Wallbox NV (WBX) 2023 Q1 法說會逐字稿

Hello, everyone, and welcome to Wallbox' First Quarter 2023 Earnings Conference Call and Webcast. My name is Charlie, and I'll be coordinating the call today. (Operator Instructions)

大家好，歡迎收看 Wallbox 2023 年第一季度收益電話會議和網絡直播。我叫查理，今天我將負責協調電話會議。 （操作員說明）

I would now like to turn the call over to Matt Tractenberg, Wallbox' Vice President of Investor Relations. Matt, please go ahead.

我現在想把電話轉給 Wallbox 的投資者關係副總裁 Matt Tractenberg。馬特，請繼續。

Thank you, and good morning, and good afternoon to everyone listening in. Thank you for joining today's webcast to discuss Wallbox' first quarter 2023 results. This event is being broadcasted over the web and can be accessed from the Investors section of our website at investors.wallbox.com.

謝謝大家，早上好，下午好。感謝您參加今天的網絡廣播，討論 Wallbox 2023 年第一季度的業績。該活動正在網絡上播出，可以從我們網站 investors.wallbox.com 的“投資者”部分訪問。

I'm joined today by Enric Asuncion, Wallbox' CEO; Jordi Lainz, our CFO; and Douglas Alfaro, our new Chief Business Officer. Earlier today, we issued our press release announcing results from the first quarter ended March 31, 2023, which can also be found on our website.

Wallbox 的首席執行官 Enric Asuncion 今天加入了我的行列； Jordi Lainz，我們的首席財務官；和我們新任首席商務官道格拉斯·阿爾法羅 (Douglas Alfaro)。今天早些時候，我們發布了新聞稿，宣布了截至 2023 年 3 月 31 日的第一季度的業績，也可以在我們的網站上找到。

Before we begin, I'd like to remind everyone that certain statements made on today's call are forward-looking, that may be subject to risks and uncertainties relating to future events and/or the future financial performance of the company. Actual results could differ materially from those anticipated.

在我們開始之前，我想提醒大家，今天電話會議上的某些陳述是前瞻性的，可能會受到與未來事件和/或公司未來財務業績相關的風險和不確定性的影響。實際結果可能與預期結果存在重大差異。

The risk factors that may affect results are detailed in the company's most recent public filings with the U.S. Securities and Exchange Commission, including the Post-Effective Amendment No. 3, to our Registration Statement on Form 20-F filed on March 31, 2023, which can be found on our website at investors.wallbox.com. and on the SEC website at www.sec.gov.

可能影響結果的風險因素在公司最近向美國證券交易委員會提交的公開文件中有詳細說明，包括我們於 2023 年 3 月 31 日提交的 20-F 表格註冊聲明的生效後第 3 號修正案，可在我們的網站 investors.wallbox.com 上找到。以及 SEC 網站 www.sec.gov。

We will be presenting unaudited financial statements in IFRS format that reflect management's best assessment of actual results. Also, please note that we use certain non-IFRS financial measures on this call, and reconciliations of these measures are included in the presentation posted on the Investors section of our website.

我們將以 IFRS 格式呈現未經審計的財務報表，以反映管理層對實際結果的最佳評估。另外，請注意，我們在此次電話會議中使用了某些非 IFRS 財務指標，這些指標的對賬包含在我們網站“投資者”部分發布的演示文稿中。

Also, a copy of these prepared remarks can be obtained from the Investor Relations website under the Quarterly Results section, so you can more easily follow along with us today.

此外，這些準備好的評論的副本可以從投資者關係網站的季度業績部分獲得，因此您今天可以更輕鬆地關注我們。

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

因此，既然如此，我將把它交給 Enric。

Thank you, Matt, and thanks, everyone, for joining us today. In addition to reviewing highlights from the first quarter 2023, we will spend some time discussing our rapidly evolving product portfolio and road map. I will provide an update on our path to profitability, and Douglas will join us to discuss the key competitive advantage he's going to leverage in his new role. Jordi will then step in and offer additional detail on our quarterly performance and offer some insight on our balance sheet as well as some guidance on expenses and CapEx. And finally, I will return to the current market outlook and how it impacts our guidance for the second quarter and full year 2023. We will end by taking questions from our covering research analysts. So let's get started.

謝謝你，馬特，感謝大家今天加入我們。除了回顧 2023 年第一季度的亮點外，我們還將花一些時間討論我們快速發展的產品組合和路線圖。我將提供有關我們盈利路徑的最新信息，道格拉斯將與我們一起討論他將在新職位上利用的關鍵競爭優勢。然後，Jordi 將介入並提供有關我們季度業績的更多詳細信息，並提供有關我們資產負債表的一些見解以及有關費用和資本支出的一些指導。最後，我將回到當前的市場前景，以及它如何影響我們對第二季度和 2023 年全年的指導。我們將在結束時回答我們的研究分析師的問題。讓我們開始吧。

The first quarter finished within our expected range at EUR 35.1 million, representing growth of 24% on a year-over-year basis. A few comments on Q1 results. The quarter played out as we anticipated and ended within the expected range. Today, our focus is on cutting costs, strengthening our balance sheet, forging new partnerships and bringing new products to market.

第一季度的收入在我們的預期範圍內，為 3510 萬歐元，同比增長 24%。關於第一季度結果的一些評論。本季度如我們預期的那樣進行，並在預期範圍內結束。今天，我們的重點是削減成本、加強資產負債表、建立新的合作夥伴關係以及將新產品推向市場。

The markets in which we participate remain strong on a consolidated basis, yet somewhat variable when looking at individual countries. That is not unusual given where each is on the adoption curve. We are encouraged by the resiliency in Europe this quarter and will continue to watch for some more signs of strength and consistency.

我們參與的市場在綜合基礎上仍然強勁，但在個別國家/地區時有所變化。考慮到每個人都在採用曲線上，這並不罕見。我們對本季度歐洲的彈性感到鼓舞，並將繼續關注更多的實力和一致性跡象。

EV deliveries increased by 55% in the U.S. and 18% in Europe, both on a year-over-year basis. Our sales increased by 126% and 18% in those regions, respectively, enabling us to expand market share in the U.S. and maintain our position of strength in Europe.

美國的電動汽車交付量同比增長 55%，歐洲增長 18%。我們在這些地區的銷售額分別增長了 126% 和 18%，這使我們能夠擴大在美國的市場份額並保持我們在歐洲的優勢地位。

Q1 revenue of EUR 31.5 million (sic) [EUR 35.1 million] grew by 24% on a year-over-year basis. Gross margin expanded by 90 basis points from the previous quarter and finished at 36.8%, a better outcome than we had expected. That performance was largely a function of product mix. Supernova Gen1 production continues to ramp up nicely, and we've already begun to deploy Gen2, which brings with it a more attractive margin profile. This will help bring consolidated gross margin back into the range we are comfortable with as we make our way through the year.

第一季度收入為 3150 萬歐元（原文如此）[3510 萬歐元]，同比增長 24%。毛利率較上一季度擴大 90 個基點，收於 36.8%，好於我們的預期。該性能主要取決於產品組合。 Supernova Gen1 的產量繼續良好增長，我們已經開始部署 Gen2，這帶來了更具吸引力的利潤率。這將有助於將綜合毛利率帶回到我們在這一年中感到滿意的範圍。

Our first quarter was fueled by solid results in the U.S., growing revenue by 126%, but impacted by the timing of several sizable deals that shifted into the second quarter. We continue to see traction with OEMs, distributors and utilities and now count a very large Eastern U.S. energy provider as a new customer. As one of the largest utilities in the U.S., they are leading the way towards offering innovative and efficient solutions to manage their customers' power consumption. Many will soon be offered a Wallbox Pulsar Plus on a subscription basis and have access to subsidized and, in some cases, free charging sessions. In return, the provider will leverage the demand-response functionality that allows them to balance their capacity with customer demands, shift some of the demand to off-peak, unlock new business models and provide low or no-cost charging to drivers. We look forward to helping them expand the program offering to millions of customers.

我們的第一季度受到美國穩健業績的推動，收入增長了 126%，但受到轉移到第二季度的幾筆大型交易的時間影響。我們繼續看到原始設備製造商、分銷商和公用事業公司的吸引力，現在將美國東部一家非常大的能源供應商視為新客戶。作為美國最大的公用事業公司之一，他們在提供創新和高效的解決方案來管理客戶的電力消耗方面處於領先地位。許多人很快將在訂閱的基礎上獲得 Wallbox Pulsar Plus，並可以享受補貼，在某些情況下，還可以享受免費充電服務。作為回報，供應商將利用需求響應功能，使他們能夠平衡容量與客戶需求，將部分需求轉移到非高峰期，開啟新的商業模式，並為司機提供低成本或免費充電。我們期待幫助他們將計劃擴展到數百萬客戶。

European revenue grew by 18%, driven by growth in Southern Europe of 110% over the prior year period. Elsewhere in the world, younger regions are just beginning to contribute, like LatAm growing at almost 60% year-over-year. North America now contributes 16% of total revenue, an increase of 7 percentage points over the prior year period. Europe represents 80% of revenue. Asia Pacific provided 2% of consolidated revenues in Q1. And Latin America was 1%. This shift is both deliberate and helpful as we continue to diversify both our geographic and product mix.

受南歐同比增長 110% 的推動，歐洲收入增長 18%。在世界其他地方，年輕的地區才剛剛開始做出貢獻，例如 LatAm 的年增長率接近 60%。北美現在貢獻了總收入的 16%，比上年同期增長了 7 個百分點。歐洲佔收入的 80%。亞太地區在第一季度提供了 2% 的合併收入。拉丁美洲為 1%。隨著我們繼續使我們的地域和產品組合多樣化，這種轉變既有意又有益。

Our AC charging portfolio represents 70% of our total revenue, with DC fast charging at 12% and the remaining 18% provided by accessories, software and services, a growing portion of which is recurring. And finally, we sold almost 45,000 chargers in the quarter. As expected, AC volumes were impacted by the continued channel inventory adjustments within our European distribution network, but that is transitory in nature. In the first quarter, as measured by activations, our partners installed more charges than ever before. However, there were higher levels of inventory at our channel partners in anticipation of a strong second half of '22. We expect these inventories to reach a healthy level by the end of Q2.

