“Exceptionally good”. This is how the CEO of Wallbox, Enric Asunción, described yesterday the results of his company during the second quarter of 2022. The Barcelona-based electric vehicle charger company, which has been listed on the New York Stock Exchange since October 2021, reported revenue growth of 124%, to 39.5 million euros. And its gross margin stood at 41.1%, after having sold 64,000 chargers, 95% more than the previous year. Data of which the Asunción assured "feel very proud", despite the fact that Wallbox still maintains the red numbers, with a negative gross operating result (ebitda) of 34.1 million.
Asunción's optimism is based on the good prospects for the electric vehicle charger business. "Demand is stronger than we had imagined," he said at an analyst conference yesterday. The manager is confident that Wallbox can reach profitability from 2024 and assured that the demand for chargers may have reached a turning point, since the mass of potential buyers of electric vehicles is skyrocketing. In the last quarter Wallbox has already noticed strong increases in demand "even in those European countries whose economies are in decline," according to what its directors explained yesterday. In any case, the company's business in Europe is losing prominence as its turnover in the United States and other countries grows.
The company explained that the forecasts for the third quarter include income between 44 and 49 million euros, which would represent a year-on-year increase of between 140% and 170%, with a gross margin of approximately 40%. In the full year, the company expects to earn between 175 and 195 million euros, which would lead to a growth of between 145% and 170% in year-on-year terms.
Wallbox is also committed to inorganic growth, in which projects such as the purchase of two technology companies in the sector are based, the North American COIL (installer of chargers in electric vehicles) and the Spanish Ares Electronics, supplier of printed circuit boards "The purchase More than 70% of these two companies have been made with Wallbox shares, which shows the confidence of the shareholders in the future of our company”, assured Asunción. They also announced an agreement with Nissan to install chargers for buyers of the new Ariya in the US.
