Wallbox NV (WBX) 2024 Q2 法說會逐字稿

Good morning or good afternoon, and welcome to the Wallbox second-quarter 2024 earnings call. My name is Adam, and I'll be your operator for today. (Operator Instructions)

早安或下午好，歡迎參加 Wallbox 2024 年第二季財報電話會議。我叫 Adam，今天我將擔任您的接線生。（操作員說明）

I will now hand the floor to Michael Wilhelm to begin. So Michael, please go ahead when you're ready.

我現在請邁克爾威廉開始。所以邁克爾，請在你準備好後繼續。

Thank you, Adam, and good morning, and good afternoon to everyone listening in. Thank you for joining today's webcast to discuss Wallbox's second-quarter 2024 results. This event is being broadcast over the web and can be accessed from the Investor section of our website at investors.wallbox.com.

謝謝你，亞當，大家早安，下午好。感謝您參加今天的網路廣播，討論 Wallbox 2024 年第二季的業績。活動正在網路上直播，您可以從我們網站的投資者部分造訪：investors.wallbox.com。

I am joined today by Enric Asuncion, Wallbox's CEO; and Luis Boada, Wallbox's CFO. Earlier today, we issued our press release announcing results from the second quarter ended June 30, 2024, which can also be found on our website.

今天，Wallbox 執行長 Enric Asuncion 也加入了我的行列。和 Wallbox 財務長 Luis Boada。今天早些時候，我們發布了新聞稿，公佈了截至 2024 年 6 月 30 日的第二季業績，該新聞稿也可以在我們的網站上找到。

Before we begin, I would like to remind everyone that certain statements made on today's call are forward-looking that may be subjected 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. The risk factors that may affect results are detailed in the company's most recent public filings with the SEC, including in the Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed March 21, 2024.

在開始之前，我想提醒大家，今天的電話會議中所做的某些陳述具有前瞻性，可能會受到與未來事件和/或公司未來財務表現相關的風險和不確定性的影響。實際結果可能與預期有重大差異。該公司最近向 SEC 公開提交的文件中詳細介紹了可能影響業績的風險因素，其中包括於 2024 年 3 月 21 日提交的截至 2023 年 12 月 31 日的財政年度 20-F 表格年度報告。

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 Investor section of our website. 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.

我們將以國際財務報告準則格式提交未經審計的財務報表，以反映管理階層對實際結果的最佳評估。另請注意，我們在本次電話會議中使用了某些非國際財務報告準則財務指標，並且這些指標的調節包含在我們網站投資者部分發布的簡報中。此外，您還可以從投資者關係網站的季度業績部分獲取這些準備好的評論的副本，以便您今天可以更輕鬆地關注我們。

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

因此，解決這個問題後，我會將其交給 Enric。

Thank you, Michael, and thanks everyone for joining us today. Before we go into the highlights of Q2 2024, as announced yesterday, I would like to comment on the $45 million strategic investment from a number of current shareholders, including $35 million from Generac as the main investor in this round. This capital raising was needed to ensure the company's balance sheet strength and support our strong growth. We are extremely pleased with the continued trust and follow-up investment allowing us to continue building a leading company in EV charging and energy management solutions. Out of the competition, Generac chose Wallbox's award-winning products and solutions to lead their efforts in the EV charging space.

謝謝邁克爾，也謝謝大家今天加入我們。在我們討論昨天宣布的 2024 年第二季度的亮點之前，我想先評論一下來自多家現有股東的 4500 萬美元戰略投資，其中包括 Generac 作為本輪主要投資者的 3500 萬美元戰略投資。此次融資是為了確保公司的資產負債表實力並支持我們的強勁成長。我們對持續的信任和後續投資感到非常高興，使我們能夠繼續打造電動車充電和能源管理解決方案的領先公司。Generac 在競爭中脫穎而出，選擇了 Wallbox 屢獲殊榮的產品和解決方案來引領他們在電動車充電領域的發展。

In conjunction with this investment, we have also finalized the warrant agreement which was an undertaking of Generac's initial minority investment in December 2023. Through this agreement, Generac has the right to buy an additional 5% of the company at $3.05 per share price set during their initial investment.

與這項投資一起，我們還敲定了認股權證協議，該協議是 Generac 於 2023 年 12 月初始少數投資的承諾。透過該協議，Generac 有權以初始投資期間設定的每股 3.05 美元的價格額外購買該公司 5% 的股份。

In Q2 we saw the excellent initial results of our 10-year worldwide agreement with the sale of several thousand Pulsar Plus to Generac in North America and the first order of Supernovas to Pramac in Europe. Customers can purchase the chargers through Generac-certified dealers, online, and through a growing number of retail and wholesale distributors nationwide. We expect plentiful growth from these strategic moves, which will now be strengthened with additional products including Supernova 180 North America, Pulsar Pro, and the portfolio of AC commercial products globally.

