Wallbox NV (WBX) 2025 Q1 法說會逐字稿

Hello everyone and welcome to Wallbox's first quarter 2025 earnings conference call and webcast. My name is Charlie and I'll be the operator for today's call. (Operator Instructions)

大家好，歡迎參加 Wallbox 2025 年第一季財報電話會議和網路廣播。我叫查理，今天電話的接線生。（操作員指示）

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

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

Thank you, Charlie, and good morning and good afternoon to everyone listening in.

謝謝你，查理，各位聽眾早安，下午好。

Thank you for joining today's webcast to discuss Wallbox's first quarter 2025 results. This event is being broadcast over the web and can be accessed from the Investors section of our website at investors.wallbox.com.

感謝您參加今天的網路直播，討論 Wallbox 2025 年第一季的業績。活動正在網路直播，您可以從我們網站 investors.wallbox.com 的投資者部分存取。

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 first quarter ended March 31, 2025, which can be also found on our website.

今天和我一起參加的是 Wallbox 執行長 Enric Asuncion；以及 Wallbox 的財務長 Luis Boada。今天早些時候，我們發布了一份新聞稿，公佈了截至 2025 年 3 月 31 日的第一季業績，您也可以在我們的網站上找到新聞稿。

Before we begin, I would 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.

在我們開始之前，我想提醒大家，今天電話會議上做出的某些陳述是前瞻性的，可能會受到與未來事件和/或公司未來財務表現有關的風險和不確定性的影響。

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, 2024, filed May 6, 2025.

實際結果可能與預期結果有重大差異。可能影響結果的風險因素詳細說明在公司向美國證券交易委員會提交的最新公開文件中，包括 2025 年 5 月 6 日提交的截至 2024 年 12 月 31 日的財政年度的 20-F 表年度報告。

We will be presenting unaudited 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 IFRS 格式呈現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上使用了某些非國際財務報告準則 (IFRS) 財務指標，這些指標的對帳資訊已包含在我們網站「投資者」部分發布的簡報中。此外，您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.

解決了這個問題之後，我將把發言權交給恩里克 (Enric)。

Thank you, Michael, and thanks everyone for joining us today. We will start today's call reviewing highlights from the first quarter 2025, and spend time discussing commercial wins, recent product introductions and the EV market. Luis will offer a closer look at our financial results and our key financial metrics before I close the conversation to highlight what we’re focused on for the remainder of the year.

謝謝你，邁克爾，也謝謝大家今天的到來。今天的電話會議我們將首先回顧 2025 年第一季的亮點，並討論商業上的勝利、最近的產品介紹和電動車市場。在我結束談話並強調我們今年剩餘時間的重點之前，路易斯將仔細介紹我們的財務表現和關鍵財務指標。

Q1 revenue was EUR37.6 million, beating the guidance range we provided in our last earnings call, and almost flat compared to last quarter, but down 13% year-over-year. If we look at the main drivers, there have been certain regions and product categories performing well to offset weaker results in others. North America continues to deliver strong year-over-year performance across all fronts: AC chargers, DC fast chargers, and installation services.

第一季營收為 3,760 萬歐元，超過了我們在上次收益電話會議上提供的指導範圍，與上一季相比幾乎持平，但同比下降 13%。如果我們看一下主要驅動因素，就會發現某些地區和產品類別表現良好，抵消了其他地區和產品類別的疲軟表現。北美在各方面繼續保持強勁的同比表現：交流充電器、直流快速充電器和安裝服務。

Compared to last year, Europe has been down in all product categories, but as the EV market is starting to improve, we expect to ramp-up sales in the upcoming quarters. We have seen signs of improvements in the UK, France and Belgium compared to last quarter.

與去年相比，歐洲所有產品類別的銷量均有所下降，但隨著電動車市場開始好轉，我們預計未來幾季的銷量將會增加。與上一季相比，我們看到英國、法國和比利時的情況有所改善。

In general, we are reaching stability and control as we consistently grow with key accounts and building meaningful backlog, especially in the home & business segment. DC fast charging sales remain volatile and are dependent on large orders resulting in ad hoc growth instead of a steady increase. However, we continue to onboard new customers, with the most recent example Francis Energy in the US.

總體而言，隨著我們與主要客戶的持續成長以及有意義的積壓訂單的建立，尤其是在家庭和商業領域，我們正在實現穩定和控制。直流快速充電銷售仍然不穩定，並且依賴大訂單，導致臨時增長而不是穩定增長。然而，我們仍在繼續吸收新客戶，最近的例子是美國的弗朗西斯能源 (Francis Energy)。

As the market evolves and customer expectations rise, we are committed to delivering the optimal DC fast charging solution. In total, during the first quarter, we delivered over 36,000 AC units and more than 100 DC units. I’ll shortly share more detail on key milestones and customer wins across both our Home & Business and Fast charging segments. Overall, we’re confident in our commercial position, with the right customers, the right products, and the right distribution partners in place to drive continued growth.

隨著市場的發展和客戶期望的提高，我們致力於提供最佳的直流快速充電解決方案。總體而言，第一季我們交付了超過 36,000 台空調機組和超過 100 台直流機組。我很快就會分享更多關於我們的家庭和商業以及快速充電領域的關鍵里程碑和客戶勝利的細節。整體而言，我們對自己的商業地位充滿信心，擁有合適的客戶、合適的產品和合適的分銷合作夥伴，可以推動持續成長。

Gross margin was 38.1% in the first quarter, which is within the 37% to 39% guided range. The results reflect a 634-basis-point improvement compared to last quarter. The positive impact was mainly due to product mix and the impact of cross-selling of ABL products. There remains room for improvement of the gross margin through the revision of hardware, but the speed to reach that improvement is constrained by the existing high inventory levels. Luis will provide additional detail regarding these initiatives shortly.

第一季毛利率為38.1%，符合37%至39%的指引範圍。與上一季相比，該結果提高了 634 個基點。正面影響主要源自於產品結構和 ABL 產品交叉銷售的影響。透過硬體的改進，毛利率仍有提升空間，但現有的高庫存水準限制了毛利率的提升速度。路易斯很快就會提供有關這些舉措的更多細節。

Labor costs and operating expenses have decreased again quarter-over-quarter, now down 13%, and have declined 23% compared to the same period last year. In the case of cash costs, which is defined as labor costs and OpEx excluding R&D activation, non-cash items and one-off expenses, the result is even more impressive as we achieved a 32% year-over-year reduction.

勞動成本和營運費用較上季再次下降，目前下降了13%，與去年同期相比下降了23%。就現金成本而言，其定義為勞動力成本和營運支出（不包括研發啟動、非現金項目和一次性費用），結果更加令人印象深刻，因為我們實現了 32% 的同比下降。

The newly implemented business unit structure introduced last year has proven effective in managing costs, providing greater insight and control. We have maintained consistent revenue levels, while significantly improving organizational efficiency. Our strategy remains focused on identifying cost savings and expanding sales in parallel, as the business unit structure is now also beginning to support revenue growth.

