Wallbox Q2 2026 Earnings Report

Wallbox EPS Results

• Actual EPS: -$1.81
• Consensus EPS: -$1.81
• Beat/Miss: Beat by +$0.00
• One Year Ago EPS: N/A

Wallbox Revenue Results

• Actual Revenue: $27.30 million
• Expected Revenue: $41.49 million
• Beat/Miss: Missed by -$14.20 million
• YoY Revenue Growth: N/A

Wallbox Announcement Details

• Quarter: Q2 2026
• Date: 7/31/2026
• Time: Before Market Opens
• Conference Call Date: Thursday, July 30, 2026
• Conference Call Time: 8:00AM ET

Wallbox (NYSE:WBX) is a technology company that develops electric vehicle (EV) charging and energy-management solutions. Its products are designed for residential, commercial, fleet and public-charging applications, helping EV owners and operators manage charging through connected hardware and software.

The company’s product portfolio includes AC charging stations such as the Pulsar and Copper families, DC fast-charging systems including Supernova, and bidirectional charging technology such as Quasar. Wallbox also offers digital services through its myWallbox platform, which supports charger configuration, remote monitoring, access management and energy-use control.

Founded in 2015, Wallbox is headquartered near Barcelona, Spain, and serves customers across Europe, North America and other international markets. The company was co-founded by Enric Asunción, who has served as its chief executive officer, along with Eduard Castañeda and Roger Font. Wallbox became a publicly traded company on the New York Stock Exchange in 2021.

Wallbox Q2 2026 Earnings Call Transcript

Key Takeaways

• Negative Sentiment: Q2 revenue missed guidance, declining 19% sequentially to €23.9 million, while adjusted EBITDA loss widened to €7.8 million from €6 million in Q1 due to reduced operating leverage.
• Positive Sentiment: Order intake rose 11% sequentially, creating a backlog of nearly €12 million; management attributed the revenue shortfall to vendor negotiations and operational constraints rather than weaker demand.
• Positive Sentiment: Wallbox completed its restructuring, raised approximately €15.8 million through planned and separate equity investments, extended most debt maturities toward 2030, and ended the quarter with €25.1 million in cash and financial investments.
• Positive Sentiment: Management expects backlog conversion and improved supplier operations to support a Q3 revenue rebound, guiding to €29 million–€31 million of revenue, 38%–40% gross margin, and a €4.5 million–€6.5 million adjusted EBITDA loss.
• Neutral Sentiment: The NYSE accepted Wallbox’s compliance plan, giving the company an 18-month cure period to restore stockholders’ equity or average market capitalization to at least $50 million; its shares remain listed and trading.

Presentation

[Operator]

Hello everyone, welcome to Wallbox's Second Quarter 2026 Earnings Conference Call and Webcast. At this time, all participants' lines have been placed in listen-only mode to prevent any background noise. After the speaker's remarks, there will be an opportunity for a question and answer session. Analysts who wish to ask a question can place themselves into the queue by pressing star one. I would now like to turn the call over to Michael Wilhelm from Wallbox.

[Michael Wilhelm, Corporate Development and IR at Wallbox]

Thank you, good morning, good afternoon to everyone listening in. Thank you for joining today's webcast to discuss Wallbox Second Quarter 2026 Results. This event is being broadcast over the web and can be accessed from the investors section of our website at investors.wallbox.com. I am joined today by Enric Asunción, Wallbox CEO, and Isabel López Trujillo, Wallbox CFO. Earlier today, we issued a press release announcing results from the second quarter ended June 30th, 2026, which can also be found on our website. Before we begin, I'd like to remind everyone that certain statements made on today's call are forward-looking, that may be subject to risks and uncertainties relating to future events and/or future financial performance of the company. Actual results could differ materially from those currently anticipated.

