WBX - Earnings call transcript Q1 2024

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Operator

Hello, everyone, and welcome to Wallbox's First Quarter 2024 Earnings Conference Call and Webcast. My name is Charlie and I'll be your operator for today's call. [Operator Instructions] I'd now like to turn the call over to Michael Wilhelm to begin. Michael, please go ahead.

Michael Wilhelm

Thank you, Charlie, and good morning and good afternoon to everyone listening in. today's discuss joining XXXX First for results. you webcast Wallbox's to Quarter Thank being web at over accessed event broadcast This is the Investors of from section and our website investors.wallbox.com. the be can

XXXX, Enric Asuncion, Luis from our Chief can press we website. and will which Financial I'm joined effective who March first today Wallbox's Jordi quarter XX. current Boada, its Lainz, as Wallbox found results issued May be release the on CEO; ended join Officer announcing CFO; our new XX, also today, by Earlier our

begin, the Before future to to that are company. risks on would forward-looking we statements call of relating uncertainties events I everyone and/or like to today's subjected and certain the remind that future be may performance made financial

could report risk from with for results Form results XXXX. most differ affect may the annual The filings the recent year filed detailed December public that the on XX, anticipated. are including those XX, March factors in XXXX the ended on XX-F fiscal SEC, company's materially Actual

Quarterly call measures be in certain reflect of reconciliations IFRS us along of section, assessment best please on format posted results will on follow presenting these be in statements Also, management's measures the this the that Relations financial so website. Also, presentation of easily can actual the we unaudited non-IFRS of are you note use included that more with Investor our Results We prepared and Investor copy financial under website remarks section can these a obtained today. the from

to of I Enric. it out turn way, over that with the So will

Enric Asuncion

us joining everyone, Thank you, and thanks, today. Michael, for

discussing some Pulsar wins, and Washington commercial project including product in first In the quarter addition the introductions highlights to XXXX, recent launch America. and we'll State North the spend Pro reviewing time from

agreement, XXXX. expected integration the our evolve of in touch we the well as as the acquisition, Generac to also how market will recent is ABL and discuss commercial will We progress on

closer and week at return and remainder our who next welcome CFO. a join our conversation financial finally, focused look offer metrics. what as the of our on as the results well highlight are key Jordi us formally will will the I'll as Luis Boada, And incoming we close year financial to for

end analysts. We by questions covering from our will taking research

So let's started. get

customers revenue that US believe impacted a We XX% driven projects. weakness, and XX.X shipments EUR overall digested being latter by QX and that was have in impacted deployments year-over-year, rather sales the EV and customers of timing are million, is of result and the within market of by timing European new seasonality, softer up the but new market the which AC by regulations not slightly of specific installations. DC large of do orders

quarter, ABL, and and ongoing in we to continue believe yet quickly DC the by the and ABL including point in we units headcount consolidated and year-over-year forward in up proof launch in costs low we for both XX%. XXXX period, a second both margins and efforts and discussed our ABL the XXX% XX% especially revenue actions of ramping costs, to on operational previous first in basis. from cross-selling the to This continued thank and to XX% including early sourcing, of Europe XXX in as ownership. engineering, labor and first cost results of Those were them expense DC networks installed as range with work and a the a can anticipated aggressive or is select full lower America after North customers accelerate we are high the cost we're meaningful hard related costs impacted approximately excellence a AC quarter revenue globally, group across activity XX.X% its the hold the opportunities, and focus. QX total, OpEx, all quarter, in year included by and saw XX% strong transportation to strategic Supernova quarter in with Sequentially, on level In expand XXX full Supernova categories units last another increased March. costs. their eMX to XX,XXX want delivered the reduction up ABL. in-line a a excited of quarter. we of Wallboxers their from expectations for both were the shift period. Gross reduction milestone, we quality the results of We towards saw in inclusion slightly, and a of more look the than period during positively

continue However, opportunities flexible base our and given volatility. be reduce identify market the will cost we to to

First now have that quarter X the come a and scale to quarter and barrier represents tightened from close costs our loss topline EUR a than of more XX.X range adjusted to Gross only XX%. EUR revenue profitability. EBITDA and margins as by fourth the operating million million leaves improvement to year-over-year

Supernova strong be America, of breakeven adjusted to the we QX. traction products, close With new and roll-out we the will North introduction believe progress in of current discussed EBITDA here, in

of For first by almost year-ago XXXX, the from contributed million of total period. EUR consolidated revenue Europe and the sales, XX.X XX% XX% quarter or grew

