Wallbox (WBX) Q3 2024 earnings summary

Executive summary

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

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

• The company sold over 1 million chargers in 100+ countries, including 169 DC units and 38,600 AC units globally.

• Strategic initiatives include a shift to a business-unit-driven structure, cost reductions, and expansion into new markets.

• Adjusted EBITDA loss for Q3 was EUR 21.8 million, impacted by a EUR 4 million inventory provision, considered a one-off event.

Financial highlights

• Gross margin for Q3 was 23%, heavily affected by the inventory provision; excluding this, margins would be closer to the historical 38%-40% range.

• Labor costs and OpEx were down 2% year-over-year, continuing a trend of cost reduction.

• CapEx (excluding capitalized R&D) was EUR 1.7 million, a 60% decrease year-over-year.

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

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

Outlook and guidance

• Q4 2024 revenue expected in the EUR 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 EUR 7 million and EUR 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.