Wallbox (WBX) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached €37.6 million, flat sequentially and 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 favorable product mix and cross-selling.

• Adjusted EBITDA loss was €7.8 million, a 42% improvement year-over-year and the best result since going public, reflecting cost reductions and operational efficiency.

• Operational efficiency gains achieved through a new business unit structure and ABL integration, reducing labor and operating expenses by up to 23% year-over-year.

• Over 36,000 AC units and 100+ DC units sold globally in the quarter.

Financial highlights

• Q1 revenue: €37.6 million; Europe contributed €25.5 million (68%), North America €11.4 million (30%), APAC and LATAM 1% each.

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

• Adjusted EBITDA: €(7.8) million, 42% better year-over-year.

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

• Loans and borrowings: €199 million (stable from Q4); capex: €0.7 million.

Outlook and guidance

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

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

• Adjusted EBITDA for Q2 projected between €(5) million and €(8) million.

• Management remains cautious due to ongoing economic uncertainty but anticipates top-line growth and continued progress toward adjusted EBITDA break-even.