事實證明，去年新實施的業務部門結構能夠有效管理成本，提供更深入的洞察力和控制力。我們維持了穩定的收入水平，同時顯著提高了組織效率。我們的策略仍然專注於同時節省成本和擴大銷售，因為業務部門結構現在也開始支持收入成長。

The first quarter 2025 adjusted EBITDA has been our best result since becoming a public company, landing at minus EUR7.8 million and slightly better than the guidance provided last quarter. This result represents an improvement of 42% compared to last year and a solid proof point that we are executing well on the items we can control as we progress to become a profitable company.

2025 年第一季調整後的 EBITDA 是我們上市以來的最佳業績，為負 780 萬歐元，略優於上一季提供的指引。這一結果比去年提高了 42%，有力地證明我們在成為一家盈利公司的道路上，在可控的項目上執行得很好。

Looking ahead, I am increasingly optimistic as we stabilize sales, build a strong backlog, and see clear opportunities for growth. At the same time, we remain disciplined in right-sizing the organization and expanding gross margins as we continue to scale revenue.

展望未來，我越來越樂觀，因為我們穩定了銷售，建立了強大的積壓訂單，並看到了明顯的成長機會。同時，我們在繼續擴大收入的同時，仍嚴格控制組織規模並擴大毛利率。

For the first quarter of 2025, Europe contributed EUR25.5 million of consolidated revenue, or 68% of total revenue. The European EV market showed solid growth of 21% compared to the same period last year, which is exciting to see considering the market softness of the last year. We expect this positive momentum to support an upward trend in sell-in over the upcoming quarters. Europe remains our largest region, and we are committed to leveraging our position now that the EV market is starting to trend in the right direction again.

2025年第一季度，歐洲貢獻了2,550萬歐元的綜合收入，佔總收入的68%。歐洲電動車市場與去年同期相比穩步增長 21%，考慮到去年市場疲軟，這一增長令人興奮。我們預計這一積極勢頭將支持未來幾季銷售呈上升趨勢。歐洲仍然是我們最大的地區，隨著電動車市場再次開始朝著正確的方向發展，我們致力於利用我們的地位。

North America was again a strong region for Wallbox and contributed EUR11.4 million or 30% of the total revenue. This represents a 142% year-over-year growth compared to the first quarter of 2024. The positive results in North America resulted from our activities across the board, including Pulsar AC sales, Supernova DC charging sales, and installation services.

北美再次成為 Wallbox 的強勁地區，貢獻了 1,140 萬歐元，佔總收入的 30%。與 2024 年第一季相比，這一數字年增 142%。北美的積極業績得益於我們全方位的活動，包括 Pulsar AC 銷售、Supernova DC 充電銷售和安裝服務。

Besides, we secured large orders from key accounts as the US EV market continues to grow. Both APAC and LATAM remain small regions for Wallbox, but continue to have significant future potential, now contributing approximately EUR300,000 or 1% and EUR480,000 or 1% respectively.

此外，隨著美國電動車市場的持續成長，我們從主要客戶那裡獲得了大量訂單。亞太地區和拉丁美洲對 Wallbox 來說仍然是較小的地區，但未來仍具有巨大的潛力，目前分別貢獻約 30 萬歐元或 1% 和 48 萬歐元或 1%。

AC sales of EUR25.6 million, including ABL, represented approximately 68% of our global consolidated revenue, down 14% year-over-year and slightly lower compared to last quarter. Weaker AC sell-in in Europe during the first quarter was offset by stronger-than-expected AC sell-in in North America, along with one of our best quarters of cross-selling ABL’s eM4.

包括 ABL 在內的 AC 銷售額為 2,560 萬歐元，約占我們全球合併收入的 68%，年減 14%，與上一季相比略有下降。第一季歐洲空調銷售疲軟，但被北美空調銷售強於預期所抵消，同時 ABL eM4 的交叉銷售也創下了最佳表現。

We continue to leverage the success of the eM4 outside Germany. Examples include Tetra Pak, a global leader in food packaging, where we secured a project in Spain involving 48 eM4 chargers with Electromaps/Software licenses, showcasing our full turnkey solution.

我們將繼續在德國以外地區發揮 eM4 的成功作用。例如，我們在西班牙獲得了一個項目，涉及 48 個帶有 Electromaps/Software 許可證的 eM4 充電器，展示了我們的完整交鑰匙解決方案。

Additionally, we launched a pilot project with TotalEnergies, one of the world’s largest energy companies, deploying the eM4 solution in Belgium. This quarter’s success in North America is partly attributable to a significant order from one of our key accounts, Free2Move, the charging subsidiary of Stellantis, which also contributes to our backlog for the next quarter. This order serves as a major milestone and demonstrates their ambition to support EV adoption.

此外，我們還與全球最大的能源公司之一 TotalEnergies 合作啟動了一個試點項目，在比利時部署了 eM4 解決方案。本季在北美的成功部分歸功於我們的一個重要客戶 Free2Move（Stellantis 的充電子公司）的大量訂單，這也為我們下個季度的積壓訂單做出了貢獻。該訂單是一個重要的里程碑，表明了他們支持電動車普及的雄心。

In addition, this month we announced a new partnership in North America with another large car manufacturing company, Nissan. Together with Nissan, we are launching a nationwide home EV charging program in Canada, which allows EV owners to purchase a Wallbox’s Pulsar Plus home charger. The program is designed to simplify the home charging journey and make it more accessible to a broader audience.

此外，本月我們宣布與另一家大型汽車製造公司日產在北美建立新的合作關係。我們與日產合作，在加拿大推出了全國性的家庭電動車充電計劃，該計劃允許電動車車主購買 Wallbox 的 Pulsar Plus 家用充電器。該計劃旨在簡化家庭充電過程，使更廣泛的受眾能夠更容易使用。

Another product that is outperforming our expectations is the recently launched Pulsar Pro Socket, which is already showing strong market traction. We mentioned this product briefly during our last earnings call, but now that the order book is open, we are starting to build a significant backlog. The Pulsar Pro Socket is a refined version of our already successful Pulsar platform, designed to meet customer demands including connectivity requirements, and is already performing strongly in markets like the UK.

另一個超出我們預期的產品是最近推出的 Pulsar Pro Socket，它已經顯示出強大的市場吸引力。我們在上次收益電話會議上簡要提到了該產品，但現在訂單簿已經開放，我們開始累積大量訂單。Pulsar Pro Socket 是我們已經成功的 Pulsar 平台的改進版本，旨在滿足客戶需求（包括連接要求），並且已經在英國等市場表現強勁。

DC sales improved significantly in the first quarter, growing 41% compared to the previous one, now landing at EUR4 million or 11% of sales. This is a promising improvement, but does not yet reflect the full potential of the Supernova platform. Our CPO customers remain conservative in the roll-out of their infrastructure and, as we believe profitability is a high priority, customer product demands for reliability and functionalities keep increasing.

