Wallbox NV Q4 FY2024 earnings call

• 2024 was a challenging year for the EV market, but Wallbox saw 14% revenue growth with adjusted EBITDA improving to negative €58.8 million from negative €74.2 million. - The new business unit structure helps efficiently service target segments. - Product portfolio evolved with new charger versions and software solutions, including achieving UL certification for Quasar 2. - Strengthened commercial relationships with partners like Engie, Generac, etc. - Inventory reduced by 23% year-over-year, and CapEx decreased by 39% full year 2023 compared to 2024. - Recognized proof points indicating EV market inflection point with decreasing battery prices and affordable EV models.

For the full year 2024, revenue totaled €163.9 million, with a 14% growth compared to the previous year. AC sales, including ABL, were €26.9 million, representing approximately 72% of global consolidated revenue. DC sales were €2.9 million, 8% of Q4 sales. Software, services and others contributed €7.7 million, 20% of Q4 revenue. Regionally, Europe contributed €25.7 million (69%) of consolidated revenue, North America €10.5 million (28%), APAC €900,000 (2%), and LATAM ~€400,000 (1%). Q4 revenue was €37.4 million, down 14% year-over-year but up 8% quarter-over-quarter. AC sales grew 14% quarter-over-quarter, while DC fast chargers sales were down 34% quarter-over-quarter due to inventory build-up with CPO customers.

• Q1 2025 revenue expected in the €34 million to €37 million range. - Q1 2025 gross margin between 37% and 39%. - Q1 2025 adjusted EBITDA expected to be negative between €8 million and €11 million.

• Volatility in the EV market, which impacted sales, especially in DC fast chargers due to CPO inventory build-up. - Potential import tariff impacts, particularly in the fast charging supply chain from Barcelona to the U.S. - Dependence on EV market growth for future performance, as regulatory changes and market sentiment can affect sales.

Q: Stephen Gengaro asked about product mix evolution, especially in the U.S. market amidst regulatory changes.

A: Enric Asunción responded that in the U.S., mix should improve towards fast charging with new certifications and deals maturing; goal is 50% fast, 50% home/business.

Q: William Grippin inquired about import tariff exposure and the €10 million capital raise.

A: Enric Asunción and Luis Boada replied that Wallbox has manufacturing in Europe and North America, with plans to adjust supply chain if tariffs arise; the €10 million raise supports cash runway and efforts to become cash flow positive through inventory reduction, working capital optimization, and bank renegotiations.