Wallbox losses reach €108.7 million in year of 'slowdown' for electric vehicle industry

Wallbox saw their losses rise further in 2024 to reach a total of €108.7 million, up from €106.9 million on the previous year, in a year marked by the “slowdown” of the electric vehicle market.

According to the results published by the company on Wednesday, turnover increased by 14% year-on-year, up to €163.9 million.

Adjusted EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) fell to €58.8 million, from €74.17 million in 2023.

The Catalan multinational highlighted the growth in revenue in North America, which for the year as a whole increased by 41% compared to the previous year.

Wallbox CEO Enric Asunción assured that the company “operates more efficiently” and is “advancing towards profitability” despite the increase in losses.

The electric vehicle charger manufacturers pointed out in a statement that last year the firm achieved “greater organizational efficiency,” with an 11% year-on-year decrease in operating expenses.

Asunción has described the year as “challenging” for the industry and celebrated Wallbox reaching the milestone of one million chargers sold since it was launched.

In the fourth quarter of 2024, the company’s operating losses were reduced to €25.9 million, compared to €33.7 million in the previous three months. These figure, however, are significantly higher compared to the same period in 2023, when costs stood at €11 million.

Revenue grew by 8% compared to the previous quarter, to €37.4 million.

Looking ahead to the first quarter of 2025, Wallbox expects turnover to be between €34-37 million, gross margin to be between 37 and 39%, and adjusted EBITDA to remain negative, between €8-11 million.