Wallbox (NYSE:WBX) reported third-quarter 2026 revenue below its guidance as supply chain constraints delayed deliveries, even as its order backlog grew and cost reductions narrowed its adjusted EBITDA loss.
Revenue was EUR 24.2 million, up 1% from the second quarter but down 32% from a year earlier. The result missed the company’s forecast of EUR 29 million to EUR 31 million. CEO Enric Asunción said orders could not be converted into revenue as planned because of continuing operational challenges in the supply chain.
The backlog rose to EUR 16.9 million at the end of September from EUR 12 million at the end of June. Asunción said Wallbox is working with suppliers and expects to resolve the constraints over the following months.
Lower costs narrow loss
Wallbox’s adjusted EBITDA loss was EUR 5.3 million, an improvement of 32% from the prior quarter and 24% from a year earlier. The loss was within the company’s guided range of EUR 6.5 million to EUR 4.5 million.
Labor costs and operating expenses totaled EUR 15 million, down 34% year over year. CFO Isabel López Trujillo said lower costs were the main driver of the improvement in adjusted EBITDA and that the company would maintain strict cost control while converting its backlog.
Gross margin was 36.5%, below Wallbox’s forecast of 38% to 40% and down from 38% in the second quarter. Management attributed the sequential decline primarily to a lower proportion of direct-current, or DC, fast-charging sales, which carry higher margins than alternating-current, or AC, products. López Trujillo said stable warranty spending also had a proportionally larger effect because revenue was lower.
AC orders dominate backlog
AC revenue rose 8% sequentially to EUR 17 million, representing about 70% of total revenue. DC revenue fell 65% from the second quarter to EUR 0.6 million, while software, service and other revenue was EUR 6.6 million.
Of the total backlog, EUR 14.7 million related to AC products, including EUR 0.65 million in bidirectional charging, and EUR 2.2 million related to fast charging. Asunción said AC is expected to be the main driver of revenue growth as supply normalizes.
The CEO attributed the decline in DC sales to delivery timing and supply constraints. He also said Wallbox could not participate in selected tenders as the aftermath of its restructuring settled, but that the company does not expect this to remain an issue.
Europe, the Middle East and Africa generated EUR 17.5 million in revenue, down 26% year over year. North American revenue was EUR 6.5 million, up 15% sequentially but down 41% from a year earlier. Asunción said the North American electric vehicle market remained soft following the removal of incentives and tax credits, while Europe’s EV market continued to grow.
Cash position and outlook
Wallbox ended September with approximately EUR 10.4 million in cash, equivalents and financial investments, compared with EUR 25.1 million at the end of June. López Trujillo said the position was affected by operating funding needs and payments related to the restructuring process.
Loans and borrowings totaled EUR 186.7 million, including EUR 149.2 million in long-term debt and EUR 37.5 million in short-term debt. The CFO said financing efforts are focused on securing working capital to convert the backlog, strengthen supplier relationships and support expected growth.
For the fourth quarter of 2026, Wallbox forecast revenue of EUR 29 million to EUR 31 million, gross margin of 36% to 38%, and an adjusted EBITDA loss of EUR 5.5 million to EUR 3.5 million.
About Wallbox (NYSE:WBX)
Wallbox N.V. is a Barcelona-based technology company that develops electric-vehicle charging and energy-management solutions. Founded in 2015 by Enric Asunción, Eduard Castañeda and fellow co-founders, the company focuses on making electric-vehicle charging more accessible for residential, commercial and public-sector users.
Its product portfolio includes AC charging stations such as the Pulsar and Commander lines, DC fast chargers such as Supernova, and bidirectional charging technology represented by Quasar.