[Michael Wilhelm, Corporate Development and IR at Wallbox]

The risk factors that may affect results are detailed in the company's most recent public filings with the SEC, including annual report on Form 20-F for the fiscal year ended December 31st, 2025, filed on April 9th, 2026. We will be presenting unaudited financial statements in IFRS format that reflect management's best assessment of actual results. Also, please note that we use certain non-IFRS financial measures on this call, reconciliations of these measures are included in the presentation posted on the investor section of our website. A copy of these prepared remarks can be obtained from the investor relations website under the quarterly results section. You can more easily follow along with us today. With that out of the way, I'll turn it over to Enric.

[Enric Asunción, CEO at Wallbox]

Thank you, Michael. Thanks everyone for joining us today. We will start today's call with an overview of our second quarter 2026 results, provide our perspective on order intake and backlog, and spend time discussing operational improvements. Isabel will offer a closer look at our financial results, key financial metrics, and our current financial position after the completion of the refinancing, including the new capital raised in the quarter. After, I will close the conversation to highlight what we are focused on for the upcoming quarters. Q2 revenue came in below our guided range at EUR 23.9 million, down 19% compared to the previous quarter. During the quarter, we delivered approximately 22,980 units and 40 DC units. Important to mention here is that this is not a demand problem, as order intake for our AC and DC products was up 11% compared to the first quarter, reflecting solid sequential momentum.

[Enric Asunción, CEO at Wallbox]

In fact, as order intake exceeded revenue, we have been building a backlog rather than losing business, resulting in close to EUR 12 million of total backlog. The gap between what we book and what we invoice is the result of operational constraints related to the final stages of our restructuring process, in which we have been negotiating new terms with our vendors. This limited our ability to convert that improved order intake into shipments this quarter. The positive impact of building a backlog and part of our plan is enhanced visibility related to our supply needs and the possibility for more efficient, more reliable operations. Gross margin for the quarter was approximately 38%, at the low end of, but essentially in line with our guided range of 38%-40%.

[Enric Asunción, CEO at Wallbox]

The sequential improvement of 70 basis points in gross margin was a good outcome, given the softer top line, and a sign that our product mix and cost discipline held up even as volumes were constrained. Labor cost and operating expenses landed at EUR 17.3 million, approximately flat compared to last quarter, but improving 29% year-over-year. The progress on the cost-based reduction is flattening out as we continue to invest selectively in sales and service capacity to support the backlog build while holding the line on our broader cost base. In addition, as mentioned in the last earnings call, we continue to see options to reduce costs by improving processes and systems, reduce complexity in our operations, and centralize activities.

[Enric Asunción, CEO at Wallbox]

Adjusted EBITDA loss for the second quarter of 2026 was EUR 7.8 million, outside of our guided range and wider than the EUR 6 million loss in the first quarter, but approximately flat compared to the same period last year. This was driven by the loss of operating leverage on lower revenue, as just discussed, and not by deterioration in unit economics. Gross margin held up, but with EUR 23.9 million of revenue instead of the EUR 33 million-EUR 36 million we guided to, we did not generate enough gross profit to absorb our cost base as planned. As the backlog converts into shipments in the coming quarters, we expect this operating leverage to work back in our favor.

[Enric Asunción, CEO at Wallbox]

Although we did not achieve all our expectations in the second quarter, we have seen growth momentum in order intake, secured the longevity of the company with the completion of the refinancing process, including new capital, and improve the operations for near-term profitability improvement. The main driver to break through the profitability barrier is improved revenue levels, which are within reach, as proven by the momentum increase as investment in sales and services are starting to show results. Europe, or EMEA, contributed EUR 17.7 million of consolidated revenue, or approximately 74% of total top line. This reflects a 22% decrease compared to last quarter, again, a reflection of the invoicing gap rather than weaker demand. Regarding AC and DC charges order intake, EMEA was a real bright spot, growing 14% sequentially. We also strengthened our commercial reach in the region this quarter.

