Wallbox (WBX) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was €35.5 million, up 2% year-over-year but below expectations due to weak AC sales across all regions.

• DC sales were a highlight, up 34% year-over-year and 40% sequentially, driven by strong demand for new Supernova products and commercial partnerships.

• Gross margin improved to 39.8%, exceeding guidance and rising 200 basis points sequentially, supported by improved bill-of-material costs, higher prices, and carbon credits.

• Adjusted EBITDA loss was €6.9 million, improving 8% quarter-over-quarter and 68% year-over-year, but still below guidance due to softer sales.

• Efficiency gains continued, with labor and operating expenses down 28% year-over-year and cash costs down 34%.

Financial highlights

• Q3 revenue: €35.5 million (+2% YoY), below guidance.

• Gross margin: 39.8% (up 200 bps QoQ, above guidance).

• Adjusted EBITDA: €(6.9) million (improved 8% QoQ, 68% YoY).

• Cash, cash equivalents, and financial instruments: €27.7 million at quarter end.

• Loans and borrowings: €179 million (majority under standstill agreement).

• CapEx: €0.3 million, down 82% YoY.

• Inventory: €50.8 million, down 34% YoY and 10% QoQ.

Outlook and guidance

• Q4 2025 revenue expected between €36 million and €39 million.

• Gross margin guidance for Q4: 38%–40%.

• Adjusted EBITDA expected between €(6) million and €(4) million for Q4.

• Focus remains on restoring revenue growth, reinforcing sales, and leveraging product portfolio.