Wallbox (NYSE:WBX) outlined a year of cost reductions, margin improvement, and product launches alongside weaker-than-expected revenue in its fourth-quarter and full-year 2025 earnings call, as management worked through a volatile EV market backdrop and a pending refinancing process it said has affected commercial momentum in parts of the business.
Full-year 2025 results: revenue down, margins and efficiency improved
For full-year 2025, Wallbox reported revenue of EUR 145.1 million on deliveries of approximately 144,000 units, including 536 DC units. Management said revenue declined 11% year-over-year, while profitability metrics improved meaningfully on lower costs and higher gross margin.
Asunción acknowledged that some of the efficiency gains coincided with softer top-line results as the company narrowed its business scope and shifted resources toward key markets. He said full-year AC and DC sales were down 13% and 32%, respectively, year-over-year, and pointed to the need to rebuild sales and service capacity after prior optimization efforts.
Fourth-quarter results: revenue below guidance on DC weakness
In the fourth quarter, Wallbox posted revenue of EUR 33.7 million, which management said was below its guided range and down 5% sequentially and 10% from the prior-year period. The company attributed the miss primarily to weaker-than-expected DC fast-charger sales, which were down 41% quarter-over-quarter.
Gross margin was 37.3%, within the company’s guided 37% to 39% range. Management said the sequential decline in gross margin was driven by product mix—highlighting that DC fast chargers are the highest-margin products—and by limited carbon credit impact due to lower Canadian sales.
Labor costs and operating expenses totaled EUR 22.1 million, improving 3% sequentially and 23% year-over-year. Cash costs (labor and OpEx excluding R&D activation, non-cash items, and one-offs) improved 25% year-over-year. Adjusted EBITDA loss was EUR 7.3 million, outside the guided range, though narrowed 46% year-over-year; management again cited softer sales as the primary driver of the guidance miss.
Regional and product trends: Europe steady, North America pressured
Europe accounted for EUR 24.6 million, or 73%, of fourth-quarter revenue, rising 4% sequentially, with management calling out strength in Spain, France, the U.K., and Portugal. Asunción said the region’s performance did not match the pace of European EV sales growth, which Wallbox estimated was up 22% quarter-over-quarter, but characterized the company’s results as evidence it is “recapturing” position in certain markets. He also pointed to cross-selling efforts, including selling more products in the DACH region and expanding commercial sales of the eM4 product.
North America contributed EUR 8.5 million, or 25%, of revenue, down 19% year-over-year. Management attributed the decline to a 40% year-over-year drop in U.S. EV sales due to the removal of incentives and tax credits, and said Canada remained soft. Even so, Wallbox said it sees opportunities in the region through Quasar 2, which it described as less correlated to EV sales because it functions as a home energy management solution, and through a planned CTEP-certified Pulsar product for commercial applications aimed at the California market.
APAC and LATAM remained small contributors in the quarter, at approximately EUR 87,000 (less than 1%) and EUR 538,000 (about 2%), respectively, reflecting the company’s strategy to prioritize North America and selected European countries while continuing to sell through distribution partners elsewhere.
On a product basis, AC revenue (including ABL and Quasar) was EUR 23.1 million, about 69% of consolidated revenue and up 3% sequentially. Management cited Pulsar Max as the largest contributor and said Quasar 2’s contribution grew more than 200% quarter-over-quarter. DC revenue was EUR 3.4 million, or 10% of sales, reflecting the 41% sequential decline, though still up 29% year-over-year.
Sales, service, and product roadmap: rebuilding customer support while launching new hardware
Management said the company’s push to optimize costs in recent years affected its sales and service function, and it is now investing to restore growth. Asunción highlighted leadership changes and hiring, including the previously announced appointment of Chief Business Officer Ignasi Alastuey, new sales leadership across the organization, and additional sales and service personnel.
The revised commercial approach is centered on three pillars:
- Recovering lost customers, including emphasizing service quality and an extended five-year warranty on the Pulsar Max.
- Acquiring new customers, with a more proactive sales development approach and positioning Wallbox as a more customer-oriented organization.
- Deepening existing customer relationships via stricter NPS monitoring, quarterly business reviews, customer success managers, and cross-selling initiatives.
On service, Wallbox said it is doubling capacity, realigning support for different stakeholders (B2B customers, installers, and end users), and adding technical capabilities. Management also said it plans to provide certified installers direct access to Cosmos, its diagnostics system with real-time telemetry, and introduce more automation and AI-enabled support for end users through the Wallbox app, WhatsApp, and phone.
Product updates discussed included the introduction of the Supernova PowerRing, a next-generation DC fast-charging solution that uses the company’s proprietary DC Link technology to connect multiple chargers into shared power systems. Management said clusters of two to three units can deliver up to 720 kilowatts total, or 400 kilowatts from any outlet, with expansion through additional “rings” without major infrastructure upgrades.
Refinancing progress and liquidity: new structure outlined, closing expected in weeks
CFO Isabel López Trujillo, who rejoined Wallbox as CFO, emphasized that closing the refinancing is the top priority and said the process has had commercial effects, including limiting participation in some DC RFQs and tenders pending clarity on long-term financial structure.
She said Wallbox reached a milestone agreement in December 2025 with core banking partners Santander, BBVA, and CaixaBank, alongside major shareholders, to extend and restructure debt through three components:
- EUR 55 million syndicated term loan maturing in 2030 with back-loaded amortization beginning in Q3 2026
- EUR 63.2 million bullet instrument maturing in December 2030 with payment-in-kind interest
- EUR 52.3 million syndicated working capital line maturing in December 2028, with two automatic 12-month extensions
The plan also includes a proposed EUR 22.5 million liquidity injection, comprising EUR 12.5 million of new trade commitments from participating banks and a EUR 10 million equity investment from existing and new shareholders. López Trujillo said lender participation has increased from about 65% of existing debt at announcement to more than 86% of total indebtedness, and noted a EUR 5 million commitment from Institut Català de Finances as part of the equity injection. She said the company expects to complete the refinancing in the coming weeks.
Wallbox ended the quarter with approximately EUR 9.6 million in cash equivalents and financial instruments. Loans and borrowings totaled EUR 165 million, consisting of EUR 55 million in long-term debt and EUR 110 million in short-term debt. Inventory was EUR 47.5 million, down 6% sequentially and 32% year-over-year, which management said met its inventory reduction target and helped release cash.
Looking ahead, management provided first-quarter 2026 guidance for revenue of EUR 33 million to EUR 36 million, gross margin of 38% to 40%, and adjusted EBITDA of negative EUR 5 million to negative EUR 3 million.
About Wallbox (NYSE:WBX)
Wallbox is a global provider of electric vehicle (EV) charging solutions, offering hardware and software designed to simplify and optimize the charging experience for residential, commercial and public applications. The company’s product lineup includes smart home chargers, DC fast chargers for fleet and commercial use, and energy management systems that integrate with solar panels and battery storage. Through its myWallbox software platform, users can remotely monitor and control charging sessions, track energy consumption and set custom charging schedules.
Headquartered in Barcelona, Spain, Wallbox has expanded its operations across Europe, North America, Asia and Australia, establishing regional offices and service centers to support customers and channel partners.