[Enric Asunción, CEO at Wallbox]

In May, we announced a partnership with Freenow by Lyft to support taxi electrification across Germany, France, the U.K., Ireland, and Spain, giving fleet operators and individual driver access to Pulsar Max, Pulsar Pro, and eM4 charging solutions depending on their needs. We see this kind of channel partnership as an important way to convert our growing backlog into durable, recurring demand. In addition, we are also seeing our net promoter score improve and our response times on spare parts get faster. We are not yet where we want to be on this, but we're making progress, and we're dedicating additional resources to our priority markets, which are Spain, France, Benelux, and Germany, alongside North America. North America contributed EUR 5.6 million, or approximately 23% of total revenue, reflecting a decrease of 16% compared to last quarter and approximately 50% compared to the same period last year.

[Enric Asunción, CEO at Wallbox]

The slowdown can partly be attributed to the softer North American EV market, which is down 22% compared to the same period last year. Order intake of AC and DC products in the region was approximately flat versus the first quarter, essentially stable and consistent with normal seasonality. We're increasingly reliant on a small number of large key accounts with a stable, if smaller, base of long-tail customers. We expect a stronger contribution from large accounts in the second half of the year. LATAM was a revenue highlight this quarter, growing 64% sequentially. Although from a small base, landing at EUR 615,000, or approximately 3%. APAC sales continue to be almost negligible, similar to last quarter. Both regions remain small for Wallbox at this moment, but the strong revenue improvement in LATAM shows how effectively selected distribution partners can contribute to sales growth.

[Enric Asunción, CEO at Wallbox]

AC sales, including ABL and Quasar, total EUR 15.8 million, or approximately 66% of global consolidated revenue, down 25% versus last quarter. Order intake for AC overall was EUR 22.6 million, up 6% sequentially, with AC Europe and rest of world the clear driver, as order intake there was up 20% quarter-over-quarter, while AC North America order intake declined modestly. As discussed, the revenue decline reflects the timing gap between that order intake and our ability to ship and invoice against it this quarter rather than a change in underlying demand. We also launched the new Pulsar Pro across the European Union this quarter. Purpose-built to simplify EV charging reimbursement for drivers, employers, fleets, and property managers through integrated MID-certified energy metering.

[Enric Asunción, CEO at Wallbox]

Corporate vehicles account for around 60% of new car registrations across the EU, we believe Pulsar Pro is well positioned to capture this workplace and share charging opportunity. DC sales landed at EUR 1.6 million, or approximately 7% of revenue, down 37% versus last quarter. Again, largely a function of the same supply-side timing constraints. The bright side is the DC order, which grew 80% sequentially to EUR 3 million, with DC Europe and rest of the world more than doubling versus the first quarter. Our DC customer base is also diversifying, as we are seeing more orders from smaller customers and becoming less dependent on a handful of large charge point operators than we were in the past. We also completed the first real-world deployment of our Supernova power sharing architecture in Europe this quarter, installing a shared fast charging system at Port de Sitges.

[Enric Asunción, CEO at Wallbox]

The product is capable of delivering up to 400 kW to a single vehicle with a shared system capacity of up to 720 kW. Given the order intake trend, we are optimistic about the contribution power sharing can make to DC growth as we move through the second half of the year. Software, services, and others generated EUR 6.5 million, or approximately 27% of total revenue, up 8% versus last quarter. Electromaps continue to be a standout, growing strongly again, both sequentially and year-over-year. This category overall give us growing high margin base of recurring revenue that is largely insulated from the hardware supply dynamics affecting AC and DC this quarter. In our addressable market, which we define as all regions except China, approximately 2.5 million EVs were sold during the second quarter, up 20% sequentially and up 30% year-over-year.

[Enric Asunción, CEO at Wallbox]

Europe, our largest market, sold approximately 1.36 million EVs in the quarter, up 18% sequentially and up 28% year-over-year. The continued strong growth in the underlying market is consistent with the 14% sequential growth we saw in our EMEA order intake this quarter. North America sold approximately 373,000 EVs, up 12% sequentially, though still down 22% year-over-year, as the market continues to digest the removal of incentives and tax credits discussed on prior calls. The sequential improvement is an encouraging signal that the market may be stabilizing. Rest of World, which includes APAC and LATAM, was again the strongest growth pocket in our addressable market, up 65% sequentially and up over 150% year-over-year, though it remains a small part of our current business given our deliberate decision to prioritize resources elsewhere. Overall, the EV transition continues to progress, and the market backlog this quarter has been supportive.

