UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO SECTION 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2025
Commission File Number: 001-40865
Wallbox N.V.
(Translation of registrant’s name into English)
Carrer del Foc, 68
Barcelona, Spain 08038
Tel: +34 930 181 668
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXPLANATORY NOTE
On February 26, 2025, Wallbox N.V. (the “Company” or “Wallbox”) released information regarding its results of operations for the three months and full year ended December 31, 2024. A copy of the Company’s press release and presentation materials are furnished hereto as Exhibits 99.1 and 99.2, respectively.
WALLBOX N.V. FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS
Full Year 2024 Highlights
| • | For the year ended December 31, 2024, the Company had revenue of €163.9 million, gross margin of 34.8% and operating loss of €108.7 million. |
| • | The Company introduced new products and services including, Supernova 220, Supernova Eichrecht, and Supernova UL. |
| • | The Company sold approximately 1000 DC units and 162,000 AC units in the year ended December 31, 2024. |
| • | During the twelve months ended December 31, 2024, the Company reduced its labor costs and other operating expenses by 11%. |
| • | As of December 31, 2024 headcount was 35% lower compared to the same period last year. |
| • | The Company raised approximately $45 million of cash through equity transactions. |
| • | As of December 31, 2024, the Company had inventory of €71.1 million. |
| • | As of December 31, 2024, the Company had approximately €46 million of cash, cash equivalents and financial investments and approximately €198 million of loans and borrowings. |
Fourth Quarter 2024 Highlights
| • | For the quarter ended December 31, 2024, the Company had revenue of €37.4 million, gross margin of 34.6% and operating loss of €26.0 million. |
| • | For the quarter ended December 31, 2024, labor costs and other operating expenses were €28.8 million and capital expenses were €3.9 million. €1.5 million was invested in property, plant and equipment. |
| • | During the three-month ended December 31, 2024, revenues by geography and as a percentage of total revenues were as follows: |
| • | AC chargers – €26.9 million / 72% |
| • | DC chargers – €2.9 million / 8% |
| • | Software and other services – €7.7 million / 20% |
| • | During the three months ended December 31, 2024, revenues by geography and as a percentage of total revenues were as follows: |
| • | Europe – €25.7 million / 69% |
| • | North America – €10.5 million / 28% |
| • | Asia Pacific – €0.9 million / 2% |
| • | Latin America – €0.4 million / 1% |
| Consolidated Statements of Profit or Loss | ||||||||||||||||||||
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| Year Ended December 31st | Quarter Ended December 31st | |||||||||||||||||||
| 2024 | 2023 | Q4 2024 | Q3 2024 | Q4 2023 | ||||||||||||||||
| Revenue |
163,943 | 143,769 | 37,394 | 34,656 | 43,250 | |||||||||||||||
| Changes in inventories and raw materials and consumables used |
(106,878 | ) | (95,503 | ) | (24,458 | ) | (26,671 | ) | (29,064 | ) | ||||||||||
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| Gross Profit |
57,065 | 48,266 | 12,936 | 7,985 | 14,186 | |||||||||||||||
| Employee benefits |
(71,488 | ) | (81,236 | ) | (16,824 | ) | (17,673 | ) | (18,114 | ) | ||||||||||
| Other operating expenses |
(54,089 | ) | (59,788 | ) | (11,940 | ) | (14,187 | ) | (10,783 | ) | ||||||||||
| Amortization and depreciation |
(37,873 | ) | (28,443 | ) | (10,191 | ) | (9,264 | ) | (8,633 | ) | ||||||||||
| Impairment of goodwill |
(2,349 | ) | — | — | — | — | ||||||||||||||
| Net other income |
25 | 14,260 | 57 | (559 | ) | 12,291 | ||||||||||||||
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| Operating Loss |
(108,709 | ) | (106,941 | ) | (25,962 | ) | (33,698 | ) | (11,053 | ) | ||||||||||
| Financial income |
1,945 | 1,472 | 704 | 284 | 305 | |||||||||||||||
