Wallbox (WBX) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was €29.7 million, down 12% sequentially and below guidance, mainly due to delayed DC sales amid refinancing uncertainty and a softer market.

• Gross margin reached 37.3%, impacted by product mix and customer order delays.

• Adjusted EBITDA loss improved to €6.0 million, an 18% sequential and 23% year-over-year improvement, reflecting operational efficiencies.

• Labor and operating expenses were reduced by 22% sequentially and 31% year-over-year, supporting profitability.

• The refinancing plan was signed, securing €11 million interim financing and extending debt maturities to 2030, providing long-term financial visibility.

Financial highlights

• Q1 2026 revenue was €29.7 million, down from €33.7 million in Q4 2025 and €37.6 million in Q1 2025.

• Gross margin was 37.3%, in line with last quarter but below the 38%-40% guided range due to lower DC sales.

• Cash and cash equivalents at quarter-end were €7.6 million, excluding €11 million interim financing received in Q2.

• Inventory reduced to €40.3 million, down 15% sequentially and 37% year-over-year, supporting cash flow.

• Loans and borrowings totaled €168 million as of March 31, 2026, with maturities to be extended to 2030 post-refinancing.

Outlook and guidance

• Q2 2026 revenue expected between €33 million and €36 million.

• Gross margin guidance for Q2 is 38%-40% and adjusted EBITDA loss expected between €5 million and €3 million.

• Anticipates improved sales as refinancing clarity restores customer confidence and sales/service investments ramp up.