[Enric Asunción, CEO at Wallbox]

This positive market trend provides Wallbox with plenty of opportunity to re-accelerate growth as investments in sales and service and improved operations are starting to pay off. Isabel, over to you.

[Isabel López Trujillo, CFO at Wallbox]

Thank you, Enric. Good morning and good afternoon to everyone. Second quarter revenue was EUR 23.9 million, outside our guided range and down 19% sequentially. As Enric explained, the shortfall versus guidance was not demand-driven. Order intake was up 11% versus last quarter, with stronger sequential gains in AC Europe and DC Europe and Rest of World. The gap reflects operational constraints during the final stages of our restructuring, as final negotiations with vendors limited how much of that order intake we could convert into shipments and invoicing within the quarter, resulting in a backlog of close to EUR 12 million. Although we'd rather convert orders directly into revenue, we are focused on building a backlog, as it will allow us to streamline our operations, improve predictability, and unlock cost efficiencies.

[Isabel López Trujillo, CFO at Wallbox]

Gross margin for the second quarter was approximately 38%, at the lower end of, but essentially in line with, our guided range of 38%-40%. This tells us the revenue shortfall was a volume story, not a mix or pricing story. In addition, as part of our financial strategy, we are having closer control of margins by shifting our priority to high-gross-margin deals. Q2 labor costs and operating expenses total EUR 17.3 million, down approximately 29% compared to the same period last year and approximately flat sequentially, reflecting continued targeted investment in sales and service capacity, even as we held our broader cost base flat. We remain focused on cost control, but additional efficiencies will result from the implementation of better processes and systems. This is high-priority as we work across the organization to identify opportunities to streamline processes, enhance flexibility, and reduce fixed costs.

[Isabel López Trujillo, CFO at Wallbox]

Consolidated adjusted EBITDA loss for the quarter was EUR 7.8 million, versus our guided range of EUR 5 million-EUR 3 million and versus EUR 6 million loss last quarter. To be clear on the drivers, this was a function of lower operating leverage on the softer top line, not a deterioration in gross margin or in our underlying cost discipline. As our backlog converts into revenue and we can accelerate sales momentum in the coming quarters, we expect the same cost base to support a meaningfully better adjusted EBITDA outcome. Moving to key financial items. We continue to progress on key milestones that materially strengthen our financial position. In May, the Commercial Court of Barcelona approved our comprehensive financial restructuring plan and following the expiration of the applicable objection and appeal periods without any challenges being filed. That court approval is now final and non-appealable.

[Isabel López Trujillo, CFO at Wallbox]

Following the effectiveness of the renewed capital structure, total loans and borrowings landed at EUR 191.3 million, up from EUR 168.2 million last quarter. The increase is related to the reclassification of trade payables to long-term debt, approximately EUR 13 million worth of payables was included in the restructuring. Additional working capital facility provided by our banking partners and several other items related to the refinancing. In addition, the majority of our debt has now been reclassified as long-term, with long-term debt increasing to EUR 140.1 million from EUR 44 million, and short-term debt, representing working capital lines, decreased to EUR 51.1 million from EUR 124.2 million, reflecting maturities that have largely been pushed out toward 2030.

[Isabel López Trujillo, CFO at Wallbox]

Subsequent to quarter end, we completed the approximately EUR 11.8 million equity raise contemplated under the plan, which include the previously announced EUR 5 million investment from the Generalitat de Catalunya through IFEM, together with the capitalization of accrued interest on the April bridge loan. In addition, separate from the intended fundraising related to the refinancing, we secured a separate EUR 4 million investment from Focus on Next Frontier, the investment vehicle of Rafael Ruiz, who joined us as a new shareholder. In addition, we received approximately EUR 10.5 million through Canada's Clean Fuel Regulations framework for 2025, generated by eligible EV charging activity across our connected AC charger base in Canada.

