Wallbox Announces Strong Second Quarter 2022 Financial Results and the Acquisitions of COIL Inc. and ARES Electronics
Summary
BARCELONA, Spain--(BUSINESS WIRE)--Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced its financial results for the second quarter ended June 30, 2022. • Generated record revenues of €39.5 million, an increase of 124% compared to the second quarter of 2021 • Sold almost 64,000 chargers, a 95% increase compared to the second quarter of 2021 • Announced strategic partnership with Nissan to provide charger and installation services to buyers of its new Ariya EV across the U.S. • Acquired COIL Inc., a leading EV charging installer serving the U.S. market, enabling in-house installation and maintenance solutions for commercial, public and residential charging applications • Acquired ARES Electronics, an innovative provider of printed circuit boards, expanding Wallbox’s design and manufacturing capabilities while increasing innovation cycle time and improving its supply chain resilience Executive Commentary Enric Asuncion, CEO of Wallbox, said, “Its been a very busy quarter for Wallbox. While geo-political uncertainty and inflation pose challenges to most businesses, we’re uniquely positioned in a very attractive market that is benefiting from strong secular tailwinds.” Mr. Asuncion continued, “I’m also very excited to welcome both COIL and ARES Electronics to Wallbox. ARES Electronics has been a trusted provider of innovative printed circuit boards (PCBs) to Wallbox for years, and is expected to bring unique capabilities that further differentiate our technology while improving our vertical integration. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.