Wallbox Q3 Revenue Falls 32% as Costs Decline, Backlog Grows

Wallbox reported a sharp year-over-year revenue decline for the third quarter of 2026 as operational constraints limited sales, although lower labor and operating expenses helped narrow its adjusted EBITDA loss. The electric-vehicle charging company expects fourth-quarter revenue of €29 million to €31 million and said a growing backlog provides support for its near-term operating plans.

Third-quarter revenue was €24.2 million, down about 32% from €35.5 million a year earlier and slightly above €23.9 million in the second quarter. Wallbox attributed the result, which fell below its guidance, to operational constraints rather than demand. The company sold approximately 25,700 AC and DC charging units during the quarter.

Gross profit declined to €8.8 million from €14.1 million a year earlier. Gross margin was 36.5%, down 1.5 percentage points because of a lower contribution from DC charger sales.

Wallbox continued to reduce its cost base. Labor costs and operating expenses totaled €15.0 million, representing a 34% year-over-year improvement. Its operating loss narrowed to €10.9 million from €17.0 million, while the loss for the period decreased to €17.3 million from €20.9 million.

Adjusted EBITDA loss, a non-IFRS measure, narrowed 24% to €5.3 million from €6.9 million in the prior-year quarter. Reported EBITDA loss improved to €5.9 million from €7.5 million.

Europe remains the largest market

Europe generated €17.5 million, or 72% of quarterly revenue, while North America contributed €6.5 million, or 27%. Latin America and the Asia-Pacific region accounted for the remaining 1% combined.

The company said European electric-vehicle market growth was reflected in its sales order intake. By contrast, it described the North American EV market as soft, with regional EV sales down 36% year over year during the quarter. Wallbox’s presentation showed total EV sales across its key markets rising 27% year over year to 2.7 million vehicles.

AC charger sales remained Wallbox’s largest product category, producing €17.0 million, or 70% of revenue. Software, services and other activities generated €6.6 million, representing 27%, while DC charger sales contributed €0.6 million, or 3%.

Backlog supports fourth-quarter outlook

Wallbox’s backlog reached €16.9 million at the end of September. For the fourth quarter, management expects revenue of €29 million to €31 million, a gross margin of 36% to 38%, and an adjusted EBITDA loss of between €3.5 million and €5.5 million.

The company said its restructuring had been completed and that it is focused on converting the backlog through more predictable operations, improving profitability and restarting growth efforts with products such as Pulsar Max and partners including Enode.

Inventory stood at €39.1 million at quarter-end, broadly stable from the previous quarter and down 23% year over year. Capital expenditure was limited to €0.5 million as Wallbox continued product investment with minimal capital spending.

Liquidity and leverage remain important constraints. Cash, cash equivalents and financial investments totaled €10.4 million at September 30, down from €27.7 million a year earlier. Loans and borrowings were €186.7 million, compared with €179.1 million at the end of the third quarter of 2025, although about 80% of the debt is now classified as long term.

Wallbox identified several uncertainties that could affect its outlook, including its history of operating losses, execution risks following the restructuring, EV demand and government incentives, tariffs and trade barriers, inflation, foreign-exchange movements, competition, supply or manufacturing disruptions, reliance on third parties, and regulatory changes.