Wallbox doubles its turnover and aims for 300 million

Wallbox, the Barcelona-based electric charger company listed on the New York Stock Exchange and with a plant in the Zona Franca, closed the 2022 fiscal year with revenues of 147 million euros, a figure that doubles the 71.5 million recorded in 2021. This figure was achieved thanks to the sale of 230,000 chargers worldwide and despite the market not being favorable because electric vehicle deliveries in Europe "were affected by multiple economic and geopolitical factors," explains CEO Enric Asunción.

Although the 2022 results were "slightly below the expected range," the company has once again set ambitious goals for 2023, a year in which it expects to register growth of between 60% and 100%, which would translate into revenues of between 240 million and 290 million. "Consistent business growth above the market is a testament to the strength of our product portfolio and our operations," adds the founder of Wallbox, who admits that "the short-term environment remains complex." "The industry has again revised downwards the forecasts for European electric vehicle sales for 2023. However, we remain optimistic about the future of the market and our competitive position," he noted.

In this context, Wallbox's goal this year is to focus on "optimizing the business, conserving cash, and being profitable," which will allow them to "be well-positioned once the massive expansion of charging infrastructure begins in 2024," argues Asunción.

Despite sales growth, Wallbox has more than doubled its losses in 2022, with red numbers of 136 million euros, up 156%. The company's stock market performance has also not been favorable; it debuted on the market in October 2021 at 8 euros per share, while as of March 1, 2023, it trades at 5.4 euros. This value contrasts with the 16.5 euros it reached at the end of 2021. Throughout 2022, the company's stock market trajectory has been downward, hitting lows in the last week of the year, down to 3.2 euros. However, so far in 2023, the trend is upward, with a revaluation of 50% which translates into a stock market value of 926.93 million euros.

In 2022, in addition to the Zona Franca factory, Wallbox inaugurated another production center in Arlington (Texas) and also announced the acquisition of two companies: ARES Electronics and Coil. In addition, the company launched Supernova, its public fast charger, and signed strategic alliances with companies such as Nissan, Fisker, Uber, BestBuy, and Lyft to provide chargers and installation services to their customers.

With the aim of reducing its costs, Wallbox announced in mid-January the layoff of about 15% of its workforce, made up of some 1,400 people. Finally, the cut will be 9.5% of the workforce, of which 92 layoffs will be in Spain.