First Half 2021 Business Highlights
- First half 2021 revenues increased more than 300% versus first half 2020 and were 15% ahead of budgeted expectations.
- Launched Pulsar Plus, the company’s best-selling product globally, in the U.S. market in February, achieving #1 best seller on Amazon and “Amazon’s Choice” in the EV charging category and significant month over month sales growth.
- Entered into an agreement with Iberdrola in June, who committed to acquiring the first 1,000 Supernova public fast chargers.
- Partnered with SunPower (NASDAQ: SPWR), a leading Distributed Generation Storage and Energy Services provider in North America, to offer packaged EV charger and solar installations across the U.S. market, resulting in a strategic alliance announced in July.
- Added 305 employees and expanded product sales into seven new countries, bringing total headcount to 643 and sales presence to 67 countries.
- In order to expand manufacturing capacity, the company signed and started construction on its new factory in Barcelona, and is currently searching for a location to build its first U.S.-based manufacturing facility, expected to be announced in the coming weeks.
Executive Commentary by Enric Asunción, CEO and co-founder of Wallbox
“We are proud to continue delivering strong results and of the several notable highlights in the first half of 2021, expanding our geographic footprint, strengthening our technology offering, and further diversifying our business.
In the period ended June 30, 2021, we achieved $32 million in revenues, which exceeded our budgeted projections by approximately 15% and was 30% greater than full-year 2020 revenue. Growth in our business was driven by a variety of factors, including geographic expansion into seven new countries and most notably our entry into the U.S. market in February with our 40Amp Pulsar Plus home charger, and strong traction in select European countries and Australia.
Over performing our budget in the first half of the year, along with several recently announced and ongoing initiatives, position us well to deliver on our previously disclosed full-year 2021 revenue target. While we have quadrupled global sales in the first half of 2021 versus the prior year period, in some key EV markets the company has grown even faster, such as in Germany, UK, France and Italy.
In H2, we expect U.S. sales to continue on its growth trajectory, aided by, among other things, the recent roll-out of our next generation 48 Amp Pulsar Plus, and our recently announced strategic alliance with SunPower. This partnership will allow SunPower customers to opt to install a Wallbox home EV charger at the same time as their solar and/or storage system installation and charge their EVs using the renewable energy they generate.
In Europe, we expect Quasar, the world’s first bi-directional charger for the home, to provide further tailwinds as we continue to roll it out in additional countries across the continent. Further, we look forward to entering into public charging on the hardware front as we begin to sell Supernova, our DC Fast Charger for public use, in the second half of the year. We were excited to announce in June that Iberdrola, one of the world’s leading utility companies, acquired the first 1,000 Supernova units from Wallbox.
In addition to new product and geographic roll-outs, we also look forward to finalizing the selection of our U.S. manufacturing facility’s location in the coming weeks. The new U.S. factory is expected to open in the second half of 2022 and will be key to support the company’s growth in the North American market in residential, business and public segments.
We are also excited about completing our transaction with Kensington Capital Acquisition Corp. II, which will result in Wallbox becoming a publicly traded company and is expected to fund significant growth over the next several years.
I would like to thank all of the inspiring and hardworking individuals of the Wallbox team for our very strong first half of 2021, and I encourage all of our stakeholders to attend our virtual Investor Day next Tuesday, August 10th, to learn more about Wallbox and how we are achieving our vision of accelerating EV adoption and changing how people use energy globally.”