Wallbox N.V. — FY2022 Form 20-F summary
Reporting period: Fiscal year ended December 31, 2022; this is an annual report, not a standalone fourth-quarter filing. Financial statements are prepared under IFRS and reported in euros. Unless stated otherwise, figures below are in € millions.
Business context
Wallbox designs, manufactures and sells electric-vehicle chargers, charging software and related installation services. Its reporting segments are EMEA, North America and Asia-Pacific. Revenue is primarily from charger sales; the company also expanded public fast charging and installation services during 2022. It reported sales in 113 countries and opened a manufacturing facility in Arlington, Texas.
Financial and operating metrics
| Metric | FY2022 | FY2021 |
|---|---|---|
| Revenue | €144.2 | €71.6 |
| Sales of goods | €136.4 | €69.1 |
| Sales of services | €7.8 | €2.5 |
| Gross profit, using the company’s stated definition | €58.6; 40.6% margin | €27.3; 38.2% margin |
| Operating loss | €138.8 | €53.6 |
| Net loss | €62.8 | €223.8 |
| Adjusted EBITDA, non-IFRS | (€89.5) | (€35.2) |
| Net cash used in operating activities | €136.3 | €69.6 |
| Cash and cash equivalents at year-end | €83.3 | €113.9 |
Gross profit and margin are calculated from revenue less the reported inventory, raw-material and consumables expense; they are approximate. Adjusted EBITDA is a company-defined non-IFRS measure and should be considered alongside IFRS results.
At December 31, 2022, current assets were €255.2 million and current liabilities €178.8 million, giving working capital of €76.4 million. Loans and borrowings totaled €133.6 million, of which €89.3 million was classified as current; lease liabilities were a further €27.3 million. The balance sheet reported total equity of €169.2 million and accumulated deficit of €306.7 million.
Changes versus the prior comparable year
- Revenue increased 101%, led by residential chargers, particularly Pulsar Plus. Service revenue grew 216%, partly reflecting installation activity and the 2022 COIL acquisition.
- Operating loss widened as employee benefits, other operating expenses and depreciation rose substantially with hiring, growth investment, marketing, product launches and expansion. Marketing expense rose to €23.9 million from €7.3 million.
- Operating cash outflow nearly doubled. Inventory increased to €106.6 million from €27.5 million, including management’s effort to buffer component shortages.
- Net loss narrowed substantially, but the comparison is distorted by non-cash and transaction-related items: 2022 included an €80.7 million gain from lower warrant fair value, while 2021 included a €72.2 million non-cash listing expense and a €69.0 million warrant fair-value loss.
- Year-end cash declined despite €41.7 million gross proceeds from a December private placement and net proceeds from borrowing. Investing cash outflow fell, partly because the company sold financial investments.
Outlook, risks and unusual items
- Management said available liquidity, including financing obtained after year-end, was expected to fund the business for at least the next 12 months. The company nevertheless expects continuing losses and investment; no specific revenue or profitability forecast is provided in the filing text.
- After year-end, Wallbox drew a €25.0 million BBVA term loan and received €24.6 million net of fees. It carries interest at one-month EURIBOR plus 8%, is secured by certain intellectual-property rights and includes cash and leverage-related covenants. BBVA also received warrants over 1,007,894 Class A shares at $5.32 per share.
- The company announced cost reductions in January 2023. The filing describes a workforce impact of approximately 15% in one section and approximately 96 employees in another; a risk-factor passage separately refers to approximately 7%. These descriptions are not clearly reconciled in the filing text.
- Key risks include continued operating losses and cash burn, EV-adoption and incentive uncertainty, supply-chain and component constraints, inflation and interest rates, competition, dependence on short-term customer orders, and execution of international expansion and new products. Iberdrola’s potential Supernova purchases were non-binding; no public chargers were sold to Iberdrola under that letter of intent in 2022.
- Management concluded the company was a going concern and stated liquidity was sufficient for more than 12 months from issuance of the financial statements. Its assessment depends on expected cash flows, covenant compliance, warrant exercises and financing availability.
- Management reported material weaknesses in financial reporting controls, including finance-team IFRS expertise, IT general controls, review and monitoring procedures, and share-based-payment controls. Disclosure controls and internal control over financial reporting were deemed ineffective at year-end; remediation was ongoing. The auditor issued an unqualified opinion on the IFRS financial statements but did not opine on internal-control effectiveness.
- Other notable items include acquisitions of ARES and COIL, the planned sale of the Wallbox-FAWSN joint-venture investment, and impairment of the related loans and receivables. No material legal proceedings were reported.
Most important facts for investors to verify
- Cash runway and operating cash use, including how the BBVA facility, covenants and subsequent cost reductions affect liquidity.
- Whether revenue growth translates into improving operating margins and lower cash burn, given the sharp increase in operating expenses and Adjusted EBITDA loss.
- Inventory recoverability, component availability and customer demand, particularly for public fast chargers and non-binding orders.
- Progress and testing of remediation plans for the disclosed material weaknesses, especially share-based-payment accounting and IT controls.
- The actual scope and realized savings of the 2023 workforce reduction, given inconsistent headcount descriptions in the filing.
- Potential dilution from outstanding warrants, share-based awards and acquisition-related share consideration; founders’ Class B shares carry ten votes each.