我們的交流充電組合占我們總收入的 70%，其中直流快速充電佔 12%，其餘 18% 由配件、軟件和服務提供，其中越來越多的部分是經常性的。最後，我們在本季度售出了近 45,000 個充電器。正如預期的那樣，空調銷量受到我們歐洲分銷網絡內持續的渠道庫存調整的影響，但這本質上是暫時的。在第一季度，按激活量衡量，我們的合作夥伴安裝的費用比以往任何時候都多。但是，由於預期 22 年下半年的強勁表現，我們的渠道合作夥伴的庫存水平較高。我們預計這些庫存將在第二季度末達到健康水平。

In addition to the financial performance achieved in the quarter, I wanted to highlight a few other items worth noting. We've been very clear with our customers and investors. We are building a business in a market that has enormous, long-term tailwinds. To ensure we are developing the right products with the right specifications in a rapidly evolving environment, we must balance speed and agility with quality and responsible investment. The investments we've made have yielded amazing results, and our product portfolio has never been more focused.

除了本季度取得的財務業績外，我還想強調其他一些值得注意的事項。我們對我們的客戶和投資者非常清楚。我們正在一個擁有巨大、長期順風的市場中開展業務。為確保我們在快速發展的環境中開發具有正確規格的正確產品，我們必須在速度和敏捷性與質量和負責任的投資之間取得平衡。我們所做的投資取得了驚人的成果，我們的產品組合也從未如此專注。

It's in exceptional shape, with new products coming to market this year and next that will improve our competitive position, accelerate our growth and expand our participation in new attractive markets. This, in part, assuming the market continues its path, give us confidence in our growth and profitability goals, both this year and next. New product additions to both AC and DC, new service and maintenance offerings and new features with our software platforms. The innovation cycle we manage has turned out some of the most innovative and successful products on the market, and we are at an inflection point in our evolution. It's an exciting time for us.

它處於特殊狀態，今年和明年將有新產品上市，這將提高我們的競爭地位，加速我們的增長並擴大我們在新的有吸引力的市場中的參與度。這在某種程度上假設市場繼續前進，讓我們對今年和明年的增長和盈利目標充滿信心。 AC 和 DC 的新產品添加、新的服務和維護產品以及我們軟件平台的新功能。我們管理的創新周期已經產生了市場上一些最具創新性和最成功的產品，我們正處於發展的轉折點。這對我們來說是一個激動人心的時刻。

On the AC side, we continue to focus our offering, but ensure it satisfies requirements across multiple market segments. Residential AC units have been our bread and butter, and while our offering is best-in-class, it's constantly improving. Pulsar Pro, which incorporates NFC and 4G, while further simplifying installation and configuration is highly anticipated by customers and will begin to ship this spring.

在空調方面，我們繼續專注於我們的產品，但確保它滿足多個細分市場的要求。住宅空調設備一直是我們的生計，雖然我們的產品是同類產品中最好的，但它還在不斷改進。融合了NFC和4G，同時進一步簡化安裝和配置的Pulsar Pro備受客戶期待，將於今年春季開始出貨。

ENERGY STAR is an example of a certification coming to our portfolio that will open new market opportunities that to date, we've not participated in. Low power, high efficiency is critical to decision-makers in the U.S. as this technical requirement is now mandatory in many states. Customers increasingly rely on rebates from utilities and the Department of Energy, so it's a must-have. That product is already coming off the production line and will begin shipping soon.

能源之星是我們產品組合獲得認證的一個例子，它將開闢我們迄今為止尚未參與的新市場機會。低功耗、高效率對美國的決策者至關重要，因為這項技術要求現在是強制性的在許多州。客戶越來越依賴公用事業和能源部的回扣，因此這是必不可少的。該產品已經下線並將很快開始發貨。

Not all AC applications are the same, and the semipublic space is a new strategic initiative discussed in March, which will see a completely new product brought to life. That charger will meet the unique needs of installers who service the market, which includes apartment buildings, parking garages, sport venues, office buildings, shopping malls and hotels. These require a different product, one that stresses ease of installation and management, open standards and interoperability and centralized intelligence. It also will increasingly call for a more comprehensive offering that includes software, service and in some cases, both AC and DC hardware.

並非所有 AC 應用都是相同的，半公共空間是 3 月份討論的一項新戰略舉措，它將見證一種全新的產品的誕生。該充電器將滿足為市場服務的安裝人員的獨特需求，這些市場包括公寓樓、停車場、體育場館、辦公樓、購物中心和酒店。這些需要一種不同的產品，一種強調易於安裝和管理、開放標準和互操作性和集中智能的產品。它還將越來越多地需要更全面的產品，包括軟件、服務，在某些情況下，還包括交流和直流硬件。

Communicating with and managing this complex architecture has led us to develop a unique approach to solve this real world business problem for customers, which employs a centralized intelligence hub. That architecture will allow our system to communicate not only with different Wallbox chargers, but competing brands, too. That centralized management, configuration and monitoring will connect dozens of chargers in a parking garage to hundreds in fleet settings. It will provide visibility into vehicle IDs, usage patterns, scheduling and balancing available power with charging needs of the individual EVs. We expect products to be in testing environments in the third quarter and begin shipping to customers in the fourth.

與這個複雜的架構進行通信和管理使我們開發了一種獨特的方法來為客戶解決這個現實世界的業務問題，該方法採用了一個集中的智能中心。該架構將使我們的系統不僅可以與不同的 Wallbox 充電器通信，還可以與競爭品牌通信。這種集中管理、配置和監控會將停車場中的數十個充電器連接到車隊設置中的數百個。它將提供對車輛 ID、使用模式、調度和平衡可用功率與單個電動汽車充電需求的可見性。我們預計產品將在第三季度進入測試環境，並在第四季度開始向客戶發貨。

Turning to DC fast charging. The controlled production ramp-up of Supernova in 2022 has allowed us to make meaningful improvements to the design and process that drastically improve the product. As a result, we have reduced the time in which it takes to commission a new charger from 8 hours down to 2, and we are targeting 1 hour, thereby lowering costs and improving customer satisfaction in a meaningful way. Additionally, the reliability is exceptional, with current uptime rate of 98%, virtually unheard of in the industry.

轉向直流快速充電。 Supernova 在 2022 年的受控生產提升使我們能夠對設計和工藝進行有意義的改進，從而顯著改進產品。結果，我們將調試新充電器所需的時間從 8 小時減少到 2 小時，我們的目標是 1 小時，從而以有意義的方式降低成本並提高客戶滿意度。此外，可靠性也非常出色，目前的正常運行率高達 98%，在業內幾乎聞所未聞。

Within the public charging space, high levels of quality and customer service are key to success, because a buyer of 5 stations can easily turn into a buyer of 500, but only if we offer an exceptional experience. Gen2 also fits into market environments that Gen1 did not, including highway charging, expanding the product addressable market beyond that of Gen1. This platform is already shipping and installing, and customer feedback has exceeded our expectations.

在公共充電空間內，高水平的質量和客戶服務是成功的關鍵，因為購買 5 個充電站的買家很容易變成購買 500 個充電站的買家，但前提是我們提供卓越的體驗。 Gen2 還適應了 Gen1 所不具備的市場環境，包括高速公路充電，將產品可尋址市場擴展到 Gen1 之外。該平台已經在發貨和安裝中，客戶的反饋超出了我們的預期。

This experience is also translating to learnings and opportunities in North America. As discussed last quarter, Hypernova, our 400 kilowatts ultra-fast DC charger, has generated its share of interest among customers, and we are eager to bring it to the market. However, based on clear feedback and firm orders of high volumes, we've decided to accelerate Supernova to the U.S. market, introducing 180-kilowatt version later this year.

這種經驗也轉化為北美的學習和機會。正如上個季度所討論的那樣，我們的 400 千瓦超快速直流充電器 Hypernova 已經引起了客戶的興趣，我們渴望將其推向市場。然而，基於明確的反饋和大批量的確定訂單，我們決定加速 Supernova 進入美國市場，並在今年晚些時候推出 180 千瓦版本。

Currently, we have orders for more than 500 units that will begin shipping in Q4. Hypernova will follow it to market in 2024, in time for NEVI and IRA project deployments. We believe this is the right addition given strong customer demand and the time we have to maneuver before U.S. subsidies begin to flow. Supernova is a proven platform with exceptional reliability rates, low TCO and will immediately place itself as a premier charger in North America. It also gives us more tools to leverage as we work to meet our revenue and profitability objectives this year. It will be a net positive to 2023.

目前，我們有超過 500 台的訂單，將在第四季度開始發貨。 Hypernova 將在 2024 年將其推向市場，及時進行 NEVI 和 IRA 項目部署。我們認為，鑑於強勁的客戶需求以及在美國補貼開始流動之前我們必須採取行動的時間，這是正確的補充。 Supernova 是一個經過驗證的平台，具有出色的可靠性、低 TCO，並將立即成為北美首屈一指的充電器。在我們努力實現今年的收入和盈利目標時，它還為我們提供了更多的工具來利用。這將對 2023 年產生淨積極影響。

On the service side, we are encouraged by the increased interest in maintenance contracts on public charger installations. These contracts, often for 2 or more years, ensure we remain close to the customer, gain valuable data and open new revenue streams. As Supernova 180 comes to market, COIL will become even more valuable in delivering a comprehensive solution to our customers. They are extremely well positioned with that service offering and will deploy it alongside both Supernova 180 and Hypernova when the NEVI and IRA funds begin to hit the market next year.

在服務方面，我們對公共充電設施維護合同的興趣增加感到鼓舞。這些合同通常為期 2 年或更長時間，確保我們與客戶保持密切聯繫，獲得有價值的數據並開闢新的收入來源。隨著 Supernova 180 的上市，COIL 在為我們的客戶提供綜合解決方案方面將變得更加有價值。他們在提供該服務方面處於非常有利的地位，並將在明年 NEVI 和 IRA 基金開始投放市場時將其與 Supernova 180 和 Hypernova 一起部署。

Electromaps, our location and payment enablement application in Europe, has performed well. They are considered as leading source of information for EV drivers in Europe, with more than 300,000 stations and 90,000 active monthly users. It has enabled more than 44 million kilometers traveled, the equivalent of 57 trips to the moon and back. Additionally, myWallbox, our proprietary management app for our residential and business charging, provides unique functionality through an intuitive mobile application and continues to innovate and improve.

我們在歐洲的位置和支付支持應用程序 Electromaps 表現良好。他們被認為是歐洲 EV 駕駛員的主要信息來源，擁有超過 300,000 個站點和 90,000 名每月活躍用戶。它已經實現了超過 4400 萬公里的旅行，相當於往返月球 57 次。此外，我們用於住宅和企業充電的專有管理應用程序 myWallbox 通過直觀的移動應用程序提供獨特的功能，並不斷創新和改進。

Today, these applications are separate, but the intelligence gathered from the 36 million sessions they've facilitated is priceless and allow us to understand driver behaviors. Our infrastructure is performing and evolving and, in turn, make adjustments to our offering to better serve both those who use the chargers and those who provide the energy. For this reason, bringing these 2 applications closer together with increased integration only increases that value. We will talk more on future calls, but you should expect a more unified software offering from Wallbox over time. That's what customers are asking for, and we're happy to offer it.