在第二季度，我們看到了 10 年全球協議的出色初步成果，向北美的 Generac 出售了數千台 Pulsar Plus，並向歐洲的 Pramac 出售了第一筆 Supernovas 訂單。客戶可以透過 Generac 認證的經銷商、線上以及全國越來越多的零售和批發經銷商購買充電器。我們預計這些策略措施將帶來大量成長，現在將透過 Supernova 180 North America、Pulsar Pro 以及全球 AC 商業產品組合等其他產品來加強這些策略性措施。

At the same time, we have signed a strategic battery storage system initiative whereby Wallbox will buy batteries from Generac. Battery integrated charging solutions will open up a vast array of opportunities towards smart energy management and added reliability to circumvent grid's limitations. For example, to expand power capacity for our DC fast chargers when integrated with batteries, yielding power load management to satisfy peaks of high-power charging demand. These integrated solutions also fold seamlessly with our software, like our energy management system, called SIRIUS. We are so excited about working together with a leading partner that has the same vision and ambition to keep growing at an unparalleled pace in the US.

同時，我們也簽署了一項電池儲存系統戰略計劃，Wallbox 將從 Generac 購買電池。電池整合充電解決方案將為智慧能源管理開闢大量機會，並提高可靠性以規避電網的限制。例如，與電池整合時，擴大我們的直流快速充電器的功率容量，產生電力負載管理，以滿足高功率充電需求的峰值。這些整合解決方案還可以與我們的軟體無縫結合，例如我們的能源管理系統 SIRIUS。我們非常高興能與一個擁有相同願景和雄心壯志的領先合作夥伴合作，在美國保持無與倫比的成長速度。

Now, similar to the preliminary results announced in early July, Q2 2024 has been a solid quarter with EUR48.8 million in revenue, up 48% year-over-year, but driven by higher sales across the board but especially strong AC and DC sales in North America. The AC sales in North America picked up a noteworthy pace and the growth was further accelerated by DC with strong demand for the Supernova 180, after the initial deliveries in the first quarter of this year. This resulted in an impressive 65% year-over-year growth for the region.

現在，與 7 月初公佈的初步結果類似，2024 年第二季度是一個穩健的季度，收入為 4880 萬歐元，同比增長 48%，但受到全面銷售增長的推動，尤其是交流和直流銷售的強勁增長北美地區的銷售。北美地區的空調銷售成長顯著，繼今年第一季首次交付後，由於對 Supernova 180 的強勁需求，DC 進一步加速了成長。這導致該地區同比增長 65%，令人印象深刻。

In Europe, our wide presence and unique diversification with AC, DC, and ABL allowed us to achieve overall growth of 44% compared to the same period last year in a softer than expected environment. ABL continues to steadily contribute to the top line, and we see the initial results of our cross-selling initiative. One impressive highlight this quarter for ABL is the installation of 424 eM4 charging points in a car park in Wiesbaden, Germany, making it one of the biggest EV charging parking sites in Europe. We see this as a great testament to both the quality of our products and our ability to evolve to support growing customer and industry needs. The eM4 is a smart EV charger specifically designed for these types of sites, positioning it to reap the benefits of the future growth of similar public charging installations.

在歐洲，我們在交流、直流和 ABL 方面的廣泛業務和獨特的多元化使我們在比預期疲軟的環境下實現了與去年同期相比 44% 的整體成長。ABL 繼續穩定地為營收做出貢獻，我們看到了交叉銷售計劃的初步成果。ABL 本季的一個令人印象深刻的亮點是在德國威斯巴登的一個停車場安裝了 424 個 eM4 充電點，使其成為歐洲最大的電動車充電停車場之一。我們認為這是對我們產品品質以及我們不斷發展以支持不斷增長的客戶和行業需求的能力的有力證明。eM4 是一款專為此類站點設計的智慧電動車充電器，使其能夠從類似公共充電設施的未來成長中獲益。

The DC product portfolio continues to show tremendous progress with the announcement of our highest power-to-footprint ratio DC fast charger to date, the Supernova 220. DC revenue showed remarkable growth of more than 60% compared to the same quarter last year, mainly driven by sales in the US market. In total, we delivered almost 48,500 AC units globally, including sales by ABL, and approximately 380 units of DC during the period.

隨著我們迄今為止功率佔地面積比最高的直流快速充電器 Supernova 220 的發布，直流產品組合繼續展現出巨大的進步。DC營收較去年同季顯著成長超過60%，主要受到美國市場銷售的推動。在此期間，我們總共在全球交付了近 48,500 台空調設備（包括 ABL 的銷售量）和約 380 台直流設備。

Gross margins stood at 39.1% in the second quarter, remaining steady compared to the previous quarter and improved 936 basis points compared to the same period last year. We believe this is a great proof point that the cost engineering and strategic sourcing actions taken in the previous quarters show consistency. We believe we can continue to hold the 38% to 40% range in the year to go with opportunities for improvement in the future. Luis will provide more detail on gross margins shortly.

