Wallbox N.V.(WBX)2024-11-06 16:42Financial Data and Key Metrics Changes - Year-to-date revenue reached €126 million, reflecting a 26% growth compared to the same period last year [6] - Q3 revenue was €34.7 million, up 7% year-over-year, impacted by a one-off revenue charge of €1.6 million [14][30] - Gross margin for Q3 was 23%, heavily impacted by a one-off inventory provision, with an adjusted gross margin closer to historical results when excluding this impact [16][31] - Adjusted EBITDA loss for Q3 was €21.8 million, breaking the improvement trend seen in the previous quarter due to the inventory provision [18][32] - Cash and cash equivalents at the end of the quarter were approximately €71 million, with long-term debt around €84 million [33] Business Line Data and Key Metrics Changes - AC sales contributed €23.7 million, representing approximately 68% of total revenue, with strong performance in North America [21][22] - DC sales were €4.4 million, representing 13% of revenue, impacted by expected order delays due to excess inventories [23] - Software, services, and others contributed €6.6 million, representing 19% of total revenue, with Electromaps showing 55% quarter-over-quarter growth [25] Market Data and Key Metrics Changes - Europe contributed €22.9 million of consolidated revenue, growing modestly by 1% year-over-year, while the EV market in Europe declined by 13% [20] - North America showed strong progress with 45% year-over-year growth, contributing €9.7 million or 28% of total revenue [21] - APAC and LatAm contributed €1.2 million and approximately €800,000 respectively, indicating a diversified geographical footprint [21] Company Strategy and Development Direction - The company is adjusting its organizational structure to be business unit-driven, focusing on core business units such as common business and fast charging [9][10] - Plans to improve gross margins across all product groups through better procurement processes and strategic partnerships [11][12] - New products like Quasar 2 and Supernova 220 are expected to open new markets, particularly in Germany [13] Management's Comments on Operating Environment and Future Outlook - The current EV market is volatile, impacting performance, but the company remains optimistic about long-term growth potential [27][28] - Management expects revenue in Q4 to be in the €40 million to €45 million range, with a gross margin target of 38% to 40% [39] - The company aims for a profitable year in 2025, adapting its structure to current revenue levels while seeking to capture market share [41][42] Other Important Information - The resignation of Anders Petterson as Non-Executive Chairman and the appointment of Beatriz Gonzalez as his replacement were announced [36] Q&A Session All Questions and Answers Question: When does the company expect to achieve EBITDA flat to positive? - Management indicated that they expect to adapt the cost structure to current revenue levels within two to three quarters, aiming for profitability in 2025 [41][42] Question: Is there still inventory in the European AC market? - Management stated that there is no inventory issue in the AC segment in Europe, with strong performance across all countries and segments [44] Question: What are the expectations for EV sales across different regions next year? - Management expects growth in both North America and Europe, driven by new regulations and models, with a forecast of 10% to 15% growth for the EV market [49]