Wallbox Q2 Earnings Call Highlights

Revenue missed guidance: Wallbox reported Q2 revenue of €23.9 million, down 19% sequentially, because vendor negotiations and restructuring-related constraints limited shipments—not because of weaker demand. Order intake rose 11%, increasing backlog to nearly €12 million. Profitability remained pressured: Gross margin held at approximately 38%, but the adjusted EBITDA loss widened to €7.8 million as lower revenue reduced operating leverage. North American revenue fell sharply year over year, while EMEA orders increased. Liquidity and execution are key priorities: Wallbox completed an approximately €11.8 million equity raise, received €10.5 million under Canada’s clean-fuel program and extended much of its debt maturities toward 2030. For Q3, it expects revenue of €29 million to €31 million and an adjusted EBITDA loss of €4.5 million to €6.5 million as it converts backlog into shipments.

Wallbox NYSE: WBX reported second-quarter 2026 revenue below its prior guidance as operational constraints tied to vendor negotiations limited shipments, even as order intake increased and the company built its backlog. Revenue for the quarter ended June 30 was €23.9 million, down 19% sequentially and below the company’s guided range of €33 million to €36 million. Wallbox delivered about 22,980 units and 40 DC units during the period.

Chief Executive Officer Enric Asunción said the revenue shortfall did not reflect weaker demand. AC and DC order intake increased 11% from the first quarter, exceeding revenue and lifting total backlog to nearly €12 million. He attributed the gap between orders and invoicing to operational constraints during the final stages of Wallbox’s restructuring, including negotiations of new terms with vendors.

Gross margin was approximately 38%, at the low end of Wallbox’s 38% to 40% guidance range but 70 basis points above the prior quarter. Asunción said the result indicated that product mix and cost discipline remained intact despite lower shipment volumes. Labor costs and operating expenses totaled €17.3 million, roughly flat sequentially and down 29% from a year earlier. The company said its cost-reduction progress is beginning to level off as it selectively invests in sales and service capacity to support its backlog, while continuing efforts to simplify operations, centralize activities and improve systems. Adjusted EBITDA loss widened to €7.8 million from a €6 million loss in the first quarter, missing Wallbox’s guidance for a loss of €3 million to €5 million. Chief Financial Officer Isabel López Trujillo said the wider loss resulted from lower operating leverage on the reduced revenue base rather than weaker gross margin, pricing or unit economics. “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,” López Trujillo said.

EMEA generated €17.7 million of revenue, representing about 74% of Wallbox’s consolidated total and down 22% sequentially. However, AC and DC order intake in the region increased 14% from the first quarter. Wallbox also announced a partnership with Freenow by Lyft in May to support taxi electrification in Germany, France, the United Kingdom, Ireland and Spain. North American revenue was €5.6 million, or about 23% of total revenue, declining 16% sequentially and about 50% year over year. Wallbox said the decline partly reflected a softer North American EV market, while regional AC and DC order intake was approximately flat from the first quarter. The company expects a stronger contribution from large accounts during the sec...