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    WBX
    Earnings call· Jun 2026(Q2 FY26)

    Wallbox N.V. Q2 FY26 earnings call WBX

    Jul 30, 2026 Source

    Executive summary

    Wallbox Q2 FY26 — Order Intake Growth Outpaces Supply, Backlog Builds

    The company experienced strong sequential order intake growth, particularly in EMEA and DC products, leading to a significant backlog build. However, operational constraints during the final stages of financial restructuring limited revenue conversion, resulting in a miss on top-line guidance and a wider adjusted EBITDA loss. The quarter saw the finalization of financial restructuring, new capital infusion, and NYSE compliance acceptance, positioning the company for improved execution in H2 FY26. The call was a monologue with no Q&A.

    Highlights

    6

    • Order intake grew 11% sequentially, reflecting solid momentum.

    • EMEA order intake was a bright spot, growing 14% sequentially.

    • DC order intake grew 80% sequentially to EUR 3 million.

    • Software, services and other revenue grew 8% sequentially to EUR 6.5 million.

    • LatAm revenue was a highlight, growing 64% sequentially to EUR 615,000.

    • Gross margin sequentially improved by 70 basis points to 38%.

    Concerns

    4

    • Q2 revenue came in below guided range at EUR 23.9 million, down 19% sequentially.

    • Adjusted EBITDA loss was EUR 7.8 million, outside the guided range of EUR 5 million to EUR 3 million.

    • Operational constraints related to vendor negotiations limited ability to convert order intake into shipments.

    • North America revenue decreased 16% sequentially and approximately 50% compared to the same period last year.

    Guidance & targets

    3
    CategoryTargetConfidence
    Q3 FY26 Revenue
    EUR 29 million to EUR 31 million
    high materiality
    High
    Q3 FY26 Gross Margin
    38% to 40%
    medium materiality
    High
    Q3 FY26 Adjusted EBITDA Loss
    EUR 6.5 million and EUR 4.5 million
    high materiality
    High

    Segment performance

    6
    SegmentRevenueYoYQoQMargin
    EMEA
    Revenue decrease reflects invoicing gap rather than weaker demand. Strengthened commercial reach through partnership with By Leap.
    Share of consolidated revenue: 74%AC and DC charger order intake sequential growth: 14%
    		EUR 17.7 million—-22%—
    North America
    Slowdown partly attributed to softer North American EV market. Increasingly reliant on a small number of large key accounts.
    Share of consolidated revenue: 23%AC and DC products order intake sequential growth: approximately flat
    		EUR 5.6 million-50%-16%—
    LatAm
    Strong growth from a small base, showing effectiveness of selected distribution partners.
    Share of consolidated revenue: approximately 3%
    		EUR 615,000—64%—
    AC Sales (ABL and Quasar)
    Revenue decline reflects timing gap between order intake and ability to ship. AC Europe and Rest of World order intake up 26% QoQ.
    Share of global consolidated revenue: 66%Order intake: EUR 22.6 millionOrder intake sequential growth: 6%
    		EUR 15.8 million—-25%—
    DC Sales
    Revenue largely a function of supply side timing constraints. DC Europe and Rest of World order intake more than doubled. Customer base diversifying.
    Share of revenue: 7%Order intake: EUR 3 millionOrder intake sequential growth: 80%
    		EUR 1.6 million—-37%—
    Software, Services and Other
    Electromaps continues strong growth. High-margin base of recurring revenue, insulated from hardware supply dynamics.
    Share of total revenue: 27%
    		EUR 6.5 million—8%—

    Operational metrics

    18
    Gross margin
    38%70 bps sequential improvement
    Q2 FY26

    At the lower end of the guided range of 38% to 40%, but showed sequential improvement despite softer top line.

    Variable cost and operating expenses
    EUR 17.3 millionapproximately flat sequentially, down 29% YoY
    Q2 FY26

    Progress on cost base reduction is flattening out as investments are made in sales and service capacity.

    Adjusted EBITDA loss
    EUR 7.8 millionwider than EUR 6 million loss in Q1 FY26, approximately flat YoY
    Q2 FY26

    Outside of guided range, driven by loss of operating leverage on lower revenue, not deterioration in gross margin or cost discipline.

    Total loans and borrowings
    EUR 191.3 millionup from EUR 168.2 million last quarter
    Q2 FY26 end

    Increase related to reclassification of trade payables to long-term debt, additional working capital facility, and other refinancing items.

    Long-term debt
    EUR 140.1 millionup from EUR 44 million
    Q2 FY26 end

    Majority of debt reclassified as long term, with maturities largely pushed out towards 2030.

    Short-term debt
    EUR 51.1 milliondown from EUR 124.2 million
    Q2 FY26 end

    Reflects reclassification of debt to long-term and working capital lines.