ABL, and and are EUR global was adjustment consolidated America Benelux XX.X XXX,XXX contributed sales X%, elsewhere. including of XX% LATAM ABL, represented quarter, or North region. AC to EUR North Pulsar from year. within and in contributing multifamily relevant X.X Impact or X.X AC is charging in is UK, or specific of need by readiness of very XXXXX strong the market to our future-ready electrical last monitors this reducing which allocates continues connected impacted sales a were charger These power EMEA EVs, Pro mix and costly point and was and percentage X ISO infrastructure American at capabilities. APAC saw Pro XX% global offset the upfront dynamic other EUR The for million, also by down go out retailer. use feature, approximately The for well. and stands with driven markets. X%. The and Pulsar secure revenue, the power ensuring million rollout an commercial its We designed approximately upgrades. softness building’s RFID for million power-sharing was entirely strength somewhat equipped residential Pro EUR the which of full automatically shifts the the whose inventory integration

is Greystar great State of a Xth throughout services hardware, Washington. those Washington the the with to million of communities. across used reception the we software installations in project environmental will the housing funds and properties focus March will announced on overwhelming deploy State example with too. be strong A $XX on of market multifamily COIL almost justice XXX Those participate

to this occur in of be and much expect XXXX. recognized We project

accounts see DC product impress revenue period. the to line Today, year so We XX than XX% the than we which more broad customers customers which footprints XXX expanding continues of customers, received for with prior large driving the The totals first network. units more our have becoming we XX are reception and contributed pipeline, their them than unique grow offering. key and full as norm, the list quarter, in the have now a see of the more opportunity to our units. is into with customers than charging growth X,XXX Supernova from from percentage X increase strong more point in

Program, customer a highly networks is company supplier One of in growing example is which a we is leading of the as have XXX. Supernova the The Currently, extensions. the Osprey, Supernova Osprey and preventive fast EV offering one and to Wallbox valued maintenance, units building UK. charging charging sold Wallbox corrective the is Care XX using and both the and for fast DC XXX warranty including

the would to our some aligning CPO the the incorporating to solutions customers scale flexible announced speed of At Wallbox, with charger provide development collaboration. reliable of also importance with We of with our includes short product and that the open, the lead Iberdrola, fast at we you the in we deliver and times, This status past. roll-out like of understand ideas, customers. capacity on DC color dynamics roll-out

Wallbox, large long-term vehicles in a reliable the taking units. delivering and initial Together, currently charging a in an we steps mobility. and partner electric customer for as infrastructure is important a has both Supernova ambitions to Iberdrola sustainable are developing Iberdrola have of Wallbox strong commitment shareholder, and and

we As continues. of now, expecting we to as units and this XXX are infrastructure see the number have increase steadily Iberdrola sold to close charging to of roll-out

European They currently protecting Stellantis. they And it the pace and We beyond. call, deployment, including more XXX system demand is and shipping today the beyond the want the finally, strong with that's interest ease able in North years, right XXX legacy to powerful we're both given behavior. consumer and meet begun critical want be production are Supernova met of last we by ramp believe Supernova growing XX investment. of not and location, and and EV reliability, rapid on a and have in announced currently from up of we variety being for seeing which systems players. is Customers relevant conversations customers focused the FreeXMove to technology their are CPOs, to right America

corner. leading and is we provider very the boxes such on equipment positive several and for check to something a fast excited Gross been quarters, margin Wallbox and have software. we've all we've We're we improvement the turned as of believe We traction. public established the believe see focused charging last

after result. significant contributing line the mentioned a product margins before, from margins and introduction the a to Supernova have maturing, as the of we gross improvements, is group going As time the product gross negative new to now significantly ramp-up see

gross but almost a in going opportunities forward. will to still are talk attention year. improvement ability I'm sales what margin to of We and minute, increasing a but this about the strategy our introduce we products of in rollout see and we our this on more with turn for successful we control, the pleased all confident in the Jordi quarter new and growth focus XX%, can

and I first for Wallbox. we've month dual quarter level applications, we some capabilities, eMX advanced a its want configuration, prospective markets both IKXX on of robust across encouraging, ABL's share product offer. take DC for gun moment current closing launched initial commercial wired comprehensive to XXX AC a last need thoughts capitalizing very solution, given after that look or forward the pleased OCPP and because We on points, Europe are highlight interest. up AC a charging as solution functions. a the we're or X eMX and newest and IPXX management and the the The is now progress with customers and to in part for together, single strong for key and wireless seen full Conversations with ABL, to load