今天，這些應用程序是獨立的，但從它們促成的 3600 萬次會話中收集的情報是無價的，讓我們能夠了解駕駛員的行為。我們的基礎設施正在運行和發展，進而對我們的產品進行調整，以更好地為使用充電器的人和提供能源的人服務。出於這個原因，將這兩個應用程序更緊密地結合在一起並增加集成只會增加該價值。我們將在未來的電話會議上討論更多，但隨著時間的推移，您應該期待 Wallbox 提供更統一的軟件產品。這就是客戶的要求，我們很樂意提供。

Sirius is another software application we developed that is seeing real traction in the market. Originally created for our own use, this dynamic intelligence system that optimizes the sources and uses of energy for commercial buildings has found a very vocal customer base very quickly. This product will see its first deployment at scale this year, and when successful, see further opportunities across broad geographies with multiple customers and use cases. It's exciting to watch a product like this, which was initially created to solve an internal use, reach commercial deployment to solve real business problems for customers, all while opening up new markets and business segments for us. More on this on future calls.

Sirius 是我們開發的另一個軟件應用程序，它在市場上受到了真正的關注。這個動態智能係統最初是為我們自己使用而創建的，它可以優化商業建築的能源來源和使用，很快就找到了一個非常活躍的客戶群。該產品將在今年首次大規模部署，如果成功，將在廣泛的地區看到更多客戶和用例的更多機會。看到這樣一個產品，最初是為了解決內部使用，到商業部署，為客戶解決實際業務問題，同時為我們開闢新的市場和業務領域，真是令人興奮。更多關於未來電話的信息。

Second, we have laid out our path to profitability to you on previous calls. Today, we want to offer you an update and provide more detail into how we intend on transitioning to a profitable business next year. Scale, gross margin expansion, responsible management of headcount-related costs and meaningful reduction in operating expenses are what will get us where we need to be this year and next.

其次，我們已經在之前的電話會議上向您展示了我們的盈利之路。今天，我們想為您提供最新消息，並提供更多詳細信息，說明我們打算如何在明年過渡到盈利業務。規模、毛利率擴張、員工相關成本的負責任管理以及運營費用的顯著減少將使我們在今年和明年達到目標。

Scaling any business is not easy feat, but growth is key, and we've built a business that is extremely well positioned in the huge market we all see coming. The phase of life we are in now is exciting. We established our brand in young and fast-growing markets that recognize EVs are the future mode of transportation. But we are also entering new markets, including business, public and services. This is extremely important because that is how scale occurs. The engineering work has been done, products have been developed and introduced and now we aggressively grow the business.

擴大任何業務都不是一件容易的事，但增長是關鍵，我們已經建立了一個在我們都看到的巨大市場中處於非常有利地位的業務。我們現在所處的人生階段令人興奮。我們在認識到電動汽車是未來交通方式的年輕且快速增長的市場中建立了我們的品牌。但我們也在進入新市場，包括商業、公共和服務。這非常重要，因為這就是規模發生的方式。工程工作已經完成，產品已經開發和推出，現在我們正在積極發展業務。

Gross margins are equally important in achieving our objectives, and we intend on consistently moving them back to and beyond, if possible, the 40% mark you've come to expect from us. That is done through the cost engineering programs we discussed with the Supernova platform, but which also occurs in our AC portfolio and all other product families. We have a number of opportunities to improve our gross margin over the coming year, and I think you will like the results.

毛利率對於實現我們的目標同樣重要，如果可能的話，我們打算不斷將它們調回甚至超過您對我們期望的 40% 大關。這是通過我們與 Supernova 平台討論的成本工程計劃完成的，但它也出現在我們的 AC 產品組合和所有其他產品系列中。我們有很多機會在來年提高我們的毛利率，我想你會喜歡這個結果。

During the quarter, we took a difficult step by reducing personnel by 15%, which has already driven a reduction in headcount-related cash expenses this year. Some of the costs are variable and move with sales, but some are not. On a sequential basis, after removing noncash costs, you have seen a moderate reduction in these expenses. As we capture a full period of savings in the second quarter, the progress we are making will become more visible. On a go-forward basis, you should expect personnel expenses to moderately decline as we continue to find efficiencies and improve our cost structure.

在本季度，我們邁出了艱難的一步，裁員 15%，這已經推動了今年與員工相關的現金支出的減少。有些成本是可變的，會隨著銷售額的變化而變化，但有些則不會。在連續的基礎上，在去除非現金成本後，您會看到這些費用適度減少。隨著我們在第二季度獲得整個期間的節省，我們正在取得的進展將變得更加明顯。在前進的基礎上，隨著我們繼續提高效率並改善成本結構，您應該預計人事費用會適度下降。

Operating expenses is an area where continued progress will be made. In the first quarter, again, also a partial period impact, we reduced OpEx by more than EUR 8 million. On a combined basis, our commitment was to remove EUR 50 million from the global expense run rate, and I'm pleased with our progress so far. During the first quarter, we drove almost EUR 10 million of cost reduction sequentially and confident in our ability to achieve our objective. Our commitment to you is that until we are profitable, you will not see a sequential increase to fixed costs. We have multiple levers at hand that will allow us to achieve profitability, even if the demand environment shifts. I'm hopeful this give you comfort in our capabilities and renewed focus on controlling costs. I look forward to providing additional milestones as we make our way through the year.

運營費用是一個將繼續取得進展的領域。在第一季度，同樣也是部分時期的影響，我們將 OpEx 減少了超過 800 萬歐元。在合併的基礎上，我們的承諾是從全球費用運行率中減少 5000 萬歐元，我對我們迄今為止取得的進展感到滿意。在第一季度，我們連續削減了近 1000 萬歐元的成本，並對我們實現目標的能力充滿信心。我們對您的承諾是，在我們盈利之前，您不會看到固定成本連續增加。我們手頭有多個槓桿，即使需求環境發生變化，也能讓我們實現盈利。我希望這能讓您對我們的能力感到放心，並重新關注控製成本。我期待著在我們走過這一年的過程中提供更多的里程碑。

Closing out the topic of profitability, I thought it will be helpful to provide some context on where we are on that journey. Within Wallbox, some business units like AC products are farther along that path than younger units, like DC. Both have their own engineering teams and resources, but all business units share corporate services, such as finance, legal or HR. However, looking at the profitability profile of each business unit on a stand-alone basis show us that at Wallbox, like most companies, there is a big difference in the financial profiles.

結束盈利能力的話題，我認為提供一些關於我們在這段旅程中所處位置的背景會很有幫助。在 Wallbox 內部，一些業務部門（如 AC 產品）比 DC 等較年輕的部門在這條道路上走得更遠。兩者都有自己的工程團隊和資源，但所有業務部門共享公司服務，例如財務、法律或人力資源。然而，單獨查看每個業務部門的盈利狀況表明，與大多數公司一樣，Wallbox 的財務狀況存在很大差異。

AC has had the time to scale and achieve the efficiencies needed, and as a result, will be profitable this year in adjusted EBITDA terms. Conversely, DC is at an early stage in its evolution, and therefore is still moving up that curve. At the consolidated level, one supports the other, but on a stand-alone basis, they are at different points in their evolution. Both have equally large addressable markets, but they have come to market at different points in our time line.

AC 有時間擴大規模並實現所需的效率，因此，今年將在調整後的 EBITDA 方面實現盈利。相反，DC 處於其發展的早期階段，因此仍在向上移動。在綜合層面上，一個支持另一個，但在獨立的基礎上，它們處於不同的發展階段。兩者都有同樣大的可尋址市場，但它們是在我們時間線的不同時間點進入市場的。

The point I'm making is that as these more established units scale further and generate cash, and as these other younger units reach scale and achieve efficiency, the combined business will achieve the desired outcome, profitability. We've proven we can build a profitable business already and look forward to this next stage at Wallbox.

我要說的是，隨著這些更成熟的單位進一步擴大規模並產生現金，而隨著這些其他較年輕的單位達到規模並實現效率，合併後的業務將實現預期的結果，即盈利能力。我們已經證明我們已經可以建立有利可圖的業務，並期待 Wallbox 的下一階段。

I will now ask Douglas to share the competitive advantage he will leverage in his new role as Chief Business Officer. Douglas?

我現在請道格拉斯分享他將在擔任首席商務官的新職位上利用的競爭優勢。道格拉斯？

Thanks, Enric. Good morning, and good afternoon, everyone. Wallbox has done exceptionally well executing its existing go-to-market strategy. We've accomplished something few companies have, which is to achieve a dominant position in highly competitive and fast-growing markets, like our progress in Europe, where we're the largest player by unit volume in the residential segment. And because of this, we want to be careful to leave untouched what's working well. But at the same time, we're in a great position to implement strategies to grow, evolve and improve.

謝謝，恩里克。大家早上好，下午好。 Wallbox 在執行其現有的上市戰略方面做得非常出色。我們取得了很少公司取得的成就，即在競爭激烈和快速增長的市場中取得主導地位，例如我們在歐洲取得的進步，在歐洲，我們是住宅領域單位銷量最大的參與者。正因為如此，我們要小心不要觸及那些運作良好的東西。但與此同時，我們處於實施增長、發展和改進戰略的有利位置。

And so we identify those small nuanced changes that can often make a meaningful difference, especially at the point we're at. That point is an inflection, not just because EV adoption is finally happening at scale or because of massive public investment that's coming, but because of the strengths we've built and can control. The strengths we'll leverage include our leading market presence, access to new verticals and offerings through the new products we're introducing, our comprehensive portfolio and our global footprint.

因此，我們確定了那些通常可以產生有意義的差異的細微差別，尤其是在我們所處的位置。那一點是一個轉折點，不僅僅是因為電動汽車最終大規模採用，或者因為即將到來的大規模公共投資，還因為我們已經建立並可以控制的優勢。我們將利用的優勢包括我們領先的市場地位、通過我們推出的新產品進入新的垂直領域和產品、我們全面的產品組合和我們的全球足跡。

Wallbox is one of the top players in each of the markets we operate in. In many countries, we hold a leadership position that allows us to establish partnerships with brands that have become household names, names like Uber, Nissan, Walmart, Best Buy, Sam's Club, Rexel, SunPower and Iberdrola. The customer list we have is world-class and also varied, and that opens doors to discussions that don't exist if you're the sixth or eighth largest player. The competitive landscape is often crowded, but single segment products that lack brand presence, intelligence and reliability will not win in the marketplace. We've built a reputation for a high-quality and innovative product portfolio, and that presence is something very valuable that we work to leverage even further with both our expansive list of existing customers as well as new customers for new partnerships.

