Wallbox Reports Q4 and Full-Year 2024 Financial Results, Showcasing Growth and Strategic Progress
Wallbox, a global leader in electric vehicle (EV) charging and energy management solutions, has announced its financial results for the fourth quarter and full year ended December 31, 2024. Alongside the financial disclosure, the company provided an update on its business performance, key milestones, and future outlook.
Fourth Quarter 2024 Highlights and Business Developments
Wallbox closed the fourth quarter with significant growth, strengthening its market position amid a dynamic and evolving EV industry. Key highlights from the quarter include:
- Revenue Growth: The company reported revenue of €37.4 million, marking an 8% increase from the previous quarter. This demonstrates steady progress despite broader market fluctuations in the EV sector.
- North American Expansion: The company achieved 64% year-over-year growth in North America, reinforcing its strategic foothold in one of the fastest-growing EV markets.
- Increased AC Charger Sales: Home and business AC charger sales rose 14% quarter-over-quarter, underscoring the increasing demand for smart charging solutions.
- Operational Optimization: Wallbox successfully streamlined operations, achieving a 10% reduction in labor costs and operating expenses (OPEX) compared to the previous quarter.
- Technological Milestones: The Quasar 2 became the first bidirectional charger in its category to receive U.S. product certification from UL Solutions, enhancing its credibility and adoption potential in the American market.
- Regulatory Compliance for DC Fast Charging: The company obtained Eichrecht certification for the Supernova DC fast charger, ensuring accurate and transparent energy measurement in accordance with German calibration laws. This certification unlocks access to the German market and positions Wallbox as a compliant and trusted provider.
- New Product Manufacturing: Production commenced for the Pulsar Pro Socket, expanding Wallbox’s portfolio of innovative EV charging solutions.
Full Year 2024 Performance and Strategic Achievements
Wallbox demonstrated robust financial and operational performance throughout 2024, achieving key milestones that solidified its position as an industry leader. Notable achievements for the year include:
- Annual Revenue Growth: The company generated €163.9 million in revenue, reflecting a 14% increase compared to the previous year. This sustained growth highlights Wallbox’s ability to expand its market presence and capture emerging opportunities.
- North American Market Strength: Revenue in North America increased by 41% year-over-year, reinforcing the company’s success in scaling operations and penetrating new segments.
- Operational Efficiency Enhancements: Wallbox focused on cost reduction strategies, achieving an 11% year-over-year reduction in labor costs and overall OPEX, thereby improving overall efficiency.
- EBITDA Improvement: Adjusted EBITDA improved by 21% year-over-year, showcasing Wallbox’s commitment to financial discipline and profitability.
- Strengthened Financial Position: The company raised approximately $45 million in cash through equity transactions, solidifying its financial foundation. Additionally, a private placement of approximately $10 million was completed in February 2025, further enhancing its capital structure.
- Milestone Achievement in Charger Sales: Wallbox surpassed the one-million mark in EV charger sales worldwide since its inception, reinforcing its leadership in the global charging industry.
- Product Innovation and Expansion: The company introduced Supernova 220, Supernova Eichrecht, and Supernova UL, expanding its product lineup with cutting-edge charging solutions.
Executive Insights and Industry Perspective
Commenting on the company’s performance and industry dynamics, Enric Asunción, CEO of Wallbox, stated:
2024 has been a challenging year for the industry as the EV market slowdown continued. However, Wallbox has successfully navigated these headwinds, and we believe we have all the elements in place to drive sustained, long-term profitable growth. Over the past year, we have expanded our business, optimized costs, launched new products, forged new partnerships, and secured additional funding. Additionally, we have surpassed the milestone of more than one million chargers sold, further solidifying our position as a global leader in the EV charging industry.”
Asunción further emphasized Wallbox’s commitment to efficiency and adaptability, stating:
We are already operating more efficiently, and with additional optimization efforts underway, we believe this approach will enable us to aim for profitability irrespective of topline growth. While significant growth lies ahead, we recognize that EV sales may remain volatile in 2025. However, we believe Wallbox is well-positioned to navigate this landscape, capitalize on opportunities, and emerge stronger. By maintaining a strong focus on cost discipline, driving innovation, delivering industry-leading charging solutions, and fine-tuning our core business fundamentals, we are confident that Wallbox is well-positioned for sustained success.”
Financial Outlook for Q1 2025
Looking ahead, Wallbox has provided projections for the first quarter of 2025, setting clear expectations for its financial performance:
- Revenue Expectations: The company anticipates revenue in the range of €34 million to €37 million.
- Gross Margin Projection: Gross margins are expected to be between 37% and 39%.
- Adjusted EBITDA Outlook: The company projects a negative Adjusted EBITDA in the range of €(8) million to €(11) million.
Positioned for Future Growth
As Wallbox moves forward into 2025, it remains focused on key strategic priorities to drive continued growth and industry leadership. These priorities include:
- Expanding Global Market Presence: With regulatory approvals and certifications secured, Wallbox is poised to penetrate new markets and strengthen its presence in existing ones.
- Driving Product Innovation: Continued investment in R&D will enable the company to develop state-of-the-art charging and energy management solutions tailored to evolving customer needs.
- Enhancing Operational Efficiency: The company’s focus on reducing costs and optimizing operations is expected to improve profitability and financial sustainability.
- Strengthening Strategic Partnerships: Collaborations with key stakeholders, investors, and technology partners will further accelerate Wallbox’s growth trajectory.