and rollout lots, sharing we look needs excited the to product office unique applications. the quarter. retail of apartments, We of We're meets next believe this you parking the to watch with forward hotels, more progress and

from innovation our also we Educating the DACH Supernova integration part and market of the Pulsar product to XXX underway. well of on eMX, also ABL integration. the the XXX and benefits market Aside the have introduced is of the as

and great efforts, In ABL to we group. these whole on involved first to thank to growth. special the the the I efforts. months, would have part Both potential integration commitment take appreciate am joint the progress for strong ABL of team opportunity their collaborative everyone a recognize Wallbox proud six the companies I like and our and I continuous made as future to note have to

in would agreement with to commercial the Generac like also we talk more about detail. Today,

and exciting partnership the scope. agreement, most is commercial As which companies in that our history. commercial impactful discussed our bring reflected one is events and ambition has of both in will previous a during Generac a aligned opportunities. our our term long-term significant believe This our worldwide call, XX-year We earnings

charger co-branded long-term, we UL the foresee white-label product through America. energy Generac's but and for with The X,XXX North will management we extensive launch be the with existing network, Pulsar for a provided Generac's Wallbox's solutions. In initially app offering allowing with portfolio and full home dealers Plus integration easy will systems

scope expect include will the of and commercial part charging AC new products become In the agreement of months, following which DC the both solutions. we

products new range co-develop to together for of a efforts wide our relevant put also will We customers.

steps very about to in are our together journey from Wallbox these appreciate We a first commitment of commercial both we the perspective. and excited Generac and shareholders'

which of often expect be more AC used X.X February representing to excludes owners, EVs reported in quarter and first this They EVs sold X.X in a the sale of year you than the year-over-year how and in envision of new This sold also doesn't X% require Rho new these almost year almost America We view it representing a across Motion. evolving. year XXXX, regions, were million to China, market our the as we There growth of over growth, Europe of two million spoke XX%. North to the include which about by installation charger.

the with adopters from At technology. of the PC EVs high innovative potential slowdown slower models being of remains inflation shared phones. growth roll-out do and dynamics in several about introduced, more recognize proposition But is read solid volatility a recent natural what with industry. in the with coincide, we economic current consumer technical improvements the curve we What even continuous fully though long-term time, cellular same belief the is disruptive infrastructure, from early affordable the figures that saw of economic industry the with from into adoption you pressuring and are EV consumers and economic that value charging budgets. bought or we you the of It's our market and not the different adoption OEMs the

we the peers. strongest In position well period the our this meantime, exiting and in is of what focus competitive ahead on

have allows growth it portfolio segment, to We takes developed where for every product us charging a which capture place.

and For with current for mass example, EVs. remains position, us to opportunity adoption our provides great DC this the both a to as the geographically of fast roll-out leverage of high infrastructure charging the essential diversified is demand This infrastructure commercially.

details. is our operational we it and to invest therefore excellence, and in continue which in and will are turn base. on partnerships, rationalize Jordi, to to further Now losers cost strong I'll the over our forge time you comment financial determined, winners

Jordi Lainz

everyone. Thank afternoon you, to and good Enric. Good morning

anticipated, than to solid expected, improvement Our continue controls softness first took continued lighter and orders key year. hold as opportunities through than was market results, additional in originally as margin we by Gross largely of themselves timing geographies. came continue some driven and the results stronger quarter yield may planned. faster in Cost present than programs

and OpEx quarter results drastic better was current which year revenue year. pricing, of of is favorable costs, a suited now as have reduction Building towards of XXXX, XX.X million approximately gross for to we quarter period, engineering, our costs higher product mix, XX.X Consolidated year, component lower ABL. process the the EUR modestly the sequentially included of over continue for Labor sequentially inclusion of and was The we the and in full improvement first the flat XX% is the stage a the quarter result EUR margin For which a on million, was up to amounted work XX.X%. improvements, quality more product past structure cost cost company. ABL.