第二季毛利率為39.1%，較上季維持穩定，較去年同期增加936個基點。我們相信，這是一個很好的證據，顯示前幾季採取的成本工程和策略採購行動表現出一致性。我們相信今年我們可以繼續保持在 38% 至 40% 的範圍內，並在未來有改進的機會。路易斯很快就會提供有關毛利率的更多細節。

On a consolidated group level, in Q2 2024, we saw an 11% year-over-year reduction in labor costs and OpEx. It is important to remember that we were able to achieve these cost reductions despite ABLs contribution to our cost base. As we continue to optimize the operations across the group and leverage synergies, we see additional opportunities to reduce our cost base.

在集團合併層面，2024 年第二季度，我們的勞動成本和營運支出較去年同期下降了 11%。重要的是要記住，儘管 ABL 對我們的成本基礎做出了貢獻，但我們還是能夠實現這些成本降低。隨著我們繼續優化整個集團的營運並利用協同效應，我們看到了降低成本基礎的更多機會。

We are excited that in the second quarter, we continued to reduce the adjusted EBITDA loss, now landing at EUR11.2 million, which represents a year-over-year improvement of 47% and more than EUR2 million improvement as compared to Q1 2024. As mentioned during our last earnings call, we believe that top line revenue is the main catalyst to future profitability. Despite the current EV market slowdown holding back the acceleration of our top line, we remain very committed to our path to profitability. So we are fully focusing our attention on what we can control and will continue doing to achieve adjusted EBITDA breakeven this year.

令我們感到興奮的是，第二季我們繼續減少調整後 EBITDA 損失，目前達到 1,120 萬歐元，年成長 47%，與 2024 年第一季相比減少超過 200 萬歐元。正如我們在上次財報電話會議中所提到的，我們認為營收是未來獲利能力的主要催化劑。儘管當前電動車市場放緩阻礙了我們收入的加速成長，但我們仍然堅定地致力於獲利之路。因此，我們將全部注意力集中在我們可以控制的事情上，並將繼續努力，以實現今年調整後的 EBITDA 盈虧平衡。

For the second quarter 2024, Europe contributed EUR34.5 million of consolidated sales, or 71% of total revenue, and grew by 44% from the year-ago period. We saw strength in Benelux, DACH, and the UK, while in Southern and Nordic European countries, we experienced some softness in line with the EV market. North America showed a strong quarter and contributed 23% or EUR11.4 million, a 65% growth compared to last year and more than 140% compared to Q1 2024. We were delighted to see the strong performance of the AC product portfolio as well as the very successful launch of the Supernova 180 sales. Congratulations to the US team for their effort in scaling the DC sales and boosting AC sales growth. The progress of both APAC and LATAM show the advantages of being a global player and how this geographical diversification can help us capture pockets of additional growth.

2024年第二季度，歐洲貢獻了3,450萬歐元的綜合銷售額，佔總營收的71%，較去年同期成長44%。我們看到了比荷盧經濟聯盟、DACH 和英國的強勢，而在南歐和北歐國家，我們經歷了與電動車市場一致的一些疲軟。北美季度表現強勁，貢獻了 23​​% 或 1,140 萬歐元，比去年增長 65%，比 2024 年第一季增長超過 140%。我們很高興看到 AC 產品組合的強勁表現以及 Supernova 180 銷售的成功推出。恭喜美國團隊在擴大 DC 銷售和促進 AC 銷售成長方面所做的努力。亞太地區和拉丁美洲地區的進步展示了作為全球參與者的優勢，以及這種地理多元化如何幫助我們獲得額外的成長空間。

AC sales of EUR32.2 million represented 66% of our global consolidated revenue, a 55% year-over-year improvement. We see traction for both the newly introduced Pulsar Pro and ABL's eM4, strengthening our position in the commercial AC segment and accelerated by cross-selling activities. We are also seeing continued interest in our dedicated Pulsar residential chargers. In total, we have now sold over 500,000 Pulsar residential chargers since its launch and entered into fruitful commercial relationships with the likes of Generac, Free2Move, Lucid and, more recently, Luminus, setting us up for further acceleration.

AC 銷售額為 3,220 萬歐元，占我們全球合併收入的 66%，較去年同期成長 55%。我們看到了新推出的 Pulsar Pro 和 ABL eM4 的吸引力，加強了我們在商用空調領域的地位，並透過交叉銷售活動加速了這一地位。我們也看到人們對我們的專用 Pulsar 住宅充電器持續感興趣。自推出以來，我們總共售出了超過 50 萬個 Pulsar 家用充電器，並與 Generac、Free2Move、Lucid 以及最近的 Luminus 等公司建立了富有成效的商業關係，為我們進一步加速發展做好了準備。

Free2Move, as an example, has now launched its charging offering across the US in support of the rollout of Stellantis' EV vehicles. When customers purchase an EV, they can choose to get a Free2move Charge Home charging station provided by Wallbox or credits to charge in the public network. In the case of Lucid, we announced earlier this year that Wallbox has become their official home EV charging partner in Europe and we are now expanding this partnership to the UAE market. Luminus is a Belgian utility, part of the EDF Group, and will distribute Wallbox solutions to local partners, providing a solid start to what we expect to become a long-term commercial relationship.

