Wallbox（WBX）2026年第3四半期決算説明会：供給制約が売上高の重荷となる中、受注残が拡大

Wallbox（NYSE: WBX）が発表した2026年第3四半期決算は、サプライチェーンの制約に伴い受注の売上計上が遅れたことから、売上高が業績予想を下回りました。コスト削減により調整後EBITDA赤字は縮小したほか、受注残高は1,690万ユーロに増加しました。

主要なポイント

• 売上高は2,420万ユーロとなり、前四半期比1%増となったものの、前年同期比では32%減となり、経営陣の業績予想（2,900万〜3,100万ユーロ）を下回りました。
• 受注残高は第2四半期末の1,200万ユーロから1,690万ユーロに増加し、そのうち1,470万ユーロがAC充電関連、220万ユーロが急速充電関連でした。
• 粗利益率は36.5%と、業績予想の38%〜40%を下回りました。これは主に、利益率の高いDC製品が売上高の3%にとどまったことによるものです。
• 調整後EBITDA赤字は530万ユーロに縮小し、前四半期比で32%改善、前年同期比で24%改善し、会社の業績予想の範囲内に収まりました。
• 現金・現金同等物および金融資産は、事業再編関連の支払いなどが響き、6月末時点の2,510万ユーロから1,040万ユーロへと減少しました。
• 2026年第4四半期について、経営陣は売上高2,900万〜3,100万ユーロ、粗利益率36%〜38%、調整後EBITDA赤字350万〜550万ユーロとの見通しを示しました。

主要財務データ

事業・オペレーションの業績

AC充電事業の売上高は1,700万ユーロとなり、連結売上高の約70%を占めました。売上高は前四半期比で8%増加したものの、前年同期比では24%減少しました。1,470万ユーロの受注残高を抱えるなか、経営陣は供給状況が正常化するにつれてAC充電事業が売上成長の主要な駆動要因になると見込んでいます。

DC製品の売上高は前四半期比65%減の60万ユーロとなり、売上高の3%にとどまりました。Wallboxはこの減少について、納入時期、供給制約、およびリストラ手続きの影響が収束するまでの間一部の入札に参加できなかったことが要因であるとしています。なお、急速充電の受注残高は220万ユーロとなっています。

ソフトウェア、サービスおよびその他の売上高は660万ユーロと堅調で、総売上高の27%を占めました。またWallboxは10月、欧州全域で同社の充電器をサードパーティのアプリケーションやエネルギーサービスと接続するため、Enodeとの提携を発表しました。

EMEA（欧州・中東・アフリカ）の売上高は1,750万ユーロ（売上高の72%）で、前四半期比1%減、前年同期比26%減となりました。北米は650万ユーロを貢献し、前四半期比15%増、前年同期比41%減となりました。同社が欧州と北米へのリソース集中を継続したため、APACおよび南米の貢献額は合計で20万ユーロにとどまりました。

Wallboxは欧州で、ISO 15118対応ハードウェア、内蔵RFID認証、およびイーサネット接続機能を備えた新世代の「Pulsar Max」を発売しました。モントリオール・メトロポリタン空港では120台の「Pulsar Pro」充電器が稼働しており、さらに48台の設置が計画されています。

経営陣の見通し

2026年第4四半期について、Wallbox経営陣は以下の業績予想を発表しました。

経営陣は、コスト規律を維持しながら受注残高を売上高と現金に転換することが最優先事項であると述べました。同社は今後数ヶ月でサプライチェーンの制約を解決することを目指していますが、正常化のタイミングが売上転換のための主要な条件であり続けています。

リスクと注目点

• サプライチェーンの制約が引き続き出荷の遅延を引き起こし、Wallboxが計画通りに受注を売上高へ転換することを妨げました。
• 利益率の高いDC売上の比率が低下したことで粗利益率が圧迫されたほか、売上高の低迷により保証費用が占める相対的な影響が拡大しました。
• 当四半期中に手元資金が著しく減少しました。経営陣は、資金調達の取り組みについて、受注残高の売上化とサプライヤー関係の強化に向けた運転資金の確保に焦点を当てていると述べました。
• 経営陣によると、インセンティブや税額控除の撤廃を受け、北米におけるEV需要は引き続き厳しい状況にあります。
• 受注残高の売上計上への転換は、サプライヤーの信頼性向上と予備部品の調達状況に依存しています。

決算説明会文字起こし（全文）

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Hello, everyone, and welcome to Wallbox's Third Quarter 2026 Earnings Conference Call and Webcast. [Operator Instructions] I would now like to turn the call over to Michael Wilhelm from Wallbox. Michael, please go ahead.