第一季 DC 銷售額大幅提升，較上一季成長 41%，達到 400 萬歐元，佔銷售額的 11%。這是一個有希望的改進，但尚未反映出 Supernova 平台的全部潛力。我們的 CPO 客戶在部門其基礎設施方面仍持保守態度，並且由於我們認為盈利能力是首要任務，因此客戶對產品可靠性和功能性的需求不斷增加。

However, it is great to work with both existing and new customers including names such as Believ, Group Hera, Pluginvest, Francis Energy, and Ensol. We have sold a similar amount of units as last quarter, but improved revenue due to the increased sales of new generation chargers with higher charging power and a better margin profile.

然而，與現有客戶和新客戶合作非常愉快，其中包括 Believ、Group Hera、Pluginvest、Francis Energy 和 Ensol 等公司。我們的銷量與上一季相似，但由於充電功率更高、利潤率更高的新一代充電器銷量增加，我們的收入有所提高。

In addition, we are continuing to develop our portfolio by securing new certifications that expand our addressable market, while also offering adjacent services such as energy management and compatibility with backup battery solutions.

此外，我們正在透過獲得新的認證來繼續開發我們的產品組合，以擴大我們的目標市場，同時還提供相關服務，例如能源管理和與備用電池解決方案的兼容性。

In the next section, I will provide additional details. Software, services, and others continue to be important revenue drivers, consistent with last quarter, generating EUR8 million in the first quarter. This represents 21% of total revenue and a 60% increase compared to the same period last year. Within this category, software continues to grow steadily, with 55% year-over-year growth.

在下一部分中，我將提供更多詳細資訊。軟體、服務和其他業務繼續成為重要的收入驅動力，與上一季一致，第一季創造了 800 萬歐元的收入。這佔總營收的21%，與去年同期相比成長了60%。在此類別中，軟體持續穩定成長，較去年同期成長 55%。

However, installation services have been the primary driver, increasing by 110% compared to the same period in 2024, largely due to the rollout of the State of Washington condominium program. Diversifying into these activities is important not only to capture growth but, more importantly, to support our customers with adjacent services where needed.

然而，安裝服務一直是主要驅動力，與 2024 年同期相比增長了 110%，這主要歸功於華盛頓州公寓計劃的推出。多元化進行這些活動不僅對於抓住成長機會至關重要，更重要的是，可以在需要時為客戶提供相關服務。

As briefly mentioned during this earnings call, we continue to develop our DC fast charging portfolio while strengthening our position in this segment. This includes new versions of our Supernova platform that can charge faster, are more reliable and can help secure the best return-on-investment. However, our focus extends beyond charging speed, with even greater emphasis placed on safety, transparency, and compliance.

正如本次財報電話會議中簡要提到的那樣，我們將繼續開發我們的直流快速充電產品組合，同時加強我們在這一領域的地位。這包括我們的 Supernova 平台的新版本，它可以充電更快、更可靠，並有助於確保最佳投資回報。然而，我們的關注點不僅僅在於充電速度，我們更加重視安全性、透明度和合規性。

This quarter, we achieved both the California Type Evaluation Program, CTEP certification and the National Type Evaluation Program, NTEP certification, marking an important milestone in our North American expansion. These certifications are a key requirement for EV chargers involved in the sale of electricity, ensuring they display essential transaction details, including the amount of electricity dispensed, the unit price, and the total cost.

本季度，我們獲得了加州型式評估計畫 (CTEP) 認證和國家型式評估計畫 (NTEP) 認證，這是我們北美擴張的重要里程碑。這些認證是參與電力銷售的電動車充電器的關鍵要求，確保它們顯示必要的交易細節，包括分配的電力、單價和總成本。

These achievements allow Wallbox to expand its fast-charging EV solutions not only throughout California but also nationwide, complementing our existing residential charging offerings and positioning us to take part in major infrastructure projects.

這些成就使 Wallbox 不僅能夠將其快速充電電動車解決方案擴展到整個加州，而且能夠擴展到全國，補充我們現有的住宅充電服務，並使我們能夠參與重大基礎設施項目。

With the recently announced partnership with Francis Energy, a leading chargepoint operator in the US, we also immediately started selling the newly CTEP certified Supernova. We are excited regarding this commercial milestone and we expect to be able to leverage this momentum by securing more new customers.

隨著最近宣布與美國領先的充電站營運商 Francis Energy 建立合作夥伴關係，我們也立即開始銷售新獲得 CTEP 認證的 Supernova。我們對這一商業里程碑感到非常興奮，並希望能夠透過獲得更多新客戶來利用這一勢頭。

In addition to speed, safety, and compliance with key certifications, at Wallbox, we also develop complementary solutions within our DC fast charging portfolio to help customers optimize their charging infrastructure.

除了速度、安全性和符合關鍵認證之外，Wallbox 還在我們的直流快速充電產品組合中開發補充解決方案，以幫助客戶優化他們的充電基礎設施。

One example, resulting from our strategic partnership with Generac, is a fully-integrated charging solution that combines advanced DC fast charging, battery energy storage, and intelligent power distribution. The system features Supernova fast charging capabilities of up to 240 kW, along with scalable battery storage of up to 21 MWh provided by Pramac, a Generac company.

一個例子是我們與 Generac 建立策略合作夥伴關係的成果，該合作夥伴關係是一個完全整合的充電解決方案，結合了先進的直流快速充電、電池儲能和智慧配電。該系統具有高達 240 kW 的 Supernova 快速充電功能，以及由 Generac 旗下 Pramac 提供的高達 21 MWh 的可擴展電池儲存。

For customers, this end-to-end charging and storage solution provides many advantages including reduced grid dependency, accelerated site deployment, and optimized energy usage for an improved charging experience.

對於客戶而言，這種端對端充電和儲存解決方案提供了許多優勢，包括減少對電網的依賴、加速站點部署以及優化能源使用以改善充電體驗。

Another important product milestone I would like to highlight is the opening of pre-orders for the Quasar 2, our next-generation bi-directional DC charger. Following the UL certification secured earlier this year, we have now launched pre-orders in collaboration with our partner KIA, designed to enable bidirectional capabilities for KIA EV9 drivers.

我想強調的另一個重要的產品里程碑是我們的下一代雙向直流充電器 Quasar 2 的預訂開放。繼今年稍早獲得 UL 認證後，我們現已與合作夥伴 KIA 合作啟動預訂，旨在為 KIA EV9 駕駛員提供雙向功能。

Quasar 2, when combined with our Wallbox Power Recovery Unit, has the potential to offer up to 12 kW of power for both charging and discharging, and can provide backup power to homes for up to three days. Features such as vehicle-to-home integration, solar compatibility, easy installation, and backup power make it a key part of our smart energy portfolio.

