Wallbox N.V. — FY2023 Form 20-F
Business context and reporting period. This is Wallbox N.V.’s audited annual report for the fiscal year ended December 31, 2023, not a standalone fourth-quarter report. Wallbox designs, manufactures and sells EV charging hardware, software and related services across EMEA, North America and APAC. Financial statements are prepared under IFRS and presented in euros. The company reported more than 588,000 chargers sold in 118 countries and acquired the ABL EV charging business in November 2023.
Key financial metrics
| Metric | FY2023 | FY2022 |
|---|---|---|
| Revenue | €143.8 million | €144.2 million |
| Operating loss | €106.9 million | €138.8 million |
| Net loss | €112.1 million | €62.8 million |
| Basic and diluted loss per share | €0.60 | €0.38 |
| Adjusted EBITDA (non-IFRS) | €74.2 million loss | €89.5 million loss |
| Net cash used in operating activities | €64.1 million | €136.3 million |
| Cash and cash equivalents at year-end | €101.2 million | €83.3 million |
- Goods sales declined 5% to €129.4 million; services revenue rose 84% to €14.4 million, primarily reflecting installation activity, including COIL.
- Using Wallbox’s stated Gross Margin definition—revenue less inventory, raw materials and consumables used—FY2023 Gross Margin was approximately €48.3 million, or 33.6% of revenue, versus €58.6 million, or 40.6%, in FY2022.
- Total assets were €483.5 million and total equity €149.8 million at year-end. The balance sheet reports loans and borrowings of €207.4 million (€80.9 million non-current and €126.5 million current), plus lease liabilities of €39.0 million.
- Current assets of €256.9 million exceeded current liabilities of €190.8 million by €66.2 million. The filing’s loan maturity schedule shows €126.5 million of principal classified as due within one year; some working-capital facilities are renewed every 90 days.
Changes versus FY2022
- Revenue was nearly flat, down €0.4 million. EMEA revenue declined 14% to €121.0 million, while North America grew 9% to €25.8 million; APAC revenue was €1.7 million.
- Operating loss improved by €31.9 million, reflecting lower employee and other operating expenses, including cost-reduction initiatives, and €11.2 million of negative goodwill recognized on the ABL acquisition. Depreciation and amortization increased to €28.4 million from €18.9 million.
- Net loss worsened by €49.3 million. A major year-over-year factor was the smaller non-cash gain from changes in warrant fair value: €6.5 million in FY2023 versus €80.7 million in FY2022. Financial expenses increased to €15.2 million from €8.0 million, mainly due to higher interest rates and debt.
- Operating cash use fell by €72.2 million, while investing cash use increased to €54.1 million, including €10.0 million paid for ABL and investment in intangible assets and equipment.
Outlook, risks and unusual items
- Management stated that available liquidity was expected to fund operations for at least the next 12 months, while anticipating continuing losses and investment. The filing provides no specific revenue, margin or profitability guidance.
- Management expects approximately €13 million of 2024 capital expenditures, primarily for factory machinery and tools, and said cost reductions would continue in 2024. The January 2023 workforce reduction affected approximately 15% of employees.
- Management cites weaker EV demand and adverse macroeconomic conditions as pressures on residential charger sales. Key risks include dependence on EV adoption and government incentives, competition, supplier and component availability, customer orders without long-term volume commitments, foreign exchange, interest rates, and the ability to obtain additional financing.
- ABL’s purchase consideration was €25.0 million, including cash, deferred consideration and a put-option liability. The acquisition contributed €6.0 million of FY2023 revenue and a €2.9 million loss, and generated €11.2 million of negative goodwill.
- Wallbox raised equity through 2023 private placements and an at-the-market program and drew €35.0 million under October 2023 loan facilities. Debt includes variable-rate borrowings and financial covenants. The filing says Wallbox was compliant with the October facilities at year-end; it also reports that two other loans totaling €9.8 million were classified as current following covenant issues, with a lender waiver received on February 16, 2024.
- The financial statement audit opinion was unqualified. However, management concluded that disclosure controls and internal control over financial reporting were not effective at December 31, 2023 because of material weaknesses involving IFRS expertise, IT general controls and accounting-control design. The auditor did not provide an opinion on internal-control effectiveness.
Important facts for investors to verify
- Reconcile reported debt: the audited balance sheet shows €207.4 million of loans and borrowings, while some narrative disclosures cite different non-current debt figures. Confirm facility balances, current maturities, covenant status and the February 2024 waiver.
- Assess liquidity against the €64.1 million annual operating cash outflow, near-term debt maturities, planned capital spending and reliance on financing. Management’s 12-month assessment depends on forecasts, covenant compliance and funding availability.
- Track whether cost reductions and service growth can improve margins after the FY2023 Gross Margin decline, and whether lower revenue in EMEA persists.
- Review the ABL acquisition accounting, including the negative goodwill, deferred payments and €10.4 million put-option liability, as well as the conditions attached to the put and call rights.
- Check share dilution and voting control. The cover page reports 187.6 million Class A and 22.3 million Class B shares outstanding at year-end, while the financial-statement equity note reports 187.9 million Class A, 22.3 million Class B and 1.02 million Class C shares; clarify the share-class and outstanding-share reconciliation. Class B shares carry ten votes each.
- Monitor remediation and testing of the disclosed material weaknesses; management says it cannot yet predict when remediation will be complete.