例如，Free2Move 現已在美國各地推出充電服務，以支援 Stellantis 電動車的推出。當客戶購買電動車時，他們可以選擇獲得Wallbox提供的Free2move Charge Home充電站或積分在公共網路充電。就 Lucid 而言，我們今年稍早宣布 Wallbox 已成為他們在歐洲的官方家用電動車充電合作夥伴，現在我們正在將這種合作夥伴關係擴展到阿聯酋市場。Luminus 是一家比利時公用事業公司，隸屬於 EDF 集團，並將向當地合作夥伴分發 Wallbox 解決方案，為我們期望建立的長期商業關係提供堅實的開端。

DC contributed 22% of the revenue in the second quarter, a 64% increase from the prior year period, which shows the continued strength and diversification of our business. After the introduction to the US market last quarter, the Supernova 180 has been very well received, resulting in recurring orders from existing customers and the signing up of new ones. We are seeing the same trend in Europe. Software, services, and others contributed nicely to our quarter-over-quarter growth with EUR6 million for the second quarter, representing 12% of our total revenue.

DC貢獻了第二季營收的22%，比去年同期成長了64%，顯示我們業務的持續實力和多元化。Supernova 180上季引進美國市場後，反應非常好，現有客戶不斷續訂，新客戶也不斷簽約。我們在歐洲也看到了同樣的趨勢。軟體、服務和其他產品為我們的環比成長做出了巨大貢獻，第二季收入達 600 萬歐元，占我們總收入的 12%。

In parallel to our commercial expansion, we continue to develop the Supernova product line. We are introducing the Supernova 220 which is Wallbox's highest power-to-footprint ratio DC fast charger yet. The newest addition to the product family is designed to charge up to 220 kilowatts, meaning that it can fully charge a passenger EV up to 100 miles in as little as eight minutes. The introduction of the Supernova 220 meets our customers' expectations for more powerful systems and a broader range of power options. This new version has the same award-winning compact design as other Supernova models. Increasing the power while maintaining the installation efficiency, maintenance and space, improves the return of investment for charge point operators, especially in high-volume locations. Supernova 220 services one EV at up to 220 kilowatts or two EVs simultaneously at up to 110 kilowatt each. It is fully compliant with the latest AFIR regulations without the need for any accessories. Currently, we have an early adopter program in place, and we expect the first shipments in September.

在商業擴張的同時，我們繼續開發 Supernova 產品線。我們推出 Supernova 220，它是 Wallbox 迄今為止功率佔地面積比最高的直流快速充電器。該產品系列的最新成員設計充電功率高達 220 千瓦，這意味著它可以在短短 8 分鐘內將乘用電動車充滿電行駛 100 英里。Supernova 220 的推出滿足了客戶對更強大的系統和更廣泛的電源選項的期望。這個新版本具有與其他 Supernova 型號相同的屢獲殊榮的緊湊設計。在維持安裝效率、維護和空間的同時增加功率，可以提高充電點營運商的投資回報，尤其是在高容量地點。Supernova 220 可為一輛功率高達 220 千瓦的電動車或同時為兩輛功率高達 110 千瓦的電動車提供服務。它完全符合最新的 AFIR 法規，無需任何配件。目前，我們已經制定了早期採用者計劃，預計首批出貨時間為 9 月。

We believe that our product improvements and focus on cost engineering have resulted in continued strong gross margins, close to 40% for the quarter. In particular, the Pulsar and Supernova product lines experienced strong improvements which contributed significantly to the consolidated gross margins. We are already moving to the new and more mature generation of Supernovas which are more efficient to manufacture, especially the Supernova 180 North America.

我們相信，我們的產品改進和對成本工程的關注帶來了持續強勁的毛利率，本季接近 40%。特別是，Pulsar 和 Supernova 產品線經歷了強勁的改進，為綜合毛利率做出了重大貢獻。我們轉向更成熟的新一代 Supernova，其製造效率更高，尤其是 Supernova 180 North America。

Now, let's talk about the market. We remain very positive about the long-term growth and future potential. EVs are on an irreversible path, and we believe that we play a larger role than most competitors in that transition with our wide range of EV charging solutions and geographical footprint. We are seeing much softer growth for the residential charging market and a shift in customer preferences in DC. As reported by Rho Motion, in the second quarter, there were close to 1.5 million EVs sold in our core markets, representing a 19% increase in the rest of the world, a 11% increase in North America, and a 3% decrease in Europe, all year-over-year growth rate. This is very subdued to the double-digit growth everyone expected and, as I show in the graph, there are differences over the quarters instead of consistent growth.

現在，我們來談談市場。我們對長期成長和未來潛力仍然非常樂觀。電動車正走在不可逆轉的道路上，我們相信，憑藉我們廣泛的電動車充電解決方案和地理足跡，我們在這項轉型中比大多數競爭對手發揮更大的作用。我們看到住宅充電市場的成長更加疲軟，華盛頓特區的客戶偏好發生了變化。根據 Rho Motion 報導，第二季度，我們的核心市場銷售了近 150 萬輛電動車，其中世界其他地區成長了 19%，北美成長了 11%，而北美地區則下降了 3%。增長率。這與每個人預期的兩位數成長相比非常疲軟，正如我在圖表中所示，各季度存在差異，而不是持續成長。

However, the stage is slowly being put in place for massive adoption as more affordable models are being introduced, inflation and interest rates normalize, and more expansive public charging infrastructure is being set up. These solid fundamentals are irreversible, despite any uncertainty on the policy front.

