Slide 1: Q4 2023 Earnings Report
wallbox #. Q4 2023 EARNINGS REPORT
Slide 2: Presenters
ENRIC ASUNCIÓN JORDI LAINZ MATT TRACTENBERG Co-Founder & Chief Chief Financial Officer VP Investor Relations Executive Officer Q 4 2 O 2 3 E A R N ` I N G S R E P O R T 2
Slide 3: Disclaimer
D I S C L A I M E R This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 . We intend such forward- looking statements to be covered by the safe harbor provisions for forward -looking statements contained in Section 27A of th
Slide 4: What We'll Cover Today
W H A T W E ’ L L C O V E R T O D A Y Introduction – Matt Tractenberg 2023 Full Year & Q4 Highlights – Enric Asunción EV Market Overview – Enric Asunción Quarterly Financial Performance – Jordi Lainz Wallbox’s Focus For 2024 – Enric Asunción Questions – All 4
Slide 5: 2023 Highlights
2 O 2 3 – H I G H L I G H T S REVENUE FOR THE FULL-YEAR FOCUSED ON LONG-TERM €143.8M STRATEGIC PLAN ACHIEVED SEVERAL OUTSTANDING MILESTONES + NEW PRODUCTS + STREAMLINED OUR COST BASE Despite a soft demand environment, + NEW PARTNERSHIPS Wallbox sold 166,000 AC units + STRATEGIC ACQUISITION & more th
Slide 6: Q4 Highlights
2 O 2 3 – Q 4 H I G H L I G H T S Q4 REVENUE Q4 GROSS MARGIN Q4 COST REDUCTION €43.3M 32.8% Impacted by product mix €4.8M €14.7M Adjusted EBITDA loss (A 34% rise) and timing of warranty & obsolescence charges COST REDUCTION ABL contribution of €6M 2024 54% ~500 DC units sold DC sales growth of ~150%
Slide 7: 2023 Q4 at a Glance: Revenues by Geography
2 O 2 3 – Q 4 A T A G L A N C E EUROPE €34.3M / 79%1 NORTH AMERICA R E V E N U E S B Y €6.4M / 15%1 G E O G R A P H Y APAC €1.5M / 4%1 LATAM €1M / 2%1 1. As percentage of revenue 7
Slide 8: 2023 Q4 at a Glance: Revenues by Product
2 O 2 3 – Q 4 A T A G L A N C E AC SALES €26.5M / 61%1 R E V E N U E S B Y DC SALES P R O D U C T €11.8M / 27%1 SOFTWARE, SERVICES, & ACCESSORIES €4.9M / 11%1 GOALS 5,000 FAST-CHARGING POINTS BY 2025 SUPERNOVA 150 BRINGS 35,000+ POINTS BY 2030 A HIGHER GROSS MARGIN ACROSS SPAIN, ITALY, FRANCE, & POR
Slide 9: Partnerships & Selections
P A R T N E R S H I P S & S E L E C T I O N S + $30M STRATEGIC INVESTMENT + 60+ YRS OF DISTRIBUTION EXPERIENCE + UPCOMING COMMERCIAL AGREEMENT + EXTENSIVE NETWORK WITH 8,700+ DEALERS + AT $3.05 PER SHARE + OFFERING WALLBOX’S FULL PRODUCT SUITE 9
Slide 10: Generac + Quasar
G E N E R A C + Q U A S A R 2 DESIGNED TO PROVIDE: + Electrical independence + Security against outages + Cost savings on electrical expense + Renewable energy application + Utilities the ability to balance demand with supply E X P E C T E D T O C O M E T O M A R K E T I N 2 0 2 4 10
Slide 11: Market Overview: EV Adoption Drivers
M A R K E T O V E R V I E W EV ADOPTION DRIVERS // + The success of new models like Kia’s EV9 and Nissan’s Ariya 32% + Innovative technological breakthroughs that Y O Y improve range and quality G R O W T H 1 + Accessible and reliable public charging infrastructure, expecting Wallbox will be a major
Slide 12: Financial Review
