BARCELONA - Wallbox (NYSE:WBX), a global provider of electric vehicle (EV) charging solutions, has announced the sale of its one-millionth EV charger, a milestone achieved by the end of the second quarter of 2024. This figure includes sales of ABL™s EV chargers, following the company's expansion of its product portfolio.
The company's CEO and co-founder, Enric Asuncion, highlighted the significance of this achievement, stating, "Surpassing the milestone of 1 million EV chargers sold is a testament to the strength of the Wallbox Group and our commitment to accelerating the global transition to electric mobility by delivering best-in-class hardware to our customers."
Wallbox's growth can be attributed to its diverse range of charging solutions suitable for various applications including residential, commercial, and fast-charging sectors. Its recent product launches, such as the Supernova 180 and Pulsar Pro in North America, and the integration of ABL™s EM4 into its international offerings, have contributed to the company's success in meeting the demands of a sustainable future.
The company, founded in 2015 and headquartered in Barcelona, operates globally with offices across Europe, Asia, and America. Wallbox's comprehensive array of charging and energy management solutions are available in over 115 countries, reinforcing its position as a leader in the EV charging industry.
The information in this article is based on a press release statement from Wallbox. It is important to note that forward-looking statements made by the company are not guarantees of future performance and are subject to various risks and uncertainties. Wallbox has acknowledged these risks, which include the potential for changes in the adoption and demand for electric vehicles, the impact of government incentives, and other macroeconomic factors.
Investors are advised to consider these factors along with the company's recent milestone as they evaluate Wallbox's future prospects in the evolving electric vehicle charging market.
"In other recent news, Wallbox, a key player in the electric vehicle (EV) charging sector, has reported substantial growth in its latest earnings call. The company announced a $45 million strategic investment, with Generac contributing the majority share of $35 million. This infusion of funds is set to enhance Wallbox's growth in the competitive EV charging market. The company saw a revenue increase of 48% year-over-year to EUR 48.8 million in Q2 2024, primarily driven by robust AC and DC sales in North America. Wallbox also introduced the Supernova 220 DC fast charger to its product portfolio.
These developments are recent and signify Wallbox's commitment to innovation and growth. The company has set its sights on achieving adjusted EBITDA breakeven within the year. Wallbox also anticipates long-term growth in the EV market, despite a noted slowdown in the residential charging sector. The company's focus on strategic agreements and new product introductions, such as the Pulsar Pro and eM4, are expected to drive further expansion. Wallbox's robust gross margins, which remained strong at 39.1%, indicate effective cost engineering and product demand. Despite the challenges, Wallbox remains optimistic about its future in the EV market."
InvestingPro Insights
As Wallbox (NYSE:WBX) celebrates the sale of its one-millionth EV charger, InvestingPro data provides additional context to the company's financial position. Despite the milestone achievement, Wallbox faces some financial challenges. The company's revenue for the last twelve months as of Q2 2024 stood at $179.58 million, with a notable revenue growth of 35.1% in the most recent quarter. This aligns with the InvestingPro Tip that analysts anticipate sales growth in the current year.
However, the company's profitability remains a concern. With an operating income margin of -51.32% and a negative EBITDA of -$88.43 million, Wallbox is not currently profitable. This is reflected in the InvestingPro Tip suggesting that analysts do not anticipate the company will be profitable this year.
The stock's performance has also been challenging, with a one-year price total return of -48.25% as of the latest data. This correlates with the InvestingPro Tip indicating that the stock has taken a significant hit over the last six months and is trading near its 52-week low.
For investors seeking a more comprehensive analysis, InvestingPro offers 15 additional tips for Wallbox, providing a deeper understanding of the company's financial health and market position. These insights could be particularly valuable given the company's recent milestone and its position in the rapidly evolving EV charging market.
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