[Isabel López Trujillo, CFO at Wallbox]

In line with program requirements, these funds will be reinvested in the region to support and accelerate EV adoption, but they are also a good proof point that our connected install base can create value well beyond the initial hardware sale. Taken together with continued discipline management of working capital, we believe these items support a strong liquidity position. We end the period with approximately EUR 25.1 million in cash equivalents, and financial investments, a significant improvement compared to the EUR 7.6 million we held at the end of the first quarter. CapEx was minimal again this quarter, essentially zero versus EUR 0.3 million in the first quarter, consistent with our continued discipline on capital expenditure as we prioritize leveraging our existing asset base. Inventory landed at EUR 38.8 million, a reduction of 4% to last quarter, and down 32% compared to the same period last year.

[Isabel López Trujillo, CFO at Wallbox]

As discussed, we are building a backlog this quarter as the priority right now is to establish a more robust, predictable operating rhythm with our suppliers. This includes better terms, more stable shipping schedules, and more resilient supply chain overall. We view this as the necessary middle step between the cost discipline of the past several quarters and the re-acceleration of profitable growth. Separately, in early July, we received confirmation that the New York Stock Exchange has accepted our plan to regain compliance with its continuous listed standards following the notice we received in February regarding average global market capitalization and total stockholders' equity. This gives us an 18-month cure period with semiannual reviews from the New York Stock Exchange to restore stockholders' equity or average market capitalization to at least $50 million over a consecutive 30 trading day period.

[Isabel López Trujillo, CFO at Wallbox]

Importantly, this does not affect our normal course of business, and our Class A shares have continued to be listed and trade on the New York Stock Exchange throughout. Overall, between the finalization of the restructuring, the new capital from Focus and IFEM, the carbon credit proceeds, and the New York Stock Exchange acceptance of our compliance plan, Wallbox financial position and long-term stability have improved significantly since our last earnings call, even before accounting for the commercial momentum we are seeing in the business. Enric, I'll turn it back to you to provide some closing commentary.

[Enric Asunción, CEO at Wallbox]

Thank you, Isabel. Our second quarter results do not fully reflect the positive underlying momentum we are seeing. Although revenue was lower, order intake grew 11% sequentially, outpacing our ability to supply due to final vendor negotiations related to our refinancing plan. Demand for our products remains healthy, and we continue to build our backlog. This is the initial proof point that our renewed customer focus, supported by investments in our sales and service organization, is starting to pay off. In addition, we are focused on utilizing the opportunity of the backlog buildup to streamline the supply chain and improve the efficiency of our operations. We can improve our profitability by converting our growing backlog into more robust, predictable operations, better terms with our suppliers, steadier shipping, and a supply chain that is in line with the demand we are generating.

[Enric Asunción, CEO at Wallbox]

As we enter the second half of 2026, we are operating from a position of renewed strength. With the financial restructuring finalized, our balance sheet strengthened, and our listing compliance plan accepted by the NYSE, we have effectively removed the overhangs that defined our first half. Our priority for the third quarter is clear: execution. We are now pivoting from rebuilding our foundation to converting our healthy order backlog into revenue. We have already addressed the operational bottlenecks caused by vendor negotiations, and with the new capital providing us with the necessary runway, our focus is on improving our throughput and delivering on the demand we are generating. While it will take time for this full operational efficiency to be reflected in our margins and adjusted EBITDA, the building blocks for our return to growth are now in place.

[Enric Asunción, CEO at Wallbox]

With that moment behind us, I would like to turn to our expectations for the third quarter. Revenue in the EUR 29 million-EUR 31 million range. Gross margin between 38% and 40%. A negative adjusted EBITDA between EUR 6.5 million and EUR 4.5 million. Thank you for your time.

[Operator]

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

Participants

Executives

• Michael Wilhelm, Corporate Development and IR
• Enric Asunción, CEO
• Isabel López Trujillo, CFO