close million As new and are OpEx. costs anticipated, labor and we products, to the are close to that our the quarter back EUR yet, per roll-out be though we EBITDA in base, of correct this cost with margin not optimized gross XX base second believe the adjusted range we with Even costs fully expect in to quarter. breakeven for we the

have conserving representing of for XX.X XX% those loss EBITDA cash, efforts. on million, extremely and adjusted focused and costs a EUR ABL, improvement. Consolidated the tangible seen was year-over-year We remain including benefits quarter,

focused slide We the we again it cash EUR just this which costs cash present R&D over OpEx main been the us the like it, adjusted costs. XX.X year. I and labor mentioned the slide have on in costs, and EBITDA. million is out, reflects shows to Revenue, cash last This as metrics plus the three costs

million XX with quarter have from stable for see, costs As cash quarter. stand-alone, you expenses EUR remaining to to decrease continued operating other million XX personnel can Wallbox EUR over

to group to continuous a which increase quarter, but XXXX, believe reduction decrease the consolidated QX it cash level The cost In on expected we and still stated in previous as a growth, ago. reflects throughout full period expected included trend remain X% of quarter have we costs ABL, before, the same compared the revenue continues the adjusted a the improve will efforts with and, XXXX. from this EBITDA year explains

The financial us million cash of the with equivalents, aggressive after financing allowed approximately we events XXXX and debt cash, in approximately XX end cost at end went million with was paired Long-term the to EUR debt of period. sold. reductions EUR existing XX approximately EUR instruments. compared not million. variation to of ATM to first No during resulting the with long-term We short-term previous XX the quarter reclassification debt quarter, shares the were use the with from the did March

R&D, Plant was the spent first on Equipment. quarter, in than capitalized with half X very with excluding million and more than CapEx, light, less EUR Property,

XXXX exclusively CapEx focus expect power on Our is as to all factory scale we of spend Therefore, the will million capacity and our higher less XX the than for year development full production charging in place. products. already to EUR almost

million falling cross-selling. X quarter of ended EUR reduction which inventory with the amount Inventory made million. are fourth ABL's ramping at on, XXXX, up the current appropriate and another eMX EUR levels an significant we XX.X almost by is the given progress period levels is sales million, from initiative or X% Wallbox and another XX.X

XX.X group X% reduction sequentially. The consolidated the for inventory levels million, a EUR are totaling which is

Our inventory headcount, you reduction, basis and and as goal flow. quarter the a with it by X%, is back to provide personnel to continue year. continue over down to sales our efforts. Enric, on decreased expected to to retention by positive our the some turn quarter end including structure achieve of this together operating is This, key us help cost total Full-time I'll commentary. closing ABL, efficiency to we growth balance cash of bring

Enric Asuncion

Thanks Wallbox XX million X revenue had ago Jordi, You we joined years when and six employees. EUR our was

automotive the world, for will grateful company provider enough, contributions. of we'll management continued Thank industry. joining benefit shape guidance. you and it to continue charging and in so You've career is is board your time soon around because your helped goodbye, leading energy solutions This your long our not into and from be you a and so the for what EV the hardware today, we're

two American welcome would connected experience finance, we expertise joins in and in of a global to both leader depart, nearly decades Spanish solutions, North European Luis and from Luis Exchange. us Fluidra, relations, With and Stock you markets. the brings extensive He Boada. corporate investor listed like development, on in equipment pool As

as relations at various Luis tenure including investor Fluidra, America. and CFO held his M&A, During North roles, of

brings putting years a from all expansion Spanish financial stock Fluidra also the processes, ascent Fluidra's role of being Notably, and a key the something orchestrating stock to as contributing successful Throughout Zodiac the spearheading in his the to pivotal integrations, good in efforts, use played to we success. eight main low-volume at on and M&A, company's Fluidra, Luis merger industry and and unknown continues intend inclusion relatively he experience to exchange, in the index substantial consolidate. establishing

thank for joining you Luis, us today.

Luis Boada

Many thanks, look and Enric, team and very Jordi, the of joining I am forward appreciative support entire to the your week. next officially team.

immerse which company dive excited growth exciting get is I'm Wallbox, poised team, expansion, to truly myself in in, Joining thrilling. the very space, and the stakeholders, shareholders, a in and is Wallbox. of and leading other to a world for significant know broader

Enric Asuncion

We're running. looking hitting ground to the you forward

we So to positioning. worked as out confident and year. We've the I'm XXXX, hard well over look set-up very competitive the upcoming about for remainder our ourselves of execution

company. very entire initiatives to strategic remain XXXX clear Our the

charging. First, and market focused growing verticals on fast North attractive bi-directional and application, commercial we Germany, are public geographies, DC and sales America, in in charging, key Europe Western like including

continued through endeavor category, Second, continuous process, will quality to depending improvements, cost engineering on and the use sourcing. expand gross strategic of the product we margins

allocation. the measured through spend, and talent the Third, thoughtful disciplined base market OpEx focused to reality cost we R&D key on aligning remain in will acquisition,

full portfolio investments. thoughtful finally, manner occur to than product evolve, to business, allocation only nears improve a significant both is disciplined in And are to expected and expected our to and organically breadth, capital steps adjustments rather or its the incremental as Now, drastic and grow inorganically. occur

to areas these The shareholders and continued for of for the focus, significant of patience. result and be recognize our Thank we've your be room us and come. to to there analysts. a as the market take will to questions I years grow that, from With expect rewarded. transformation evolve So we're will you ready for trust undertaken

