Electric vehicle charging solutions provider Wallbox (WBX, Financial) has announced a strategic partnership with Francis Energy to install fast charging infrastructure across the United States. This collaboration aims to address the increasing need for rapid and reliable charging stations as the demand for electric vehicles continues to grow.
Under this agreement, Wallbox will supply its recently CTEP-certified Supernova fast chargers, engineered to deliver high power output. These chargers are intended for use in both urban centers and along major transportation corridors, ensuring that EV users have access to efficient charging solutions wherever they travel.
Francis Energy, known for its extensive experience in developing charging infrastructure, will play a crucial role in this partnership. Their expertise in establishing reliable fast charging networks and their commitment to maintaining exceptional uptime are expected to enhance the performance and dependability of the overall charging network.
This joint effort between Wallbox and Francis Energy is set to contribute significantly to the expansion and improvement of the EV charging landscape in the United States, providing consumers and businesses with a more robust and efficient charging infrastructure.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 6 analysts, the average target price for Wallbox NV (WBX, Financial) is $1.65 with a high estimate of $3.40 and a low estimate of $0.50. The average target implies an upside of 333.06% from the current price of $0.38. More detailed estimate data can be found on the Wallbox NV (WBX) Forecast page.
Based on the consensus recommendation from 4 brokerage firms, Wallbox NV's (WBX, Financial) average brokerage recommendation is currently 2.5, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
WBX Key Business Developments
Release Date: February 26, 2025
- Full Year Revenue: EUR163.9 million, reflecting a 14% growth compared to last year.
- Q4 Revenue: EUR37.4 million, down 14% year over year, but improved 8% compared to last quarter.
- Adjusted EBITDA: Improved by 21% year over year, from negative EUR74.2 million to negative EUR58.8 million.
- Q4 Adjusted EBITDA: Negative EUR12.3 million, improved 43% compared to last quarter.
- Gross Margin: 34.6% in Q4, lower than the target range of 38% to 40%.
- AC Unit Sales: More than 162,000 units delivered in 2024.
- DC Unit Sales: Close to 1,000 units delivered in 2024.
- Q4 AC Sales: EUR26.9 million, representing 72% of global consolidated revenue, with 14% growth quarter over quarter.
- Q4 DC Sales: EUR2.9 million, representing 8% of sales, lower than expected.
- Software and Services Revenue: EUR7.7 million in Q4, representing 20% of total revenue and 18% growth compared to last quarter.
- Cash and Equivalents: Approximately EUR46 million at the end of the quarter.
- Loans and Borrowings: Approximately EUR198 million, with EUR91 million in long-term debt and EUR107 million in short-term debt.
- CapEx: EUR3.9 million in Q4, with full year PP&E and intangibles CapEx at EUR9.9 million, a 39% decrease compared to 2023.
- Inventory: EUR71.1 million, a 23% reduction compared to the same period last year.
- Labor and OpEx Costs: EUR28.8 million in Q4, flat compared to last year, with a 19% year-over-year reduction in cash costs.
- Headcount Reduction: 35% reduction compared to the same period last year.
- Q1 2025 Guidance: Revenue between EUR34 million and EUR37 million, gross margin between 37% and 39%, and negative adjusted EBITDA between EUR8 million and EUR11 million.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Wallbox NV (WBX, Financial) achieved a 14% revenue growth for the full year 2024, totaling EUR163.9 million, driven by strong growth in North America and the full-year contribution of ABL.
- The company surpassed one million chargers sold in its history, delivering over 162,000 AC units and nearly 1,000 DC units in 2024.
- Wallbox NV (WBX) improved its adjusted EBITDA by 21% year over year, from negative EUR74.2 million to negative EUR58.8 million, due to growth and cost optimization.
- The company introduced a new business unit structure, enhancing efficiency in servicing target segments such as home & business, fast charging, and software.
- Wallbox NV (WBX) strengthened commercial relationships with key partners like Engie, Generac, and Iberdrola, and raised an additional $45 million from strategic investors in 2024.
Negative Points
- Q4 2024 revenue was EUR37.4 million, down 14% year over year, missing the guidance range due to slower DC fast charger sales.
- Gross margin for Q4 was 34.6%, below the target range of 38% to 40%, impacted by a lower contribution from DC fast chargers and ABL.
- The company faced challenges in the EV market, with only a 6% year-over-year growth in key regions, affecting overall performance.
- Wallbox NV (WBX) reported a consolidated adjusted EBITDA loss of EUR12.3 million for Q4, missing the guidance range due to softer topline and lower gross margin.
- The company has significant short-term debt, approximately EUR107 million, and is actively negotiating with lenders to minimize loan repayments in 2025.