Wallbox 是我們運營的每個市場中的頂級參與者之一。在許多國家/地區，我們處於領先地位，這使我們能夠與家喻戶曉的品牌建立合作夥伴關係，這些品牌包括優步、日產、沃爾瑪、百思買、 Sam's Club、Rexel、SunPower 和 Iberdrola。我們擁有的客戶名單是世界一流的，而且種類繁多，如果您是第六大或第八大玩家，這就為討論打開了大門。競爭格局往往很擁擠，但缺乏品牌知名度、智能和可靠性的單一細分產品將無法在市場上獲勝。我們已經建立了高質量和創新產品組合的聲譽，這種存在是非常有價值的，我們努力進一步利用我們廣泛的現有客戶名單以及建立新合作夥伴關係的新客戶。

We often speak about our market segments as home, business or public, but the truth is that the market is much more segmented than that. A charger in a single-family home is often quite different from when installed in an apartment building or a mixed-use commercial setting. A hotel operator has different needs than one managing a grocery store, and the demands of an urban public charger are different from those alongside a highway. Those segments, some of which we've spoken about, need unique products that meet the specific needs of not just the EV driver but also the installer or operator.

我們經常將我們的細分市場稱為家庭、企業或公共市場，但事實是市場比這細分得多。單戶住宅中的充電器通常與安裝在公寓樓或混合用途商業環境中的充電器大不相同。酒店經營者的需求與雜貨店經營者的需求不同，城市公共充電樁的需求也不同於高速公路旁的需求。這些細分市場（其中一些我們已經談到）需要獨特的產品來滿足 EV 駕駛員以及安裝人員或操作員的特定需求。

With Wallbox's expanding portfolio of products, we're capable of providing complete and competitive solutions in a way that's unique in this industry. This will allow Wallbox to not only grow in depth with existing partners who have expanding and more sophisticated electrification needs and use cases, but it also positions us well to broaden our customer base into new partners in areas we currently do not serve.

隨著 Wallbox 不斷擴大的產品組合，我們能夠以業內獨一無二的方式提供完整且具有競爭力的解決方案。這將使 Wallbox 不僅能夠與擁有不斷擴展和更複雜的電氣化需求和用例的現有合作夥伴深入合作，而且還能讓我們很好地將我們的客戶群擴大到我們目前未服務領域的新合作夥伴。

The semipublic market segment is a great example of a new product opening up a new opportunity. So is Supernova Gen2, which is perfect for highway applications or partners that want something much faster and more powerful than 60 kilowatts, but do not have the power available or aren't ready for 400-kilowatt charging systems. These new products built on proven platforms are designed and purpose-built to meet those needs. The amount of new addressable markets these new products unlock is simply massive.

半公開細分市場是新產品開闢新機會的一個很好的例子。 Supernova Gen2 也是如此，它非常適合高速公路應用或需要比 60 千瓦更快、更強大但沒有可用電源或尚未準備好使用 400 千瓦充電系統的合作夥伴。這些建立在經過驗證的平台上的新產品專為滿足這些需求而設計和構建。這些新產品打開的新潛在市場數量簡直是巨大的。

Our customers are also increasingly looking to solve more complex problems. Enric alluded to that when he spoke about the purpose-built product for semipublic applications, but that approach, that need is becoming much more important than you can imagine. Regional and global accounts don't just want to buy a charger. They want a partner that can solve problems and grow with them that requires not only hardware and software, but installation and services as well. For that reason, we're beginning to focus our efforts on providing more to these key customers.

我們的客戶也越來越希望解決更複雜的問題。 Enric 在談到為半公共應用程序專門構建的產品時提到了這一點，但這種方法、這種需求變得比你想像的要重要得多。區域和全球客戶不只是想購買充電器。他們想要一個可以解決問題並與他們一起成長的合作夥伴，這不僅需要硬件和軟件，還需要安裝和服務。出於這個原因，我們開始集中精力為這些主要客戶提供更多服務。

The new portfolio of products themselves also require a much more complete setup process, ongoing care and the capabilities to service quickly in order to provide the highest levels of customer satisfaction. This pairs perfectly with our creation of services that complement products, including on-site commissioning, remote and on-site support, training, preventive maintenance, and in key markets, full turnkey installations. The orders are larger, more complete and establish Wallbox as a partner and not just a vendor.

新的產品組合本身也需要更完整的設置過程、持續的維護和快速服務的能力，以提供最高水平的客戶滿意度。這與我們創建的補充產品的服務完美結合，包括現場調試、遠程和現場支持、培訓、預防性維護，以及在主要市場的全交鑰匙安裝。訂單更大、更完整，並使 Wallbox 成為合作夥伴而不僅僅是供應商。

Our ability to offer this solution sale is a competitive advantage and one we'll leverage going forward. We're already engaging with partners on these services together with our products, and we'll have some great examples to share in upcoming calls. We've built our business under the premise that this is how the market would evolve, and it's playing out as we expected. The solution that includes AC, DC, software and services is an enormous strength that customers are asking for, and we're one of the few who can offer it.

我們提供此解決方案銷售的能力是一種競爭優勢，我們將在未來利用這一優勢。我們已經與合作夥伴就這些服務以及我們的產品進行了接觸，我們將在即將到來的電話會議中分享一些很好的例子。我們的業務建立在這樣的前提下，即市場將如何發展，並且正如我們預期的那樣發揮作用。包括交流、直流、軟件和服務在內的解決方案是客戶所要求的巨大優勢，我們是少數能夠提供該解決方案的公司之一。

The last strength that we'll focus on is ensuring that we are truly leveraging the benefits of operating a global business. This means that we'll be taking steps to be more efficient and effective by combining our global teams to best leverage our capabilities across the regions where we operate, but also that we make a concerted effort to provide global products and services to our partners and proactively bring these solutions to partners who have global footprints or ambitions for expansions with Wallbox.

我們將關注的最後一個優勢是確保我們真正利用經營全球業務的好處。這意味著我們正在採取措施，通過整合我們的全球團隊來提高效率和效力，以最好地利用我們在我們運營所在地區的能力，同時也意味著我們齊心協力為我們的合作夥伴提供全球產品和服務，以及主動將這些解決方案帶給具有全球足跡或有野心通過 Wallbox 進行擴展的合作夥伴。

We're already starting to see some recent collaborations with global impact from some of our automotive partners like Nissan, Fisker, Uber and Lyft, with many more exciting opportunities to come. Many of our major distribution, retail and utility partners have global parents as well, another great opportunity we see ahead. In the fast charging segment, we're increasingly seeing influence from our charge network operator partners across multiple countries and regions.

我們已經開始看到我們的一些汽車合作夥伴（如日產、Fisker、Uber 和 Lyft）近期開展了一些具有全球影響力的合作，未來還會有更多令人興奮的機會。我們的許多主要分銷、零售和公用事業合作夥伴也有全球母公司，這是我們看到的另一個巨大機會。在快充領域，我們越來越多地看到來自多個國家和地區的充電網絡運營商合作夥伴的影響。

One example is Atlante, the European EV charging powerhouse. Already an important partner for Wallbox, they're quickly building a network of 35,000 fast chargers across all of Southern Europe. And there are many more, including Eni, EDF and Be Charge. These are huge influential business operators who need much more than a point product. And to partner with these brands, you cannot think in regional terms. You have to look at the big picture.

一個例子是歐洲電動汽車充電巨頭 Atlante。他們已經是 Wallbox 的重要合作夥伴，正在迅速建立一個覆蓋整個南歐的 35,000 個快速充電器網絡。還有更多，包括 Eni、EDF 和 Be Charge。這些是具有巨大影響力的商業運營商，他們需要的不僅僅是單點產品。要與這些品牌合作，您不能從區域角度考慮。你必須放眼大局。

Account management must occur at a much higher level. We've been talking about why our global capabilities are a differentiator and how hard they are to replicate. I hope you're beginning to see just what a benefit that is. It's real, it's meaningful, and there's much more to come.

帳戶管理必須在更高的級別上進行。我們一直在談論為什麼我們的全球能力是一個差異化因素，以及它們是多麼難以復制。我希望您開始看到這有什麼好處。這是真實的，有意義的，而且還有更多的事情要做。

Jordi, I'll turn it over to you to comment further on our financial details.

Jordi，我會把它交給你，讓你進一步評論我們的財務細節。

Thank you, Douglas. Good morning, and good afternoon to everyone. Our first quarter results came in as expected, and we are aggressively pushing ahead on several strategic initiatives previously shared with you. I will provide more detail on those results, discuss some financing activities we've announced and share some thoughts on the remainder of the year.

謝謝你，道格拉斯。大家早上好，下午好。我們第一季度的業績如期而至，我們正在積極推進之前與您分享的幾項戰略計劃。我將提供有關這些結果的更多詳細信息，討論我們已經宣布的一些融資活動，並分享對今年剩餘時間的一些想法。

For the first quarter 2023, revenue was EUR 35.1 million, a 24% increase from the year ago period, driven by geographic mix, new products and M&A, slightly offset by channel inventory management and the timing of several large deals at the end of the quarter. The seasonal pattern played out as anticipated. However, we are encouraged by better delivery rates by the European OEMs. And while one point does not make a trend, it's positive and one we'll continue to watch for relief within the supply chain. Depending on the geography, we grew with or well in excess of the market growth within the regions we participate in and achieved our objectives.

2023 年第一季度，收入為 3510 萬歐元，同比增長 24%，受地域組合、新產品和併購的推動，被渠道庫存管理和幾筆大型交易的時間安排在年底略微抵消四分之一。季節性模式如預期的那樣發揮作用。然而，我們對歐洲原始設備製造商更好的交付率感到鼓舞。雖然有一點沒有形成趨勢，但它是積極的，我們將繼續關注供應鏈中的緩解。根據地理位置的不同，我們的增長與我們參與的區域內的市場增長同步或遠遠超過市場增長，並實現了我們的目標。

Now let me share with you some key highlights that drove our results. First, our regional mix continues to improve upon the benefit of geographic diversification. North America accounts for 16%, up from 9% in the prior year period, and Europe represents 80% of our revenue mix, down from 85% last year. Asia Pacific is currently 2%. Latin America is 1%. The latter two are subject to large swings given their smaller bases, but will continue to grow over time. We expect the shift to North America to continue, especially as subsidies begin to flow in 2024. An exciting data point for the quarter was our entry into the Japanese market. It's a challenging market to break into given the unique requirements, but we've been working hard to develop the right product and cultivate the right relationships. Congratulations to the team for getting that done.

