Wallbox (NYSE:WBX) Announces Earnings Results

Wallbox (NYSE:WBX) released its quarterly earnings data on Wednesday. The company reported ($0.82) earnings per share for the quarter, topping the consensus estimate of ($1.81) by $0.99, FiscalAI reports. The firm had revenue of $27.41 million for the quarter, compared to the consensus estimate of $36.33 million.

Here are the key takeaways from Wallbox’s conference call:

• Revenue was €24.2 million, below the €29 million–€31 million guidance, as supply-chain constraints delayed conversion of orders into sales. Gross margin also missed guidance, at 36.5%, partly because lower-margin AC products made up more of the sales mix.
• Order intake remained robust and backlog grew to €16.9 million from €12 million in Q2, providing potential revenue as supply constraints ease. Management expects to address the operational issues over the coming months.
• Adjusted EBITDA loss improved 24% year over year to €5.3 million, within guidance, while labor costs and operating expenses fell 34% year over year. Management said cost discipline and backlog conversion could support profitability.
• Cash and financial investments fell to €10.4 million from €25.1 million at the end of Q2, with restructuring payments contributing to the decline. The company said it is working to secure working capital to support backlog conversion and supplier relationships.
• For Q4, Wallbox guided to revenue of €29 million–€31 million, gross margin of 36%–38%, and an adjusted EBITDA loss of €5.5 million–€3.5 million.

Wallbox Trading Down 1.5%

Shares of WBX traded down $0.04 during midday trading on Thursday, reaching $2.65. 14,480 shares of the company were exchanged, compared to its average volume of 61,808. Wallbox has a 1-year low of $2.30 and a 1-year high of $6.18. The stock has a 50-day moving average price of $2.87 and a 200-day moving average price of $3.12.

Wall Street Analyst Weigh In

A number of analysts recently commented on WBX shares. Barclays reiterated an “overweight” rating and set a $4.00 price target on shares of Wallbox in a report on Wednesday, July 29th. Weiss Ratings downgraded Wallbox from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, October 6th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $4.33.

Wallbox Company Profile

Wallbox N.V. is a Barcelona-based technology company that develops electric-vehicle charging and energy-management solutions. Founded in 2015 by Enric Asunción, Eduard Castañeda and fellow co-founders, the company focuses on making electric-vehicle charging more accessible for residential, commercial and public-sector users.

Its product portfolio includes AC charging stations such as the Pulsar and Commander lines, DC fast chargers such as Supernova, and bidirectional charging technology represented by Quasar.