Wallbox N.V. Q1 FY2026 earnings call

• Q1 revenue was softer than expected but adjusted EBITDA improved sequentially due to operational efficiency improvements. - Primary driver of revenue decline is DC sales, not product related but due to refinancing process. - Signing of refinancing plan secured 11 million euros in interim financing and provided better long-term financial visibility. - Geographical markets like North America, APAC, South America had sequential declines. - Gross margin was 37.3% in Q1, in line with previous quarter but below guided range due to lower DC sales. - Labor costs and operating expenses improved significantly quarter over quarter and compared to same period last year. - Implemented refinancing almost completed, progress on operational efficiency improvements, and aim to re-establish growth by leveraging product portfolio.

Total revenue for the first quarter landed at 29.7 million euros. The primary driver of the decline is DC sales, which are down 28% quarter over quarter. AC sales and software, service and others also experienced a slowdown. Europe or EMEA contributed 22.6 million euros of consolidated revenue, or 76% of total top line. North America contributed 6.7 million euros or 23% of the total revenue. APAC and LATAM currently remain small regions, with APAC sales almost negligible this quarter and LATAM sales landing €387,000 or approximately 1%. AC sales of €21.1 million, including ABL and Quasar, represented approximately 71% of global consolidated revenue. DC sales landed at 2.5 million euros or 8% of sales. Software, services and others generated 6.1 million euros for the quarter, or 21% of total revenue.

• For the second quarter of 2026, revenue is expected in the 33 million to 36 million euros range. - Gross margin between 38% and 40%. - Negative adjusted EBITDA between 5 million and 3 million euros.

• Certain statements made are forward-looking and subject to risk and uncertainties relating to future events and future financial performance of the company. - Risk factors detailed in the company's most recent public filings with the SEC. - Geopolitical tension and subsequent price spikes in oil could impact the business.

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