Michael Wilhelm

Thank you, and good morning, and good afternoon to everyone listening in. Thank you for joining today's webcast to discuss Wallbox's Third Quarter 2026 results. This event is being broadcast over the web and can be accessed from the Investors section of our website at investors.wallbox.com. I am joined today by Enric Asuncion, Wallbox's CEO; and Isabel Lopez Trujillo, Wallbox's CFO. Earlier today, we issued our press release announcing results from the third quarter ended September 30, 2026, which can also be found on our website.

Before we begin, I would like to remind everyone that certain statements made on today's call are forward-looking that may be subject to risks and uncertainties relating to future events and/or the future financial performance of the company. Actual results could differ materially from those currently anticipated. The risk factors that may affect results are detailed in the company's most recent public filings with the SEC, including in the annual report on Form 20-F for the fiscal year ended December 31, 2025, filed on April 9, 2026.

We will be presenting unaudited financial statements in IFRS format that reflect management's best assessment of actual results. Also, please note that we use certain non-IFRS financial measures on this call and reconciliations of these measures are included in the presentation posted on the Investors section of our website. Also, a copy of these prepared remarks can be obtained from the Investor Relations website under the Quarterly Results section, so you can more easily follow along with us today.

So with that out of the way, I will turn it over to Enric.

Enric Asuncion

Thank you, Michael, and thanks, everyone, for joining us today. We will start today's call with an overview of our third quarter 2026 results, including the continued buildup of our order backlog, the management of our supply chain, our perspective on the EV market and discuss our operational progress. Isabel will then offer a closer look at our financial results, key financial metrics and our financial position. After, I will close the conversation to highlight what we are focused on for the final quarter of the year.

The key message of this quarter is that demand for our products remains solid. Our priority remains on converting that demand into revenue and that we improved our adjusted EBITDA 24% year-over-year, landing within our guided range. Order intake remained robust in the third quarter compared to the previous quarter, which reflects a solid performance when accounting for typical seasonal softness during this time of the year. Therefore, we continue to build up our backlog, which landed at EUR 16.9 million at the end of September, compared to EUR 12 million at the end of the second quarter. Of this backlog, EUR 14.7 million relates to AC, including EUR 0.65 million of bidirectional charging and EUR 2.2 million of fast charging.

Customer demand remains strong. Total revenue landed at EUR 24.2 million, below our guided range of EUR 29 million to EUR 31 million. Revenue was up 1% compared to the previous quarter and down 32% compared to the same quarter last year. The shortfall versus guidance is mainly a matter of timing, as orders could not be converted into revenue due to continuing operational challenges in our supply chain. This is why order intake and backlog are growing, while revenue is not yet following. If we were able to convert the generated backlog as planned, we expect our revenue will have landed within our guided range. We are working closely with our suppliers and expect to resolve these constraints over the course of the next months.

By product, AC sales grew 8% quarter-over-quarter to EUR 17 million, while DC sales declined 65% to EUR 0.6 million, and software, services and others were stable at EUR 6.6 million. From a geographical perspective, North America grew 15% sequentially, while EMEA was broadly flat. Gross margin was 36.5% in the third quarter, down from 38% in the previous quarter. This is below the 38% to 40% guided range. The main driver is product mix. DC, which carries a higher gross margin than AC, represented only 3% of revenue this quarter compared to 7% in the second quarter. Labor cost and operating expenses landed at EUR 15 million, improving 13% quarter-over-quarter and 34% compared to the same period last year.

