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Wallbox (WBX)
NYSE:WBX
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Wallbox
(NYSE:WBX)
Rating:47Neutral
Price Target:
$0.50
▲(56.25%Upside)
Positive Factors
Financial Performance
Wallbox fundamentals improved with a second consecutive increase in revenue, a strong improvement in gross margins, and an improvement in EBITDA losses.
Market Growth Potential
The Generac partnership deal helped North America shine, with revenue up 64%.
Strategic Partnerships
Wallbox is leading charging technology, as validated by Generac and several other industry participants, with DC chargers being a key ingredient to accelerating EV adoption.
Negative Factors
Cash Flow Issues
Despite capital raising efforts, management needs more cash breathing room as they await the turn to profitability.
EV Market Challenges
Estimates are reduced to account for a continued subdued EV environment in the West, leading to a lowered price target.
Sales Performance
Revenue for the quarter missed expectations and was limited by slower-than-anticipated DC fast charger sales.
Wallbox (WBX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$92.10M
Dividend YieldN/A
Average Volume (3M)564.86K
Price to Earnings (P/E)―
Beta (1Y)1.25
Revenue Growth14.08%
EPS Growth-9.61%
CountryUS
Employees905
SectorTechnology
Sector Strength89
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.07
Shares Outstanding265,451,450
10 Day Avg. Volume670,212
30 Day Avg. Volume564,857
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)3.46
Price to Sales (P/S)0.00
P/FCF Ratio-2.90
Enterprise Value/Market Cap7.19
Enterprise Value/Revenue0.97
Enterprise Value/Gross Profit10.70
Enterprise Value/Ebitda-1.84
Forecast
1Y Price Target
$0.58Price Target Upside81.25% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Wallbox Business Overview & Revenue Model
Company DescriptionWallbox N.V., a technology company, designs, manufactures, and distributes charging solutions for residential, business, and public use. The company operates in three segments: Europe-Middle East Asia, North America, and Asia-Pacific. It offers EV charging hardware products, such as Pulsar Plus, an AC smart charger for home or multi-family residence; Commander 2, an AC smart charger for fleets and businesses with a 7-inch touchscreen display that provides a personalized and secure user interface for multiple users; Copper SB, an AC smart charger for fleets and businesses with an integrated socket that makes it compatible with both type 1 and type 2 charging cables; Quasar, a DC bi-directional charger for home-use that allows to charge and discharge electric vehicle, and enables to use car battery to power home or sell energy back to the grid; Supernova, a DC fast charger equipment designed for public use; and Hypernova that allows to optimize available power and adapt to the number of EVs connected for public charging along highways and transcontinental road networks. The company also provides EV charging software solutions, including the myWallbox platform, a cloud based software designed to provide smart management of its chargers in residential and business parking lots, such as workplaces, fleets, and semi-public parking lots; Electromaps, a hardware-agnostic e-mobility service provider and charger management software that enables users to find publicly available charging ports; and Sirius, an energy management solution that is designed to seamlessly integrates the electric grid with solar, on-site batteries, and other renewable energy sources. In addition, it offers upgrades and accessories, which includes energy meters, EV charging cables, pedestals, and RFID cards; and installation, maintenance, and charging network management services. The company was incorporated in 2015 and is headquartered in Barcelona, Spain.
How the Company Makes MoneyWallbox generates revenue primarily through the sale of its electric vehicle charging hardware and accompanying software solutions. Its key revenue streams include the direct sale of EV chargers to residential customers, businesses, and public charging infrastructure providers. Additionally, Wallbox offers subscription-based energy management and monitoring software services that provide users with insights and control over their energy usage. The company also benefits from strategic partnerships with automotive manufacturers, utility companies, and government entities, which can lead to joint development projects and expanded distribution channels. These partnerships not only enhance Wallbox's market reach but also contribute to its revenue through collaborative initiatives and co-branded product offerings.
Wallbox Earnings Call Summary
Earnings Call Date:May 07, 2025
(Q1-2025)
| % Change Since: -13.51%|
Next Earnings Date:Jul 31, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with strong growth in North America and improved gross margins, but faced challenges with year-over-year revenue decline and weak performance in Europe. The company is showing progress toward profitability with cost reductions and increasing backlog, but faces concerns over high inventory levels and short-term debt.Q1-2025 Updates
Positive Updates
Record North American Revenue Growth
North America contributed €11.4 million or 30% of the total revenue, representing a 142% year-over-year growth compared to the first quarter of 2024.
Improved Gross Margin
Gross margin was 38.1% in the first quarter, reflecting a 634 basis point improvement compared to last quarter.
Reduction in Labor Costs and Operating Expenses
Labor costs and operating expenses decreased by 13% quarter-over-quarter and 23% compared to the same period last year.
Adjusted EBITDA Improvement
The first quarter 2025 adjusted EBITDA was minus €7.8 million, showing a 42% improvement compared to last year.
Certification and Product Expansion
Achieved CTEP and NTEP certifications, expanding fast charging EV solutions in North America.
Strong Performance in Software and Services
Software and services generated €8 million in revenue, a 60% increase compared to last year.
Negative Updates
Year-over-Year Revenue Decline
Q1 revenue was €37.6 million, down 13% year-over-year.
Weak Performance in Europe
Europe's revenue was €25.5 million, with AC sales down 14% year-over-year, although the market is starting to recover.
High Inventory Levels
The speed to improve gross margin is constrained by existing high inventory levels.
Short-term Debt Concerns
Loans and borrowings totaled approximately €199 million, with €132 million in short-term debt.
