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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.
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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.
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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.
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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.
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"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 second half.
Latin America revenue rose 64% sequentially to €615,000, though it remained a small portion of consolidated sales. APAC revenue was nearly negligible, similar to the previous quarter.
AC sales, including ABL and Quasar products, were €15.8 million, or 66% of revenue, down 25% sequentially.
AC order intake was €22.6 million, up 6% from the first quarter, with Europe and the rest of world up 20%.
DC sales were €1.6 million, or 7% of revenue, down 37% sequentially, while DC orders increased 80% to €3 million.
Software, services and other revenue rose 8% sequentially to €6.5 million, or 27% of total revenue.
The company launched Pulsar Pro across the European Union during the quarter, targeting charging reimbursement needs for drivers, employers, fleets and property managers. Wallbox also completed the first real-world European deployment of its Supernova power-sharing architecture at Port de Sitges, with capacity to deliver up to 400 kilowatts to a single vehicle and up to 720 kilowatts across a shared system.
Wallbox said the Commercial Court of Barcelona approved its comprehensive financial restructuring plan in May and that the approval became final after objection and appeal periods expired without challenges.
Total loans and borrowings were €191.3 million at quarter-end, compared with €168.2 million in the prior quarter. The increase included the reclassification of approximately €13 million in trade payables into long-term debt, additional working-capital facilities and other refinancing-related items.
Long-term debt increased to €140.1 million from €44 million, while short-term debt declined to €51.1 million from €124.2 million, with maturities largely extended toward 2030.
After the quarter ended, Wallbox completed an approximately €11.8 million equity raise under the restructuring plan, including a previously announced €5 million investment from the Generalitat de Catalunya through IFEM and capitalization of accrued interest on an April bridge loan. The company also secured a separate €4 million investment from Focus on Next Frontier, the investment vehicle of Rafael Ruiz.
Wallbox additionally received about €10.5 million through Canada's Clean Fuel Regulations framework for eligible EV charging activity across its connected AC charger base. The company said the funds must be reinvested in Canada to support EV adoption.
Cash equivalents and financial investments totaled approximately €25.1 million at the end of the period, up from €7.6 million at the end of the first quarter. Inventory declined 4% sequentially and 32% year over year to €38.8 million.
For the third quarter, Wallbox forecast revenue of €29 million to €31 million, gross margin of 38% to 40%, and an adjusted EBITDA loss of €4.5 million to €6.5 million.
Asunción said the company has addressed operational bottlenecks associated with vendor negotiations and is prioritizing the conversion of backlog into revenue. He said Wallbox expects improved supplier terms, more stable shipping schedules and greater supply-chain reliability to support its return to growth.
Wallbox also noted that the New York Stock Exchange accepted its plan to regain compliance with continued listing standards. The company has an 18-month cure period, subject to semiannual reviews, to restore stockholders' equity or average market capitalization to at least $50 million over a consecutive 30-trading-day period. Its Class A shares remain listed and trading on the NYSE.
Wallbox is a global provider of electric vehicle (EV) charging solutions, offering hardware and software designed to simplify and optimize the charging experience for residential, commercial and public applications. The company's product lineup includes smart home chargers, DC fast chargers for fleet and commercial use, and energy management systems that integrate with solar panels and battery storage. Through its myWallbox software platform, users can remotely monitor and control charging sessions, track energy consumption and set custom charging schedules.
Headquartered in Barcelona, Spain, Wallbox has expanded its operations across Europe, North America, Asia and Australia, establishing regional offices and service centers to support customers and channel partners.
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The article "Wallbox Q2 Earnings Call Highlights" was originally published by MarketBeat.
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