Quasar 2 與我們的 Wallbox 電源恢復裝置結合使用時，能夠提供高達 12 kW 的充電和放電功率，並可為家庭提供長達三天的備用電源。車輛到家庭整合、太陽能相容性、易於安裝和備用電源等功能使其成為我們智慧能源產品組合的重要組成部分。

The relevance of this technology was underscored during last week’s widespread blackout in Spain and Portugal, where concerns about grid stability and energy resilience came sharply into focus. Quasar 2 empowers users to take control of their energy usage, enhance self-sufficiency, and secure energy supply during power outages. We are excited about this launch with KIA as a foundational step for what we believe will be a transformative solution in the evolving energy landscape.

上週西班牙和葡萄牙發生的大規模停電事件凸顯了這項技術的重要性，人們對電網穩定性和能源彈性的擔憂成為焦點。Quasar 2 使用戶能夠控制他們的能源使用，增強自給自足能力，並在停電期間確保能源供應。我們很高興與 KIA 合作推出這款產品，我們相信這將是不斷變化的能源格局中變革性解決方案的基礎性一步。

The first quarter showed solid year-over-year growth in EV sales in our addressable market, which we define as all regions except China, providing an exciting proofpoint for our belief that EVs are here to stay and provide a large growth opportunity. Rho Motion reported 1.7 million EVs sold in Europe, North America and Rest of World combined, which represents a 20% growth compared to last year.

第一季度，我們目標市場（我們將其定義為除中國以外的所有地區）的電動車銷量同比穩步增長，這為我們的信念提供了令人興奮的證據，即電動車將繼續存在並提供巨大的成長機會。Rho Motion 報告稱，歐洲、北美和世界其他地區的電動車銷量總計 170 萬輛，比去年增長了 20%。

The rest of the world is the fastest growing region, starting at a lower starting point, with Europe not far behind while the North America market growth has been slower. We believe the drivers of this growth include the availability of more affordable EVs and positive uptick due to increased government support in Europe.

世界其他地區是成長最快的地區，起點較低，歐洲緊隨其後，而北美市場成長較慢。我們認為，推動這一成長的因素包括更實惠的電動車的供應以及歐洲政府支持力度加大帶來的積極成長。

However, it remains important to note that certain demand can be temporarily accelerated or slowed due to factors such as the reaction of customers to changes in subsidies, new emission standards, tariffs or other conditions outside our control. We underpin again our belief that the EV market will grow this year, but we think the EV sales in the first quarter may have been inflated by EV sales pushed by manufacturers into 2025 to start strong in a year where car manufacturers need to comply with new emission standards.

然而，仍需要注意的是，由於客戶對補貼變化、新排放標準、關稅或其他我們無法控制的條件的反應等因素，某些需求可能會暫時加速或減緩。我們再次堅信，今年電動車市場將會成長，但我們認為，第一季的電動車銷量可能被製造商推遲到 2025 年，以便在汽車製造商需要遵守新排放標準的年份開局強勁而誇大。

Looking forward, we remain conservative due to the volatile macro environment which we expect will impact the wider automotive supply chain. Specifically, the impact of tariffs on the EV market still needs to be assessed as the relatively new EV supply chains can be particularly vulnerable due to reliance on rare earth materials and an already higher price point than its ICE alternatives.

展望未來，我們仍持保守態度，因為宏觀環境波動，我們預期這將影響更廣泛的汽車供應鏈。具體而言，關稅對電動車市場的影響仍需評估，因為相對較新的電動車供應鏈由於依賴稀土材料且價格已高於內燃機汽車替代品而特別脆弱。

Overall, it is clear that EV market volatility remains, and the industry’s sensitivity to shifts in the macro environment will remain until the industry reaches a more mature state. Still, the continuous growth of the EV fleet is an indicator that we are on an irreversible path.

總體而言，很明顯電動車市場波動性仍然存在，並且該行業對宏觀環境變化的敏感性將持續存在，直到該行業達到更成熟的狀態。儘管如此，電動車數量的持續成長表明我們正走在一條不可逆轉的道路上。

At Wallbox, the current market environment reinforces -- rather than alters our commitment to right-sizing the organization, in line with evolving market conditions, even if those remain a moving target. We remain optimistic that, by focusing on the factors within our control, we can continue to grow revenue, streamline costs, and move closer to profitability.

在 Wallbox，當前的市場環境強化了——而不是改變我們根據不斷變化的市場條件調整組織規模的承諾，即使這些目標仍然是不斷變化的。我們仍然樂觀地認為，透過專注於我們控制範圍內的因素，我們可以繼續增加收入，精簡成本，並更接近獲利。

Regarding the impact of tariffs on Wallbox, we have been able to respond well due to our flexible footprint with production facilities in different regions and our localized supply chain with multiple vendors. We believe that the current environment is too volatile to make big bets to make investments or move production lines, but we continue to look for opportunities to improve our flexibility to quickly adapt to changing policies.

關於關稅對 Wallbox 的影響，由於我們在不同地區擁有生產設施的靈活佈局以及與多家供應商的本地化供應鏈，我們能夠做出良好的反應。我們認為，當前的環境過於動盪，不適合進行大舉投資或轉移生產線，但我們會繼續尋找機會提高我們的靈活性，以快速適應不斷變化的政策。

One important milestone we celebrated the past quarter, underpinning our flexible footprint, is that we surpassed 100,000 chargers produced in Arlington, Texas since it became operative in 2022. As our results show, the North American market becomes more and more important, and by investing in domestic production, Wallbox reaffirms its dedication to American businesses, supports local job growth, and provides the agility required to serve the rapidly expanding EV charging market nationwide and across borders.

我們在上個季度慶祝的一個重要里程碑是，自 2022 年開始營運以來，我們在德克薩斯州阿靈頓生產的充電器已超過 100,000 個，這鞏固了我們靈活的足跡。正如我們的結果所示，北美市場變得越來越重要，透過投資國內生產，Wallbox 重申了其對美國企業的奉獻精神，支持當地就業成長，並提供服務於全國乃至跨境快速擴張的電動車充電市場所需的靈活性。

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

路易斯，我將把主題交給你，以便你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，恩里克。大家早安，下午好。

We have started off 2025 with solid results with revenue landing slightly above the guidance range with EUR37.6 million, with a slight uptick compared to last quarter but down 13% year over year. AC sales in Europe remained soft, but were compensated by a continuous strong performance in the North American market in all activities.