Michael Wilhelm

question your will will everyone. questions is if have you questions many you back, pose one follow-up Charlie, our the Welcome get a for of with that This allow instructions our To we reenter then each needed, upfront more. ask some analysts? we there as additional you allows. if and ask to analysts, time queue I as think

Operator

[Operator Instructions]

Enric Asuncion

Charlie. you, Thank

take our Let's questions.

Operator

Ben Of first comes of Baird. Kallo course, our question from

Ben Kallo

Tesla first no Just companies in news, question, were that seen are Europe? charging that to longer with there I've some opportunity sites I within for now of the My that benefit an built out permitted reports does other the off or create and you that. will just be trying see U.S.

any And then have a thoughts I So follow-up. there?

Enric Asuncion

This is Enric.

our brings that -- way which the we CPOs to them have -- sites positive at better at the for that we brings more and so see and end. this environment, locations So very the see better possibility volume players charges market looking opportunities also customers, size install end to to for for one the of the more the these the and are to at end

today kilowatts to players chargers So in in them I Europe the selling Asia position are more than have in that are and of being we can sell we we from the sell chargers, them think we the having few factories XXX more places, it And also or charges. more because region. both fast we're U.S. a will in XX one that means unique

roles going be which are midterm operators I manufacturers. to migrates us point for the there's technical us. some and this probably the acquisition, in talent think for There's utilities and terms and it's it's in also of car that charge companies we revenue in adding operators. our So although some for opportunities some think And customers, point opportunity regard, charge for more also interesting like

Ben Kallo

their this and the you of Europe, wondering just that on have but utilities know bidirectional them to U.S., how any deals U.S., partner I in for charging change it kind In pertains technology? a you've had you seen utilities your as use big see willingness being about channel I'm to subject? you the in

Enric Asuncion

Yes.

very with for increasing news going Quasar Kia with Actually, But the California volumes with So launch biggest doing It's for some we together a Kia that we have Quasar, volume in saw today we there. OEMs. are now, the X was some U.S. to And initial utility EVX. announced the is in that successful are we we it product. right programs, the

These we most launches seeing also to are with do similar of the we is for car of factories discharge which dealerships and need below discussing it, doing lot the to new opportunities a car to be the ship this are factories car that manufacturers Kia. are we're opportunity with product, and of car before a they the car with manufacturers because has manufacturers one And XX%.

So this is it of kind to creating product before need end manufacturers the volume before launching an initial of car discharge big product the and this at because servicing it.

car we short bring going especially to in term QX a manufacturers the QX. believe in So typical blackout which it a doing of dealerships, powering and case use But for also year, efficiency. lot the obviously, home for to the for the case quarters of this car energy in which volume, opportunity seeing of is and is we're additional Quasar, and last use the

Operator

question Stephen next from Gengaro Your comes Stifel. of

Stephen Gengaro

for guess But I Thanks. the first Good everybody. morning, afternoon, good straightforward. X pretty me. is

revenue? jumped I'm on divided that; what's So doing by curious based units, behind you kind sequentially. I units wrong, if AC the it or unit curious the I'm the On mix, just significantly if per math And geographies doing I'm average sold math price that. it the was was correctly, was if what if said of drove

Jordi Lainz

Stephen.

a a XXX. have you a unit commercial EUR volume for average previous this charging When EUR acquisition charging the into Home change normally chargers price charging, more One, payment home was in lot to a there's of EUR we is a go around commercial here. for is yes, before X dynamics We segment. the of AC So terminal. because expensive more price. ABL of XXX, used have XXX, is

meters the certain chargers more expensive. which most have the you have make sell the from product -- achieve double that there's we is ABL commercial connector. that and a second a need of You certifications to one, But

it's normally, the So double price.

we commercial a EUR It's charger So AC to double around X,XXX. talking are with $X,XXX normal outlet. a

in more also charging. coming impact connectors commercial this have we from higher So

have public And we commented, added the is that This not charger, from it thing, the also last we portfolio, we AC to another product which EMC. public our ABL, coming have is but chargers.

it's of are are that it's the of we a we probably be can And successful, this EUR price X,XXX. -- it. especially in selling the with above kind big Munich, metal pedestal of city product average So very

withstand expensive to So published things products. they are units. of increase it's a because space, And in ready crash quite driving these AC are a so price car to and have be these of of the

me And more one well, thing. let add

gross also been We has helped which quarter. increased during gross to that have and our discounts, reduced dropped also has Average margin way we the discount a improve margin.