然而，隨著更實惠的車型的推出、通貨膨脹和利率的正常化以及更廣泛的公共充電基礎設施的建立，大規模採用的階段正在慢慢到位。儘管政策方面存在任何不確定性，但這些堅實的基本面是不可逆轉的。

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

路易斯，我會將其轉交給您進一步評論我們的財務細節。

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

謝謝你，安瑞克。大家早安，下午好。

Our second quarter results showed significant 48% year-over-year growth but came in lighter than expected with EUR48.8 million. This was driven by a strong performance in AC sales in the US and global DC fast charger sales, offset by softer market growth in other regions.

我們第二季的業績年增 48%，但低於預期，為 4,880 萬歐元。這是由美國交流電銷售和全球直流快速充電器銷售的強勁表現推動的，但被其他地區的市場成長疲軟所抵消。

With 39.1% for the quarter, gross margin showed a phenomenal year-on-year 936 basis points increase, continuing with Q1's trend, thanks to our margin improvement programs. Product quality improvements in AC and the transition to the new generation of the Supernova product were the biggest contributors. Our reported gross margin was impacted by an excess inventory provision. When we exclude this impact, the margin is almost 200 basis points higher. So we are pleased with how we are tracking on gross margin, and we see significant momentum for future improvement.

由於我們的利潤率改善計劃，本季毛利率為 39.1%，較去年同期成長 936 個基點，延續第一季的趨勢。AC 的產品品質改進和向新一代 Supernova 產品的過渡是最大的貢獻者。我們報告的毛利率受到過剩庫存準備的影響。當我們排除這項影響時，利潤率幾乎高出 200 個基點。因此，我們對毛利率的追蹤情況感到滿意，我們看到了未來改進的巨大動力。

We continue to make progress in managing our cost base. Q2 labor costs and OpEx were down quarter-on-quarter and decreased 11% year on year. Consolidated adjusted EBITDA loss for the quarter was EUR11.2 million, representing a 47% year-over-year improvement. The path to profitability remains our main priority as an initial milestone to generating net cash and with it, long-term capital appreciation. June was the strongest month in the quarter and our strongest month ever. In June we were already adjusted EBITDA positive. So our financials show solid proof points towards achieving our profitability and cash generation goals.

我們在管理成本基礎方面持續取得進展。第二季勞動成本和營運支出較上季下降，較去年同期下降 11%。本季合併調整後 EBITDA 虧損為 1,120 萬歐元，較去年同期改善 47%。獲利之路仍然是我們的首要任務，作為產生淨現金和長期資本增值的初始里程碑。六月是本季最強勁的月份，也是我們有史以來最強勁的月份。6 月我們調整後的 EBITDA 為正。因此，我們的財務狀況為實現我們的獲利能力和現金產生目標提供了堅實的證據。

This slide shows our three main focus metrics: revenue, cash costs, and adjusted EBITDA. We present cash costs in this slide, which is the EUR32.3 million of labor costs and other operating expenditures plus capitalized R&D, minus severance one-offs and non-cash items. Overall, we have seen flat cash costs compared to last quarter despite the significant revenue growth, and a 3% decrease compared to the same period last year, which did not include ABL yet.

這張投影片顯示了我們的三個主要關注指標：收入、現金成本和調整後的 EBITDA。我們在這張投影片中展示了現金成本，即 3,230 萬歐元的勞動成本和其他營運支出加上資本化研發，減去一次性遣散費和非現金項目。總體而言，儘管收入大幅增長，但與上季度相比，我們的現金成本持平，與去年同期（還不包括 ABL）相比下降了 3%。

When looking at the contribution of the different components, OpEx readings for Q4 2023 and Q1 of this year benefited from warranty, freight and bad debt provision releases, creating a tougher comparable for Q2. But the underlying operating expenditures are being managed down and should read through in the year to go.

在考慮不同組成部分的貢獻時，2023 年第四季和今年第一季的營運支出讀數受益於保固、運費和壞帳準備金的釋放，為第二季創造了更嚴格的可比性。但基本營運支出正在減少，應該在未來一年進行仔細研究。

Cash personnel costs have continued to decrease from EUR24 million to EUR21 million. With the continuous reduction efforts, we are confident this trend will remain throughout 2024.

現金人員成本持續下降，從 2,400 萬歐元降至 2,100 萬歐元。隨著減排力度的不斷加大，我們有信心這一趨勢將持續到 2024 年。

We ended the quarter with EUR65.2 million of cash, cash equivalents, and financial instruments. This predates the strategic investment led by Generac as announced yesterday. This $45 million investment strengthens Wallbox's balance sheet and provides capital to accelerate the company's ability to manufacture and sell more chargers throughout the world. Considering the expected revenue growth, continued cost management initiatives and the new investment, we believe we have a comfortable balance sheet position to get to future cash generation. Long-term debt was approximately EUR91 million at the end of the quarter, approximately EUR5 million decrease to the previous quarter.

