BARCELONA, Spain – Wallbox N.V. (“Wallbox”), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced measures to reduce costs to better align with its 2023 full-year guidance. The reductions are balanced between operating and personnel expenses and will impact approximately 15% of the workforce. The company expects the changes to result in annualized cost savings for 2023 of approximately €50 million.
In the fourth quarter of 2022, the company also added more than €70 million in cash and availability under working capital lines. These actions are expected to provide the agility needed to navigate the current market and further strengthen its balance sheet, while allowing the company to remain committed to the long-term growth trajectory it sees ahead. As a result of these steps, the company anticipates to accelerate its path to profitability by almost one year.
“We do not make these decisions lightly. We will work hard to minimize the impact to all those affected and we sincerely thank them for their contributions”, said Enric Asunción, Co-founder and CEO. “We invested heavily in manufacturing capacity and product innovation in 2022, which improves our long-term competitive position, and sets us up well for continued growth. However, as previously discussed, near-term disruptions in global supply chains have impacted EV delivery rates, and as a result, require us to better align our cost structure with the current demand environment.”
The company noted that it would be reporting results for its fourth fiscal quarter ended December 31, 2022 on March 1st, 2023.