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 range.

• 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 due to cost efficiencies.

• Labor costs and operating expenses decreased 25% year-over-year, with cash costs down 35%.

• Significant backlog growth for both AC and DC units, increasing sales visibility.

Financial highlights

• Q2 2025 gross profit was €14.5 million, with consolidated inventory reduced to €56.6 million, down 33% year-over-year and 11% sequentially.

• Cash and cash equivalents plus financial investments totaled €32.4 million at quarter end.

• Loans and borrowings at quarter end were €182 million, down €18 million from last quarter.

• CapEx totaled €1 million, down 62% year-over-year.

• Loss for Q2 2025 was €16.1 million, improved from €27.8 million in Q2 2024.

Outlook and guidance

• Q3 2025 revenue expected between €38 million and €41 million.

• Gross margin guidance for Q3 2025: 37% to 39%.

• Adjusted EBITDA for Q3 2025 projected between €(4) million and €(6) million.

• Management anticipates stronger performance in the second half of 2025, supported by backlog and cost discipline.

• Management targets near-term breakeven on adjusted EBITDA.