Wallbox has closed the 2022 financial year with a turnover of 147 million euros, double that of the previous year, while the losses have also doubled, up to 88 million euros of gross profit (ebtida).
The results are below the expectations that the Catalan company had a year ago. The drop in sales of electric cars in Europe due to the shortage of chips have fully affected the business. Due to this fall, the company has been forced to apply a 50 million cut plan that has involved the dismissal of 96 people in the center of Barcelona, 9.5% of the Wallbox workforce in Spain.
The Catalan startup, which is listed on the New York Stock Exchange, ensures that in 2022 it has sold a total of 230,000 chargers worldwide, compared to 129,000 chargers in 2021. In the presentation of results, the co-founder of the company Enric Asunción also recalled the main milestones for 2022: the inauguration of two new factories, in Barcelona and Arlington (Texas), the acquisition of two companies, ARES Electronics and Coil, and the launch of Supernova, a charger aimed at administrations public.
"The year 2022 has been full of volatility in the market and has been marked by the middle of a recession. With this scenario we have learned to be more cautious," Asunción said. The company forecasts that revenues for the year 2023 will be between 240 and 290 million euros, which represents a year-on-year growth of between 60% and 100%. Regarding net profit, Wallbox calculates to obtain it in 2024.
The company expects electric vehicle sales in Europe to recover this year while sales in the United States continue to rise. The country that contributes 25% of the income, while the rest comes from European countries. Spain represents less than 10%.
Since the company went public in October 2021, the stock has fallen about 30% to $5.6 million. This has implied that the capitalization of the company is below 1,000 million and loses its unicorn status.