Stephen Gengaro

sort was the then we forward, is And role. helpful. reasonable mix is quarter That's it that a know will price going historically? follow-up per the the AC I first to business where then when think of But average about play a unit, versus gauge

Jordi Lainz

Yes.

year the for expect be to range. that in I So

Operator

from comes of Canaccord Leanne question next Our Genuity. Instructions] Hayden [Operator

Leanne Hayden

progress this quarter. the on Congrats

provide color you be Just willing specific additional And if any contribution start Could not quarter? on ABL-specific would during to or me. number, for able the please provide to revenue this the great. you're

Enric Asuncion

quarter So but the we million we as first the to to company, with revenue, the we be range but year. introduced in million quarter was we it ABL, a last before, reported ABL because EUR the are we reported of, expect EUR not XX XX reporting for

XX% We still the to market for bit little Europe, has the dropping full ABL achieve range been versus softer year. behind previous in QX the but this quarter, are in expect a because we

Leanne Hayden

you DC XXXX into ramp XXXX? sales How just me. Okay. And in to do from one and then more expect

Jordi Lainz

DC sales, mentioned right? You

Leanne Hayden

Yes.

Jordi Lainz

see we XXXX in ramping do and How that XXXX? up

Enric Asuncion

Yes.

compared market America. same year in we North But growth DC, reason, to into XX% from growth. growth XXXX. So there's we're see why, Supernova the following the X. we keeping are we expecting it One, out for XXX% way and it is rolling XXXX for see still ranging from now the AC, previous The the

So QX. that's really in fueling the growth

we QX, initial. from already of delivering think about. discussed we the to production. ramping to We in Supernova manufacturers America were We these QX, first But were of expect our we in some up North as car in sales start have orders sold units

already this give contracts to And at we with have that America volumes. growth to should these XX% starting we be when in Europe, year-on-year. the on we launch, together are will already XXXX, translate able that backlog to we work look into operators contracts XXX% big North Point in us with have And Charge

to will the agreements comes year have of did revenue from have that in America You we most year. we North think last this

is DC for continue and range ramp-up growth be to in worldwide. America, in North the XXX% we that So going expect of still to year-on-year

Jordi Lainz

questions? more Charlie, do have any we

Operator

follow-up No Stifel. further have line. from questions of on Gengaro Stephen the We a [Operator do Instructions]

Stephen Gengaro

for taking the Thanks followup.

operations Just America, us profile on how into guess at, impact? think the what going getting how and is a of should mix just understand how margin I Arlington that side. sort the curious, more the can tie about And maybe the DC has DC-AC maybe you are Texas I'm and margin help little in North progressed? we in

Enric Asuncion

Stephen.

sold -- think right the most in So are efficient the produced I chargers of now, right chargers home very Arlington. all actually now being North Arlington. are America And in very, and that we chargers commercial are in

of our We right have what's of the But a America, margin more improved North we in now customer operations. lot gross have. kind impacting it's

Florida a big of Power partnership are utilities, & like Generac the customers or somewhat Light. big Our partnerships

customers, are volumes are big price. the this and average impacts bigger selling obviously, these So

say first Generation cost it's of for if Supernova. end Texas. have expanding of we now America. are is gross I the product, in And already. well XX% think them right American with for seen In this the pricing. gross Barcelona potentials at the to the are for will gone, what's America, market is more North the X, we the We efficient. performing continue operations superoptimized partnerships, them very Arlington, say X almost Generation we margins we ask from margin North made for very, we now delivering But of what's efficient reliability impacting as in Right XX%, Generation X kind could driving we very margins Generation operations be that it gross is X you partnerships. sold. producing North above for continue have but But And will new that we is cost shipping year product we and are we of the are now -- in DC, pricing we the that have DC. me the one was customers, and making we how Europe. But improvement margin new are

Michael Wilhelm

that I question. was our think last

for all found you today. good call joining hope We your a use you today's thank of So us time.

Let us help can you know if we any in way.

Wallbox (WBX) 9 May 242024 Q1 Earnings call transcript