2025 年我們取得了穩健的業績，營收略高於預期範圍，達到 3,760 萬歐元，與上一季相比略有上升，但年減 13%。歐洲空調銷售依然疲軟，但北美市場各項業務的持續強勁表現彌補了這一缺口。

In Europe, the EV market showed an improvement, and we expect to see the result of this recovering market in the upcoming quarters. Also, DC charging sales showed a positive turnaround after the low point last quarter, increasing 41%.

在歐洲，電動車市場有所改善，我們預計未來幾季將看到這一市場復甦的成果。此外，直流充電樁銷量在經歷了上個季度的低點後出現了積極的轉機，增長了 41%。

Gross margin improved significantly quarter-over-quarter, reaching 38.1%, well within our guided range. This improvement was primarily driven by a favorable product mix, particularly the positive contribution from our new generation of Supernova chargers, which carry higher margins. Looking ahead, we continue to identify opportunities to improve gross margin, especially with the additional inventory release and optimized bill-of-materials.

毛利率較上季大幅提高，達到 38.1%，完全符合我們的預期範圍。這項改善主要得益於良好的產品組合，尤其是我們新一代 Supernova 充電器的正面貢獻，其利潤率更高。展望未來，我們將繼續尋找提高毛利率的機會，特別是透過額外的庫存釋放和優化物料清單。

Q1 labor and OpEx cost totaled EUR25 million, representing a 23% improvement compared to the same period last year and almost EUR3.8 million down quarter over quarter or 13%. With revenue remaining flat quarter over quarter, this performance highlights our continued operational efficiency gains. The business unit structure implemented last year is beginning to yield tangible benefits, particularly through enhanced accountability and transparency. Cash costs, which is defined as labor costs and OpEx excluding R&D capitalization, non-cash items and one-off expenses, declined even further, down 32% year-over-year.

第一季勞動力和營運支出總計 2,500 萬歐元，比去年同期成長 23%，比上一季下降近 380 萬歐元，降幅為 13%。由於營收與上一季持平，這項業績凸顯了我們持續的營運效率提升。去年實施的業務部門結構開始產生切實的效益，特別是透過加強問責制和透明度。現金成本（定義為勞動成本和不包括研發資本化、非現金項目和一次性費用的營運支出）進一步下降，較去年同期下降 32%。

As we progress toward break-even and positive cash flow, we remain focused on continuously optimizing the organization.

隨著我們逐步實現收支平衡和正現金流，我們仍將專注於不斷優化組織。

Consolidated adjusted EBITDA loss for the quarter was EUR7.8 million, our best result since becoming a public company and represents a 42% improvement year-over-year. This progress has been driven primarily by continued cost reductions, which have created a more efficient organization capable of reaching profitability at lower revenue levels. Looking ahead, we anticipate topline growth in the coming quarters, allowing us to track closer to the adjusted EBITDA break-even point.

本季綜合調整後 EBITDA 虧損為 780 萬歐元，這是我們上市以來的最佳業績，年增 42%。這項進步主要得益於持續的成本削減，這使得組織更加高效，能夠在較低的收入水平下實現盈利。展望未來，我們預計未來幾季的營收將實現成長，使我們能夠更接近調整後的 EBITDA 盈虧平衡點。

We ended the quarter with approximately EUR40.6 million of cash, cash equivalents, and financial instruments.

本季末，我們的現金、現金等價物和金融工具約為 4,060 萬歐元。

Loans and borrowings totaled approximately EUR199 million at the end of the quarter, comprising EUR67 million in long-term debt and EUR132 million in short-term debt. Total debt remained broadly stable compared to Q4. As mentioned during our last earnings call, we successfully negotiated an 18-month interest-only period with our primary lenders, Santander, and BBVA. We have since extended this agreement to include Caixabank and the EBN syndicate.

本季末，貸款和借款總額約為 1.99 億歐元，其中包括 6,700 萬歐元的長期債務和 1.32 億歐元的短期債務。與第四季相比，總債務基本上保持穩定。正如我們在上次收益電話會議上提到的那樣，我們成功地與我們的主要貸方桑坦德銀行和西班牙對外銀行協商了 18 個月的僅付利息期。此後，我們已將本協議擴展至 Caixabank 和 EBN 集團。

As part of this arrangement, all these financial institutions have also committed to maintaining the existing short-term financing facilities at least through June 30, 2026. In line with international accounting standards and as disclosed in our recently filed 20-F, EUR24.4 million of borrowings were classified as current liabilities at year-end, as not all agreements were finalized as of December 31, 2024. This expanded financing agreement significantly enhances our liquidity visibility as we progress toward profitability in the coming quarters.

作為該安排的一部分，所有這些金融機構也承諾至少在2026年6月30日之前維持現有的短期融資便利。根據國際會計準則並如我們最近提交的 20-F 文件中所披露的那樣，2440 萬歐元的借款在年底被歸類為流動負債，因為截至 2024 年 12 月 31 日並非所有協議都已最終確定。隨著我們在未來幾季逐步實現獲利，這項擴大的融資協議將顯著增強我們的流動性可見度。

Cash generation and liquidity remain top priorities for the company. We are actively executing on several key initiatives, including disciplined CapEx control, ongoing inventory reduction, and the consideration of potentially divesting certain non-core assets. CapEx for the first quarter totaled EUR0.7 million, of which EUR0.3 million was related to investments in Property, Plant, and Equipment.

現金產生和流動性仍然是公司的首要任務。我們正在積極執行幾項關鍵舉措，包括嚴格的資本支出控制、持續減少庫存以及考慮剝離某些非核心資產。第一季的資本支出總計 70 萬歐元，其中 30 萬歐元與財產、廠房和設備投資有關。

Importantly, nearly all of this PPE spend reflects historical CapEx associated with ABL rather than new investments made during the quarter. Excluding this, first-quarter PPE CapEx would have been minimal.

重要的是，幾乎所有 PPE 支出都反映了與 ABL 相關的歷史資本支出，而不是本季的新投資。除此之外，第一季的 PPE 資本支出將會很少。

Looking ahead, we expect CapEx to remain low, as our product portfolio is market-ready and major infrastructure investments have largely been completed. That said, a modest uptick may occur in coming quarters. On inventory, we continue to release cash, achieving a 9% reduction quarter-over-quarter, bringing inventory down to EUR63.6 million. Year-over-year, inventory has decreased by 29%, reflecting the effectiveness of our optimization efforts.

展望未來，我們預計資本支出將保持在低位，因為我們的產品組合已準備好進入市場，並且主要基礎設施投資已基本完成。儘管如此，未來幾季可能會出現小幅上漲。在庫存方面，我們繼續釋放現金，實現環比減少 9%，庫存降至 6,360 萬歐元。與去年同期相比，庫存減少了29%，反映了我們優化工作的有效性。

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

恩里克，我將把話題轉回給你，以便提供一些最後的評論。

Thank you, Luis. 2025 is off to a good start with solid results in the first quarter and many milestones to celebrate. We are still not where we want to be, but we are making steps in the right direction and the fundamentals remain solid.

