Wallbox (WBX) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached €38.3 million, up 2% sequentially but down 22% year-over-year, within guidance; gross margin was 37.8% and adjusted EBITDA loss improved 33% year-over-year.

• Europe contributed 68% of revenue, with recovery and strong growth in Spain and Italy; North America stable at 30% of revenue, with AC sales up 21% sequentially.

• Backlog increased by over €5 million, driven by AC and DC sales, providing improved sales visibility.

• Over 39,000 AC units and 140 DC units sold globally in Q2 2025, with Supernova DC units up 33% from Q1.

• Strategic partnerships, product launches (Quasar 2), and collaborations with PowerGo and Ensol support future growth.

Financial highlights

• Gross margin was 37.8%, stable quarter-over-quarter and within the guided range.

• Adjusted EBITDA loss was €7.5 million, a 33% year-over-year improvement.

• Labor costs and OpEx down 25% year-over-year; cash costs down 35% year-over-year.

• Inventory reduced to €56.6 million, down 33% year-over-year and 11% sequentially.

• Ended quarter with €32.4 million in cash and equivalents; closed a $50 million investment round.

Outlook and guidance

• Q3 2025 guidance: revenue €38–41 million, gross margin 37–39%, adjusted EBITDA loss €6–4 million.

• Management targets near-term breakeven on adjusted EBITDA and expects further growth in Europe and stable performance in North America.