Detailed narrative
Order Intake and Backlog Dynamics
Despite a revenue shortfall, Wallbox reported strong sequential order intake growth of 11% in Q2 FY26, leading to a total backlog of nearly EUR 12 million. This indicates healthy underlying demand for AC and DC products, particularly in EMEA where order intake grew 14% sequentially, and for DC products which saw an 80% sequential increase.
The company views this backlog as a positive, enhancing supply visibility and enabling more efficient operations, despite the immediate revenue conversion challenges.
Financial Restructuring and Capital Position
The company successfully finalized its comprehensive financial restructuring plan, with court approval becoming final and nonappealable. This included a reclassification of trade payables to long-term debt, increasing total loans and borrowings to EUR 191.3 million. Subsequent to quarter-end, Wallbox completed an EUR 11.8 million equity raise and secured an additional EUR 4 million investment from FOCUS on Next Frontier, significantly strengthening its liquidity position to EUR 25.1 million cash and equivalents.
Operational Constraints and Supply Chain Focus
The gap between strong order intake and lower-than-guided revenue was attributed to operational constraints stemming from the final stages of restructuring, specifically vendor negotiations. These negotiations limited the company's ability to convert orders into shipments. Management is now focused on leveraging the backlog to establish a more robust, predictable operating rhythm with suppliers, aiming for better terms, stable shipping schedules, and a more resilient supply chain to reaccelerate profitable growth.
Regional and Product Performance
EMEA contributed 74% of consolidated revenue (EUR 17.7 million), experiencing a 22% decrease due to invoicing delays, but showed strong 14% sequential order intake growth. North America revenue declined 16% sequentially to EUR 5.6 million, partly due to a softer EV market, though order intake was flat.
LatAm was a highlight, growing 64% sequentially from a small base. AC sales were EUR 15.8 million (66% of revenue), with order intake up 6% sequentially, while DC sales were EUR 1.6 million (7% of revenue), with order intake up 80% sequentially.
Software and services continued strong growth, up 8% sequentially to EUR 6.5 million.
Market Trends and Product Innovation
The addressable EV market (excluding China) grew 20% sequentially and 30% year-over-year, with Europe showing 18% sequential growth. North America's EV market showed signs of stabilizing with 12% sequential growth, despite a 22% year-over-year decline. Wallbox launched the new Pulsar Pro across the EU, designed for corporate vehicle charging reimbursement, and completed the first real deployment of its Supernova powertrain architecture in Europe, capable of delivering up to 400 kW to a single vehicle.
NYSE Compliance and Future Outlook
The New York Stock Exchange accepted Wallbox's plan to regain compliance with listing standards, providing an 18-month cure period. This, combined with the finalized restructuring and new capital, significantly improves the company's financial position and long-term stability. Management's priority for Q3 FY26 is execution, focusing on converting the healthy order backlog into revenue by addressing operational bottlenecks and improving throughput.