

• Capex for Q2 was under €3 million, with a full-year target below €10 million.

Outlook and guidance

• Targeting adjusted EBITDA break-even by year-end 2024, with positive momentum seen in June.

• Confident in maintaining gross margins in the 38–40% range for the remainder of the year.

• No further capital needs anticipated before reaching cash flow positivity.

• Focused on further cost reduction, margin improvement, and cash burn restraint.

• Capex for 2024 expected to remain below €10 million, focused on high-power charging products.