Wallbox N.v. · NYSE:WBX
Wallbox — Q4 & FY2022 Earnings Presentation
28 slides from Wallbox's earnings presentation, Mar 1, 2023
Slide 1: Earnings Report
M A R 2 0 2 3 M A R 8 2 0 2 2 Earnings Report
Slide 2: Presenters: Enric Asunción, Jordi Lainz, Matt Tractenberg
Enric Asunción Jordi Lainz Matt Tractenberg Co-Founder & Chief Chief Financial Officer VP, Investor Relations Executive Officer Q4 & FY 2O22 EAR NI NGS REPORT 2
Slide 3: Forward-Looking Statements
Forward-Looking Statements 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 o
Slide 4: What We'll Cover Today
EARNINGS REPORT What We’ll Cover Today 2022 Review Q4 Recap Cost Reduction Program Financial Review 2023 Market Outlook Q&A
Slide 5: 2022 At a Glance
2O22 At a Glance 21 New Barcelona New Countries factory allowing us to ship our new DC public charger, Supernova Nissan Polaris Fisker Uber New United States Lyft factory to provide products for the North American market City Electric Svea Solar & Ikea + Ramping Up Napa Auto Supply. ACQUIRED ARES El
Slide 6: Full Year Financial Highlights
FULL YEAR FINANCIAL HIGHLIGHTS FU LL Y E A R R E V E N U E OF 2 O2 2 GR OS S MA R GI N 1 O F €147M 4O.5% 1OO% GROWTH D E SPI T E N E W PR O D UC T S WI T H D R A ST I CA L L Y D I F F E R E N T F I NA N CI A L PR O F I L E S, C UST O M E R S, A N D O VE R 2 O 2 1 M A R KET D R I VE R S 1. Gross marg
Slide 7: Q4 Financial Highlights
Q4 FINANCIAL HIGHLIGHTS Q4 R E V E N U E OF Q4 GR OS S MA R GI N OF €37.3M 35.7% GREW BY 44% O N A Y O Y BA SI S + S U P E R N OV A CON TI N U E D TO R A MP U P + E X P E CTI N G S U P E R N OV A GE N 2 I MP R OV E D + COS T E N GI N E E R I N G P R OGR A MS P R OGR E S S , CA N A LLOW FOR MA R GI N
Slide 8: Revenue Growth
Q4 FINANCIAL HIGHLIGHTS Revenue Growth 1 + + + + + + 425% 7OO% 185% 133% 117% 76% N.A. ISRAEL SPAIN BELGIUM FRANCE ITALY +104% AsiaPac & 360% LATAM (both of which are early in EV transition) 1. Q4 ’22 over Q4 ‘21 8
Slide 9: Geographic Mix – Revenue
Q4 FINANCIAL HIGHLIGHTS Geographic Mix – Revenue 1 66% 25% EUROPE U.S. 6% APAC 3% LATAM 1. As a percentage of total Q4 2022 Revenue 9
Slide 10: Portfolio Breakout
Q4 FINANCIAL HIGHLIGHTS Portfolio Breakout 1 15% SO F T WA R E & SE R VI C E S 72% HOME 13% CHARGING F A ST CHARGING 1. As a percentage of total Q4 2022 Revenue 10
Slide 11: Units Breakout
Q4 HIGHLIGHTS Units Breakout UNITS SOLD 1 A C UN I T S Q UA S A R DC UN I TS I M PACTE D BY E V DOUBLE D ALM OST TR I PLE D DE LI VE R Y R ATE S 1. Q4 2022 11
Slide 12: National Electric Vehicle Infrastructure Standards and Requirements
National Electric Vehicle Infrastructure Standards and Requirements Names Wallbox as one of the few who has made the necessary investments to help drive this initiative. More than 3OO units on order, potentially representing more than $3O million dollars. 12
Slide 13: NEVI Standards and Production Requirements Ramping Up
National Electric Vehicle Infrastructure Standards and Production Requirements Ramping Names Wallbox as one of Up the few who has made the necessary investments to Up to 2O,OOO help drive this initiative. units of both Supernova and More than 3OO units on Hypernova order, potentially combined. repre
Slide 14: NEVI Standards; Douglas Alfaro as Chief Business Officer
National Douglas Electric Vehicle Alfaro as Infrastructure Chief Business Standards and Production Officer Requirements Ramping As General Manager of our North American Names Wallbox as one of Up business, grew NA to the few who has made the our largest geography. necessary investments to Up to 2O,O
Slide 15: Commercial wins and partnerships
National Douglas Electric Vehicle Alfaro as Commercial Infrastructure Chief Business wins and Standards and Production Officer partnerships Requirements Ramping As General Manager BYD: arguably the world’s of our North American largest EV manufacturer Names Wallbox as one of Up business, grew NA to