謝謝你，路易斯。 2025 年開局良好，第一季業績穩健，並有許多值得慶祝的里程碑。我們還沒有達到我們想要達到的水平，但我們正朝著正確的方向邁進，基本面依然穩固。

I am becoming more and more excited about how we can leverage the existing Wallbox platform, with its diversified product portfolio, large geographical footprint and key strategic commercial partners, by continuing optimization and growth efforts to achieve profitability. We show strong cost discipline and improved visibility on the topline allowing for better management of the organisation.

我越來越興奮於我們如何利用現有的 Wallbox 平台，透過其多樣化的產品組合、廣泛的地理覆蓋範圍和關鍵的策略商業合作夥伴，透過持續的優化和成長努力來實現盈利。我們表現出嚴格的成本紀律和提高的收入可見性，從而可以更好地管理組織。

This will help us to address and manage the continuing volatility in the EV market, especially with the current economic uncertainty and potential impact of tariffs. In addition, we see opportunities to grow and build-up a meaningful backlog with existing partners.

這將有助於我們應對和管理電動車市場的持續波動，特別是在當前經濟不確定性和關稅潛在影響的情況下。此外，我們看到了與現有合作夥伴共同成長和建立有意義的積壓訂單的機會。

Overall, we are pleased with our progress and we look forward to carrying on posting results as we keep building towards becoming a global leader in EV charging and energy management solutions.

總體而言，我們對我們的進展感到滿意，並期待繼續取得成果，繼續努力成為電動車充電和能源管理解決方案的全球領導者。

With that, I would like to move to guidance for the next quarter.

有了這些，我想談談下一季的指導。

For the second quarter of 2025, we have the following expectation: revenue in the EUR37 million to EUR39 million range; gross margin between 37% and 39%; a negative adjusted EBITDA between EUR5 million and EUR8 million.

對於 2025 年第二季度，我們有以下預期：營收在 3,700 萬歐元至 3,900 萬歐元之間；毛利率在37%至39%之間；調整後的 EBITDA 為負 500 萬歐元至 800 萬歐元。

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

現在，我們準備好回答分析師的提問了。

Welcome back, everyone. (Event Instructions) Charlie, I think you have some instructions for analysts.

歡迎大家回來。（事件指示）查理，我認為你對分析師有一些指示。

(Operator Instructions) George Gianarikas, Canaccord Genuity.

（操作員指示）George Gianarikas，Canaccord Genuity。

I'd like to actually ask about ABL and your thoughts on the -- how that integration has gone? Number one. Maybe also if there are opportunities given the landscape for additional consolidation across the industry. Thank you.

我實際上想問一下關於 ABL 以及您對整合進展的看法？第一。如果考慮到整個產業的情況，還存在進一步整合的機會，那麼或許也是如此。謝謝。

Hi, George, this is Enric. Thank you for your question. So to your question about ABL, so in terms of integration, we have done a lot of synergies between both companies in the last six months, I would say. And a big part of the savings that we've seen in our organization and improvements of efficiency have come from this integration.

你好，喬治，我是恩里克。感謝您的提問。所以關於您關於 ABL 的問題，就整合而言，我想說，在過去六個月中，我們在兩家公司之間實現了許多協同效應。我們組織中看到的很大一部分節省和效率的提高都來自於這種整合。

So I would say that we are almost done in terms of synergies that we can finance companies, and we are quite happy on the levels of OpEx and personnel that takes to run ABL at the revenues that we have seen since we acquired them.

因此我想說，我們在為公司提供融資的協同效應方面幾乎已經完成，而且我們對運營 ABL 所需的營運支出和人員水平以及自收購以來所看到的收入感到非常滿意。

So in that regard, in terms of cost synergies, we are happy. What's -- the main focus right now is in the cross-selling of what we call cross-selling of our products because here we have two opportunities. One opportunity is that take the products from ABL that ABL has been very successful selling in Germany and sell them all around Europe.

因此，就成本協同效應而言，我們感到高興。現在的主要重點是我們所謂的產品交叉銷售，因為這裡有兩個機會。一個機會是，將 ABL 在德國非常成功的產品銷往整個歐洲。

And this is something that has been slowly growing and we can say that this last Q1 we had the best quarter ever in terms of eM4 sales. And we are seeing really, really good traction of eM4 sales in France, in the Benelux area and now also in Spain.

這是一個緩慢成長的趨勢，我們可以說，就 eM4 銷售而言，去年第一季是我們有史以來最好的季度。我們看到 eM4 在法國、比荷盧三國地區以及西班牙的銷售勢頭非常好。

So we are starting to see that our historical or local sales teams are having good projects. And an example of that is what we commented, the Tetra Pak deal or the TotalEnergies. TotalEnergies is a huge energy company and we're doing this pilot that is a lot of units, but we expect it to continue growing. So this part, although has been maybe slower than we expected, is starting to bring meaningful revenue in our home and business organization and we are happy with the product. We are happy with the support we are giving our customers and we are starting to see the traction.

因此，我們開始看到我們的歷史或本地銷售團隊正在進行良好的專案。我們評論過的 Tetra Pak 交易或 TotalEnergies 就是一個例子。TotalEnergies 是一家大型能源公司，我們正在進行這項涉及許多單位的試點，但我們預計它將繼續成長。因此，儘管這部分可能比我們預期的要慢，但它開始為我們的家庭和商業組織帶來可觀的收入，我們對產品感到滿意。我們很高興能為客戶提供支持，並且我們也開始看到成效。

The other part of the -- of what we call cross-selling is what ABL can sell in Germany from our historical products, the Supernovas and the Wallbox AC and home & business products. And maybe this part has been a little bit slower. But again, this last quarter, we've done great steps forward. We onboarded in ABL a key customer like The Mobility House for Pulsar. And also, we have developed a whole team for selling fast charging, for selling Supernova.

我們所說的交叉銷售的另一部分是 ABL 可以在德國銷售我們的歷史產品、Supernovas 和 Wallbox AC 以及家用和商用產品。也許這部分進展得有點慢。但上個季度，我們又取得了長足的進步。我們在 ABL 中引入了像 The Mobility House 這樣的 Pulsar 關鍵客戶。此外，我們還組建了一支專門銷售快速充電和 Supernova 的團隊。

We launched our [Supernova I event], which is the Supernova necessary to sell in Germany. And we have been creating this team. We sold some fast chargers. One of the fast chargers we sold was in the Dusseldorf Airport and we expect more to come because this is one of the pilots on the Dusseldorf Airport. So we are introducing our products into the ABL sales organization, which is very successful.

