Wallbox (WBX) Q4 2024 earnings summary

Executive summary

• 2024 was challenging due to a global EV market slowdown, with only 6% year-over-year growth in key regions, impacting results.

• Full-year revenue reached €163.9 million, up 14% year-over-year, driven by ABL integration and over 40% growth in North America.

• Over 162,000 AC units and nearly 1,000 DC units delivered, surpassing one million chargers sold in company history.

• Organizational restructuring and cost optimization led to an 11% reduction in labor and operating expenditures and a 21% improvement in adjusted EBITDA year-over-year.

• Strategic partnerships expanded and €45 million raised from investors in 2024, excluding a subsequent €10 million private placement.

Financial highlights

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

• Full-year adjusted EBITDA improved from negative €74.2 million to negative €58.8 million.

• Q4 adjusted EBITDA loss was €12.3 million, a 43% improvement from the previous quarter.

• Gross margin in Q4 was 34.6%, below the 38–40% target, mainly due to lower DC fast charger sales.

• Cash, cash equivalents, and financial instruments at year-end totaled €46 million.

Outlook and guidance

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

• Profitability targeted at €40–45 million in quarterly revenue, expected to be reached by end of Q2 2025.

• Long-term optimism for EV market growth, with research forecasting 21–23% growth in Europe and North America for 2025.

• Management anticipates continued EV market volatility in 2025 but expects to maintain cost discipline and pursue profitability.