現在讓我與您分享一些推動我們取得成果的關鍵亮點。首先，我們的區域組合繼續改善地域多元化帶來的好處。北美佔 16%，高於去年同期的 9%，歐洲占我們收入組合的 80%，低於去年的 85%。亞太地區目前為2%。拉丁美洲為1%。後兩者由於基數較小，波動較大，但會隨著時間的推移繼續增長。我們預計將繼續向北美轉移，尤其是在 2024 年補貼開始流動的情況下。本季度一個令人興奮的數據點是我們進入日本市場。考慮到獨特的要求，打入這個市場充滿挑戰，但我們一直在努力開發合適的產品並培養合適的關係。祝賀團隊完成了這項工作。

Second, gross margin for the quarter of 36.8% was stronger than expected, driven by improvements in DC, volume and mix. Enric shared some margin profile by product unit earlier. And as we look out over the remainder of the year, we believe we will see gradual improvement, ending the year back towards the 40% mark, with a full year margin of approximately 38%, assuming sales and mix targets are achieved.

其次，在 DC、數量和組合改善的推動下，本季度 36.8% 的毛利率強於預期。安瑞科早些時候分享了一些按產品單位劃分的利潤率概況。展望今年剩餘時間，我們相信我們將看到逐步改善，年底回到 40% 大關，全年利潤率約為 38%，前提是實現銷售和混合目標。

Adjusted EBITDA loss for the period was EUR 22 million, an improvement of almost EUR 10 million or 30% from just last quarter, a direct result of the aggressive cost reduction actions taken in the period. Both OpEx and personnel-related cash expenses are down sequentially and will hold or follow that path as we continue to remove costs from the business. We expect to finish the year with approximately $150 million of personnel and OpEx on a combined basis.

該期間調整後的 EBITDA 虧損為 2200 萬歐元，比上一季度減少近 1000 萬歐元或 30%，這是該期間採取積極的成本削減措施的直接結果。 OpEx 和與人員相關的現金支出都在連續下降，並且隨著我們繼續從業務中降低成本，將保持或遵循該路徑。我們預計到今年年底，人員和 OpEx 的總和約為 1.5 億美元。

Please note that the full impact of headcount reductions taken in Q1 will be realized in the upcoming quarters. We remain extremely focused on cost and conserving cash and have seen tangible benefits of those efforts. We expect to benefit from continued cost engineering efforts on existing platforms and the introduction of multiple new products which will contribute materially to our profitability this year and next.

請注意，第一季度裁員的全部影響將在接下來的幾個季度實現。我們仍然非常關注成本和保存現金，並從這些努力中看到了實實在在的好處。我們預計將受益於現有平台上持續的成本工程努力以及多種新產品的推出，這將對我們今年和明年的盈利能力做出重大貢獻。

As we look out over the next 3 to 4 quarters, if we achieve our stated objectives in hitting our sales target and expanding gross margins while successfully removing EUR 50 million from our cost structure, the company will shift from loss to profit as we exit this year. For our investors, this is an exciting time and a milestone we are proud to reach earlier than originally planned.

展望未來 3 到 4 個季度，如果我們實現我們既定的銷售目標和擴大毛利率的既定目標，同時成功地從我們的成本結構中減少 5000 萬歐元，公司將在我們退出時從虧損轉為盈利年。對於我們的投資者來說，這是一個激動人心的時刻，也是一個里程碑，我們很自豪能夠比原計劃提前到達。

We are also improving our balance sheet. In the fall, we raised approximately $43 million through a sale of ordinary shares to private investors, including insiders, who believe in the long-term value we are creating. We completed a loan of EUR 16 million and expanded working capital by EUR 15 million in the fourth quarter.

我們也在改善我們的資產負債表。秋季，我們通過向相信我們正在創造的長期價值的私人投資者（包括內部人士）出售普通股籌集了大約 4300 萬美元。我們在第四季度完成了 1600 萬歐元的貸款，並增加了 1500 萬歐元的營運資金。

In the first quarter, we completed a long-term loan of EUR 25 million. And in April, we announced the launch of a $100 million at-the-market program, or ATM. The program is designed to give us optionality and will be used in a discretionary manner to sell shares in the open market, if needed. We plan to report quarterly activity on these calls going forward. Since the program was not launched until April, no activity occurred in the first quarter.

第一季度，我們完成了 2500 萬歐元的長期貸款。 4 月，我們宣布推出價值 1 億美元的上市計劃或 ATM。該計劃旨在為我們提供選擇權，並將在需要時酌情用於在公開市場上出售股票。我們計劃在未來報告這些電話的季度活動。由於該計劃直到 4 月才啟動，因此第一季度沒有任何活動發生。

Cash is important to a company growing at our pace. We are very aware of our needs, and the current market environment and while the financial markets are somewhat challenging for companies raising capital, we have multiple opportunities we are evaluating to bring additional cash onto the balance sheet and will take action in a responsible and measured manner. We ended the quarter with EUR 66.4 million of cash and equivalents. The first quarter saw higher than normal payments made for prior period materials and components than normal. As we reduce inventory, our quarterly cash needs will decline as well.

現金對於一家以我們的步伐成長的公司來說很重要。我們非常清楚我們的需求和當前的市場環境，雖然金融市場對公司籌集資金有些挑戰，但我們正在評估多種機會，將額外現金納入資產負債表，並將以負責任和慎重的方式採取行動方式。我們在本季度結束時擁有 6640 萬歐元的現金和等價物。第一季度對前期材料和組件的支付高於正常水平。隨著我們減少庫存，我們的季度現金需求也會下降。

CapEx is relatively light going forward, with approximately EUR 3.1 million in property, plant and equipment spent in the period. We continue to expect approximately EUR 26 million of PP&E spend this year. And finally, as we discussed last quarter, today, we hold more inventory than we would in a normally functioning supply chain, but our intention is to reduce that balance by at least 30% by year-end. You should begin to see material progress at the end of the current quarter.

未來的資本支出相對較少，在此期間花費了大約 310 萬歐元用於不動產、廠房和設備。我們繼續預計今年的 PP&E 支出約為 2600 萬歐元。最後，正如我們上個季度所討論的那樣，今天，我們持有的庫存比正常運作的供應鏈中的庫存要多，但我們的目標是到年底將這一餘額減少至少 30%。您應該會在本季度末開始看到實質性進展。

We ended the quarter with EUR 67 million of long-term debt. As of March 31, there were approximately 1,200 full-time Wallbox employees around the world, a sequential decline of almost 200 people. Any headcount additions we do this year will be done in key areas of growth.

本季度末，我們的長期債務為 6700 萬歐元。截至 3 月 31 日，Wallbox 全球約有 1200 名全職員工，環比減少近 200 人。我們今年所做的任何人員增加都將在關鍵的增長領域進行。

With that, I will now turn it back to Enric to provide you with some commentary around the second quarter.

有了這個，我現在將它轉回給安瑞科，為您提供有關第二季度的一些評論。

Thanks, Jordi. The long-term fundamentals of the markets we operate continue to be overwhelmingly positive. EV adoption is finally becoming a reality. And as production ramps up and the infrastructure is able to support it, ICE vehicles will become a thing of the past. It's a once-in-a-lifetime market disruption, and we have a front-row seat. Wallbox is a leading global brand with an exceptional portfolio. Balancing the short-term needs of the business, while ensuring the long-term potential remains, is our main objective today. Market uncertainties will always exist, but we believe we are doing the right things and navigating them well by defending and capturing market share, expanding margins, reducing inventories and optimizing our cost structure.

謝謝，喬迪。我們經營的市場的長期基本面仍然非常積極。電動汽車的採用終於成為現實。隨著產量的增加和基礎設施的支持，內燃機汽車將成為歷史。這是千載難逢的市場混亂，我們坐在前排。 Wallbox 是全球領先的品牌，擁有卓越的產品組合。平衡業務的短期需求，同時確保保持長期潛力，是我們今天的主要目標。市場不確定性將始終存在，但我們相信我們正在做正確的事情，並通過捍衛和占領市場份額、擴大利潤率、減少庫存和優化成本結構來很好地駕馭它們。

As we said last quarter, 2023 is about getting in shape to be able to catch the massive wave we see ahead. It's an exciting time for us, and we are focused on what we control and influence. With that said, for the second quarter of 2023, we anticipate revenue within the range of EUR 40 million to EUR 50 million. We also continue to expect full year 2023 revenue to be between EUR 240 million and EUR 290 million, representing growth between 60% and 100%. Given the volatility we see in the market today, we will anticipate tightening this range on our next earnings call.

正如我們上個季度所說，2023 年是為了能夠趕上我們未來看到的巨大浪潮。這對我們來說是一個激動人心的時刻，我們專注於我們控制和影響的事物。話雖如此，我們預計 2023 年第二季度的收入將在 4000 萬至 5000 萬歐元之間。我們還繼續預計 2023 年全年收入將在 2.4 億至 2.9 億歐元之間，增長率在 60% 至 100% 之間。鑑於我們今天在市場上看到的波動性，我們預計會在下一次財報電話會議上收緊這一範圍。

Linearity of first half versus second half 2023 will equate to roughly 1/3 versus 2/3. It is not uncommon to see a 40/60 split. So while this pattern is slightly more back half-loaded than normal, there are a number of factors that give us increased confidence. First, our partners are installing more chargers than ever see, which is quickly bringing channel inventory to the right level. Second, all the new products coming to market this year. Third, the multiple new revenue streams opened by those new products. Fourth, the competitive landscape is rapidly changing, creating opportunities that we are aggressively capturing. And finally, the new partnerships which we are already benefiting from.

2023 年上半年與下半年的線性度大約相當於 1/3 與 2/3。看到 40/60 的分裂並不少見。因此，雖然這種模式比正常情況稍微多了一點，但有許多因素讓我們更有信心。首先，我們的合作夥伴安裝的充電器比以往任何時候都多，這使渠道庫存迅速恢復到正常水平。二是今年上市的所有新產品。第三，這些新產品開闢了多個新的收入來源。第四，競爭格局正在迅速變化，創造了我們正在積極捕捉的機會。最後，我們已經從中受益的新夥伴關係。

Regarding gross margin, we expect Q2 to be approximately flat on a sequential basis and continue to model approximately 38% for the full year.

