Wallbox N.V. (WBX)
Next up is Wallbox, the Spanish-based firm that is building up a strong presence in the EV charging niche. This is a niche with high growth potential, as the rapid expansion of EV adoption being promoted – and sometimes mandated – by governments at national and local levels cannot be accomplished without simultaneously building out the charging network. Wallbox, which has developed lines of charging ports and stations for both commercial and residential use, is compatible with most EV brands, including industry leaders like Tesla and BYD.
In addition to charging your EV, Wallbox has built value-added capabilities into the product lines. The company offers chargers that can fit both Type 1 and Type 2 vehicles charging ports, and have bi-directional operability, allowing users to discharge a fully powered EV back into the home, for immediate power use, or even onto the local electric grid.
All of this has given Wallbox a degree of cachet in the industry, and has led to increases in the company’s revenues. Wallbox reported a top line of €35.1 million in 1Q23, up 24% year-over-year. In dollar terms, the revenue converted to US$38.6 million; this figure missed the forecast by US$2.8 million. The company’s gross margins came to 36.8%, up 90 basis points, or 0.9%, from the previous quarter, and successful cost reduction measures allowed Wallbox to save more than €10 million when compared to 4Q22 expenditures. Also during the first quarter, Wallbox entered the Japanese EV charging market, opening up an important avenue to expand its business.
Since reporting the Q1 results, Wallbox has made two major announcements of particular interest to investors. First is the June publication of an agreement with the big-box warehouse retail chain Costco. The agreement makes Wallbox’s best selling EV charger, the Pulsar Plus, available at Costco stores across the US, starting this month.
Second was the July 6 announcement that the company reached a milestone in sales of its Supernova DC fast chargers. Wallbox has made 1,000 sales of the product, an industry leader in quality, to more than 80 customers in 30 countries. The Supernova DC fast charger was introduced last year.