Company Guidance
During Wallbox's first quarter 2025 earnings call, key financial metrics and company performance were discussed. The company reported Q1 revenue of €37.6 million, which was within the guided range and represented a decrease of 13% year-over-year. Gross margin was 38.1%, also within the guided range of 37% to 39%, reflecting a 634 basis point improvement from the previous quarter. Wallbox delivered over 36,000 AC units and more than 100 DC units in Q1. Labor costs and operating expenses decreased by 13% quarter-over-quarter and 23% year-over-year, with cash costs down 32% year-over-year. The company's adjusted EBITDA loss was €7.8 million, showing a 42% improvement compared to the previous year. For Q2 2025, Wallbox anticipates revenue between €37 million and €39 million, a gross margin of 37% to 39%, and a negative adjusted EBITDA ranging from €5 million to €8 million.Wallbox Financial Statement Overview
Summary
Wallbox exhibits strong revenue growth, indicating a positive market demand. However, significant profitability issues, high leverage, declining equity, and negative cash flows highlight financial instability. Strategic improvements in cost management and debt reduction are crucial for long-term viability.Income Statement
Wallbox has shown consistent revenue growth over the years, with a notable increase from $19.68 million in 2020 to $169.84 million in 2024. However, profitability remains a significant concern, as evidenced by the negative net income and declining margins. The gross profit margin has decreased, and both EBIT and EBITDA margins are negative, indicating operational challenges. While revenue growth is a positive indicator, the company needs to address its cost structure to improve profitability.35
Negative
Balance Sheet
Wallbox's balance sheet reveals a high debt-to-equity ratio, indicating substantial leverage. Stockholders' equity has been declining, and the equity ratio has decreased over the years, reflecting increased financial risk. The company's assets are primarily funded by liabilities, and the shrinking equity base is a concern. Improvement in equity and reduction in debt are necessary for financial stability.40
Negative
Cash Flow
The cash flow analysis shows negative free cash flow, which has worsened over the years, indicating challenges in generating cash from operations. The operating cash flow to net income ratio is negative due to persistent losses, and capital expenditures remain high, putting pressure on cash reserves. Improving operational efficiency and cash generation is crucial for sustainability.30
Negative
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 169.84M | 158.72M | 146.97M | 76.37M | 19.68M |
| Gross Profit | 56.02M | 51.78M | 59.49M | 32.12M | 9.10M |
| EBITDA | -100.60M | -74.69M | -44.54M | -256.61M | -8.92M |
| Net Income | -136.24M | -123.72M | -131.78M | -223.78M | -11.40M |
Balance Sheet | |||||
| Total Assets | 353.07M | 483.54M | 421.98M | 342.61M | 81.84M |
| Cash, Cash Equivalents and Short-Term Investments | 45.94M | 106.89M | 88.70M | 171.06M | 22.58M |
| Total Debt | 234.88M | 246.33M | 160.93M | 71.06M | 52.64M |
| Total Liabilities | 290.49M | 333.73M | 252.83M | 211.54M | 69.61M |
| Stockholders Equity | 64.80M | 149.79M | 169.15M | 131.07M | 12.23M |
Cash Flow | |||||
| Free Cash Flow | -87.02M | -108.51M | -201.47M | -99.97M | -30.41M |
| Operating Cash Flow | -51.53M | -64.10M | -136.29M | -69.63M | -11.63M |
| Investing Cash Flow | -39.46M | -59.78M | -13.96M | -88.30M | -19.32M |
| Financing Cash Flow | 2.96M | 140.63M | 111.75M | 246.92M | 46.74M |
Wallbox Technical Analysis
Negative
0.32
Price Trends
0.34
Negative
0.37
Negative
0.59
Negative
Market Momentum
>-0.01
Positive
45.33
Neutral
61.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WBX, the sentiment is Negative. The current price of 0.32 is below the 20-day moving average (MA) of 0.33, below the 50-day MA of 0.34, and below the 200-day MA of 0.59, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 45.33 is Neutral, neither overbought nor oversold. The STOCH value of 61.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for WBX.
Wallbox Risk Analysis
Wallbox disclosed 64 risk factors in its most recent earnings report. Wallbox reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Failure of banks or other financial institutions could adversely affect our cash, cash equivalents and investments and our business and financial condition may suffer as a result. Q4, 2023
2.
We are susceptible to risks associated with an increased focus by stakeholders and regulators on environmental and social matters, including climate change, which may adversely affect our business and results of operations. Q4, 2023
3.
Political and economic uncertainty and macroeconomic factors could adversely affect our business, financial condition and results of operations. Q4, 2023
Wallbox Peers Comparison
Overall Rating
UnderperformOutperform
Sector (69)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | ¥228.25B | 14.58 | 7.64% | 2.72% | 9.09% | 8.36% | |
58 Neutral | $95.97M | ― | -1.63% | ― | -19.52% | 64.89% | |
51 Neutral | $86.98M | ― | -223.65% | ― | 221.24% | 13.36% | |
49 Neutral | $98.34M | ― | -68.97% | ― | -9.27% | 19.30% | |
47 Neutral | $92.10M | ― | -138.61% | ― | 14.08% | -9.61% | |
46 Neutral | $51.52M | ― | -6139.13% | ― | -63.86% | -364.20% | |
44 Neutral | $167.21M | ― | -101.60% | ― | -46.41% | 6.05% |
* Technology Sector Average
Performance Comparison
WBX
Wallbox
0.32
-0.99
-75.57%
SOL
Emeren Group
1.90
0.40
26.67%
STEM
Stem Inc
6.71
-15.49
-69.77%
MKFG
Markforged Holding
4.74
0.64
15.61%
ARBE
Arbe Robotics
1.93
0.02
1.05%
PSQH
PSQ Holdings
2.04
-1.73
-45.89%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.