截至本季末，我們擁有 6,520 萬歐元的現金、現金等價物和金融工具。這早於昨天宣布的 Generac 牽頭的策略投資。這筆 4,500 萬美元的投資增強了 Wallbox 的資產負債表，並提供資金以加速該公司在全球製造和銷售更多充電器的能力。考慮到預期的收入成長、持續的成本管理措施和新的投資，我們相信我們擁有良好的資產負債表狀況，可以實現未來的現金產生。本季末長期債務約 9,100 萬歐元，較上季減少約 500 萬歐元。

CapEx, excluding capitalized R&D, was again purposely light, with less than EUR3 million invested in the second quarter of which, approximately EUR450,000 on property, plant, and equipment. To reiterate what was shared last quarter, our CapEx will focus on the development and production of higher power charging products. We expect to invest less than EUR10 million for the full year 2024 as we have ample factory capacity to scale already in place.

資本支出（不包括資本化研發）再次刻意減少，第二季投資額不到 300 萬歐元，房地產、廠房和設備投資額約 45 萬歐元。重申上季分享的內容，我們的資本支出將專注於更高功率充電產品的開發和生產。我們預計 2024 年全年的投資將少於 1,000 萬歐元，因為我們已經擁有足夠的工廠產能來擴大規模。

We ended the quarter with EUR84.9 million in inventory for the consolidated group, a 5% sequential reduction or close to EUR5 million in value. Optimizing our inventory is central to free up cash and this is another key objective of improvement delivered. The goal is to keep bringing the total inventory down in the year to go and we are on the right track to do so.

截至本季末，合併集團的庫存為 8,490 萬歐元，較上季減少 5%，即價值接近 500 萬歐元。優化我們的庫存是釋放現金的核心，這是改進的另一個關鍵目標。我們的目標是在未來一年繼續降低總庫存，而我們正走在正確的道路上。

Enric, I'll turn it back to you to provide some closing commentary.

Enric，我會將其轉回給您以提供一些結束評論。

Thank you, Luis. As I look back at the first half of the year, we have been executing well in a difficult market. In this environment, we achieved milestones on all fronts ranging from revenue growth, award-winning-product introductions, securing strategic partnerships for added growth, margin improvement, as well as cost and inventory reduction. And I think all of this improves our competitive position as the entire industry is trying to navigate the current cycle towards mass adoption.

謝謝你，路易斯。回顧上半年，我們在困難的市場中表現良好。在這種環境下，我們在各個方面都取得了里程碑式的成就，包括收入成長、屢獲殊榮的產品推出、確保策略合作夥伴關係以實現成長、提高利潤率以及降低成本和庫存。我認為所有這些都提高了我們的競爭地位，因為整個產業都在努力引導當前週期走向大規模採用。

We have the products, we have the technology, we have the production facilities, we have the funding, we have the best people, and we have the competitive position to benefit long-term.

我們有產品，我們有技術，我們有生產設施，我們有資金，我們有最優秀的人才，我們有長期受益的競爭地位。

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

這樣，我們就準備好回答分析師的問題了。

Welcome back, everyone. (Operator Instructions) Adam, I think you have some instructions for our analysts.

歡迎回來，大家。（操作員指示）Adam，我認為您對我們的分析師有一些指示。

(Operator Instructions) Leanne Hayden, Canaccord Genuity.

（操作員說明）Leanne Hayden，Canaccord Genuity。

Hi, everyone. Thanks so much for taking my question and congrats on the progress this quarter. First, I just want to ask, do you still plan to be positive EBITDA in the fourth quarter of this year? And if not, then when do you expect to reach that milestone?

大家好。非常感謝您提出我的問題，並祝賀本季的進展。首先我只想問，今年第四季你還打算實現正EBITDA嗎？如果沒有，那麼您預計什麼時候能夠達到這個里程碑？

Hi there. Thanks for the question. I couldn't hear all that clear, but I think you were referring us to being positive EBITDA in the year to go?

你好呀。謝謝你的提問。我聽不太清楚，但我想您是指我們在未來一年實現正 EBITDA？

Yes.

是的。

All right. Thank you so much. So we are continuing to improve as we presented, and it remains our top priority as we're saying, to turn profitable and generating cash. And what we said is that, in June alone, with higher levels of shipments, we were already positive. So our financials already show those proof points towards that profitability. And meanwhile, we are bringing our cost base down and we are expanding our margins. So the reality is that we've experienced a market that, as we all know, has been slower than anticipated. And that is kind of bringing that challenge to the profitability, but we will continue to aim for that positive adjusted EBITDA in this year, as I said, as we continue to manage our margins and our costs. So we're going to do our best to achieve that feature by the yearend.

