Wallbox (WBX) Q4 2024 earnings summary

Executive summary

• 2024 was challenging due to EV market slowdown, but full-year revenue grew 14% to €163.9 million, with Q4 revenue at €37.4 million, up 8% sequentially but down 14% year-over-year.

• North America delivered 64% year-over-year growth in Q4, offsetting declines in other regions and driving overall performance.

• Achieved over 1 million chargers sold historically, with significant new product launches and certifications expanding market access.

• Organizational restructuring and cost optimization led to a 21% improvement in adjusted EBITDA year-over-year and a 19% decrease in Q4 cash costs.

• Raised $45 million from strategic investors in 2024, strengthening the balance sheet.

Financial highlights

• Full-year revenue reached €163.9 million, up 14% year-over-year; Q4 revenue was €37.4 million, down 14% year-over-year but up 8% sequentially.

• Q4 gross margin was 34.6%, below the 38%-40% target range, with full-year gross margin at approximately 34.8%.

• Adjusted EBITDA for Q4 was negative €12.3 million, a 43% improvement from the previous quarter.

• Cash, cash equivalents, and financial instruments at year-end totaled €45.6 million.

• Inventory reduced by 23% year-over-year to €71.1 million at Q4 close.

Outlook and guidance

• Q1 2025 guidance: revenue between €34 million and €37 million, gross margin 37%-39%, and negative adjusted EBITDA between €8 million and €11 million.

• Profitability targeted at revenue levels of €40-45 million per quarter, expected to be reached by Q2 2025.

• Management anticipates continued EV market volatility in 2025 but expects high double-digit market growth and margin improvement.