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, which saw over 65% growth.

• Gross margin improved to 39.1%, up 936 basis points year-over-year, reflecting operational efficiencies.

• Adjusted EBITDA loss narrowed to €11.2 million, a 47% year-over-year improvement, with the first month of positive adjusted EBITDA achieved in June.

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

• Continued product and geographic diversification, with new product launches such as Supernova 180 and 220, and expanded commercial relationships.

Financial highlights

• Q2 revenue rose 13% sequentially and 48% year-over-year to €48.8 million.

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

• Labor costs and OPEX reduced by 11% year-over-year, despite ABL acquisition, to €32.3 million.

• 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.

Outlook and guidance

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

• Confident in balance sheet strength to reach cash flow positivity without further capital needs.

• Focus on further cost reduction, margin improvement, and cash burn restraint throughout 2024.

• CAPEX for 2024 expected to be under €10 million, focused on high-power charging products.

• Anticipates continued benefit from global EV adoption and DC fast charging infrastructure expansion.