Wallbox NV Q1 FY2025 earnings call

• Q1 revenue was €37.6M, beating guidance, flat Q/Q but down 13% Y/Y. North America had strong Y/Y performance; Europe showed signs of improvement.
• DC sales volatile but onboarding new customers. Gross margin 38.1% within 37%-39% guided range.
• Labor costs and OpEx decreased Q/Q and Y/Y. New business unit structure effective.
• Key milestones: over 36,000 AC units and >100 DC units delivered. Product launches: Pulsar Pro Socket, Quasar 2 pre-orders. Certifications: CTEP and NTEP for North America. Partnerships: Francis Energy, Nissan, TotalEnergies, Generac.
• Confident in commercial position, focus on rightsizing organization, EV market volatility but growth potential, progress in ABL integration.

Wallbox's Q1 2025 revenue was €37.6 million, beating the guidance range. North America contributed €11.4 million (30% of total revenue) with strong year-over-year growth across all fronts. Europe contributed €25.5 million (68% of total revenue), down year-over-year but showing signs of improvement in regions like the U.K., France, and Belgium. APAC and LatAm each contributed approximately 1% of total revenue. AC chargers sales were €25.6 million, ~68% of global consolidated revenue, down year-over-year but strong in North America. DC fast chargers sales were €4 million (11% of sales), up 41% quarter-over-quarter. Software, services, and others generated €8 million (21% of total revenue), with 60% year-over-year growth.

For the second quarter of 2025, Wallbox expects revenue in the €37 million to €39 million range, gross margin between 37% and 39%, and a negative adjusted EBITDA between €5 million and €8 million.

• Volatile EV market conditions.
• Macro environment impact on the wider automotive supply chain.
• Tariffs on the EV market, affecting supply chains reliant on rare earth materials.
• High inventory levels constraining gross margin improvement.

Q: George Gianarikas asks about ABL integration and industry consolidation.

A: Enrique Asuncion states ABL integration has yielded synergies, cross-selling opportunities, and progress in integrating products. No active acquisition plans now, focus on cash positivity.

Q: George Gianarikas follows up on Quasar 2 partnerships.

A: Enrique Asuncion mentions ongoing partnerships in Europe, with Quasar 2 gaining traction post-Spain blackouts.

Q: Ryan Pfingst asks about competitive landscape and product mix impact on margins.

A: Enrique Asuncion discusses competitive advantages in North America and Europe, and how product mix (focus on backlog building for DC sales) impacts margins and path to EBITDA positive.