Wallbox (WBX) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was €35.5 million, up 2% year-over-year, with gross margin improving by 200 basis points sequentially to 39.8%, but results missed expectations due to weak AC sales and regional headwinds.

• Adjusted EBITDA loss was €6.9 million, improving 8% quarter-over-quarter and 68% year-over-year, reflecting ongoing cost discipline and optimization.

• DC fast charging revenue grew 30%–34% year-over-year, driven by strong demand, new Supernova products, and commercial partnerships.

• Labor and operating expenses were down 28% year-over-year, with cash costs down 34% as efficiency gains continued.

• Standstill agreement reached with the majority of the banking pool to stabilize capital structure and suspend principal and interest payments on €179 million debt.

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; cash and cash equivalents alone: €2.6 million.

• Loans and borrowings: €179 million (standstill agreement in place).

• CapEx: €0.3 million, down 82% YoY; inventory: €50.8 million, down 34% YoY.

Outlook and guidance

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

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

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

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