關於毛利率，我們預計第二季度將大致持平，全年將繼續保持在 38% 左右。

With that, we are ready to take questions from our analysts.

有了這個，我們準備好接受分析師的提問。

Welcome back, everyone. (Operator Instructions) Charlie, I think you have some instructions for everybody before we start.

歡迎回來，大家。 （操作員說明）查理，在我們開始之前，我想你對每個人都有一些說明。

(Operator Instructions) Our first question comes from Marianne Bulot of Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Marianne Bulot。

I was wondering if you could just remind us the difference in terms of gross margin between the different Supernova chargers, Generation 1, 2 and 180, and kind of the path towards the increasing in gross margin for the different products.

我想知道您是否可以提醒我們不同 Supernova 充電器（第 1 代、第 2 代和 180 代）之間的毛利率差異，以及不同產品毛利率增加的途徑。

Okay. Thanks, Marianne. So basically, all products we launched follow a gross margin profile based on the maturity of the product. So in general, when we launch a new product, as we ramp up production, we improved the designs. The gross margin is below 20%, and sometimes for the case of Gen1 is around the 10%, okay?

好的。謝謝，瑪麗安。所以基本上，我們推出的所有產品都遵循基於產品成熟度的毛利率概況。所以總的來說，當我們推出新產品時，隨著我們提高產量，我們會改進設計。毛利率低於 20%，有時 Gen1 的情況在 10% 左右，好嗎？

Gen2, we decided to radically improve gross margins. We decided to do a second generation of Supernova with all the things we learned in the production line and to make it more automatized. So Gen2 goes right away to gross margins above 30%. And we expect, as we end the year, getting them close to the 40s. So we get similar margins like we will have on AC products. So -- because we had to do a big jump in terms of gross margin for the DC line, fast charging line, we decided to go to these next generation of products.

Gen2，我們決定從根本上提高毛利率。我們決定用我們在生產線上學到的所有東西來做第二代 Supernova，並使其更加自動化。因此 Gen2 的毛利率立即超過 30%。我們預計，到年底時，他們將接近 40 歲。因此，我們獲得了與 AC 產品相似的利潤率。所以——因為我們必須在 DC 線、快速充電線的毛利率方面做一個大躍進，我們決定轉向這些下一代產品。

When it comes to Supernova 180, actually, Supernova 180 uses the same hardware, exactly the same hardware [than] Supernova 150. Because Supernova 150 has the capability to achieve 180. However, it requires further certification and some changes that -- to achieve the 180. So the main difference between Supernova 150 and 180, apart from some country-specific stuff that requires -- that's been required in the U.S., it's exactly the same hardware. It's only a certification issue to [carry] that 180. So Supernova 180 is going to benefit directly from the gross margins we are seeing today in Supernova Gen2, 150.

說到超新星180，實際上，超新星180使用相同的硬件，與超新星150完全相同的硬件。因為超新星150有能力實現180。但是，它需要進一步的認證和一些變化——才能實現180。所以 Supernova 150 和 180 之間的主要區別，除了一些特定國家/地區需要的東西之外——這是美國所要求的，它們是完全相同的硬件。 [攜帶] 180 只是一個認證問題。因此 Supernova 180 將直接受益於我們今天在 Supernova Gen2，150 中看到的毛利率。

Okay. That's super clear. And just a quick follow-up, if I may. Could you confirm if you expect to reach positive EBITDA for the full year 2023 or just by the end of the year, meaning Q4 only?

好的。太清楚了如果可以的話，只是快速跟進。您能否確認您是否希望在 2023 年全年或僅在年底前達到正 EBITDA，這意味著僅在第四季度？

So we said last quarter that our goal is to achieve Q4 only adjusted EBITDA breakeven, and we expect for the 2024 on a full year basis to be profitable. So these are the 2 commitment we have.

因此，我們在上個季度表示，我們的目標是僅在第四季度實現調整後的 EBITDA 盈虧平衡，我們預計 2024 年全年都將實現盈利。所以這些是我們的 2 承諾。

Our next question comes from George Gianarikas of Cannacord Genuity.

我們的下一個問題來自 Cannacord Genuity 的 George Gianarikas。

I'd like to first focus on the second half versus first half guidance and whether or not you can just sort of illuminate us a little bit more on the inventory situation that you mentioned is you're quickly bringing to the right levels. What kind of data can you share a little bit more granular as to how that's working itself out in the channel between this quarter and next quarter?

我想首先關注下半年與上半年的指導，以及您是否可以稍微說明一下您提到的庫存情況，即您正在迅速達到正確的水平。您可以更詳細地分享什麼樣的數據，以了解本季度和下季度之間的渠道如何運作？

Yes. Thank you, George. Basically, when we talk about channel inventory, this is the inventory that have our distributors in their warehouses, okay? During the second half of last year, our partners increased their inventory levels, forecasting a stronger second half for 2022. And we knew that EV deliveries didn't achieve what we expected last year. At the end, this forecast in terms of deliveries they expected did not materialize, okay?

是的。謝謝你，喬治。基本上，當我們談論渠道庫存時，這是我們的經銷商在他們倉庫中的庫存，好嗎？去年下半年，我們的合作夥伴提高了庫存水平，預測 2022 年下半年會更強勁。我們知道電動汽車的交付量沒有達到我們去年的預期。最後，他們預期的交付量預測沒有實現，好嗎？

So we started 2023 with a higher channel inventory than we will have liked. We have access to the data in myWallbox in our platform of every charger that is installed. So every time a charger is installed and it's powered up, we get the data to our platform. So we know how many chargers our partners and our installers are installing every day, every hour. We have all this data. The data we have today is that we are selling in Q1 -- we sold in Q1 more chargers than ever in the company. So actually, our partners sold more chargers than ever. I'm going to clarify that. Our partners installed and sold more chargers than ever. However, they have been going through their own inventory.

因此，我們從 2023 年開始就擁有比我們希望的更高的渠道庫存。我們可以訪問我們平台中安裝的每個充電器的 myWallbox 中的數據。因此，每次安裝充電器並啟動時，我們都會將數據發送到我們的平台。因此，我們知道我們的合作夥伴和安裝人員每天、每小時安裝了多少充電器。我們擁有所有這些數據。我們今天掌握的數據是我們在第一季度銷售的數據——我們在第一季度銷售的充電器比公司以往任何時候都多。所以實際上，我們的合作夥伴售出的充電器比以往任何時候都多。我要澄清一下。我們的合作夥伴安裝和銷售的充電器比以往任何時候都多。但是，他們一直在檢查自己的庫存。

We expect in Q2 at the end of this quarter that all partners will have -- or almost all of them will have healthy levels of inventory. That depends obviously on the country. There are some countries -- for example, Australia has higher levels because it takes more time to [write] products. Countries that we have our warehouse, inventory levels that (inaudible) lower. So we have different levels depending on the geographic location. But we expect by the end of this quarter to achieve this healthy level.

我們預計在本季度末的第二季度，所有合作夥伴都將擁有——或者幾乎所有合作夥伴都將擁有健康的庫存水平。這顯然取決於國家。有一些國家——例如，澳大利亞的水平更高，因為它需要更多的時間來[編寫]產品。我們擁有倉庫的國家/地區的庫存水平（聽不清）較低。所以我們根據地理位置有不同的級別。但我們預計到本季度末將達到這一健康水平。

So when we look into the second half, we are very encouraged by this. First of all, we see that installation from our partners is very high, and we can see this every day in every country how it evolves. And it also helps us when we are doing campaigns. We see the impact of a marketing campaign, how it's impacting specific countries, okay? So that's 1 thing, and that's giving us the number that we should be seeing today that we are not seeing.

因此，當我們展望下半場時，我們對此感到非常鼓舞。首先，我們看到合作夥伴的安裝量非常高，而且我們每天都可以在每個國家/地區看到它是如何演變的。當我們進行活動時，它也對我們有幫助。我們看到營銷活動的影響，它如何影響特定國家，好嗎？所以這是一件事，它給了我們今天應該看到但我們沒有看到的數字。

The second thing, I comment this during the call, is all new products, this ENERGY STAR being manufactured and being delivered in a few weeks. We have Pulsar Pro, which is opening a new segment of semipublic spaces in condominiums, or [Hoco], for example. We call it Hoco , but has another name, and we will announce it soon, which is a product for semipublic locations like businesses, companies and others.

第二件事，我在電話中評論，是所有新產品，這個 ENERGY STAR 正在製造並在幾週內交付。我們有 Pulsar Pro，它正在公寓或 [Hoco] 中開闢一個新的半公共空間部分。我們稱它為 Hoco ，但有另一個名字，我們將很快宣布它，這是一種適用於半公共場所的產品，如企業、公司等。

And also, we have a Supernova Gen2, which is opening a whole new segment. We were going to 60-kilowatt charger, which is for cities and smaller -- it was not for highway, but 150 kilowatts is a highway charger. So all these new products are bringing revenue and new revenue in the next months and especially in the second half of the year as we are delivering them and ramping up the manufacturer of those.

而且，我們還有 Supernova Gen2，它開啟了一個全新的細分市場。我們打算使用 60 千瓦的充電器，它適用於城市和更小的城市——它不適用於高速公路，但 150 千瓦是高速公路充電器。因此，所有這些新產品都將在未來幾個月帶來收入和新收入，尤其是在今年下半年，因為我們正在交付它們並擴大這些產品的製造商。

Also, I talked about the landscape opportunities in terms of competition. We are seeing that some competition is starting more than others in some countries. And obviously, this is giving us opportunity given the fact that we're a global company, that we have the right products in every market. And we can push specifically in specific geographies where our competition cannot serve, and that's helping.

另外，我談到了競爭方面的景觀機會。我們看到，在某些國家/地區，某些競爭比其他競爭開始得更多。顯然，鑑於我們是一家全球性公司，我們在每個市場都有合適的產品，這給了我們機會。我們可以在我們的競爭對手無法服務的特定地區專門推動，這很有幫助。

And finally, there's new partnerships. We explained how this big utility we are partnering, these big orders coming from this utility. But there's other partnerships that we alluded last quarter with a big OEM. We still have not announced the names of these companies, but these are partnerships that are starting to work, are starting to be delivered. So all these things, when we add them together, with the fact that we are delivering -- sorry, with the fact that our partners are installing more chargers than ever, is what give us this forecast and this sales for the second half of next year, George.