| Financial expense |
(23,680 | ) | (15,247 | ) | (6,484 | ) | (5,622 | ) | (4,886 | ) | ||||||||||
| Change in fair value of derivative warrant liabilities |
1,081 | 6,476 | 5,525 | (5,683 | ) | 3,822 | ||||||||||||||
| Foreign exchange gains / (losses) |
(4,044 | ) | 1,466 | (4,656 | ) | 1,686 | 2,268 | |||||||||||||
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| Financial Results |
(24,698 | ) | (5,833 | ) | (4,911 | ) | (9,335 | ) | 1,509 | |||||||||||
| Loss Before Tax |
(133,407 | ) | (112,774 | ) | (30,873 | ) | (43,033 | ) | (9,544 | ) | ||||||||||
| Income tax credit |
1,894 | 703 | 268 | 359 | (1,302 | ) | ||||||||||||||
| Loss for the Period |
(131,513 | ) | (112,071 | ) | (30,605 | ) | (42,674 | ) | (10,846 | ) | ||||||||||
Cash and Cash Equivalents
(In thousand Euros)
| Year Ended December 31 | ||||||||
| 2024 | 2023 | |||||||
| Cash and cash equivalents |
20,036 | 101,158 | ||||||
| Financial Investments (1) |
25,578 | 5,426 | ||||||
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| Cash, cash equivalents and Financial Investments at 31 December |
45,614 | 106,584 | ||||||
| (1) | Financial Investments are included in Other current financial assets |
Investments and Loans & Borrowings
(In thousand Euros)
| Year Ended December 31 | ||||||||
| 2023 | 2023 | |||||||
| Investments in Property, plant and equipment and Intangible Assets |
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| Property, plant and equipment |
3,114 | 9,106 | ||||||
| Intangible assets - excluding R&D (salaries capitalized) |
6,790 | 7,103 | ||||||
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| Total Investments in Property, plant and equipment and Intangible Assets |
9,904 | 16,209 | ||||||
| Non-Current Liabilities - Loans and Borrowings |
91,058 | 80,861 | ||||||
| Current Liabilities - Loans and Borrowings |
107,411 | 126,496 | ||||||
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| Total Loans and Borrowings |
198,469 | 207,357 | ||||||
Definitions and Basis of Presentation
| • | Gross Margin is defined as revenue less changes in inventory, raw materials and other consumables used divided by revenue. |
| • | Long-term debt includes assumed debt from recent acquisitions and other additional facilities. |
| • | Operating loss consists of the Company’s revenue and other income less changes in inventories and raw materials and consumables used, employee benefits, other operating expenses, impairment of goodwill, and amortization and depreciation. |
| • | Other operating expenses primarily consist of professional services, marketing expenses, external temporary workers expense, delivery expense, insurance premiums and other expenses, including leases of machinery with lease terms of 12 months or less and leases of office equipment with low value, including IT equipment. |
| • | Revenue consists of retail sales, sales from distributors, resellers and installer customers of charging solutions for EVs, which includes electronic chargers and other services. |
INCORPORATION BY REFERENCE
The information included in this Report on Form 6-K under the heading “Wallbox N.V. Fourth Quarter and Full Year 2024 Financial Results” is hereby incorporated by reference into the Company’s Registration Statement on Form S-8 (File No. 333-263795) and Registration Statements on Form F-3, as amended (File Nos. 333-268347, 333-268792, 333-271116, 333-273323, 333-276491 and 333-281952) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished. Exhibit 99.1 and Exhibit 99.2 hereto shall not be deemed incorporated by reference into such registration statements.
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 99.1 | Wallbox N.V. Press Release, dated February 26, 2025 | |
| 99.2 | Wallbox N.V. Presentation, dated February 26, 2025 | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Wallbox N.V. | ||||||
| Date: February 26, 2025 | By: | /s/ Enric Asunción Escorsa | ||||
| Enric Asunción Escorsa | ||||||
| Chief Executive Officer | ||||||