我們推出了我們的【Supernova I活動】，這是Supernova在德國銷售的必備品。我們一直在創建這個團隊。我們銷售了一些快速充電器。我們銷售的快速充電器之一位於杜塞爾多夫機場，我們預計還會有更多，因為這是杜塞爾多夫機場的試點之一。因此，我們將我們的產品引入 ABL 銷售組織，這非常成功。

And we think this will create meaningful revenue. Again, these both cross-selling, we amounted around EUR2 million a quarter today, but we believe that this can grow to the double-digits in a few quarters as we continue to expand in new markets and more products.

我們認為這將創造可觀的收入。再次，這兩項交叉銷售，目前我們每季的總額約為 200 萬歐元，但我們相信，隨著我們繼續在新市場和更多產品上擴張，這一數字可以在幾個季度內增長到兩位數。

And finally, in terms of the management and organization in the ABL, we have onboarded a new responsible for the wholesale organization. He comes from the industry. He was responsible in one of our competitors in Germany. And this person has joined a couple of months ago and we also expect to see some traction there because he has experience not only in the AC charging side, which is what ABL is experienced, also in the DC fast charging side.

最後，在 ABL 的管理和組織方面，我們已經任命了一位新的批發組織負責人。他來自這個行業。他是我們在德國的一個競爭對手的負責人。這個人幾個月前就加入了我們，我們也希望看到他取得一些進展，因為他不僅在交流充電方面有經驗（ABL 就經驗豐富），而且在直流快速充電方面也有經驗。

In terms of other opportunities, we are not right now actively working on acquiring new assets. Our goal and our focus right now is to make sure we are cash positive as soon as possible. And after that, once the company generates cash, we will probably start looking into opportunities. I think there's time -- the sort of time, the market is growing well, something to grow well, but still going slow. So there's going to be opportunities.

就其他機會而言，我們目前並沒有積極致力於收購新資產。我們目前的目標和重點是確保盡快實現現金盈餘。此後，一旦公司產生現金，我們可能會開始尋找機會。我認為還有時間——在某種時間裡，市場正在良好地增長，某種程度會良好地增長，但仍然進展緩慢。所以將有機會。

Thank you. Maybe as a follow-up, just any additional traction for Quasar 2 beyond KIA that you can talk about? Thank you.

謝謝。也許作為後續，您可以談談除了 KIA 之外 Quasar 2 的任何額外吸引力嗎？謝謝。

So unfortunately, I cannot talk about, but we are in -- today, we have started Power2Drive in Europe. This is the most important event for charging and energy solutions, which is happening in Germany. And again, we are presenting the Quasar that's going to be launched in Europe. As you know, we launched it first in the US. We're working with KIA and other car manufacturers will come soon in the US.

所以不幸的是，我無法談論，但我們今天已經在歐洲啟動了 Power2Drive。這是德國舉辦的最重要的充電和能源解決方案盛會。我們再次介紹即將在歐洲推出的 Quasar。如您所知，我們首先在美國推出了它。我們正在與起亞合作，其他汽車製造商也將很快進入美國市場。

But with our presence in Power2Drive today, we also expect to announce soon a partnership also in Europe. And what happened in Spain last week also created new opportunities and new customer demand, at least in Spain, but we expect in other parts of Europe, which makes Quasar even more interesting for the European market, where before in Europe, blackouts were something that no one expected, but now it's in the top of mind of some people.

但隨著我們今天在 Power2Drive 的亮相，我們也希望很快宣佈在歐洲建立合作關係。上週在西班牙發生的事件也創造了新的機會和新的客戶需求，至少在西班牙是這樣，但我們預計歐洲其他地區也會如此，這使得 Quasar 對歐洲市場更具吸引力，以前在歐洲，停電是沒有人預料到的事情，但現在它卻成為一些人最關心的問題。

(Operator Instructions) Ryan Pfingst, B. Riley.

（操作員指示）Ryan Pfingst，B. Riley。

Firstly, can you talk about the competitive landscape today and the opportunities you might see in the market as some of your competitors face challenges?

首先，您能否談談當今的競爭格局以及在一些競爭對手面臨挑戰的情況下您可能在市場上看到的機會？

Hi, Ryan. Thank you for your question. This is Enric. It's a very big question, because at the end, we operate in multiple geographies and multiple segments. Maybe starting for what's the biggest part of our revenue, which is the home & business segment, these are AC chargers for home and for commercial opportunities. I will separate them between Europe and in the US.

你好，瑞安。感謝您的提問。這是恩里克。這是一個非常大的問題，因為最終我們的業務涉及多個地區和多個領域。也許從我們收入的最大部分，即家庭和商業領域開始，這些是用於家庭和商業機會的交流充電器。我將把它們分為歐洲和美國。

In the US, as we can see, last quarter, we've been able to grow 142%. There's a huge opportunity we are seeing there. And comparing to our competition, we see that historical players that used to focus on the hardware are now more focused maybe on the operation of networks and less in selling good hardware with good software solutions.

在美國，正如我們所見，上個季度我們的成長了 142%。我們看到那裡存在著巨大的機會。與我們的競爭對手相比，我們發現過去專注於硬體的參與者現在可能更專注於網路運營，而不是銷售具有良好軟體解決方案的優質硬體。

So we see an opportunity there in the US and that's one of the reasons why I believe we are having this very big traction, because our competition, first is not focusing as much on delivering the right solution for home and for businesses.

因此，我們在美國看到了機遇，這也是我相信我們擁有巨大吸引力的原因之一，因為我們的競爭對手首先並沒有那麼注重為家庭和企業提供正確的解決方案。

And two, we have an edge in the US, which is our factory. This factory in the US in Arlington that we were able to produce 100,000 chargers in the last three years, also give us flexibility, give us capacity to manage much better than others the situation with tariffs. And when looking in the US, there's some other competitors that are Chinese players, and they also now with the tariff create some friction with customers.

其次，我們在美國擁有優勢，那就是我們的工廠。在過去三年裡，我們在美國阿靈頓的工廠生產了 10 萬個充電器，這也為我們提供了靈活性，使我們有能力比其他人更好地應對關稅情況。而從美國來看，還有一些其他競爭對手，即中國企業，他們現在也透過關稅與消費者產生了一些摩擦。

So I think when I look at the US, it's a very big market where we are capturing a lot both because competition is not focusing as much in hardware with software solutions and our American manufacturing.

因此，我認為，當我看美國時，它是一個非常大的市場，我們在其中佔據了許多份額，因為競爭並不集中在硬體上，而是集中在軟體解決方案和美國製造業。

When I look at home and business in Europe, here, we have, I would say, two or three pan-European competitors. They will be the likes of Subtech, Alphen, and probably EZ, I will say, or OMI. It's these are more local. And what we see is that there's players that are very strong in their home markets, but struggle more when going into other geographies. I think one of the keys of Wallbox is that Wallbox was born in a market, which is Spain, which is a very big country, but with very low penetration today of EVs. So Wallbox had from day one to expand and be strong in very different countries.

