Wallbox N.V. Q4 FY2025 earnings call

Operational and Leadership Excellence

• Right-sized the organization to improve bottom line.
• Strengthened leadership team with senior talent across sales, operations, and finance.

Efficient Innovation

• Introduced Supernova power ring and commercial rollout of Quasar 2 bidirectional charger.
• Expanded US footprint with CTEP certification for Supernova DC fast charger.

Capital Position and Financial Stability

• Freed up capital by reducing inventory and improving working capital management.
• Secured $25 billion in new investments and reached indicative commercial agreement for new capital structure.

Commercial Highlights

• Growth in software, services, and others by 18% compared to full year 2024.
• North American market grew 16% year-over-year despite flat EV market.
• 2025 revenue totaled 145.1 million euros, delivered ~144,000 units (536 DC units). Adjusted EBITDA improved by 51% to negative -29.5 billion euros. Gross margin landed at 38.3%, a 410 basis points improvement. Labor and OPEX down 25% compared to last year. AC and DC sales down 13% and 32% year-over-year respectively. Need to improve sales and service function. Appointed new CBO, implemented new sales leadership, and hired additional sales and service personnel. Refinancing process impacting revenue but expected to be a catalyst for growth. Introduced Supernova Power Ring, next gen DC Fast Charging solution. Partnership with Eneco for scaling commercial EV infrastructure. Worked on CTEP-certified Pulsar for commercial applications in Canada. Introduced hybrid sales structure in Canada. Improved sales and service organization with three pillars: recovering lost customers, acquiring new customers, consolidating and developing existing customers. Implemented new service structure including doubling capacity, realigning service, and insourcing technical support capabilities.

For the fourth quarter of 2025, revenue landed at 33.7 million euros, down 10% compared to the same period last year. AC sales were 23.1 million euros, representing approximately 69% of global consolidated revenue, up 3% compared to last quarter. Pulsar Max was the largest contributor, and Quasar 2's contribution grew over 200% quarter over quarter. DC sales were 3.4 million euros, 10% of sales, down 41% quarter over quarter but up 29% compared to the same period last year. Software, services, and others generated 7.2 million euros, 21% of total revenue, approximately flat compared to last quarter. Geographically, Europe contributed 24.6 million euros (73% of total), North America contributed 8.5 million euros (25% of total), APAC and LATAM were small contributors. AC sales in Europe were strong with 4% growth quarter over quarter, while North America reversed strong momentum due to soft EV market. APAC and LATAM had small contributions with approximately €87,000 and €538,000 respectively for the quarter.

First Quarter 2026 Guidance

• Revenue in the 33 million euros to 36 million euros range.
• Gross margin between 38% and 40%.
• Negative adjusted EBITDA between minus 5 million euros and minus 3 million euros.

Risks

• Volatile market backdrop affecting revenue growth.
• Pending finalization of refinancing process impacting participation in selected RFQs or tenders for DC fast charging solutions.
• Soft EV market in North America due to removal of incentives and tax credits affecting revenue.
• Small contribution from APAC and LATAM markets which may impact overall growth if not managed properly.