Wallbox N.V. Q3 FY2025 earnings call

• Revenue for Q3 landed at EUR 35.5 million, up 2% year-over-year, but below expectations with AC sales being the largest offender due to operational headwinds and market trends.
• DC sales were a highlight, up 34% year-over-year and 40% sequentially, driven by strong recovery and demand for the new generation Supernova product.
• Gross margin was 39.8% in Q3, exceeding the guided range of 37%-39%, due to improved bill of material costs, higher prices, and carbon credits.
• Labor costs and operating expenses were EUR 22.9 million, a 6% improvement quarter-over-quarter and 28% improvement year-over-year, with cash costs (labor cost and OpEx excluding certain items) down 34% year-over-year.
• Appointed new CBO Ignasi Alastuey to reinforce the sales organization and plan to integrate sales teams for a more holistic approach.
• Adjusted EBITDA for Q3 2025 was minus EUR 6.9 million, below guidance but improving 8% quarter-over-quarter, with the shortfall due to softer sales.
• Software, Services & Others category had EUR 7.3 million in revenue, with Electromaps showing strong growth (more than doubling year-over-year) and installation & service being a large contributor but slightly down quarter-over-quarter.

In the third quarter of 2025, AC sales landed at EUR 22.4 million, representing approximately 63% of global consolidated revenue, down 16% compared to the previous quarter and down 5% year-over-year. DC sales were EUR 5.8 million, accounting for 16% of sales, with a year-over-year increase of 34% and a sequential increase of 40%. Software, Services & Others generated EUR 7.3 million, making up 21% of total revenue, a slight decrease from the previous quarter but an 11% year-over-year increase. Europe contributed EUR 23.6 million of consolidated revenue, which is 66% of the total top line, a 3% increase year-over-year. North America contributed EUR 11 million, accounting for 31% of total revenue, up 13% and 18% at constant FX compared to the same period last year. APAC contributed approximately EUR 160,000, which is 1% of the quarter's revenue, and LatAm contributed EUR 725,000, making up 2% of the revenue.

• For the fourth quarter of 2025, revenue is expected to be in the range of EUR 36 million to EUR 39 million.
• Gross margin is expected to be between 38% and 40%.
• Adjusted EBITDA loss is expected to be between EUR 6 million and EUR 4 million.

• Operates in a complex environment with volatile market demand driven by evolving subsidy frameworks and product regulations across regions.
• Canadian EV market was soft in Q3 due to 100% tariffs on Chinese-made cars and end of iZEV incentive program.
• Market share in some European markets like Netherlands, Italy, and the Nordics trended down in the quarter.

Q: George Gianarikas wanted to focus on market share, particularly in Europe, and how it's trending and expected to trend over the next few quarters.

A: Enric Asuncion responded that it depends on product line and country. In countries like Spain, France, Belgium, the U.K., and Germany, market share remains stable or trends up. In markets like Netherlands, Italy, and the Nordics, there was a downward trend this quarter. They aim to maintain or increase market share in AC moving forward despite operational headwinds.

Q: George Gianarikas focused on the balance sheet, specifically the standstill agreement and when to expect formal news on the EUR 179 million in debt.

A: Luis Boada replied that the standstill matures as of the 9th of December, and they are working towards a formal announcement between now and that date.