最後，還有新的合作夥伴關係。我們解釋了我們如何與這個大公用事業公司合作，這些大訂單來自這個公用事業公司。但我們在上個季度提到了與一家大型 OEM 的其他合作夥伴關係。我們仍未公佈這些公司的名稱，但這些合作夥伴關係已開始發揮作用，並開始交付。所以所有這些，當我們把它們加在一起時，加上我們正在交付的事實——抱歉，我們的合作夥伴安裝的充電器比以往任何時候都多，這就是我們對下半年下半年的預測和銷售額年，喬治。

As a follow-up, you mentioned the competitive landscape both in those comments and in the press release. I was wondering if you had any color on what's happening in Northern Europe. One of your competitors, Easee, had a difficult time with its product safety. And to the extent you could share any comments on -- and any color on how that's creating an opportunity for you in those countries, that would be appreciated.

作為後續行動，您在這些評論和新聞稿中都提到了競爭格局。我想知道你是否對北歐正在發生的事情有任何了解。您的一個競爭對手 Easee 在產品安全方面遇到了困難。如果您可以分享任何評論——以及關於這如何在這些國家為您創造機會的任何顏色，我們將不勝感激。

Yes. So what we are seeing is that countries are starting to be more focused on the safety of the products we manufacture. In that case, the Swedish authorities review [deliver] EV chargers in the Swedish market. And obviously, we were part of these 4 companies that they were reviewing. And all of us at the end, we passed this test, and we were considered safe (inaudible). But apparently, there's a dispute with Easee, and the authority is saying that the product cannot be sold in the Swedish market.

是的。因此，我們看到的是，各國開始更加關注我們製造的產品的安全性。在這種情況下，瑞典當局會審查 [交付] 瑞典市場上的 EV 充電器。顯然，我們是他們正在審查的這 4 家公司的一部分。最後我們所有人都通過了這個測試，我們被認為是安全的（聽不清）。但顯然，與Easee發生了爭執，官方稱該產品不能在瑞典市場銷售。

Obviously, first of all, that put us as a leader in Europe in terms of sales. We are the #1 today company selling home chargers in Europe. And obviously, that's very good news. But secondly, give us additional opportunity. If 1 competitor like Easee, which was having considerable numbers in terms of sales, now cannot sell in one of their biggest market. And this is market where we are well positioned is giving us obviously a huge opportunity for us.

顯然，首先，這使我們在銷售方面處於歐洲領先地位。我們是當今歐洲家用充電器銷量第一的公司。顯然，這是個好消息。但其次，給我們更多的機會。如果像 Easee 這樣在銷售額方面擁有可觀數量的 1 個競爭對手現在無法在他們最大的市場之一銷售。這是我們處於有利地位的市場，顯然為我們提供了巨大的機會。

So there's news coming. There's new partnership we made in Sweden due to this change on the competitive landscape. So we are planning to announce news about partnerships we made that will allow us to sell huge volumes of these products in the Swedish market. And we believe that this is going to continue at the end. More countries are looking into safety and looking into the products, and that's why we focus on certification, we focus on quality and we focus on improving our products constantly and launching new products.

所以有消息傳來。由於競爭格局的這種變化，我們在瑞典建立了新的合作夥伴關係。因此，我們計劃宣布有關我們建立的合作夥伴關係的消息，這將使我們能夠在瑞典市場上銷售大量這些產品。我們相信這將在最後繼續下去。越來越多的國家正在關注安全和產品，這就是為什麼我們專注於認證，我們專注於質量，我們專注於不斷改進我們的產品並推出新產品。

Our next question comes from Ben Kallo of Baird.

我們的下一個問題來自 Baird 的 Ben Kallo。

Just maybe more on the competitive landscape. Could you just discuss maybe bidirectional charging and how it's developing across regions, and how you look at what different OEMs and their acceptance to the technology? And then I know you've had success in Europe with utilities. But how is North America going in terms of bidirectional charges with utilities and their acceptance of the 2?

也許更多的是關於競爭格局。您能否討論一下雙向充電及其跨地區的發展情況，以及您如何看待不同的原始設備製造商以及他們對這項技術的接受程度？然後我知道你在歐洲的公用事業方面取得了成功。但是，北美在公用事業的雙向收費以及他們對 2 的接受方面進展如何？

Okay. Thank you, Ben. Actually, we haven't spoke about bidirectional charging in this call because we had so many products to talk about that I think there was too much. But it's -- we -- I think I explained this a couple of calls ago, but I will repeat it to clarify everyone listening. We have 1 product that's called Quasar, Quasar 1. That is a bidirectional charger that works with CHAdeMO cars. CHAdeMO cars -- there are a few CHAdeMO cars today that use this standard, the CHAdeMO protocol, which are Nissans and Mitsubishis. This is a product we've been selling in Europe, very successful. But today, remote cars that are coming into the U.S. and in the European market come with what's called the CCS standard. That's the connector we have for charging any car that's been sold in Europe and the U.S. today.

好的。謝謝你，本。實際上，我們在這次電話會議中沒有談到雙向充電，因為我們有太多產品要談，我認為太多了。但它 - 我們 - 我想我在幾個電話前解釋過這一點，但我會重複一遍以澄清每個聽眾。我們有一款名為 Quasar 的產品，即 Quasar 1。這是一款適用於 CHAdeMO 汽車的雙向充電器。 CHAdeMO 汽車——今天有一些使用此標準的 CHAdeMO 汽車，即 Nissans 和 Mitsubishis。這是我們一直在歐洲銷售的產品，非常成功。但是今天，進入美國和歐洲市場的遙控汽車都採用了所謂的 CCS 標準。這是我們為當今在歐洲和美國銷售的任何汽車充電的連接器。

This protocol doesn't allow straight away bidirectional charger -- bidirectional charging you require today to partner with an OEM to make sure you can discharge the car. And we signed during this first quarter, (inaudible) 2023, a partnership with an OEM where we can discharge multiple of their brands. So today, Quasar 2, which is the product we are launching for bidirectional CCS charging, can discharge these manufacturer different brands. These are very big European -- one of -- obviously, leader in European car manufacturer. And there's other partnerships we are working with Korean companies. You will have news by the end of the year once we announce the launch of this product with this car manufacturer.

該協議不允許直接雙向充電器——您今天需要與 OEM 合作進行雙向充電，以確保您可以為汽車放電。我們在 2023 年第一季度（聽不清）與一家 OEM 簽署了合作夥伴關係，我們可以在那裡推出他們的多個品牌。所以今天我們推出的雙向CCS充電產品Quasar 2，可以對這些廠家不同品牌進行放電。這些是非常大的歐洲 - 其中之一 - 顯然是歐洲汽車製造商的領導者。我們正在與韓國公司建立其他合作夥伴關係。一旦我們宣布與這家汽車製造商合作推出該產品，您將在年底前獲得消息。

So our goal, because this is very tight to a car manufacturer because the standard still is not available for all the car manufacturers, we are going to launch the product together with the car manufacturer and pay it together. So you sell -- they sell the car, and they will offer a Quasar as a possibility to use the battery of the car to power the home, okay? So we have the contract signed, and we are working to make sure we can launch it at the end or at the beginning of next year. Very exciting times.

所以我們的目標，因為這對汽車製造商來說非常嚴格，因為標準仍然不適用於所有汽車製造商，我們將與汽車製造商一起推出產品並一起支付。所以你賣 - 他們賣車，他們會提供類星體作為使用汽車電池為家庭供電的可能性，好嗎？所以我們已經簽署了合同，我們正在努力確保我們可以在年底或明年年初啟動它。非常激動人心的時刻。

And then when we go to the U.S., same thing we are doing. Right now, we are working with car manufacturers, showing the technology. We had last quarter a couple of days where we invited almost any American OEM car manufacturer to show the technology of Quasar 2. We used some vehicles to -- as a demo. The feedback we had was that -- it was the first time that they saw a CCS car being discharged. They never show it. That's the OEM, basically. And we expect this to happen in the U.S. as we move into 2024, launching this product, because, again, it requires a synchronized launch with the car manufacturer.

然後當我們去美國時，我們正在做同樣的事情。現在，我們正在與汽車製造商合作，展示這項技術。在上個季度的幾天裡，我們邀請了幾乎所有美國 OEM 汽車製造商來展示 Quasar 2 的技術。我們使用了一些車輛作為演示。我們得到的反饋是——這是他們第一次看到 CCS 汽車被卸下。他們從不表現出來。基本上，這就是 OEM。我們預計隨著我們進入 2024 年推出該產品，這會在美國發生，因為它再次需要與汽車製造商同步發布。

Yes, Ben. We spoke, I think, on the last call about a pilot program in California with homebuilders and utility companies. And I think we have so much to get through on this call that we just didn't have time for it. But we'll try and provide you and others an update on our next call or during the quarter at a public event, okay?

是的，本。我認為，我們在上次電話會議上談到了與住宅建築商和公用事業公司在加利福尼亞州開展的試點計劃。而且我認為我們在這次電話會議上有太多事情要完成，我們只是沒有時間。但是我們會嘗試在下一次電話會議上或本季度的公共活動中向您和其他人提供最新信息，好嗎？

Great. And my follow-up is just -- is on channels and if -- in the industry overall, how exclusivity works, if it does. And so as you talked about the OEM that you're working with -- a deal with, for example, or a utility or other channels on power, is exclusivity a part of how you guys do deals in the industry? Or is it not? And maybe you could talk about different channels.

偉大的。我的後續行動只是 - 在渠道上，如果 - 在整個行業中，排他性如何運作，如果確實如此。因此，當您談到與您合作的原始設備製造商時——例如，與公用事業公司或其他電力渠道的交易，排他性是你們在行業中進行交易的一部分嗎？或者不是嗎？也許你可以談談不同的渠道。

It's not. We don't have in Europe or in North America any agreement of exclusivity with the company, any company. We do have for a short-term period or maybe 1 year and 2 years on new markets. So maybe if we go to Latin America, a new market where we are just launching or a new Asian market that's small and we are launching, often, we do an exclusivity partnership because we help the partner develop, and we go hand by hand because this is a market that needs development. But in North America or Europe, we don't have an exclusivity agreement.

它不是。我們在歐洲或北美沒有與該公司、任何公司簽訂任何排他性協議。我們確實有短期或可能 1 年和 2 年的新市場。因此，也許如果我們去拉丁美洲，一個我們剛剛推出的新市場，或者一個很小的新亞洲市場，我們正在推出，通常，我們會建立獨家合作夥伴關係，因為我們幫助合作夥伴發展，我們攜手並進，因為這是一個需要開發的市場。但在北美或歐洲，我們沒有獨家協議。

That's by design.

