Wallbox N.V. Class A Ordinary Shares Q1 2026 Earnings Recap

Wallbox's stock rose 4.8% following the Q1 report, driven by operational efficiency improvements and adjusted EBITDA gains despite weaker-than-expected revenue and lower DC sales that pressured margins and guidance.

Key Takeaways

• Q1 revenue declined 12% quarter-over-quarter to EUR 29.7 million, missing guidance primarily due to a 28% drop in DC charger sales linked to refinancing-related customer uncertainty.
• Gross margin of 37.3% fell short of the 38–40% guidance range, reflecting an unfavorable product mix caused by lower DC sales.
• Operating expenses improved significantly, with labor cost and overhead down 22% sequentially and 31% year-over-year, reflecting ongoing efficiency efforts and resource shifts.
• Adjusted EBITDA loss narrowed by 18% sequentially and 23% year-over-year to EUR -6 million, missing guidance but demonstrating progress on operational profitability.
• Geographic weakness was evident in North America (down 41% year-over-year) due to soft EV market conditions, while Europe saw an 8% sequential revenue decline in line with broader market contraction.