Slide 1: Earnings Report
A U G U S T 2 , 2 0 2 3 Earnings Report
Slide 2: 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 3: What We'll Cover Today
EARNINGS REPORT What We’ll Cover Today Market Overview & Wallbox’s Competitiveness Operational Initiatives Financial Review Market Outlook Q&A
Slide 4: Q2 Overview
Q2 OVERVIEW Q2 REVENUE OF €33M MACRO ECONOMIC UNCERTAINTY & VARIABILITY IN REGIONAL EV MARKETS REBATES & RETURN ADJUSTMENTS €1.8M CHANNEL INVENTORY REDUCTION €35M NORMALIZED Q2 REVENUE OF STRONG DEMAND FOR DC FAST CHARGING SOLUTIONS YoY US Growth 67% COMPETITIVE ADVANTAGE THROUGH YoY DC Growth 700%
Slide 5: Geographic Mix – Revenue
Q2 OVERVIEW Geographic Mix – Revenue 1 21% 72% U.S. EUROPE 6% 1% APAC LATAM 1. As a percentage of total Q2 2023 revenue 5
Slide 6: Portfolio Breakout
Q2 OVERVIEW Portfolio Breakout 1 This drastic mix shift is an exciting testament to the transformation we are going through, not only in product, 20% but in software and services… DC CHARGING 63% AC 17% CHARGING SO F T WA R E & SE R VI CE S 1. As a percentage of total Q2 2023 revenue 6
Slide 7: Channel Inventories Have Normalized
Q2 OVERVIEW Channel Inventories Have Normalized 1 Net Change To Channel Partner’s Inventory Balance - # of AC units CHANNEL INVENTORY INCREASE CHANNEL INVENTORY DECREASE 17,800 20,100 4,400 -12,700 -9,200 -19,000 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Cumulative Excess Inventory Evolution -
Slide 8: Operational Metrics
Q2 OVERVIEW Operational Metrics GR OS S MA R GI N I N V E N TOR Y R E D U CTI ON Y TD Impacted by non-recurring items & product mix €11M CA S H COS TS R E D U CTI ON H 1 2 0 2 3 B R E A K OU T B Y QU A R TE R €22.1 M €12.3M Inventory and cost €9.8 reduction programs are progressing as planned Q1 Q2
Slide 9: Commercial & Product
LOOKI NG FORWA RD Commercial & Product PULSAR ORION FAMILY N E W P R OD U CT I N T R OD U CTI ON S U . S . R E TA I LE R S B I - D I R E CT I ON A L CH A R GI N G 9
Slide 10: Financial Review Overview
FINANCIAL REVIEW Overview €33M 1 Gross Margins of 30% Impacted by returns and Excluding this impact, gross Revenue warranty costs margin would have been 36% I MP A CTE D B Y 2 Cash Cost Reduction of €12.3M over Q4 2022 Rebates Opportunities to reduce costs Expect to meet our previous commitment of f
Slide 11: Q2 Key Financial Metrics
FINANCIAL REVIEW Q2 Key Financial $48.6M $7.8M Net Proceeds Raised in Private Placement Raised Under the ATM* Program Metrics €111MEnding Cash & Short-term Deposit €70M Ending Long-term Debt €4.5M PP&E spend in Q2 * At-The-Market 11
Slide 12: Closing Thoughts
2023 MARKET OUTLOOK Some Final Thoughts: Closing Thoughts More chargers than we’ve ever seen; bringing channel inventory to the right levels. Cost reductions, creating operating leverage driving break-even adjusted EBITDA in Q4 2023. For the remainder of 2023 A comfortable level of cash to operate t
Slide 13: Q&A
Slide 14: Reconciliation
FI NANCI AL OVERVI EW Reconciliation1 Unaudited, in € 000’s YEAR 2023 YEAR 2022 Q2 Q1 Q2 Operating Loss (31,001) (36,604) (44,052) Change in fair value of derivative warrant liabilities 4,719 (8,110) 62,351 Foreign exchange gains/(losses) 4 981 (5,186) Amortization and depreciation 5,981 6,399 4,065
Slide 15: Definitions and Disclosures
Definitions and Disclosures 1 “EBITDA” is defined as loss for the year before income tax credit, financial income, interest expenses, amortization and depreciation. DEFINITIONS 2 “Adjusted EBITDA” is defined as loss for the year before depreciation and amortization, income tax credits, and financial