Wallbox (WBX) 2026 年第三季法說會：供應限制拖累營收，在手訂單持續成長

Wallbox (NYSE: WBX) 公布 2026 年第三季營收低於財測預期，主因供應鏈瓶頸延緩了訂單轉化。成本削減舉措有助於收窄調整後 EBITDA 虧損，而在手訂單增加至 1,690 萬歐元。

重點摘要

• 營收為 2,420 萬歐元，季增 1%，但年減 32%，低於管理層給出的 2,900 萬至 3,100 萬歐元財測區間。
• 在手訂單金額自第二季末的 1,200 萬歐元增至 1,690 萬歐元，其中包括與交流 (AC) 充電相關的 1,470 萬歐元，以及與快充 (DC) 相關的 220 萬歐元。
• 毛利率為 36.5%，低於財測預期的 38% 至 40% 區間，主要原因是毛利率較高的直流 (DC) 產品僅占營收的 3%。
• 調整後 EBITDA 虧損收窄至 530 萬歐元，季增改善 32%，年增改善 24%，符合公司財測區間。
• 現金、現金等價物及金融工具自 6 月底的 2,510 萬歐元降至 1,040 萬歐元，部分原因是與重組相關的款項支付。
• 針對 2026 年第四季，管理層預估營收為 2,900 萬至 3,100 萬歐元，毛利率為 36% 至 38%，調整後 EBITDA 虧損為 350 萬至 550 萬歐元。

關鍵財務數據

業務與營運表現

交流充電業務貢獻 1,700 萬歐元，約占合併營收的 70%。銷售額季增 8%，但年減 24%。鑑於其 1,470 萬歐元的在手訂單，管理層預期隨著供應狀況正常化，交流充電將成為營收成長的主要驅動力。

直流銷售額季減 65% 至 60 萬歐元，占營收的 3%。Wallbox 將下滑歸因於交付時程、供應瓶頸，以及在重組程序落定期間無法參與部分標案。快充在手訂單金額為 220 萬歐元。

軟體、服務及其他營收穩定維持在 660 萬歐元，占總營收的 27%。Wallbox 還宣布於 10 月與 Enode 建立合作夥伴關係，將其充電樁與全歐洲的第三方應用程式和能源服務相互連接。

EMEA（歐洲、中東及非洲）帶來 1,750 萬歐元，占營收的 72%，季減 1%，年減 26%。北美貢獻 650 萬歐元，季增 15%，但年減 41%。隨著公司繼續將資源集中在歐洲和北美，亞太地區 (APAC) 與南美洲合計貢獻了 20 萬歐元。

Wallbox 在歐洲推出了新一代 Pulsar Max，配備具備 ISO 15118 支援規格的硬體、內建 RFID 身份驗證和乙太網路連線功能。在蒙特婁都會區機場，已有 120 台 Pulsar Pro 充電樁投入營運，另有 48 台正在規劃中。

管理層財測

針對 2026 年第四季，Wallbox 管理層提供了以下財測：

管理層表示，其首要任務是在維持成本紀律的同時，將在手訂單轉化為營收與現金。公司預計將在未來幾個月內解決供應鏈瓶頸，但正常化的時間點仍是營收轉化的關鍵條件。

風險與關注焦點

• 供應鏈瓶頸持續推遲出貨，導致 Wallbox 無法按計畫將訂單轉化為營收。
• 高毛利的直流產品銷售佔比下降對毛利率構成壓力，而由於營收較低，保固費用的相對比例影響也更大。
• 本季現金資源顯著減少。管理層表示，融資工作的重點是確保營運資金，以轉化在手訂單並強化供應商關係。
• 管理層指出，在取消補助和稅收抵免後，北美電動車需求仍面臨挑戰。
• 在手訂單的轉化取決於供應商可靠度的提升以及零組件的可取得性。

法說會逐字稿全文

完整財報電話會議逐字稿

管理層陳述

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.