Wallbox N.V.(US:WBX)2022-03-16 17:42Financial Data and Key Metrics Changes - For Q4 2021, revenue was approximately $31.3 million, representing a 165% year-over-year increase, driven by strong sales execution across various regions [13][44] - Full-year 2021 revenue reached $86.5 million, exceeding expectations and more than tripling results from 2020, with a year-over-year growth of 266% [19][51] - Gross margin for Q4 was 36.7% and 38.2% for the full year, aligning with projections despite higher input costs [47][51] Business Line Data and Key Metrics Changes - Approximately 44,000 chargers were sold in Q4, with 88% in Europe, 7% in the U.S., 4% in APAC, and 1% in LATAM, most featuring energy management capabilities [15] - The sales mix of the Copper SB premium socket charger increased by 300 basis points to 10% due to a stronger presence in France [20] Market Data and Key Metrics Changes - EMEA contributed $27.6 million in Q4, North America $2.1 million, APAC $1.3 million, and LATAM $300 thousand [45] - The U.S. market is becoming a key revenue contributor, generating $5.7 million for the year, with expectations for significant growth in 2022 [20][45] Company Strategy and Development Direction - The company aims to focus on new product innovation, operational excellence, and profitable growth, with plans to achieve positive EBITDA by 2024 and free cash flow by 2025 [27][37] - The launch of the ATLAS platform is expected to enhance product intelligence and flexibility, allowing for better cost management and cybersecurity [30][92] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of home charging for EV adoption, advocating for grant programs to subsidize home chargers in the U.S. [60][61] - For Q1 2022, the company expects consolidated revenues between €26 and €28 million, representing a year-over-year growth of 170% to 190% [62] Other Important Information - The company completed a successful transaction with Kensington Capital Acquisition Corp II, raising over $250 million and becoming the first Spanish tech company listed on the NYSE [12] - The company has a strong balance sheet with $193 million in cash and $19.9 million in long-term debt [52] Q&A Session Summary Question: Guidance for Q1 and sequential decline - Management explained that Q1 typically sees lower sales due to seasonality, as Q4 is historically strong for vehicle sales [70] Question: Cost savings for DC public charger - Management detailed that cost savings stem from in-house developed technology, modular design, and efficient production methods [72][74] Question: Geographic mix and U.S. market evolution - Management indicated significant growth expectations in North America, supported by marketing efforts and partnerships [81] Question: Update on Arlington facility - Management confirmed plans to start production in the second half of 2022, focusing on the Pulsar Plus charger initially [85] Question: Financial and technological implications of ATLAS - Management discussed how ATLAS will enhance product functionality, cost savings, and flexibility in component sourcing [88][92] Question: Partnerships and visibility - Management emphasized the importance of partnerships for growth, noting that 50% of sales now come from new partnerships [96][98] Question: Relationship with Iberdrola - Management described a strong relationship with Iberdrola, highlighting collaborative efforts and future opportunities for charger installations [101]