F I N A N C I A L R E V I E W Q4 REVENUE Q4 CASH COSTS WBX ONLY €43.3M €28.4M - Strong DC sales - Stability within European AC demand - Contribution from ABL 33% sequential rise Positive adjusted EBITDA 34% YOY rise expectations in Q2 & full 2024 Q4 GROSS MARGIN Q4 ADJUSTED EBITDA LOSS 32.8% €14.7M
Slide 13: Continuous Improvement of Key Financial Metrics
C O N T I N U O U S I M P R O V E M E N T O F K E Y F I N A N C I A L S M E T R I C S REVENUE CASH COST REDUCTION ADJUSTED EBITDA 43 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 50 ABL 6 35 WBX WBX OPEX 32 33 32 40 (12) 38 (17) 27 35 33 (22) (21) ABL 18 7 (3) ABL 16 14 (32) 9 37 WBX PERSONNEL WBX 35 32 3
Slide 14: Key Financial Metrics
K E Y F I N A N C I A L M E T R I C S €107 CASH AND CASH EQUIVALENT AND FINANCIAL INVESTMENTS €16.2M FULL YEAR CAPEX + vs original €26M target for 2023 €81 Q4 LONG-TERM DEBT €83.9 Q4 INVENTORY REDUCTION + Reduced by 11% (more than €10M) from Q3 €4.6 Q4 CAPEX + €3.4M on Property Plant & Equipment 7%
Slide 15: Well-Positioned for Success in 2024
NEW PRODUCTS + Pulsar Pro + Pulsar Socket + Supernova 240 in Europe + Supernova 180 in the US + Quasar 2 with Kia and Generac W E L L - STRONG OFFERINGS CAPEX REDUCTION + ABL cross-sell + Most of infrastructure is now complete P O S I T I O N E D + Generac distribution network + Rationalize our glob
Slide 16: wallbox #
wallbox # Ss
Slide 17: Financial Overview: Reconciliation
FINANCIAL OVERVIEW Reconciliation1 YEAR 2023 YEAR 2022 Unaudited, in € 000’s Q4 Q3 Q4 Operating Loss (11,053) (28,283) (45,479) Change in fair value of derivative warrant liabilities 3,822 2,152 6,597 Foreign exchange gains/(losses) 2,268 (1,787) 10,367 Amortization and depreciation 8,633 7,430 6,83
Slide 18: Consolidated Statement of Profit or Loss – EUR
FINANCIAL OVERVIEW Consolidated Statement of Profit or Loss – EUR 1 YEAR ENDED QUARTER ENDED 31 DECEMBER 31 DECEMBER Unaudited, in € 000’s 2023 2022 Q4 2023 Q4 2022 Revenue 143,769 144,185 43,250 32,324 Change in inventories and raw materials and consumables used (95,503) (85,605) (29,064) (19,927)
Slide 19: Cash & Cash Equivalents
FINANCIAL OVERVIEW Cash & Cash Equivalents YEAR ENDED 31 DECEMBER Unaudited, in € 000’s 2023 2022 Cash and cash equivalents 101,158 83,308 Financial Investments (1) 5,426 5,269 Cash, cash equivalents and Financial Investments at 31 December 106,584 88,577 1. Financial Investments are included in Oth
Slide 20: Investments and Long-term Borrowings
FINANCIAL OVERVIEW Investments and Long-term Borrowings YEAR ENDED 31 DECEMBER Unaudited, in € 000’s 2023 2022 Investments in Property, plant and equipment and Intangible Assets Property, plant and equipment 9,106 36,262 Intangible assets - excluding R&D (salaries capitalized) 7,103 9,861 Total Inve
Slide 21: Definitions
D E F I N I T I O N S A N D D I S C L O S U R E S 1 “EBITDA” is defined as loss for the period before income tax credit, financial income, interest expenses, amortization and depreciation, and share of profit of equity-accounted investees. DEFINITIONS 2 “Adjusted EBITDA” is defined as loss for the p