This is the result of strong cost control and the continued efficiency efforts of the past quarters. And it means our cost base is moving in the right direction to align with the current level of activity. Adjusted EBITDA loss for the third quarter of 2026 was EUR 5.3 million, improving 32% quarter-over-quarter and 24% compared to the same period last year, and within our guided range of EUR 6.5 million to EUR 4.5 million. We delivered this result even though revenue was below guidance, which shows the effect of our cost discipline. At the same time, we see significant upside on the P&L as the backlog converts into revenue. With our cost base largely in place, additional revenue from the backlog should have a meaningful positive impact on profitability.

A larger and more predictable backlog also lets us plan better with our suppliers, which should support more stable shipments, better terms and more robust operations. For the third quarter of 2026, Europe or EMEA, contributed EUR 17.5 million of consolidated revenue, or 72% of total top line. This is 1% below the previous quarter and 26% below the same quarter last year. The European EV market grew 3% quarter-over-quarter and 35% year-over-year. While revenue did not reflect this market expansion, sales order intake remained resilient. We continue to dedicate resources to our priority countries, Spain, France, Benelux, Germany and North America, to better support our customers with sales and service response.

North America contributed EUR 6.5 million, or 27% of the total revenue, an increase of 15% compared to the previous quarter, and a decrease of 41% compared to the same period last year. The sequential growth is encouraging, particularly as the North American EV market was down 9% quarter-over-quarter and 36% year-over-year. APAC and South America together contributed EUR 0.2 million, or less than 1% of revenue, consistent with our decision to concentrate resources on our key markets. We continue to sell through distribution partners, which allow us to accelerate growth in these regions in the future.

AC sales of EUR 17 million represented approximately 70% of our global consolidated revenue, up 8% compared to last quarter and down 24% compared to the same period last year. AC is also where most of our backlog sits, with EUR 14.7 million, so we expect AC to be the main driver of revenue growth as supply normalizes. On the product side, we launched the new generation of Pulsar Max in Europe earlier this month. It adds ISO 15118-ready hardware, built-in RFID authentication and Ethernet connectivity, making it particularly suited to shared residential environments, and it will be progressively available across European markets from November.

We also continue to see traction for Pulsar Pro in larger projects. At Montreal Metropolitan Airport, together with edp electrique, we now have 120 Pulsar Pro chargers operational, with a further 48 planned, which will bring the project to 168 charging points using our Power Sharing technology. DC sales landed at EUR 0.6 million or 3% of sales and were down 65% compared to last quarter. This decline is related to the timing of deliveries and to our supply constraints. In addition, we could not participate in selective tenders as the aftermath of our restructuring process was settling down. But going forward, we don't expect this to be an issue. In the end, this is an operational issue we are addressing, not a product issue.

Our fast-charging backlog stands at EUR 2.2 million, which gives us visibility on DC revenue as supply normalizes. And we are working with our suppliers to improve the delivery reliability and spare parts availability. Software, services and others generated EUR 6.6 million for the third quarter, or 27% of the total revenue, up 1% quarter-over-quarter. Looking forward, we expect software to remain an important part of our strategy. In October, we announced a partnership with Enode, which allows Wallbox chargers to connect with third-party apps and energy services across Europe, supporting smart charging, tariff optimization and home energy management.

In our addressable market, which we define as all regions except China, 2.7 million EVs were sold during the third quarter. This represents a 27% increase year-over-year and a 3% increase compared to last quarter. Zooming in on our key markets, which are North America and Europe, we continue to see diverging trends. In North America, the EV market remains soft following the removal of incentives and tax credits. About 0.4 million EVs were sold in the quarter, a decrease of 36% compared to the same period last year and 9% compared to last quarter. Despite this overall market decline in the region, we are pleased with our momentum, delivering sequential revenue growth of 15%.

We expect the North American market to remain challenging, which is why we are focusing on our key clients and on the segments where electrification continues to grow. Europe continues to grow, with 1.4 million EVs sold in the quarter, up 35% compared to the same period last year and 3% compared to the previous quarter. Many countries continue to incentivize electrification, and new affordable EV models are becoming available, which supports demand for charging infrastructure. This is the market opportunity behind our growing backlog.

The growth in the Rest of the World, which includes Asia, excluding China, and the Rest of the World, was again the strongest of the regions in our addressable market. EV sales in the region reached 0.9 million, up 93% compared to the same period last year and 10% compared to last quarter. As discussed, we deliberately concentrate our resources on our key markets. So we did not capture this growth, but we keep working with our distribution partners and key accounts to maintain our footprint.