好的。太感謝了。因此，正如我們所介紹的那樣，我們正在繼續改進，正如我們所說，實現盈利和產生現金仍然是我們的首要任務。我們所說的是，僅在六月，隨著出貨量的增加，我們已經很樂觀了。因此，我們的財務數據已經顯示了盈利能力的證據。同時，我們正在降低成本基礎並擴大利潤。因此，現實是，眾所周知，我們經歷了一個比預期慢的市場。這在某種程度上給盈利能力帶來了挑戰，但正如我所說，我們將繼續致力於今年實現積極的調整後 EBITDA，因為我們將繼續管理我們的利潤和成本。因此，我們將盡最大努力在年底前實現該功能。

Understood. Okay. Thanks so much. Just one more from me. You've raised $45 million yesterday. Can you please discuss any additional capital needs or provide us a bridge to free cash flow positive, please?

明白了。好的。非常感謝。我還剩一張。昨天您已募集了 4500 萬美元。您能否討論任何額外的資本需求或為我們提供通往正自由現金流的橋樑？

Hi Leanne, thank you for the question. So we decided to strengthening our balance sheet to make sure we were able to, one, continue financing our growth. We -- although the growth was not as we expected, it has -- it's at great growth levels. We are growing almost 50% year-over-year and also to be able to navigate the current cycle towards mass adoption. So this funding, as Luis was saying, does not impact our -- or slow down our efforts to reach profitability. We're actually committed to -- by this year to be profitable. And at the end, we believe that we have a very comfortable balance sheet position, as we've commented, until we start generating cash. So we don't expect additional funding until the company generates positive cash flow.

嗨，萊恩，謝謝你的提問。因此，我們決定加強我們的資產負債表，以確保我們能夠，第一，繼續為我們的成長提供資金。我們——儘管成長沒有達到我們的預期，但已經達到了很高的成長水準。我們的年成長近 50%，並且能夠引導當前週期走向大規模採用。因此，正如路易斯所說，這筆資金不會影響我們或減緩我們獲利的努力。我們實際上致力於在今年之前實現盈利。最後，正如我們所評論的，我們相信我們的資產負債表狀況非常舒適，直到我們開始產生現金。因此，在公司產生正現金流之前，我們預計不會有額外資金。

That's great. Thanks so much. I'll jump back in queue.

那太棒了。非常感謝。我會插回隊列。

Alec Scheibelhoffer, Stifel.

亞歷克·沙伊貝爾霍夫，斯蒂菲爾。

Great. Hi, everyone. Thanks for taking my questions here. So just to kick us off here, you alluded to, during the call, some of the softness in terms of the pace of EV sales growth in North America as well as all your core markets. However, your AC unit sales kind of -- they posted a solid quarter. So I was just wondering if you could kind of just break out some of the puts and takes of the drivers of that and how you're thinking about volumes for the back half of the year?

偉大的。大家好。感謝您在這裡提出我的問題。首先，您在電話會議中提到了北美以及所有核心市場的電動車銷售成長速度的一些疲軟。然而，你們的空調單位銷售量——他們發布了穩定的季度業績。所以我只是想知道您是否可以簡單地列出一些驅動因素的看跌期權和看跌期權，以及您如何考慮今年下半年的銷售？

Thank you, Alec. So I understand the question is regarding the growth in -- and which are the main drivers for our growth in AC. So just in the US, obviously, we have all these great strategic agreements we have been announcing and now are starting to create a lot of value. We spoke about the Free2Move deal, which is part of the Stellantis group. This is -- as car manufacturers continue growing, we get advantage through these programs because at the end, there's a huge investment between EV sales with car manufacturers and these products we have. We have this program with Stellantis. We have this program with Nissan, also the Generac agreement, we expanded yesterday. So we closed a deal with them earlier this year and already brought several thousands of AC units in North America as an initial second recurrent order. And at the end, Generac is a great partner to have. They have almost 9,000 installers nationwide. And the idea is that many of them take advantage of our products and our products become part of their ecosystem.

謝謝你，亞歷克。因此，我理解問題在於——哪些是我們 AC 成長的主要動力。因此，顯然，就在美國，我們已經宣布了所有這些偉大的戰略協議，現在開始創造大量價值。我們談到了 Free2Move 交易，該交易是 Stellantis 集團的一部分。隨著汽車製造商的不斷增長，我們透過這些計劃獲得了優勢，因為最終，汽車製造商的電動車銷售和我們擁有的這些產品之間存在著巨大的投資。我們和 Stellantis 有這個專案。我們與日產有這個計劃，也是 Generac 協議，我們昨天擴大了。因此，我們在今年稍早與他們達成了一項協議，並已在北美引進了數千台空調機組，作為最初的第二個經常性訂單。最後，Generac 是一個很好的合作夥伴。他們在全國擁有近 9,000 名安裝人員。我們的想法是，他們中的許多人都利用我們的產品，而我們的產品成為他們生態系統的一部分。

So right now in North America, the huge expansion in our AC sales come from strategic agreements. Also, there's an additional thing, which is the expansion of our product portfolio. We used to have Pulsar Plus in North America, but now also, additionally, we have Pulsar Pro. And this is a commercial product. It's more focused on parkings, companies. So, we have a product that attacks a different segment in the North American market. And finally, we are really happy with our team and how well everyone is performing.

