Slide 1: Q1 2024 Earnings Report
wallbox #. QQ) 2024 EARNINGS REPORT
Slide 2: Presenters: Asunción, Lainz, Boada, Wilhelm
ENRIC ASUNCIÓN JORDI LAINZ LUIS BOADA MICHAEL WILHELM Co-Founder & Chief Chief Financial Officer Chief Financial Officer Investor Relations Executive Officer Effective 15 May 2024 Q 1 2 O 2 4 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 Introduction – Michael Wilhelm C O V E R T O D A Y Q1 2024 Highlights – Enric Asunción Product, ABL and Commercial Wins – Enric Asunción EV Market – Enric Asunción Quarterly Financial Performance – Jordi Lainz Closing Thoughts – Enric Asunción & Luis Boada Questions – Enric Asunció
Slide 5: Q1 2024 Highlights
2 O 2 4 – Q 1 H I G H L I G H T S Q1 REVENUE Q1 GROSS MARGIN Q1 LABOR COSTS €43.1M 39.6% 21% Decrease YoY €13.5M Adjusted EBITDA loss 1 (A 23% YoY increase) Positively impacted by cost engineering, strategic sourcing and lower Q1 OPEX 38% 30% transportation costs YoY Improvement In adjusted EBITDA ~
Slide 6: Q1 2024 at a glance: revenues by geography
2 O 2 4 – Q 1 A T A G L A N C E EUROPE €36.5M / 85%1 NORTH AMERICA R E V E N U E S B Y €4.7M / 11%1 G E O G R A P H Y APAC €1.3M / 3%1 LATAM €600K / 1%1 1. As percentage of revenue 6
Slide 7: Q1 2024 at a glance: revenues by product
2 O 2 4 – Q 1 A T A G L A N C E AC SALES €29.8M / 69%1 PULSAR PRO R E V E N U E S B Y DC SALES P R O D U C T €8.3M / 19%1 SUPERNOVA SOFTWARE, SERVICES, & ACCESSORIES €5M / 12%1 WASHINGTON STATE AWARD OSPREY ➢ $25.6M FROM WASHINGTON DEPARTMENT OF ➢ HIGHLY VALUED CUSTOMER BUILDING LEADING EV COMMERCE’
Slide 8: Cross Selling
CROSS SELLING PULSAR ABL EM4 8
Slide 9: Partnerships & Commercial Agreement
P A R T N E R S H I P S & C O M M E R C I A L A G R E E M E N T +1 O Y E A R A G R E E M E N T +W O R L D - W I D E S C O P E +E X T E N S I V E 8 , 7 0 0 D E A L E R S N E T W O R K +C O - B R A N D I N G & C O - D E V E L O P M E N T +F I R S T L A U N C H I N G P U L S A R P L U S U L 9
Slide 10: EV Market Overview
M A R K E T O V E R V I E W EV MARKET // EVS SOLD IN KEY MARKETS1 1.30 + Recognizing the current market dynamics and 1.23 1.18 related challenges 1.10 1.02 + Going through volatile phase of the adoption curve on the path to mass adoption 0.8 0.8 0.8 EUROPE 0.7 + Introduction of more affordable vehic
Slide 11: Financial Review
F I N A N C I A L R E V I E W Q1 REVENUE Q1 LABOR COSTS & OPEX €43.1M €32.6M - Strong DC sales - Drastic gross margin improvements - Contribution from ABL Flat sequential Close to our quarter costs base target for labor 23% YOY rise costs and opex Q1 GROSS MARGIN Q1 ADJUSTED EBITDA LOSS1 39.6% €13.5
Slide 12: Continuous Improvement of Key Financials 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 REDUCTION1 ADJUSTED EBITDA2 43 43 Q4 Q1 Q2 Q3 Q4 Q1 CONSOLIDATED 50 2022 2023 2023 2023 2023 2024 35 33 40 32 WBX OPEX 32 38 36 CONSOLIDATED 27 35 33 CONSOLIDATED ABL ABL 18 7 9 16 14 (13) 9 (15)
Slide 13: Key Financial Metrics
K E Y F I N A N C I A L €83M M E T R I C S CASH AND CASH EQUIVALENT AND FINANCIAL INVESTMENTS €96M Q1 LONG-TERM DEBT Reclassification of existing short-term to long-term debt €1.7M Q1 CAPEX €0.8M on Property Plant & Equipment €89.5M Q1 CONSOLIDATED INVENTORY Reduced by 3% from Q4 8% QOQ REDUCTION IN
Slide 14: Well-Positioned for Success in 2024
T H A N K Y O U J O R D I ! W E L C O M E L U I S ! W E L L - GROWING SALES EXPENSE CONTROL + Expanding in key geographies + R&D P O S I T I O N E D + Attractive market verticals + Key talent F O R S U C C E S S + Opex allocation I N 2 0 2 4 HOLD & IMPROVE MARGINS CAPITAL ALLOCATION + Cost engineeri
Slide 15: Q&A
Slide 16: Reconciliation
FINANCIAL OVERVIEW Reconciliation1 YEAR 2024 YEAR 2023 Unaudited, in € 000’s Q1 Q4 Q1 Operating Loss (23,781) (11,053) (36,604) Amortization and depreciation 8,750 8,633 6,399 EBITDA (15,031) (2,420) (30,205) One off expenses 1,194 558 1,797 Employee Stock Options Plan 652 (780) 6,651 ESPP (non-cash
Slide 17: Definitions and Disclosures
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, change in fair value of derivative warrants liabilities, foreign exchange gains/(losses), amortization and depreciation, and share of profit o