Wallbox N.V. ( NYSE: WBX ) sunk to a new post-SPAC low on Wednesday after the company's Q3 earnings report disappointed investors.
The EV charging tech provider generated 140% revenue growth during the quarter and said it continued to exceed gross margin targets. WBX also sold approximately 67K chargers, which marked a 93% increase compared to last year.
Notably, Wallbox ( WBX ) began production at its first U.S. factory in Arlington, Texas.
Wallbox management warned that automotive capacity constraints are delaying electric vehicle deliveries, which in-turn has a near-term effect on the company's European and home charging businesses.
"While the economic outlook for many industries looks uncertain, we continue to see numerous opportunities to improve our competitive position and execute our strategy, all while aiming to double the size of the company each year," updated CEO Enric Asuncion.
Looking ahead, WBX now sees full year revenue in the range of €154M and €164M vs. a prior view for €181M to €202M.
Shares of Wallbox ( WBX ) were down 11.82% at 2:39 p.m. on Wednesday. Earlier in the session, WBX swapped hands at a new low of $5.22.
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Wallbox slides to new post-SPAC low after clipping full-year guidance