Wallbox N.V. — FY2021 Form 20-F
Reporting period: Fiscal year ended December 31, 2021; financial statements are prepared under IFRS in euros. This is an annual filing, not a standalone Q4 report, and the filing does not provide clear standalone fourth-quarter financial results.
Business context
Wallbox designs, manufactures and sells electric-vehicle charging hardware, software and services for residential, business and public use. It completed its business combination and NYSE listing in October 2021. Products are manufactured in Spain and China; a Barcelona factory opened in December 2021, with U.S. manufacturing planned for 2022. Consolidated revenue came mainly from EMEA.
Key financial metrics
| Metric | FY2021 | FY2020 |
|---|---|---|
| Revenue | €71.6 million | €19.7 million |
| Operating loss | €53.6 million | €11.0 million |
| Net loss | €223.8 million | €11.4 million |
| Net cash used in operating activities | €69.6 million | €11.6 million |
| Net cash used in investing activities | €88.3 million | €19.3 million |
| Net cash from financing activities | €246.9 million | €46.7 million |
| Cash and cash equivalents at year-end | €113.9 million | €22.3 million |
- Revenue rose 263.8%, led by charger sales: goods revenue was €69.1 million, up 273.2%; service revenue was €2.5 million, up 113.0%.
- Using the company’s stated gross-margin definition, revenue less inventory and consumables costs was approximately €27.3 million, or 38.2% of revenue. The filing cautions that this measure is not an IFRS line item.
- Adjusted EBITDA was a loss of €35.2 million, versus a loss of €6.4 million in 2020. IFRS EBITDA was a loss of €210.7 million, heavily affected by non-operating and transaction-related items.
- Year-end working capital was €81.1 million (current assets of €251.5 million less current liabilities of €170.4 million). Current assets included €57.7 million of other current financial assets, principally investment funds, as well as €113.9 million of cash.
- Loans and borrowings were €51.3 million; lease liabilities were €19.7 million. Convertible bonds had been converted before year-end. Separately, derivative warrant liabilities were €83.3 million and put-option liabilities €3.8 million.
- Year-end equity was €131.1 million, compared with €12.2 million in 2020; accumulated deficit was €243.9 million.
Changes, outlook and notable items
- Operating costs grew faster than revenue. Management cited accelerated product launches and product-mix changes, increased outsourced production, hiring, marketing, delivery costs and public-company expenses.
- The €223.8 million net loss included a €72.2 million non-cash share-listing expense, a €69.0 million loss from warrant fair-value changes and a €25.5 million fair-value adjustment to convertible bonds. The company also expensed €8.0 million of non-incremental transaction costs; €17.4 million of qualifying share-issuance costs was deducted from equity.
- Financing cash flow benefited from the business combination, PIPE financing and borrowing activity. Investing cash outflow included €57.3 million of purchases of financial assets at fair value through profit or loss, alongside spending on property, equipment and development.
- Management stated that cash on hand, customer receipts and business-combination financing were expected to meet working-capital and capital requirements for at least two years from December 31, 2021. The going-concern assessment also concluded funding was sufficient for at least 12 months after issuance of the financial statements. The company expected continuing losses and investment; no quantified revenue or profit guidance was provided.
- Supernova public fast-charger commercialization began in Q1 2022. Iberdrola’s stated interest in purchasing 6,500 chargers through 2022 was non-binding; no Supernova units were sold to Iberdrola in 2021. A U.S. factory was planned for the second half of 2022.
- Principal risks include continuing losses and cash burn, dependence on EV adoption and incentives, concentrated suppliers and component shortages, competition, execution of growth and manufacturing plans, COVID-related disruptions, and the Russia-Ukraine conflict. Sales in Russia and Ukraine were stopped; 2021 sales there were approximately €18,000, which management described as insignificant.
- Management and the auditor identified material weaknesses in financial reporting controls: insufficient IFRS accounting expertise, ineffective IT general controls, and ineffective review and monitoring procedures. Disclosure controls were deemed ineffective at year-end. Remediation was underway. The auditor issued an unqualified opinion on the IFRS financial statements.
Important facts for investors to verify
- Whether operating cash burn and capital spending remain consistent with management’s stated liquidity runway, including the availability and liquidity of the investment funds included in current assets.
- How much of the reported loss is recurring versus transaction-related or fair-value accounting, and whether adjusted EBITDA is reconciled and interpreted consistently with IFRS results.
- Progress on material-weakness remediation, especially finance staffing, IT controls and timely financial reporting.
- Actual Supernova sales, conversion of non-binding letters of intent into firm orders, factory commissioning and production capacity in Spain and the United States.
- Supply-chain exposure, customer and channel concentration, and the potential impact of component shortages, geopolitical disruption and changes to EV incentives.