Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Merger/Acquisition, Conference Call, Webcast

Wallbox Announces Strong Second Quarter 2022 Financial Results and the Acquisitions of COIL Inc. and ARES Electronics


Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced its financial results for the second quarter ended June 30, 2022.

Second Quarter 2022 Highlights:

Executive Commentary
Enric Asuncion, CEO of Wallbox, said, "It's been a very busy quarter for Wallbox. The team performed very well and once again, exceeded expectations. Revenue grew by 124% on a year-over-year basis, and we're really pleased with our gross margin of 41.1%. We've forged amazing new partnerships, aggressively ramped production of our Supernova DC fast chargers, and acquired two leading companies that are expected to expand our offering, improve our capabilities, and strengthen our competitive position in a fast growing market. While geo-political uncertainty and inflation pose challenges to most businesses, we're uniquely positioned in a very attractive market that is benefiting from strong secular tailwinds."

Mr. Asuncion continued, "I'm also very excited to welcome both COIL and ARES Electronics to Wallbox. COIL expands our addressable market and enables a full service offering of hardware, software, and now installation services in North America. COIL is considered by many as the premier installer within the U.S. market and we're looking forward to helping them expand and scale their business. ARES Electronics has been a trusted provider of innovative printed circuit boards (PCBs) to Wallbox for years, and is expected to bring unique capabilities that further differentiate our technology while improving our vertical integration. In a time where continued supply chain uncertainty persists, bringing this critical component in-house is a key differentiation.

We continue to perform exceptionally well. The demand for EVs around the world appears to be at an inflection point, and a critical mass of shoppers are now considering leaving traditional vehicles behind as governments around the world incentivise the adoption of green transportation. While the long-term trends all point to continued growth, EV manufacturing capacity continues to be in focus. Gaining market share is a key objective at Wallbox, and doing so successfully in an environment where EV manufacturing capacity and deliveries lag consumer demand we see as a testament to our business model and solid execution by the team."

Financial Outlook - Third Quarter and Full Year 2022
The following reflects the company's expectations for select key financial metrics for the third quarter of 2022.

Full year 2022

Conference Call Information
Wallbox NV will host a conference call to discuss the results and provide a business update at 8:00 AM Eastern Time today, August 10, 2022. The live audio webcast and presentation, along with supplemental information, will be accessible on Wallbox's Investor Relations website at https://investors.wallbox.com/overview/default.aspx. A recording of the webcast will also be available following the conference call.

Wallbox Forward Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Wallbox's future financial results management expectations, and new capabilities as a result of its recent acquisitions and partnerships. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "may," "can," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "will," "estimate," "predict," "potential," "continue" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.

These forward-looking statements are based on management's current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Wallbox's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox's history of operating losses as an early stage company; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox's ability to successfully manage its growth; the accuracy of Wallbox's forecasts and projections including those regarding its market opportunity; competition; risks related to health pandemics including those of COVID-19; losses or disruptions in Wallbox's supply or manufacturing partners; impacts resulting from the conflict between Russia and Ukraine; risks related to macro-economic conditions and inflation; Wallbox's reliance on the third-parties outside of its control; risks related to Wallbox's technology, intellectual property and infrastructure; and other important factors discussed under the caption ""Risk Factors"" in Wallbox's Annual Report on Form 20-F for the fiscal year ended December 31, 2021, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC's website at www.sec.gov and the Investors Relations section of Wallbox's website at investors.wallbox.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.

About Wallbox
Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine users' relationship to the grid. Wallbox goes beyond electric vehicle charging to give users the power to control their consumption, save money, and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 100 countries around the world. Founded in 2015 and headquartered in Barcelona, the company now employs approximately 1,100 people in its offices in Europe, Asia, and the Americas. For additional information, please visit www.wallbox.com.


These press releases may also interest you

at 09:07
Olympus announced today that it has been awarded a contract for its advanced energy portfolio by Provista Inc. This new, nationwide agreement provides Provista members with negotiated pricing for Olympus® energy products, including the...

at 09:05
Popular, Inc. announced today that it expects to report its financial results for the first quarter ending March 31, 2024, before the market opens on Tuesday, April 23, 2024. Popular will hold a conference call to discuss the financial results the...

at 09:05
Caliber (the "Company" or "CaliberCos Inc.") , a real estate investor, developer, and manager, today announced that it has rescheduled the release of its fourth quarter and full year 2023 financial results for before the open of the market on Monday,...

at 09:05
Pacific Premier Bancorp, Inc. ("Pacific Premier"), the holding company of Pacific Premier Bank, announced today that it will issue its first quarter 2024 financial results before the market opens on Wednesday, April 24, 2024. Pacific Premier will...

at 09:05
Effective today, upon the completion of the acquisition of HSBC Bank Canada ("HSBC Canada") by Royal Bank of Canada ("RBC"), HSBC Global Asset Management (Canada) Limited, HSBC Canada's asset management division, became a wholly-owned subsidiary of...

at 09:00
The Commerce Casino & Hotel, home to the largest poker room in the world, proudly announces an exciting partnership with the richest, most prestigious, and longest-running poker series ? the World Series of Poker® (WSOP®). This collaboration...



News published on and distributed by: