Wallbox NV (WBX) 2024 Q3 法說會逐字稿

Hello, everyone, and welcome to Wallbox's third-quarter 2024 earnings conference call and webcast. My name is Charlie, and I will be coordinating today's call. (Operator Instructions)

大家好，歡迎參加 Wallbox 2024 年第三季財報電話會議和網路廣播。我叫查理，我將協調今天的電話會議。（操作員說明）

I'd now like to turn the call over to Michael Wilhelm from Wallbox. Michael, please go ahead.

我現在想將電話轉給 Wallbox 的 Michael Wilhelm。邁克爾，請繼續。

Thank you, Charlie, and good morning and good afternoon to everyone listening in. Thank you for joining today's webcast to discuss Wallbox's third-quarter 2024 results. This event is being broadcast over the web and can be accessed from the Investors section of our website at investors.wallbox.com. I'm joined today by Enric Asuncion, Wallbox's CEO; and Luis Boada, Wallbox's CFO. Earlier today, we issued a press release announcing results from the third quarter ended September 30, 2024, which can also be found on our website.

謝謝你，查理，祝所有聽眾早安和下午好。感謝您參加今天的網路廣播，討論 Wallbox 2024 年第三季的業績。活動正在網路上直播，您可以從我們網站的投資者部分訪問：investors.wallbox.com。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，我們發布了一份新聞稿，公佈了截至 2024 年 9 月 30 日的第三季業績，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 the annual report on Form 20-F for the fiscal year ended December 31, 2023, filed on 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。可能影響業績的風險因素詳見該公司最近向 SEC 公開提交的文件，包括於 2024 年 3 月 21 日提交的截至 2023 年 12 月 31 日的財政年度的 20-F 表格年度報告。

We will be presenting on other financial statements in IFRS format that reflects 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. 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其他財務報表，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，這些指標的調節表包含在我們網站投資者部分發布的簡報中。此外，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。這樣您今天就可以更輕鬆地跟隨我們。

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 discuss the highlights of the third-quarter 2024, I would like to take the time to put in perspective where Wallbox is today in light of the current EV market sentiment especially in Europe. Year to date up until the end of the third quarter, we had revenue of EUR126 million which reflects a 26% growth compared to the same timeframe last year. If we look at the EV market in the main regions we operate in Europe, North America, and rest of world, which are all countries excluding China, we have outgrown the market significantly as the EV market year to date only grew 3% year over year.

謝謝邁克爾，也謝謝大家今天加入我們。在我們討論 2024 年第三季的亮點之前，我想花點時間根據當前的電動車市場情緒（尤其是歐洲的電動車市場情緒）來了解一下 Wallbox 目前的狀況。今年截至第三季末，我們的營收為 1.26 億歐元，與去年同期相比成長了 26%。如果我們看看我們在歐洲、北美和世界其他地區（不包括中國）運營的主要地區的電動汽車市場，我們的增長速度已經遠遠超過了該市場，因為電動汽車市場今年迄今僅同比增長了3 %年。

In the same period, we have reduced labor cost and OpEx by 14% and CapEx spending by 48%, even after incorporating ABL, clearly reflecting how we are improving our efficiency while continuing to grow and develop our products. We are a global leader in electric vehicle charging and energy management solutions.

在同一時期，即使在合併 ABL 後，我們仍將勞動成本和營運支出降低了 14%，資本支出降低了 48%，這清楚地反映了我們如何在繼續發展和開發產品的同時提高效率。我們是電動車充電和能源管理解決方案的全球領導者。

We have sold over 1 million chargers in more than 100 countries, and we believe that we continue to play a key role in the transition towards electric mobility. It is clear that this transition is happening, but that it is going through a much lower cycle towards mass adoption, and this is impacting the entire industry including our competitors. We continue to work hard in adapting to the continuous changing factors ranging from regulations, subsidies, new technologies, the EV market, customer preference, product requirements, the macro environment, and more.

我們已在 100 多個國家/地區銷售了超過 100 萬個充電器，我們相信我們將繼續在向電動車轉型的過程中發揮關鍵作用。很明顯，這種轉變正在發生，但它正在經歷一個低得多的周期才能大規模採用，這正在影響整個行業，包括我們的競爭對手。我們持續努力適應不斷變化的因素，包括法規、補貼、新技術、電動車市場、客戶偏好、產品要求、宏觀環境等。

This volatility on our way to become leaders of a more mature industry is a fact that impact our results. We already have been doing a lot in the last two years, but I would like to share with you key initiatives we are working on to remain agile against this market backdrop and how we plan to size. First, we have adjusted our organizational structure to be business unit driven. The core business units are common business and fast charging including solar solutions and manufacturing.

我們成為更成熟行業領導者的道路上的這種波動是影響我們業績的事實。過去兩年我們已經做了很多事情，但我想與您分享我們正在採取的關鍵舉措，以在這一市場背景下保持敏捷性，以及我們計劃如何擴大規模。首先，我們調整了組織架構，以事業部為導向。核心業務部門是通用業務和快速充電業務，包括太陽能解決方案和製造。

Each business unit has different types of customers, requires different kinds of support, and has different sales cycles. With this new structure, we create a more effective approach to each segment we operate in, allowing us to unlock the full potential of our solutions, shape a more focused customer experience aligning resources more efficiently, and solidify our path to profitability. Second, we continue to optimize the organization according to the current market environment as we look to 2025. This means creating visibility on the topline scheme, and we have been improving this by doing detailed analysis of our sell-in versus sell-out data, speaking with our key customers and strengthening our pipeline.

每個業務部門都有不同類型的客戶，需要不同類型的支持，並且有不同的銷售週期。透過這種新結構，我們為我們營運的每個細分市場創建了一種更有效的方法，使我們能夠釋放解決方案的全部潛力，塑造更專注的客戶體驗，更有效地調整資源，並鞏固我們的獲利之路。第二，展望2025年，我們根據當前市場環境，持續優化組織。這意味著要提高營收計畫的可見性，我們一直在透過詳細分析我們的售入與售出數據、與我們的主要客戶交談並加強我們的管道來改進這一點。

Based on this demand, we are matching the cost base of the organization to support our path to profitability and cash generation. The aforementioned business unit structure will play an important role here where dedicated focus will help identify the best and most efficient way to serve a particular segment. Third, we have clear action plans to improve our gross margin across all of our product groups. Due to our efforts to increase visibility, I just mentioned, we believe we are in a better position to optimize our procurement process and manage our inventory levels.

根據這項需求，我們正在匹配組織的成本基礎，以支持我們實現盈利和現金生成的道路。上述業務部門結構將在這裡發揮重要作用，其中專注將有助於確定服務特定細分市場的最佳和最有效的方式。第三，我們有明確的行動計畫來提高所有產品組的毛利率。我剛才提到，由於我們努力提高可見性，我們相信我們能夠更好地優化採購流程和管理庫存水準。

There is a detailed bill of materials analysis ongoing to further identify cost reduction opportunities, and we are in the late stage of entering into strategic partnership agreements with industrial partners to improve our sourcing. Lastly, on top of the revenue we have visibility on, we have plans to further expand our sales with an improved commercial strategy and introduction of new products. As EV market is developing differently region by region, country by country, and segment by segment, we are realigning our commercial strategy to ensure we optimize our sales channels and best capitalize on the opportunities in the market.

我們正在進行詳細的物料清單分析，以進一步確定降低成本的機會，並且我們正處於與工業合作夥伴簽訂戰略合作夥伴協議以改善我們的採購的後期階段。最後，除了我們所能看到的收入之外，我們還計劃透過改進商業策略和推出新產品來進一步擴大我們的銷售。由於電動車市場在不同地區、不同國家、不同細分市場的發展各不相同，我們正在重新調整我們的商業策略，以確保我們優化我們的銷售管道並最好地利用市場機會。

Besides, we aim to drive revenue by continuously innovating our existing product portfolio and with the commercialization of new products. Example of new products that are expected to come into commercialization soon include the Quasar 2 and the Eichrecht certified Supernova 220. Both segments bidirectional charging and powering easy fast charging in Germany opened up new markets in which we didn't operate previously or only limitedly. In Germany alone, promotion projects more than 150,000 public DC chargers to be installed between 2025 and 2035.

此外，我們的目標是透過不斷創新現有產品組合和新產品的商業化來增加收入。預計即將投入商業化的新產品包括 Quasar 2 和 Eichrecht 認證的 Supernova 220。德國的雙向充電和簡易快速充電這兩個領域都開闢了我們以前沒有經營或僅有限經營的新市場。光是在德國，推廣計畫就預計在 2025 年至 2035 年間安裝超過 15 萬個公共直流充電器。

Now we will go into the highlights of the quarter and share our perspective on the market. Afterwards, Luis will offer a closer look at our financial results and our key financial metrics. And finally, I will be going to close the conversation and provide Q4 guidance. Q3 revenue was EUR34.7 million, up 7% year on year driven by strong AC sales in North America, but impacted by a softer market in Europe for all product categories and due to a one-off revenue charge of EUR1.6 million from a return related to historical bill and hold agreement with a specific customer.

現在我們將探討本季的亮點並分享我們對市場的看法。隨後，路易斯將仔細研究我們的財務表現和關鍵財務指標。最後，我將結束對話並提供第四季的指導。第三季營收為 3,470 萬歐元，年增 7%，這得益於北美 AC 銷售強勁，但受到歐洲所有產品類別市場疲軟的影響，以及一次性收入費用 160 萬歐元與歷史賬單相關的退貨以及與特定客戶的持有協議。

We are excited with our growth in North America. The European market growth was subdued to everyone's expectation, and this impacted our results. For European DC, we now see a similar trend as we previously saw in AC, where our CPO customers have been building up inventory as their focus has shifted from highly accelerated rollout towards profitability. In North America, the demand for a Supernova 108 in North America remains steady as we continue to ramp up sales efforts and add new partners.

我們對北美的成長感到興奮。歐洲市場的成長低於所有人的預期，這影響了我們的業績。對於歐洲 DC，我們現在看到了與先前在 AC 中看到的類似趨勢，我們的 CPO 客戶一直在建立庫存，因為他們的重點已從高度加速推出轉向盈利。在北美，隨著我們繼續加強銷售並增加新的合作夥伴，北美地區對 Supernova 108 的需求保持穩定。

As we are sorting from a smaller base in DC, than many of our competitors, we see ample opportunity to grow as we mature our position in the market. In total, during the third quarter, we delivered more than 38,000 AC units globally and 169 units of DC during the period. Gross margin was 23% in the third quarter, heavily impacted by one-off inventory provision as we continue to develop and improve our different product families, certain components become obsolete or much slower to sell.

由於我們在華盛頓特區的基地規模比許多競爭對手要小，因此隨著我們在市場中的地位不斷成熟，我們看到了充足的成長機會。總的來說，第三季我們在全球交付了超過 38,000 台交流機組和 169 台直流機組。第三季的毛利率為 23%，受到一次性庫存撥備的嚴重影響，因為我們繼續開發和改進不同的產品系列，某些組件變得過時或銷售速度慢得多。

So we choose to provision them, setting the business on the right footing for future success. It is important to highlight that this is not a cashout. Excluding this impact, the gross margin was higher and closer to historical results. We keep pushing for unmatched product quality and operational excellence to create gross margins in the range of 38% to 40%. Luis will provide more detail on gross margins shortly.

因此，我們選擇提供它們，為企業未來的成功奠定正確的基礎。需要強調的是，這不是套現。排除此影響，毛利率更高，更接近歷史結果。我們不斷追求無與倫比的產品品質和卓越運營，以創造 38% 至 40% 的毛利率。路易斯將很快提供有關毛利率的更多細節。

On a consolidated group level in Q3 2024, we saw a light year-over-year reduction in labor costs and OpEx to [percent] now, continuing the trend in cost reduction. Again, it is important to remember that we were able to achieve these core reductions despite ABL's contribution to our cost base. We see additional opportunities to review our cost base as we continue to optimize the operations across the group and leverage synergies.

在 2024 年第三季的綜合集團層面上，我們看到勞動成本和營運支出較去年同期略有下降，目前已降至 [%]，延續了成本降低的趨勢。再次強調，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核心削減。隨著我們繼續優化整個集團的營運並利用協同效應，我們看到了審查成本基礎的更多機會。

Third-quarter adjusted EBITDA loss landed at EUR21.8 million. This quarter dropped the improvement trend seen in the last quarter due to the inventory provision. We see these as a one-off quarter with a unique sales adjustment and inventory provision on our path in making the business profitable.

第三季調整後 EBITDA 虧損為 2,180 萬歐元。由於庫存撥備，本季回落了上季的改善趨勢。我們認為這是一個一次性的季度，我們在實現業務盈利的道路上進行了獨特的銷售調整和庫存配置。

For future quarters, we expect to resume top line and most importantly, significant margin accretion. There continues to be progress with new products, new commercial efforts, cost reduction, and gross margin improvements which are not yet reflected in the numbers we report today, but which we expect to benefit from in the near term. For the third-quarter 2024, Europe contributed EUR22.9 million of consolidated revenue or 66% of total revenue and grew modestly with 1% from the year-ago period. Compared to a 13% decline of the EV market in Europe, this was significantly better. North America continues to show strong progress with 45% year-over-year growth while the EV market in the region grew with 4% and contributed EUR9.7 million or 28% of total revenue.

對於未來幾個季度，我們預計將恢復營收，最重要的是，利潤率將顯著增加。新產品、新的商業努力、成本降低和毛利率提高仍在繼續取得進展，這些進展尚未反映在我們今天報告的數據中，但我們預計將在短期內受益。2024 年第三季度，歐洲貢獻了 2,290 萬歐元的綜合收入，佔總收入的 66%，較去年同期小幅成長 1%。與歐洲電動車市場 13% 的下滑相比，這要好得多。北美持續表現強勁，年增 45%，而該地區的電動車市場成長 4%，貢獻 970 萬歐元，佔總收入的 28%。

We are excited to see our progress in this region and how we are leveraging our complete portfolio in home, business, and fast charging, which we now have in place. APAC contributed EUR1.2 million or 4%, and LatAm was approximately EUR800,000 or 2%. We see clearly an increase in relative exposure to the US versus euro, as we further diversify our unique and global geographical footprint.

我們很高興看到我們在該地區取得的進展，以及我們如何利用我們現在在家庭、商業和快速充電方面的完整產品組合。亞太地區貢獻了 120 萬歐元或 4%，拉丁美洲貢獻了約 80 萬歐元或 2%。隨著我們進一步多元化我們獨特的全球地理足跡，我們清楚地看到美國相對於歐元的相對敞口增加。

AC sales of EUR23.7 million, including ABL, represented approximately 68% of our global consolidated revenue. The AC portfolio remains the most important revenue weight category for Wallbox containing both the home and business segment. We start at home, and we continue to leverage our strong position in this segment as announced partnerships are starting to pay off. One exciting new partnership is with Engie as Wallbox has been chosen as the only recharger provider for their new EV charging offer by smart charge. In France, there is a specific regulation where chargers require an integrated connector without a cable, and this makes Wallbox Pulsar Plus charger, the perfect solution for our partners.

AC 銷售額為 2,370 萬歐元（包括 ABL），約占我們全球合併收入的 68%。AC 產品組合仍然是 Wallbox 最重要的收入權重類別，包含家庭和商業領域。我們從國內起步，隨著宣布的合作關係開始獲得回報，我們將繼續利用我們在這一領域的強大地位。令人興奮的新合作夥伴關係是與 Engie 的合作，因為 Wallbox 被選為唯一的充電器供應商，為其新的電動車充電服務提供智慧充電服務。在法國，有一項具體規定，充電器需要沒有電纜的整合連接器，這使得 Wallbox Pulsar Plus 充電器成為我們合作夥伴的完美解決方案。

This is another example of how our broad product portfolio is allowing us to capture opportunities in different markets. In parallel, Wallbox is making quick ground in the business segment with the eM4 and Pulsar Pro. We are signing up new distributors and leveraging existing partners with the aim to optimize the cross-selling opportunities in our sales network. DC sales were EUR4.4 million representing 13% of the revenue in the third quarter and was impacted by an expected order delay by a customer due to excess inventories.

這是我們廣泛的產品組合如何幫助我們抓住不同市場機會的另一個例子。同時，Wallbox 憑藉 eM4 和 Pulsar Pro 在商業領域迅速取得進展。我們正在簽署新的經銷商並利用現有的合作夥伴，旨在優化我們銷售網路中的交叉銷售機會。DC 銷售額為 440 萬歐元，佔第三季營收的 13%，受到客戶因庫存過多而預期訂單延遲的影響。

In the DC segment, the sales cycles are longer, and the core can create volatility between strong quarters and slower quarters. As I said, we do see the charge point operators are currently focused on profitability and network utilization much more than expanding the network by reach or report deployed. This means that charge point operators are working through existing charging inventories and ordering less frequently. However, we continue seeking out new customers and further expand our customer base in operations.

在 DC 領域，銷售週期較長，核心可能會在強勁季度和較慢季度之間產生波動。正如我所說，我們確實看到充電點運營商目前更關注盈利能力和網路利用率，而不是透過覆蓋範圍或報告部署來擴展網路。這意味著充電點營運商正在處理現有的充電庫存並減少訂購頻率。然而，我們繼續尋找新客戶並進一步擴大我們的營運客戶群。

Software services and others contributed EUR6.6 million for the third quarter representing 19% of our total revenue. These activities continue to be solid compared to last quarter with Electromaps, our public software activities showing 55% quarter-over-quarter growth. If we exclude the inventory provision impact mentioned before, the gross margin on a product level was solid. We also see opportunities improve as we introduce new cost-out versions of our products.

軟體服務和其他服務第三季貢獻了 660 萬歐元，占我們總收入的 19%。與上季相比，這些活動在 Electromaps 方面繼續保持穩健，我們的公共軟體活動顯示季增 55%。如果我們排除前面提到的庫存撥備影響，產品層面的毛利率是穩健的。隨著我們推出新的產品成本優化版本，我們也看到了機會的改善。

With the focus on quality, reducing our bonds cost, and leveraging our strategic partners to improve our procurement process, we see upside to the 38%, 40% gross margin target in the future. We believe this improvement will be accentuated further when the market demands larger volumes.

透過注重品質、降低債券成本並利用策略夥伴改善採購流程，我們認為未來毛利率目標有可能達到 38%、40%。我們相信，當市場需求更大的時候，這種改善將會進一步加劇。

Last earnings call, we mentioned that we remain positive on our long-term growth and the future potential of the EV market, which we continue to do so. However, it is clear that the transition to EVs will take longer than everyone expected and that current growth is slowing. As reported by a motion in the third quarter, there were 1.47 million EVs sold in our core markets, which are North America, Europe, and rest of the world. If we will compare with the same period last year, this represents a 2% decrease in those markets combined.

在上次財報電話會議上，我們提到我們對電動車市場的長期成長和未來潛力保持樂觀，並將繼續這樣做。然而，很明顯，向電動車的過渡將比所有人預期的時間更長，目前的成長正在放緩。根據第三季的一項動議，我們的核心市場（北美、歐洲和世界其他地區）售出了 147 萬輛電動車。如果我們與去年同期相比，這意味著這些市場的總和下降了 2%。

Our long-term view on EV transition and the -- which remains solid, and we are more optimistic as we enter into 2025. Hundreds of billions have been invested by car manufacturers. New more affordable EV models are being introduced. Charging infrastructure continues to install and in the EU new regulation come into effect. We have a diversified position, both geographically and commercially, making us less vulnerable to local or region volatility.

我們對電動車轉型的長期看法仍然堅定，隨著進入 2025 年，我們更加樂觀。汽車製造商已投資數千億美元。更實惠的新電動車型正在推出。充電基礎設施繼續安裝，歐盟新法規生效。我們在地理和商業上都擁有多元化的地位，這使我們不易受到當地或地區波動的影響。

At the same time, we see that competition without a similar diversified position and scale just slightly, increasing our market share and creating more opportunities for us.

同時，我們看到沒有類似多元化地位和規模的競爭略有增加，增加了我們的市場份額，並為我們創造了更多機會。

We believe that we are only at the beginning of the adoption curve. And in the meantime, we will continue to focus on what we can control. There are few headwinds in the industry, but we are focused on maximizing our growth and achieving long-term profitability.

我們相信我們僅處於採用曲線的開始階段。同時，我們將繼續專注於我們可以控制的事情。該行業幾乎沒有任何阻力，但我們專注於最大化成長並實現長期盈利。

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. Our third-quarter results are not as we expected but have also been impacted by unique factors. The revenue for the quarter generated was EUR34.7 million, representing a 7% year-over-year growth. We continue to grow in North America and other selected markets, but we saw this growth offset by a softer market in Europe in both AC and DC. Besides the aforementioned, we have recorded a one-off revenue charge of EUR1.6 million due to a return with one specific customer.

謝謝你，安瑞克。大家早安，下午好。我們第三季的業績沒有達到我們的預期，但也受到了獨特因素的影響。該季度的營收為 3,470 萬歐元，年增 7%。我們在北美和其他選定市場繼續成長，但我們看到這種成長被歐洲交流和直流市場的疲軟所抵消。除此之外，我們還因一位特定客戶的退貨而記錄了 160 萬歐元的一次性收入費用。

Absent this impact, we would have had double-digit growth year over year. With 23%, the gross margin is lower than expected. This has to do with the provision Enric talked about before, which we decided to introduce after a careful review of our inventory. We keep developing and improving our products to match new requirements and service new charging segments.

如果沒有這種影響，我們的年成長率將會達到兩位數。毛利率為23%，低於預期。這與安瑞科之前談到的條款有關，我們在仔細審查我們的庫存後決定引入該條款。我們不斷開發和改進我們的產品，以滿足新的要求並服務新的充電領域。

As a result, some components acquired at the peak of the supply chain shortage post COVID era, are at risk of not being used in the new versions of our products. The additional inventory provision amount for the quarter is EUR4 million. This is not a cash out nor a write-off yet. We see an opportunity to sell some of these components and recoup part of the initial investment.

因此，在新冠疫情時代後供應鏈短缺高峰期採購的一些組件可能無法在我們的新版本產品中使用。本季額外庫存撥備金額為 400 萬歐元。這還不是現金支出或沖銷。我們看到了出售其中一些組件並收回部分初始投資的機會。

We do not expect material excess and obsolete provisions in quarters to come following a careful inventory review. As already highlighted by Enric, if we excluded this additional provision, the gross margin would have been closer to our target range. Q3 labor costs and OpEx were down 2% year on year. Costs are decreasing despite the ABL acquisition, which joined Wallbox perimeter in Q4 of 2023.

我們預計，經過仔細的庫存審查後，未來幾季不會出現實質過剩和過時的準備金。正如安瑞科已經強調的那樣，如果我們排除這項額外撥備，毛利率將更接近我們的目標範圍。第三季勞動成本和營運支出較去年同期下降 2%。儘管 ABL 於 2023 年第四季收購並加入 Wallbox Perimeter，但成本仍在下降。

Consolidated adjusted EBITDA loss for the quarter was EUR21.8 million. Absent of the aforementioned provision, we would have sustained the general sequential adjusted EBITDA improvement as the core gross margins remain intact, and we continue to reduce cost. Profitability and cash generation remain our top priorities.

本季合併調整後 EBITDA 虧損為 2,180 萬歐元。如果沒有上述規定，由於核心毛利率保持不變，並且我們繼續降低成本，我們將維持整體連續調整後 EBITDA 的改善。獲利和現金產生仍然是我們的首要任務。

We ended the quarter with approximately EUR71 million of cash, cash equivalents, and financial instruments. Long-term debt was approximately EUR84 million at the end of the quarter. The last few years, we have been investing in making ourselves future proof. We have a complete product portfolio to cover markets globally and state-of-the-art manufacturing facilities with plentiful capacity.

截至本季末，我們擁有約 7,100 萬歐元的現金、現金等價物和金融工具。截至本季末，長期債務約 8,400 萬歐元。過去幾年，我們一直在投資，讓自己能夠面向未來。我們擁有涵蓋全球市場的完整產品組合和產能充足的最先進的製造設施。

Considering our existing capabilities to facilitate future growth, CapEx excluding capitalized R&D, was again purposely very light with EUR1.7 million spent in the third quarter. This represents a 60% decrease compared to the same period last year. In Q3, approximately EUR340,000 was spent on property, plant and equipment.

考慮到我們促進未來成長的現有能力，不包括資本化研發的資本支出再次刻意減少，第三季支出為 170 萬歐元。這與去年同期相比下降了 60%。第三季度，約 34 萬歐元用於不動產、廠房和設備。

We are expecting less than EUR10 million of investment for the full year. We continue to reduce our inventory and our goal is to continue bringing inventory down in quarters to come. This quarter was significantly impacted by inventory provision discussed earlier. Inventory totaled EUR76.5 million, which is a 10% reduction sequentially.

我們預計全年投資額將低於 1,000 萬歐元。我們繼續減少庫存，我們的目標是在未來幾季繼續降低庫存。本季受到前面討論的庫存撥備的顯著影響。庫存總計 7,650 萬歐元，比上一季減少 10%。

With all the efforts we talked about today, we set Wallbox for success and in a strong position despite the market backdrop. The goal is to align the cost structure to the current demand, and we can do that from a position of strength with sufficient cash balance. As part of the continuous optimization efforts, it is key we focus on our core activities, and therefore, we are also reviewing strategic alternatives of non-core assets to conserve cash. As CFO, I’m 100% focused on getting the company to profitability and cash generation as soon as possible.

透過我們今天討論的所有努力，我們使 Wallbox 取得了成功，並在市場背景下處於有利地位。我們的目標是使成本結構與當前需求保持一致，我們可以憑藉擁有足夠現金餘額的實力來實現這一目標。作為持續優化工作的一部分，我們專注於核心活動是關鍵，因此，我們也在審查非核心資產的策略替代方案以節省現金。身為財務官，我 100% 專注於讓公司盡快獲利並產生現金。

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

Enric，我會將其轉回給您並提供一些結束評論。

Thank you, Luis. Before I share with you my closing thoughts and our expectations for the fourth quarter, early today, we announced the resignation of Anders Petterson as Non-Executive Chairman of the Board of Directors and the appointment of Beatriz Gonzalez as his replacement. We would like to thank Anders for all his contributions and congratulate Beatriz with her new role.

謝謝你，路易斯。在我與大家分享我的結束語和我們對第四季度的期望之前，今天早些時候，我們宣布安德斯·佩特森(Anders Petterson) 辭去董事會非執行主席職務，並任命貝阿特麗斯·岡薩雷斯(Beatriz Gonzalez) 接替他。我們要感謝安德斯的所有貢獻，並祝賀比阿特麗斯擔任新職位。

Now, I would like to leave you with the following: it is clear that the current EV market is volatile and that this is impacting our performance. We understand that in these times, visibility on the longevity of the company is key. For that reason, we shared with you today the key initiatives allowing us to continue building out our leadership position in a sustainable way. We have been educating here strategic initiatives in the past quarter, which include expanding into new countries and segments, securing new strategic partnerships, reducing cost and strengthening our balance sheet.

現在，我想向您傳達以下訊息：很明顯，當前的電動車市場波動很大，這正在影響我們的表現。我們知道，在這個時代，公司壽命的可見性是關鍵。因此，我們今天與您分享了一些關鍵舉措，使我們能夠繼續以可持續的方式鞏固我們的領導地位。過去一個季度，我們一直在這裡宣傳戰略舉措，其中包括擴展到新的國家和細分市場、建立新的戰略夥伴關係、降低成本和加強我們的資產負債表。

As part of our initial efforts, we are now adjusting the organizational structure into a business unit-driven model to better align resources with our product portfolio, improving visibility on the top line growth, identifying opportunities to expand gross margins, and continue to drive sales. The main objective is to match the cost structure with the current demand to drive our path to profitability and cash generation.

作為我們最初努力的一部分，我們現在正在將組織結構調整為業務部門驅動的模式，以更好地將資源與我們的產品組合相結合，提高營收成長的可見性，尋找擴大毛利率的機會，並繼續推動銷售。主要目標是將成本結構與當前需求相匹配，以推動我們實現盈利和現金生成。

We are in a multi-decade transition, and we are laying the foundation right now. We are executing well. We have a leading position, and we are building a company that is being set up for success.

我們正處於一個長達數十年的轉型期，我們現在正在奠定基礎。我們執行得很好。我們處於領先地位，我們正在建立一家正在走向成功的公司。

From that perspective, we want to provide guidance on what we expect for the fourth quarter. Revenue in the EUR40 million to EUR45 million range, representing an approximate year-over-year growth rate between 23% and 38%. Gross margin back into the 38% to 40% range. Combined with continued improvement in costs, expecting negative adjusted EBITDA between EUR7 million and EUR10 million.

從這個角度來看，我們希望就第四季度的預期提供指引。營收在 4,000 萬歐元至 4,500 萬歐元之間，年成長率約為 23% 至 38%。毛利率重新回到38%至40%的區間。加上成本的持續改善，預計調整後的 EBITDA 為負數在 700 萬歐元至 1000 萬歐元之間。

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

至此，我們準備好回答分析師的問題了。

(Operator Instructions)

（操作員說明）

George Gianarikas, Canaccord Genuity.

喬治‧賈納里卡斯 (George Gianarikas)，Canaccord Genuity。

I'd just like to start from a -- I know visibility is fairly limited, and you've articulated measures through what you plan to reorganize and cut costs. But I'd just like -- if you could help us understand a little bit of when you hope to get back to sort of -- or get to EBITDA flat to positive situation. And if you could tie that in with your plans around strengthening the balance sheet to give the company runway to capture the future growth in electric vehicles?

我只想從——我知道可見性相當有限，而您已經通過計劃重組和削減成本闡明了措施。但我只是想——如果你能幫助我們了解你希望什麼時候恢復到某種程度——或者讓 EBITDA 持平到積極的情況。您是否可以將其與加強資產負債表的計劃結合起來，為公司提供抓住電動車未來成長的機會？

This is Enric. So I think the key and what we are trying to achieve, and as I said before, now it's obviously the profitability and the cash generation. And I think the good news is that we are growing in key markets like North America, where we are growing 45% year over year. But other markets like Europe, we see a market that is very volatile.

這是安瑞克。所以我認為關鍵和我們正在努力實現的目標，正如我之前所說，現在顯然是盈利能力和現金生成。我認為好消息是我們在北美等關鍵市場的成長，年增 45%。但在歐洲等其他市場，我們看到市場非常不穩定。

And last quarter, we saw a 13% decrease on the EV market. Despite that, we were able to grow, which I think it's very important. And it shows that we are constantly increasing the market share, which at the end, it's what we want now in this moment is when we want to increase the market share.

上個季度，我們看到電動車市場下降了 13%。儘管如此，我們還是能夠成長，我認為這非常重要。這表明我們正在不斷增加市場份額，最終，這就是我們此時此刻想要增加市場份額的時候。

Our approach now is instead of thinking that we will catch up with revenue, which we believe that the revenue will grow, and we will be able to continue capturing more market and more growth at the end. Any time that a company in our competition struggles, it's more market we get. It's more sales we get.

我們現在的做法不是認為我們會趕上收入，我們相信收入會成長，最終我們將能夠繼續佔領更多的市場和更多的成長。每當一家公司在我們的競爭中陷入困境時，我們就會獲得更多的市場。我們獲得了更多的銷售額。

So I think even if the market is not growing as expected, we still have opportunities to continue capturing more markets here and grow sales. But our approach by now it's -- okay, we have to adapt our structure to the revenue we are seeing now for the next quarter which is this 40 to 45. And with this historical revenue we've been having, obviously, we see an upside obviously because we see the opportunities to grow. But that's the key.

因此，我認為即使市場沒有如預期成長，我們仍然有機會繼續佔領更多市場並增加銷售。但我們現在的方法是——好吧，我們必須調整我們的結構以適應我們現在看到的下個季度的收入，即 40 到 45。顯然，憑藉我們一直以來的歷史收入，我們看到了明顯的上升空間，因為我們看到了成長的機會。但這是關鍵。

At the end, we will be profitable at the moment we achieve this -- we adapt to these levels. So maybe as a data point, we provided already at Q4, which we are doing huge steps towards profitability. We're improving 50% versus Q2, the EBITDA in the best part of the range. But one thing is very important is 2025 as a year has to be a profitable year, and that's what we expect.

最終，當我們實現這一目標時，我們就會獲利——我們適應這些水準。因此，也許作為一個數據點，我們已經在第四季度提供了，我們正在朝著盈利能力邁出巨大的一步。與第二季相比，我們的 EBITDA 提高了 50%，這是該範圍內最好的部分。但有一點非常重要，2025 年必須是獲利的一年，這就是我們的期望。

We expect a positive EBITDA year. And and that's the best I can give you. It should not take us more than two, three quarters to get the company into the cost structure given the current revenue. And as I said, we see upsides in revenue. But right now, we want to take an approach where seeing that the market is very volatile and some -- we are able to capture the market that is growing, but we want to make sure we are committing to something given the volatility of the market that we can achieve.

我們預計今年將實現正 EBITDA。這就是我能給你的最好的。考慮到目前的收入，我們應該不會超過兩三個季度就能讓公司進入成本結構。正如我所說，我們看到了收入的上升。但現在，我們希望採取一種方法，看到市場非常不穩定，而且我們能夠抓住正在成長的市場，但考慮到市場的波動性，我們希望確保我們做出一些承諾我們可以實現的。

I think you mentioned that there may be some inventory on the DC side. But what about AC, I mean that has been a pesky issue that you've had for several quarters. Is there still inventory in your opinion in the European theater? And I think that in the US market, you're growing inventory through your Generac channel. So it's a bunch of questions, but am I accurate? Is there any inventory left in Europe?

我想你提到DC方面可能有一些庫存。但是 AC 呢？ 我的意思是，這一直是一個令人討厭的問題，已經存在了幾個季度了。您認為歐洲戰區還有庫存嗎？我認為在美國市場，您正在透過 Generac 管道增加庫存。所以這是一堆問題，但我準確嗎？歐洲還有庫存嗎？

No, I don't think so. I don't think in AC, there's an inventory issue right now. And the clear proof of that is that we are overperforming in every country and segment the EV market growth. So not only we are not -- we see that data in the selling sell-out data, but there's no inventory challenge. Obviously, we are in the North America increasing with new customers and new partners.

不，我不這麼認為。我認為 AC 目前不存在庫存問題。明確的證據是，我們在每個國家都表現出色，並細分了電動車市場的成長。因此，我們不僅沒有——我們在銷售數據中看到了這些數據，而且不存在庫存挑戰。顯然，我們在北美的新客戶和新合作夥伴不斷增加。

And as you say -- it's a new partner. We are seeing very nice sellout from Generac, but they also have been selling to their dealers, and that creates some inventory in their dealers. But Generac is also making sure they don't have too much inventory. To give you an idea of the success of this deal, Generac has become in two quarters our top five customer in North America and one of the top in the world. And I think this is a great data point of how this is working.

正如你所說——這是一個新的合作夥伴。我們看到 Generac 的銷售情況非常好，但他們也一直在向經銷商銷售產品，這在經銷商中產生了一些庫存。但 Generac 也確保他們沒有太多庫存。為了讓您了解這筆交易的成功，Generac 在兩個季度內已成為我們在北美的前五名客戶和全球最大的客戶之一。我認為這是一個很好的數據點，說明它是如何運作的。

Every quarter, we are seeing orders, and we are adding more products in our portfolio. And as I also say in the script, we see not only opportunities to increase sales with these partnerships we are doing but also to reduce costs. We have some key strategic partners, not only Generac, other big OEM customers we have, where we can leverage their purchasing power to improve our costs and improve our margins at the end.

每個季度我們都會收到訂單，並且我們會在產品組合中添加更多產品。正如我在腳本中所說，我們不僅看到了透過我們正在進行的這些合作夥伴關係增加銷售額的機會，而且還看到了降低成本的機會。我們有一些關鍵的策略夥伴，不僅是 Generac，還有我們擁有的其他大型 OEM 客戶，我們可以利用他們的購買力來降低我們的成本，最終提高我們的利潤。

So as the industry is becoming more mature, our relationship with our partners are becoming more mature, are becoming -- we have bigger volumes obviously but also more ways we can have synergies and support each other and a clear success of that is being able to expect to continue improve our gross margin and the growth we are seeing in North America.

因此，隨著行業變得越來越成熟，我們與合作夥伴的關係也變得越來越成熟，我們的銷量顯然更大，但我們也有更多方式可以發揮協同作用並相互支持，而這一點的明顯成功是能夠期望繼續提高我們的毛利率和我們在北美看到的成長。

Ben Kallo, Baird.

本卡洛，貝爾德。

Just maybe following up on George's question. Could you guys just maybe taking a step back, just talk about expectations on EV sales across different regions you guys have internally for next year and then maybe '26 and anything that you see that could reignite demand for EVs? And then I have a couple of follow-ups.

也許只是跟進喬治的問題。你們能否退後一步，談談你們內部對明年、然後可能是 26 年不同地區電動車銷售的預期，以及你認為可能重新點燃電動車需求的任何事情？然後我有一些後續行動。

Maybe, Michael, you want to -- So when we look at -- well, then, thank you for the question. So this is Enric. When we look at the different sources in the different markets, we expect a growth everywhere in North America and in Europe. In Europe, we expect it to be fueled by new regulations on emissions for the fleet.

也許，邁克爾，你想——所以當我們看到——那麼，謝謝你提出的問題。這就是安瑞克。當我們審視不同市場的不同來源時，我們預期北美和歐洲各地都會成長。在歐洲，我們預計新的車隊排放法規將推動這一趨勢。

I know there's a lot of noise right now if this relations will come or not come or these fines will come to come. We believe it will come no matter what. Maybe the fines or the cost is going to be softer in our opinion.

我知道現在有很多噪音，無論這種關係是否會到來，或者這些罰款是否會到來。我們相信，無論如何，它都會到來。我們認為罰款或成本可能會更寬鬆。

But no matter what, we are seeing car manufacturers in Europe preparing for that. So we've seen a delay on the push for sales for EV at the end of this year. I'm expecting a stronger first half of next year because at the end, what matters is the EV sales you make during 2025 to achieve this regulation. So that is one of the reasons. We also expect a strong second -- first half of the next year because some car manufacturers, if they could choose will prefer to sell EVs in January instead than in December to achieve these regulations. So that's one thing that we see positive for the next year.

但無論如何，我們看到歐洲的汽車製造商正在為此做好準備。因此，我們看到今年年底電動車銷售的推動有所延遲。我預計明年上半年會更強勁，因為最終，重要的是 2025 年期間實現這項規定的電動車銷售。這就是原因之一。我們也預計明年下半年將表現強勁，因為一些汽車製造商如果可以選擇，將更願意在 1 月而不是 12 月銷售電動車，以實現這些規定。所以這是我們明年看到的積極的事情。

And North America, there's a lot of new models coming, which we believe also will impact. So our opinion, we can maybe share later, but we think we can be above the 10% to 15% growth for EV market. But the way we are building our organization and our guidance and everything, we are considering a flat market. And we are making our company to make sure it's profitable in a flat market. Why we are doing that? Because we believe that's the way we can be quickly profitable.

在北美，有許多新車型即將推出，我們相信這也會產生影響。所以我們的觀點，我們也許可以稍後分享，但我們認為我們可以實現電動車市場 10% 到 15% 的成長。但我們建構組織、指導和一切的方式，我們正在考慮平坦的市場。我們正在讓我們的公司確保在平坦的市場中獲利。我們為什麼要這麼做？因為我們相信這是我們能夠快速獲利的方式。

And if we offer -- if the market were performed, will overperform we will make more money at the ending, we will be more profitable. But we are adapting the company to a flat market, just to be ready in case some unexpected thing. But our forecast right now and what we see is a growth, especially in the first half of next year in Europe and in North America due to new models and changing regulations.

如果我們提供——如果市場表現良好，我們將在結束時賺更多錢，我們將獲得更多利潤。但我們正在讓公司適應平穩的市場，只是為了以防萬一發生意外。但我們現在的預測以及我們所看到的是成長，尤其是明年上半年在歐洲和北美，由於新的模式和不斷變化的法規。

Just on the point of your manufacturing footprint, could you talk about both from a geographic standpoint, if it still makes sense to have manufacturing in the US as well as Europe? And then as well as any thoughts about moving to more of an outsourced manufacturing model.

就您的製造足跡而言，您能否從地理角度談談這兩者，如果在美國和歐洲擁有製造仍然有意義的話？然後還有關於轉向更多外包製造模式的任何想法。

So this is an interesting topic now with the business units. It's -- I think we've recently started doing now, but it gives us more visibility on cost and cost allocation of the different parts of the business, and we have this kind of questions all the time. We believe that having our own supply chain still give us an advantage. And I think we seeing the North American market as a key growth vector for us, and we are proving this quarter over quarter.

因此，對於業務部門來說，這是一個有趣的話題。我想我們最近已經開始這樣做了，但這讓我們對業務不同部分的成本和成本分配有了更多的了解，而且我們一直有這類問題。我們相信擁有自己的供應鏈仍然為我們帶來優勢。我認為我們將北美市場視為我們的關鍵成長載體，我們正在逐季度證明這一點。

It's key that we have our own manufacturing capacity there. And there might be changes in regulation that also give us an advantage, the fact that we are a North American manufacturer. So we think that keeping this factory in North America and our one in Barcelona but especially the one in with -- it's a key advantage for us. So we want to give that.

關鍵是我們在那裡擁有自己的製造能力。監管方面的變化也可能為我們帶來優勢，因為我們是一家北美製造商。因此，我們認為，保留北美的這家工廠和巴塞隆納的工廠，尤其是位於巴塞隆納的工廠，這對我們來說是一個關鍵優勢。所以我們想給予它。

The answer on if we will outsource third-party factory or not, it will depend on cost and profitability. Right now, we still see a key advantage. We have interesting gross margins. We also vertically integrate our electronics. We have this company called Ares that we acquired a couple of years ago that makes our PCBs and our electronics. The cost of our product is 50% to 60% electronics, and we control that part, and we get this gross margin.

是否外包第三方工廠，取決於成本和獲利能力。目前，我們仍然看到了一個關鍵優勢。我們的毛利率很有趣。我們也垂直整合我們的電子產品。我們幾年前收購了一家名為 Ares 的公司，該公司生產 PCB 和電子產品。我們產品的成本中有 50% 到 60% 是電子產品，我們控制了這部分，我們就得到了這個毛利率。

So with these strategic partnerships we are doing with different partners for purchasing at a better price components, and we controlling our own manufacturing and supply chain, I think we can really exceed the 38% to 40% target in the future. So that's the focus, apart from growing sales and reducing cost is to increase margin and controlling our own capacity and supply chain is key to achieve this margin improvement.

因此，透過這些策略合作夥伴關係，我們與不同的合作夥伴以更好的價格採購零件，並且我們控制自己的製造和供應鏈，我認為我們未來真的可以超過 38％ 至 40％ 的目標。所以這就是重點，除了增加銷售量和降低成本之外，就是提高利潤率，而控制我們自己的產能和供應鏈是實現利潤率提高的關鍵。

Yeah. The only thing I'll add to that is that we've already incurred that capital expenditure, right? So when you look at our footprint, we're ready for the growth to come. It's not coming in the short term. And as Enric mentioned, we're going to stay consistent with kind of a flattish EV market.

是的。我唯一要補充的是，我們已經產生了資本支出，對吧？因此，當您看到我們的足跡時，您會發現我們已經為即將到來的成長做好了準備。短期內不會到來。正如安瑞科（Enric）所提到的，我們將與平淡的電動車市場保持一致。

When that growth comes, we already have those facilities and those products. So we are in a very strong position to capture growth when it comes.

當這種成長到來時，我們已經擁有了這些設施和產品。因此，當成長到來時，我們處於非常有利的地位。

Okay. That was our last question. Thank you all for joining us today. We hope you found today's call a good use of your time. Let us know if we can help you in any way.

好的。這是我們最後一個問題。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。

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。現在您可以斷開線路。