這是設計使然。

By design.

通過設計。

Our next question comes from Brian Dobson of Chardan Capital.

我們的下一個問題來自 Chardan Capital 的 Brian Dobson。

So in the past, you've spoken about exiting higher-cost sales channels and moving to better margin channels. Could you maybe give us a little bit more color on how that's progressing and what you see for the future for your direct-to-consumer lines and advertising?

所以在過去，你曾談到退出成本較高的銷售渠道並轉向利潤率更高的渠道。你能否給我們更多關於它的進展情況以及你對直接面向消費者的產品線和廣告的未來的看法？

Yes. So I think -- I'm paraphrasing here, Brian, but I think the question is just optimizing our go-to-market and where we sell those products through, making sure that we're getting appropriate margins and pricing, right?

是的。所以我認為 - 我在這裡解釋，布賴恩，但我認為問題只是優化我們的上市以及我們銷售這些產品的地方，確保我們獲得適當的利潤和定價，對嗎？

Yes, that's right.

恩，那就對了。

Perfect. Thank you, Brian. So right now, our focus is on AC chargers, where we have more inventories that we will like, is on reducing those inventories. So we are not really selective on the channels. It's actually on reducing inventories. But we are able to keep these levels of 38%, which is what we are looking for.

完美的。謝謝你，布萊恩。所以現在，我們的重點是交流充電器，我們有更多的庫存，我們希望減少這些庫存。所以我們在渠道上並沒有真正的選擇性。它實際上是在減少庫存。但我們能夠保持 38% 的水平，這正是我們所尋求的。

But when we go to fast charging, it's what we have been doing. For example, Supernova Gen1, we did 2 things. While we talked in the call where we improved margins by launching Gen2, but also because Supernova Gen1 has a lower gross margin, we are going to channels with Supernova Gen1 now that can give us higher margins, but lower volumes. So we are paying with that. But what's important, first of all, is that the margin went up sequentially versus Q4, okay? So we are increasing our gross margin. And two, for fast charging, what pulled our margin down, we have a new product, and we have been more selective on those margins.

但是當我們進行快速充電時，這就是我們一直在做的事情。比如Supernova Gen1，我們做了兩件事。雖然我們在電話會議上談到我們通過推出 Gen2 提高了利潤率，但也因為 Supernova Gen1 的毛利率較低，我們現在將與 Supernova Gen1 建立渠道，這可以為我們帶來更高的利潤率，但數量會減少。所以我們正在為此付出代價。但首先重要的是，與第四季度相比，利潤率連續上升，好嗎？因此，我們正在提高毛利率。第二，對於快速充電，是什麼拉低了我們的利潤率，我們有一個新產品，我們在這些利潤率上更具選擇性。

And Brian, I think one interesting data point -- yes. Just one interesting data point that I think is -- that we're watching closely is that we're beginning to see interest from our distribution partners for our DC portfolio, too. That requires a certain level of expertise, and in some cases, installation as well. But offering that comprehensive portfolio through our distribution partners is increasingly attractive to them. And so we're looking for ways to expand those relationships and get those products into market faster and more broadly, okay?

Brian，我認為有一個有趣的數據點——是的。我認為只有一個有趣的數據點——我們正在密切關注的是，我們也開始看到我們的分銷合作夥伴對我們的 DC 產品組合感興趣。這需要一定程度的專業知識，在某些情況下還需要安裝。但通過我們的分銷合作夥伴提供全面的產品組合對他們越來越有吸引力。因此，我們正在尋找方法來擴大這些關係，讓這些產品更快、更廣泛地進入市場，好嗎？

Our next question comes from Maheep Mandloi of Credit Suisse.

我們的下一個問題來自瑞士信貸的 Maheep Mandloi。

Maheep here from Credit Suisse. Just 1 question from my end in terms of the annual guidance implies strong ramp in the second half here. Just curious on the cadence between Q3 and Q4, if you could provide some color there. And then also, like what drives that comfort for you at this stage? Any indications from the channels or OEM launches or just -- or any on the U.S. NEVI deployments. But just curious on the comfort on the guidance here.

來自瑞士信貸的 Maheep。就年度指導而言，我的最後一個問題意味著下半年這裡的強勁增長。只是好奇 Q3 和 Q4 之間的節奏，如果你能在那裡提供一些顏色。然後，在這個階段是什麼讓你感到舒適？來自渠道或 OEM 發布的任何指示，或只是 - 或美國 NEVI 部署的任何指示。但只是對此處指南的安慰感到好奇。

Okay. Maheep, so regarding the third and fourth quarter, we are not providing specific guidance yet. I think it depends a lot on these new partnerships. We were talking on when some of these big orders will materialize. Obviously, we expect for it to be weaker than Q3 only because the fact that, for example, Supernova 180 is coming at the last quarter, and [Hoco], it's coming in the last quarter of the year. So there's new products coming in the last quarter, but we are not providing guidance for this. And for the second question, Doug, I don't know if you will comment about the NEVI program and the IRA.

好的。 Maheep，所以關於第三季度和第四季度，我們還沒有提供具體的指導。我認為這在很大程度上取決於這些新的合作夥伴關係。我們正在討論這些大訂單中的一些何時會實現。顯然，我們預計它會比第三季度弱，因為例如 Supernova 180 將在最後一個季度推出，而 [Hoco] 將在今年最後一個季度推出。所以上個季度有新產品問世，但我們沒有為此提供指導。對於第二個問題，Doug，我不知道你是否會對 NEVI 計劃和 IRA 發表評論。

Doug, can you comment on where we are with NEVI?

道格，你能評論一下我們與 NEVI 的進展情況嗎？

Yes, absolutely. So as it turns out with the timing of the NEVI program, we're still in the stages where we're waiting for the vast majority of states to release the RFPs, for which we're well positioned to enter, especially by bringing forward a higher-volume, high-power charging system like Supernova 180, which meets the requirements of the program to be able to enter into RFP and partnerships to be able to play a part in the rollout of the NEVI program.

是的，一點沒錯。因此，隨著 NEVI 計劃的時間安排，我們仍處於等待絕大多數州發布 RFP 的階段，為此我們做好了準備，尤其是通過提出容量更大、功率更大的充電系統，如 Supernova 180，它滿足項目的要求，能夠進入 RFP 和合作夥伴關係，從而能夠在 NEVI 項目的推出中發揮作用。

What we're seeing is activities to be -- very likely to be installed-based activities for 2024 more than 2023, and the second half of 2023 to be very likely the first announcements for, let's call it, the larger share of the states that would be proposing forward the RFPs as it relates to the NEVI program.

我們看到的是 2024 年比 2023 年更可能是基於安裝的活動，而 2023 年下半年很可能是第一個公告，讓我們稱之為更大份額的州它將提議轉發與 NEVI 計劃相關的 RFP。

One thing that was mentioned, however, is by being able to bring forward a product like Supernova 180, which is a higher volume, lower cost and more broadly applicable type product, it allows us to move an order book forward with customers outside of the scope of NEVI, which is a more time-bound program, into the framework of, for example, the IRA, which is not time bound and has projects that can deploy much quicker.

然而，提到的一件事是，通過能夠推出像 Supernova 180 這樣產量更高、成本更低且適用範圍更廣的產品，它使我們能夠將訂單簿向前移動與客戶以外的客戶NEVI 的範圍，這是一個更具時間限制的計劃，進入例如 IRA 的框架，它沒有時間限制，並且有可以更快部署的項目。

So to the extent that products are available and delivered either to previous commitment customers, which we have, or even projects that arise between now and end of year, there are certainly opportunities on the DC fast charge side participating in North America.

因此，就產品可用和交付給我們以前的承諾客戶，甚至從現在到年底之間出現的項目而言，在北美的 DC 快速充電方面肯定有機會參與。

Got it. And then just to clarify, are you assuming any NEVI -- so you're not assuming any NEVI shipments this year, right? And do you see any IRA deliveries getting delayed as those customers want to wait for NEVI?

知道了。然後澄清一下，你是否假設有任何 NEVI - 所以你沒有假設今年有任何 NEVI 出貨量，對嗎？您是否看到任何 IRA 交付因這些客戶想要等待 NEVI 而延遲？

It's correct, Maheep. We don't have any subsidy revenue baked into our forecast this year.

這是正確的，馬希普。我們今年的預測中沒有任何補貼收入。

We have a follow-up from Marianne Bulot of Bank of America.

我們收到了來自美國銀行的 Marianne Bulot 的跟進。

I just wanted to know if you could share the market growth that you've seen in Europe and North America. I remember that in Q4, you said you were expecting roughly 30%, 33% growth for the full year 2023 for the market. So I was just wondering if you could provide the Q1 data and what you're expecting for the full year 2023.

我只是想知道您是否可以分享您在歐洲和北美看到的市場增長。我記得在第四季度，你說你預計 2023 年全年市場將增長大約 30%、33%。所以我只是想知道您是否可以提供第一季度的數據以及您對 2023 年全年的預期。

Yes. Thank you, Marianne. So actually, it's very encouraging. The data we've seen, we've seen that the Europe and North America growing as expected and maybe even a little bit more. The EV deliveries in the U.S. grew by 55% on a year-over-year basis. And in Europe, they grew by 18%. These were the 2 matters you asked for.

是的。謝謝你，瑪麗安。所以實際上，這是非常令人鼓舞的。我們看到的數據，我們已經看到歐洲和北美的增長符合預期，甚至可能更多。美國的電動汽車交付量同比增長 55%。在歐洲，它們增長了 18%。這些是您要求的兩件事。

Yes. And the full year forecast, the industry forecast, Marianne, have not been adjusted yet. So I think that, that's going to be our last question, Charlie. And we want to thank everybody for joining us today, and we hope you found today's call a good use of your time. Also, please note that we're going to be very active at investor events in May and June, and so watch our website for details. If you're interested in meeting with us, you're certainly welcome to let us know, if we can help you any way -- in any way. So have a great day, everyone.

是的。而全年預測，行業預測，Marianne，目前還沒有調整。所以我認為，這將是我們的最後一個問題，查理。我們要感謝大家今天加入我們，我們希望您發現今天的電話會議能很好地利用您的時間。另外請注意，我們將在 5 月和 6 月的投資者活動中非常活躍，因此請關注我們的網站了解詳情。如果您有興趣與我們會面，當然歡迎您告訴我們，如果我們能以任何方式幫助您 - 以任何方式。祝大家有美好的一天。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

女士們，先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。