MOUNTAIN VIEW, Calif. - Wallbox (NYSE: NYSE:WBX), a prominent electric vehicle (EV) charging systems provider, has announced a strategic partnership with ChargeLab, a leader in EV charging software. The collaboration is set to enhance commercial EV charger installations across North America by combining Wallbox's advanced hardware with ChargeLab's software.
The partnership will offer distributors bundled solutions that include Wallbox's Pulsar Pro Level 2 charger and Supernova 180 DC fast charger, both pre-configured with ChargeLab software. This integration is expected to deliver smart charging capabilities such as load balancing, pricing for charger monetization, and access control, aiming to simplify and improve the user experience for distributors, Charge Point Operators, and end-users.
Fred Turner, Senior Director at Wallbox North America, expressed enthusiasm for the partnership, highlighting the seamless commercial solution it provides. Zak Lefevre, CEO of ChargeLab, echoed this sentiment, emphasizing the significance of the collaboration in the evolution of EV chargers for electrical distributors.
The Supernova 180 is known for its compact design and efficiency, capable of adding 100 miles of range to an EV in under ten minutes. Wallbox has installed over 2,000 Supernova units worldwide. The Pulsar Pro, part of Wallbox's best-selling Pulsar product line, is designed for commercial and shared spaces, offering faster processing speeds and readiness for ISO 15118 plug and charge.
ChargeLab's cloud-based CSMS offers a robust platform for managing EV chargers and includes features like web apps for drivers, a dashboard for site hosts, and 24/7 support. The partnership also grants exclusive access to specially priced software that can be bundled with Wallbox's products.
The bundled offering aims to address current market needs and support future scaling in EV infrastructure. For more information, interested parties can visit the Wallbox and ChargeLab websites.
This strategic move is based on a press release statement and represents Wallbox and ChargeLab's efforts to accelerate the transition to electric vehicles by enhancing the charging infrastructure with their combined technologies.
In other recent news, Wallblox reported preliminary second-quarter 2024 revenues of €49 million, a 50% increase year-over-year, yet short of the €55 million forecasted by analysts. This shortfall led UBS to lower its price target for Wallblox shares from $1.90 to $1.75, while maintaining a Neutral rating. UBS suggests that the lower revenue could impact Wallblox's adjusted EBITDA negatively and lead to a more cautious perspective from investors.
In parallel, Wallbox has unveiled the Supernova 220, a new DC fast charger, expanding its product line. The Supernova 220 is designed to deliver up to 220 kW of power, enabling electric vehicles to gain 100 miles of charge in an estimated eight minutes. The company has reportedly sold over 2,000 DC fast chargers across more than 30 countries.
Following its acquisition of ABL, Wallbox has reported key strategic milestones. The collaboration has resulted in new product offerings, notably the ABL Pulsar, tailored to the German home-charging market, and the eM4, an ABL-designed charger for commercial spaces, introduced across Europe. Wallbox and ABL have also unified their sales strategy in the DACH region, leveraging their combined portfolio to meet a wide array of market needs.
Finally, Wallbox posted a 23% revenue growth in Q1 2024, reaching €43.1 million. The company delivered 37,500 AC units globally and approximately 320 DC units during the period. Wallbox also saw an improvement in its financial performance, with gross margins at 39.6% and a narrowed adjusted EBITDA loss of €13.5 million.
InvestingPro Insights
As Wallbox (NYSE: WBX) forges ahead with strategic partnerships to expand its EV charging solutions, the company's financial health and market performance provide a nuanced backdrop. According to InvestingPro data, Wallbox has a market capitalization of 315.42 million USD, reflecting its position in the market. However, the company's P/E Ratio stands at -2.31, indicating that investors are currently valuing the company's earnings negatively, which aligns with the fact that Wallbox has not been profitable over the last twelve months.
InvestingPro Tips suggest that while analysts anticipate sales growth in the current year, they do not expect the company to be profitable within the same timeframe. Additionally, Wallbox may face challenges making interest payments on its debt, which is a crucial factor to consider for potential investors. The stock price has also experienced significant volatility, with a substantial return over the last week but a notable decline of -65.43% over the past year, underscoring the risks associated with investing in the company.
For those looking to delve deeper into Wallbox's financials and future prospects, InvestingPro offers a wealth of additional tips that could guide investment decisions. There are currently 10 more InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/WBX. Moreover, for a limited time, users can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, enhancing their investment research with valuable insights.
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