WBX · Wallbox N.V.

Wallbox’s Q1 2026 results reflect disciplined execution of its transformation strategy amid macroeconomic headwinds, with revenue of €29.7 million impacted by a softer EV charging market and one-off refinancing effects. Gross margin held strong at 37.3%, suggesting continued pricing discipline and operational improvements in manufacturing and supply chain. The 23% year-over-year improvement in Adjusted EBITDA to €(6.0) million was primarily driven by a 31% reduction in labor costs and operating expenses — a direct outcome of the January 2023 workforce reduction and ongoing cost optimization initiatives. Inventory declined 15% sequentially, contributing to better working capital efficiency and incremental cash flow. Critically, the company secured €11 million in interim financing and signed a comprehensive restructuring plan, which management states enhances long-term financial visibility and positions Wallbox to return to growth and progress toward profitability. CEO Enric Asunción emphasized that the refinancing agreement strengthens the capital structure and supports commercial and service capability expansion. Forward guidance for Q2 2026 anticipates higher revenue (€33–36 million), further margin expansion (38–40%), and narrowing Adjusted EBITDA loss (€(5)–(3) million), signaling confidence in sustained operational leverage and near-term execution. These developments collectively indicate meaningful progress on Wallbox’s turnaround path, though continued execution risk remains given its history of losses and dependence on restructuring court approvals and external financing conditions.