所以現在在北美，我們的空調銷售的巨大成長來自於戰略協議。另外，還有一件事，就是我們產品組合的擴展。我們曾經在北美擁有 Pulsar Plus，但現在我們還擁有 Pulsar Pro。這是一個商業產品。它更關注停車場、公司。因此，我們有一款產品可以攻擊北美市場的不同細分市場。最後，我們對我們的團隊以及每個人的表現感到非常滿意。

If we go to Europe, ABL, when we acquired the company last year, apart from bringing strength in a key market, which is Germany, to give you an idea, now, Germany is our second biggest country in the world after North America. More important than that, we -- it brought a new product, which is the eM4, that now we are selling in all Wallbox channels in Europe. And at the end, we have done this integration, it's going very well, the integration, and we can sell all these products everywhere. So, at the end, it brings additional products we can sell in the European market.

如果我們去歐洲，ABL，去年我們收購這家公司的時候，除了為一個關鍵市場德國帶來力量之外，給大家一個想法，現在德國是我們僅次於北美的全球第二大國家。更重要的是，我們帶來了一款新產品，即 eM4，現在我們在歐洲的所有 Wallbox 通路銷售。最後，我們完成了整合，整合進展順利，我們可以在任何地方銷售所有這些產品。因此，最終，它帶來了我們可以在歐洲市場銷售的更多產品。

Great. Thank you. And then, just as a follow-up to that, just -- you made some reference to the solid margin progression you made. I was just curious, from a mix standpoint, how you're thinking about how margins on the DC side kind of shape up in the back half of the year with the integration of the 180 and the new 220 Supernova?

偉大的。謝謝。然後，作為後續行動，您提到了您所取得的穩健的利潤成長。我只是很好奇，從混合的角度來看，隨著 180 和新 220 Supernova 的整合，今年下半年 DC 方面的利潤會如何形成？

We see a lot of potential of improvement. We are very comfortable the way our DC margin is improving. We are already in the third generation of our Supernova products, and they are very cost-optimized, and we are still seeing lots of opportunities to improve the margin. So our goal is to get them closer to the 50s, the DC fast-charging margins, from the close to high 40s it is today. When we look at AC, there's a mix here because, as you've seen, we are reducing our inventory. So our focus for AC products, where we have EUR84 million in total of inventories, to reduce the inventory, so, we cannot really, in some of those models, optimize gross margin -- the margin as we would like. But for the new models, like Pulsar Pro, Pulsar Max, margins are also quite high. So, taking advantage of the reduction of inventory, and in the process where we don't have inventory, we already have strong margins. We also see an improvement above the 40% as we go into the next year.

我們看到了很大的改進潛力。我們對 DC 利潤率的改善感到非常滿意。我們已經推出了第三代 Supernova 產品，它們的成本非常優化，我們仍然看到許多提高利潤的機會。因此，我們的目標是讓它們更接近 50 年代，即直流快速充電利潤率，從目前接近 40 年代的水平。當我們看 AC 時，這裡有一個混合，因為正如您所看到的，我們正在減少庫存。因此，我們專注於空調產品，我們的庫存總額為 8400 萬歐元，以減少庫存，因此，在其中一些型號中，我們實際上無法優化毛利率 - 我們希望的利潤率。但對於 Pulsar Pro、Pulsar Max 等新型號來說，利潤率也相當高。所以，利用庫存的減少，在我們沒有庫存的過程中，我們已經擁有了強大的利潤率。進入明年，我們也看到了 40% 以上的改善。

And finally, ABL, there's a lot of synergies. And taking advantage of the vertical integration of Wallbox, we have the RS in our group, which is an electronics PCB manufacturer in our group. So, these are things that we are sharing, our vertical integration, we are sharing strategic sourcing. So, all these synergies, these are programs that are in place, and we expect to start seeing them as we start the next year.

最後，ABL，有很多協同效應。並且利用Wallbox的垂直整合優勢，我們集團內有RS，它是我們集團內的電子PCB製造商。所以，這些是我們正在共享的東西，我們的垂直整​​合，我們正在共享策略採購。因此，所有這些協同效應，這些都是已經到位的計劃，我們預計在明年開始時就會開始看到它們。

Great. Thanks for the color and I'll turn it back.

偉大的。謝謝你的顏色，我會把它轉回來。

Adam, do we have any additional questions?

亞當，我們還有其他問題嗎？

(Operator Instructions) No further questions.

（操作員說明）沒有更多問題。

Okay. Then I would like to thank you all for joining us today. We hope you found today's call good use of your time. Let us know if we can help you in any way.

好的。那我要感謝大家今天加入我們。我們希望您認為今天的電話會議充分利用了您的時間。如果我們可以以任何方式幫助您，請告訴我們。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的出席。現在您可以斷開線路。