當我觀察歐洲的國內和商業時，我會說我們有兩三個泛歐競爭對手。它們將會是 Subtech、Alphen 以及可能還有 EZ（我會說）或 OMI 之類的公司。這些都更具地方特色。我們看到，有些企業在本土市場表現非常強勁，但在進入其他地區時卻舉步維艱。我認為 Wallbox 的關鍵之一是它誕生於西班牙這個市場，這個國家非常大，但目前電動車的普及率非常低。因此，Wallbox 從第一天起就必須在不同的國家擴張並發展壯大。

So today, Wallbox is very strong and one of the top two out of three in France, in Germany with ABL, in Spain, in Benelux, in the UK, we are expanding very well. So, we're having this footprint and having this strong presence in other markets, we believe that in the short and mid-term, where markets continue to grow, it will give us an advantage versus the others.

所以今天，Wallbox 非常強大，在法國、德國（與 ABL 合作）、西班牙、比荷盧三國和英國都位居前三名之列，我們的擴張勢頭非常好。因此，我們在其他市場擁有這樣的影響力和強大的影響力，我們相信，在短期和中期，隨著市場的持續成長，我們將比其他公司更具優勢。

And also for car manufacturers and utility companies, which are our most -- biggest part of our revenue, they want players that can operate in many markets and are strong in different markets.

對於汽車製造商和公用事業公司（它們佔據了我們收入的最大部分）來說，他們希望這些公司能夠在多個市場運營，並且在不同的市場都表現強勁。

And just going now to the other part, which is our Supernova sales and the fast-charging sales. Here, I will say that the market is global. It's not separated between US and Europe. It's more global players. And I would say, there's two main competitors here, one being ChemPower and the other, Alpitronic. And it's interesting because they are obviously focusing on the highest power and that's where the main focus they have.

現在我們來看看另一部分，即我們的 Supernova 銷售和快速充電銷售。這裡我要說的是，市場是全球性的。美國和歐洲之間並沒有界限。它有更多的全球參與者。我想說，這裡有兩個主要競爭對手，一個是 ChemPower，另一個是 Alpitronic。這很有趣，因為他們顯然專注於最高權力，而這也是他們的主要關注點。

But we -- what we are finding right now is, yes, we have high-power solutions and we are launching out solutions to get closer to the 700 kilowatts. But we want to -- and making sure that we are the most successful and the most efficient in the highest volume area of fast charging, which is 100 to 350 kilowatts.

但是我們——我們現在發現，是的，我們有高功率解決方案，而且我們正在推出接近 700 千瓦的解決方案。但我們希望——並確保我們在快速充電的最大容量領域（即 100 至 350 千瓦）取得最大成功和最高效。

That's where we are focusing with our Supernova solution, with our [CD] solution and making sure that we have a very cost-effective, high-quality and lowest cost of ownership solution that we can compete rather than trying to compete in the 1 megawatt and 1.5 megawatt region, which we obviously are developing products, we are focusing on having the best niche with the highest volume we believe is going to be in the following years.

這就是我們 Supernova 解決方案和 [CD] 解決方案的重點，並確保我們擁有非常經濟高效、高品質且擁有成本最低的解決方案，以便我們能夠參與競爭，而不是試圖在 1 兆瓦和 1.5 兆瓦領域競爭，我們顯然正在開發這些產品，我們專注於擁有我們認為將在未來幾年內擁有最高銷量的最佳利基市場。

Appreciate that. And then for my follow-up, and you just touched on it, but can you give some more detail on your expectations for your product mix going forward? And can you remind us how the mix impacts your margins and ultimately the path to EBITDA positive?

非常感謝。然後是我的後續問題，您剛才提到了這一點，但是您能否更詳細地說明您對未來產品組合的期望？您能否提醒我們這種組合如何影響您的利潤率以及最終如何影響 EBITDA 的正成長？

Yeah. So I believe that looking into -- well, first, let me talk about the margins. So today, in fast charging, we are around 50% gross margins. And home and business, we are around 37% to 40%-ish gross margins. In -- we can be in home and business at 50% also. We are not there today because we have still inventories and we are reducing these inventories and making sure we can get cash from it.

是的。所以我相信，首先，讓我談談利潤。因此，今天，在快速充電方面，我們的毛利率約為50％。對於家庭和企業來說，我們的毛利率大約為 37% 至 40% 左右。我們也可以以 50% 的比例在家工作和做生意。我們今天還沒有達到這個水平，因為我們仍然有庫存，我們正在減少這些庫存並確保我們可以從中獲得現金。

So, as these inventories keep being reduced, we will be expanding our gross margins in the home and business. But we prefer to focus on reducing inventories and obsolete inventories and have higher gross margin. So we are in this 37% to 40% in the home and business side.

因此，隨著這些庫存不斷減少，我們將擴大家庭和商業領域的毛利率。但我們更願意專注於減少庫存和過時庫存並提高毛利率。因此，我們在家庭和商業方面的份額為 37% 到 40%。

And when we look into the sales mix, I believe that for Q2, we should be in a similar mix. We're looking into -- similar than Q1 because our strategy for fast charging is to build more backlog. We've been having very volatile sales with fast charging because our levels of backlog were small.

當我們研究銷售組合時，我相信第二季的銷售組合應該類似。我們正在研究—與第一季類似，因為我們的快速充電策略是建立更多的積壓訂單。由於我們的積壓訂單量很少，因此我們的快速充電銷售一直非常不穩定。

What we're doing now is start building backlog with customers to make sure we have a steady growth. And at the end, it becomes a more efficient operation. The reason why we build the backlog is this is -- right now, we are delivering and manufacturing a lot of fast chargers at the end of the quarter. This creates huge overheads and makes us -- our operations more expensive.

我們現在正在做的是開始與客戶建立積壓訂單，以確保我們實現穩定成長。最終，它將變得更有效率。我們建立積壓訂單的原因是——目前，我們正在本季末交付和製造大量快速充電器。這會產生巨大的開銷，使我們的營運成本更高。

So, we are talking with customers, planning better the deliveries, having orders to be delivered in successive quarters. And with this backlog being grown, not only we will have a steady growth on DC sales and the mix will improve towards DC sales, but also, we will have a more efficient operation and a lower cost in the manufacturing of fast chargers.

因此，我們正在與客戶溝通，更好地規劃交貨，並在接下來的幾季內交付訂單。隨著積壓訂單的成長，我們不僅會實現直流銷售的穩定成長，而且直流銷售的產品組合也會得到改善，而且我們的快速充電器製造營運也將更加高效，成本也將更低。

Thank you, Ryan. So this 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.

謝謝你，瑞安。這是我們的最後一個問題。感謝大家今天的參與。我們希望您覺得今天的通話充分利用了您的時間。如果我們能為您提供任何幫助，請告知我們。

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了。