Wallbox (WBX) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was EUR 37.6 million, flat sequentially but down 13% year-over-year, meeting or exceeding guidance, with North America growing 142% year-over-year and offsetting European softness.

• Gross margin improved to 38.1%, up 634 basis points quarter-over-quarter, driven by product mix and cross-selling.

• Adjusted EBITDA loss narrowed to EUR 7.8 million, a 42% improvement year-over-year and quarter-over-quarter, reflecting cost reductions and operational efficiency.

• North American sales surged 142% year-over-year, while DC sales rebounded 41% sequentially.

• Labor costs and OPEX reduced by 13% sequentially and 23% year-over-year through operational optimization.

Financial highlights

• Q1 revenue: EUR 37.6 million; Europe contributed EUR 25.5 million (68%), North America EUR 11.4 million (30%).

• Gross margin: 38.1%, within the 37%-39% guidance range.

• Adjusted EBITDA: -EUR 7.8 million, 42% better year-over-year and quarter-over-quarter.

• Cash, cash equivalents, and financial instruments: EUR 40.6 million at quarter-end.

• Loans and borrowings: EUR 199 million; CapEx for Q1: EUR 0.7 million.

Outlook and guidance

• Q2 2025 revenue expected between EUR 37 million and EUR 39 million.

• Gross margin guidance for Q2: 37%-39%.

• Adjusted EBITDA for Q2 projected between -EUR 5 million and -EUR 8 million.

• Management remains cautious due to economic uncertainty but expects continued cost discipline and progress toward profitability.