Slide 16: Bidirectional CCS charging requires OEM acceptance and approval
Bidirectional CCS charging requires acceptance and approval from the OEMs Acceptance by one often leads to others. Looking to build momentum. 16
Slide 17: Bidirectional CCS charging requires OEM acceptance and approval
Bidirectional + A large transportation and logistics provider, CCS charging requires Chargers, SIRIUS, our commercial energy management application, acceptance and services in Europe. and approval from the OEMs + A major OEM brand Has selected Wallbox as their preferred provider of hardware as they
Slide 18: Cost Reduction Program
FINANCIAL REVIEW Cost Reduction Program Expect reduction of A focus on Areas impacted approximately €50 preservation of by cost reductions million in Opex and cash, profitability, predominantly have Employee Benefits and exceeding longer term horizons, market growth Intent to drive profitability thr
Slide 19: Financial Review Overview
FINANCIAL REVIEW 1 Regional Mix Diversification Overview 25% NA, 66% EMEA, 6% APAC, 3% LATAM 2 Gross Margins Resilient in the face of continued component shortages 3 Q4 Adjusted EBITDA Loss of €29.1M Driven by lower revenue and gross margins, and higher headcount costs 4 Yearly Adjusted EBITDA Loss
Slide 20: Cash
FINANCIAL REVIEW Cash 1 $43M €16M €15M sale of ordinary shares2 Loan proceeds working capital expansion ~€9OM & €44M cash and equivalents available long-term debt 1. As of December 31 2022 |2. Gross Proceeds 20
Slide 21: CapEx
FINANCIAL REVIEW CapEx Q4 FULL YEAR 2022 2023 FORECAST €7M of PP&E. €36M €26M of PP&E. of PP&E. 21
Slide 22: Tailwinds and growth drivers
+ Customer preferences + More accessible public charging infrastructure + More affordable vehicles + Government subsidies + Sunsetting ICE vehicles + New EV capacity coming online. + Exciting partnerships + New product introductions + New customer verticals + New geographies + A focus on cash conser
Slide 23: 2023 Outlook
SUMMA RY & LOOKI NG FORWA RD 2O23 Outlook €35 to Q1 REVENUE €24O to FULL YR REVENUE 4OM FORECAST 29OM FORECAST 33% Q1 YOY GROWTH 1 8O% YOY FULL YR GROWTH FORECAST1 Flat 38% FULL YR GROSS SEQUENTIAL Q1 MARGIN GROSS MARGIN FORECAST 1At midpoint of range 23
Slide 24: Q4 & FY Earnings Report
M A R C H 2 O 2 3 Q4 & FY Earnings Report
Slide 25: Consolidated Statement of Profit or Loss – EUR
FI NANCI AL OVERVI EW Consolidated Statement of Profit or Loss – EUR1 YEAR ENDED QUARTER ENDED Unaudited, in € 000’s 31 DECEMBER 31 DECEMBER 2022 2021 Q4 2022 Revenue 146,971 71,579 37,305 Change in inventories and raw materials and (87,485) (44,253) (24,002) consumables used Employee benefits (87,5
Slide 26: Cash & Cash Equivalents
FI NANCI AL OVERVI EW Cash & Cash Equivalents YEAR ENDED Unaudited, in € 000’s 31 DECEMBER 2022 2021 Cash and cash equivalents 83,308 113,865 Financial Investments (1) 5,158 56,982 Cash, cash equivalents and Financial Investments at 31 December 88,466 170,847 1. Financial Investments are included in
Slide 27: Investments and Long-term Borrowings
FI NANCI AL OVERVI EW Investments and Long-term Borrowings YEAR ENDED Unaudited, in € 000’s 31 DECEMBER 2022 2021 Investments in Property, plant and equipment and Intangible Assets Property, plant and equipment 36,262 20,945 Intangible assets - excluding R&D (salaries capitalized) 9,431 7,978 Total
Slide 28: Definitions
Definitions and Disclosures 1 “Adjusted EBITDA” is defined as loss for the year before depreciation and amortization, income tax credits, and financial income and interest expense further adjusted to take account of the impact of certain non-cash and other DEFINITIONS items that we do not consider i