    Equity raise
    EUR 11.8 million
    Subsequent to Q2 FY26

    Completed subsequent to quarter end, contemplated under the restructuring plan, includes EUR 5 million from Generalitat de Catalunya through IFEM.

    Investment from FOCUS on Next Frontier
    EUR 4 million
    Subsequent to Q2 FY26

    Separate from refinancing fundraising, secured from Rafael Ruiz's investment vehicle.

    Canada Clean Fuel credit proceeds
    EUR 10.5 million
    2025

    Received through Canada's Clean Fuel credit framework for 2025, generated by eligible EV charging activity. Funds will be reinvested in the region.

    Cash, cash equivalents and financial investments
    EUR 25.1 millionup from EUR 7.6 million at Q1 FY26 end
    Q2 FY26 end

    Significant improvement supporting strong liquidity position.

    Capital expenditure
    minimal/0versus EUR 0.3 million in Q1 FY26
    Q2 FY26

    Consistent with continued discipline on capital expenditure, prioritizing leveraging existing asset base.

    Inventory
    EUR 38.8 milliondown 4% sequentially, down 32% YoY
    Q2 FY26 end

    Reduction reflects focus on establishing a more robust, predictable operating rhythm with suppliers.

    EVs sold in addressable market
    2.5 millionup 20% sequentially, up 30% YoY
    Q2 FY26

    Continued strong growth in the underlying market.

    EVs sold in Europe
    1.36 millionup 18% sequentially, up 28% YoY
    Q2 FY26

    Consistent with 14% sequential growth in EMEA order intake.

    EVs sold in North America
    373,000up 12% sequentially, down 22% YoY
    Q2 FY26

    Market continues to digest removal of incentives and tax credits; sequential improvement is an encouraging signal of stabilization.

    EVs sold in Rest of World
    up 65% sequentially, up over 150% YoY
    Q2 FY26

    Strongest growth pocket in addressable market, though remains a small part of current business.

    Net Promoter Score
    improved
    Q2 FY26

    Making progress, but not yet where the company wants to be.

    Response times on spare parts
    get faster
    Q2 FY26

    Making progress, but not yet where the company wants to be.

    Industry KPIs

    5
    MetricValueDetails
    Book to bill ratio—
    Orders bookings growth11%%
    Backlog by segment end marketEUR 12 millionEUR
    Data center exposure pipelineEUR 1.6 millionEUR
    Incremental flow through margin70 bpsbps

    Orderbook & backlog

    3
    Total backlogEUR 12 millionQ2 FY26 end

    Result of order intake exceeding revenue due to operational constraints.

    AC order intakeEUR 22.6 millionQ2 FY26

    up 6% sequentially

    DC order intakeEUR 3 millionQ2 FY26

    up 80% sequentially

    Product announcements

    2
    ProductTypeDetails
    Pulsar Prolaunch
    Supernova powertrain architecturemilestone

    Deals & partnerships

    1
    By LeapChannel partnership to support fleet electrification

    Partnership to support fleet electrification across Germany, France, the U.K., Ireland and Spain, providing access to Pulsar Max, Pulsar Pro and eM4 charging solutions.

    Risks & headwinds

    3
    Operational constraints limiting revenue conversionQ2 FY26

    Q2 revenue EUR 23.9 million vs guided EUR 33 million to EUR 36 million; Adjusted EBITDA loss EUR 7.8 million vs guided EUR 5 million to EUR 3 million

    Mitigation: Final vendor negotiations related to restructuring are complete; focus on improving throughput and supply chain efficiency in H2 FY26.

    Softer North American EV marketQ2 FY26

    North America revenue down 16% sequentially and 50% YoY; North American EV market down 22% YoY

    Mitigation: Expect stronger contribution from large accounts in H2 FY26; market showing signs of stabilization with 12% sequential growth in EVs sold.

    Loss of operating leverage on lower revenueQ2 FY26

    Adjusted EBITDA loss EUR 7.8 million

    Mitigation: Expect operating leverage to work back in company's favor as backlog converts into shipments and sales momentum accelerates in coming quarters.

    What to watch in Q3 FY26

    5

    Revenue conversion from backlog

    Q3 FY26
    CurrentEUR 23.9 million (Q2 FY26 revenue)
    TargetEUR 29 million to EUR 31 million (Q3 FY26 revenue guidance)

    Why it matters

    Verifies the company's ability to overcome operational bottlenecks and convert its growing order backlog into actual sales, crucial for reaccelerating growth.

    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.

    2 min read6 chapters

    Detailed Narrative

    01

    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.

    02

    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.

    03

    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.

    04

    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.

    05

    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.

    06

    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.

    AI-generated summary of the company’s earnings call. Not investment advice.