Overall, the EV transition continues to progress, but volatility remains, and it is important for us to remain flexible. We have a more lean organizational structure and a growing backlog, which positions us to respond when supply conditions normalize. Isabel, over to you.

Isabel Trujillo

Thank you, Enric. Good morning and good afternoon to everyone. Third quarter revenue landed at EUR 24.2 million, below our guided range of EUR 29 million to EUR 31 million, up 1% sequentially and down 32% year-over-year. While revenue was impacted by softer conversion of volumes in North America and Europe due to supply chain constraints, our sales order intake has remained robust. To stabilize the supply chain, we are working on new agreements with suppliers.

Gross margin for the third quarter was 36.5%, below the 38% to 40% guided range, and gross profit was EUR 8.8 million. The sequential decline is correlated with the lower share of DC sales, which have a higher gross margin than AC. Additionally, while warranty expense remained stable on an absolute basis, they had a proportionally larger impact this quarter due to lower revenue levels. Q3 labor costs and operating expenses totaled EUR 15 million, a 34% improvement compared to the same period last year and a 13% sequential improvement.

We will continue to apply strict cost control while we convert our backlog, so that the incremental revenue translates into profitability. Adjusted EBITDA loss for the quarter was EUR 5.3 million, within our guided range of negative EUR 6.5 million to negative EUR 4.5 million. This is an improvement of 32% compared to the second quarter and 24% compared to the same quarter last year. The main driver is lower cost. And with the current cost base, we have significant operating leverage. Our backlog of EUR 16.9 million is, therefore, the key to our profitability. As we convert it into revenue, we expect the impact on our bottom line will be significant.

Now moving to key financial items. We ended the third quarter with approximately EUR 10.4 million in cash, cash equivalents and financial instruments, compared to EUR 25.1 million at the end of June. In addition to funding operations, the cash position has been impacted due to payments related to the restructuring process. Our financing efforts are focused to secure the right level of working capital needed to convert the backlog, strengthen our supplier relationships and support the growth we expect in the coming quarters.

Loans and borrowings totaled EUR 186.7 million, a decrease of 2% compared to the end of June, with EUR 149.2 million in long-term debt and EUR 37.5 million in short-term debt. Approximately 80% of our debt is now long term, which gives us a stable maturity profile. CapEx remained light and landed at EUR 0.5 million for the quarter, of which EUR 0.3 million related to property, plant and equipment. Year-to-date, CapEx amounts to EUR 0.8 million, a decrease of 61% compared to the same period last year.

Consistent with the last quarters, we are limiting spending on CapEx and are focused on leveraging our existing assets. Inventory landed at EUR 39.1 million, broadly stable compared to last quarter and EUR 11.6 million, or 23%, year-over-year reduction. This reduction has released cash to support our operations during the year. As we convert the backlog, we will keep managing inventory carefully, matching component purchases to confirmed orders, so that inventory continues to be a source of working capital generation.

Enric, I will turn it back to you to provide some closing commentary.

Enric Asuncion

Thank you, Isabel. To summarize the third quarter, order intake remains solid and our backlog continues to grow, reaching EUR 16.9 million. Our operations are still affected by supply chain challenges, which we expect to resolve in the following months. Adjusted EBITDA was within our guided range, thanks to strong cost control, although revenue and gross margin were below guidance, and we see significant upside on the P&L as orders convert into revenue.

If we look at the 3 objectives of the plan for a renewed Wallbox, we have achieved, one, continuous operational efficiency improvements; and two, completed the restructuring. Now our focus is on three, reaccelerating growth by converting our backlog into revenue and cash, while remaining disciplined on costs. We have also continued to expand our product and partner portfolio with the new Pulsar Max, and partnerships like with Enode, which will help us win in the market as supply normalizes.

With that, I would like to discuss the next quarter's guidance. For the fourth quarter of 2026, we have the following expectation: revenue in the EUR 29 million to EUR 31 million range, gross margin between 36% and 38%, and negative adjusted EBITDA between EUR 5.5 million and EUR 3.5 million. Thanks for your time.

Operator

Thank you. Everyone, this concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.