Wallbox N.V. ( NYSE: WBX ) issued an announcement on Thursday that it is taking measures to reduce costs to better align with its 2023 full year guidance.
The EV charging upstart said the reductions are balanced between operating and personnel expenses and will impact approximately 15% of the workforce.
WBX expects the changes to result in annualized cost savings for 2023 of approximately €50M. In Q4, Wallbox ( WBX ) also added more than €70M in cash and availability under working capital lines. The view is that the actions will provide the agility needed to navigate the current market and further strengthen the balance sheet, while allowing the company to remain committed to the long-term growth trajectory it sees ahead.
Wallbox ( WBX )anticipates to accelerate its path to profitability by almost one year through the actions.
CEO update: "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."
Wallbox ( WBX ) will post Q4 results on March 1. See the consensus estimates.
For further details see:
Wallbox aims for faster track to profitability through cost savings that include deep job cuts