Wallbox (WBX) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached €34.7 million, up 7% year-over-year, with strong 45% growth in North America, softness in Europe, and a one-off €1.6 million revenue charge from a customer return.

• Year-to-date revenue totaled €126 million, a 26% increase compared to the same period last year, significantly outpacing the 3% growth in the global EV market.

• The company implemented a business-unit-driven organizational structure and cost controls to enhance focus, efficiency, and profitability.

• Key initiatives include cost reduction, gross margin improvement, commercial strategy realignment, and new product launches.

• Over one million chargers have been deployed in more than 100 countries.

Financial highlights

• Gross margin for Q3 was 23%, impacted by a €4 million inventory provision; excluding this, margins would be closer to the 38%-40% target.

• Adjusted EBITDA loss for Q3 was €21.8 million, affected by the inventory provision.

• Labor costs and OpEx decreased 2% year-over-year, continuing a cost reduction trend despite acquisitions.

• CapEx (excluding capitalized R&D) was €1.7 million, down 60% year-over-year; full-year investment expected under €10 million.

• Cash, cash equivalents, and financial instruments stood at €71 million; long-term debt was €84 million at quarter-end.

• Inventory reduced by 10% sequentially to €76.5 million.

Outlook and guidance

• Q4 2024 revenue expected in the €40–45 million range, representing 23%–38% year-over-year growth.

• Gross margin is expected to return to the 38%–40% range in Q4.

• Adjusted EBITDA loss for Q4 is projected between €(7) million and €(10) million.

• Management expects 2025 to be a profitable year with positive EBITDA, targeting profitability within two to three quarters.

• Management remains optimistic about long-term EV market growth despite current headwinds.