Shares of Wallbox N.V. (WBX), a provider of electric vehicle charging and energy management solutions, are falling more than 11% Wednesday morning despite increased revenue in the fourth quarter.
Revenue for the fourth quarter rose 44% year-on-year to 37.31 million euros.
The company’s CEO Enric Asuncion commented, “Looking forward, the business environment in the near-term remains complex, and industry sources have once again revised European EV forecasts down for 2023, but we remain constructive on the underlying fundamentals of the market and our competitive position.”
WBX is at $5.04 currently. It has traded in the range of $3.14-$14.43 in the last 1 year.
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