BARCELONA, Spain--(BUSINESS WIRE)--November 05, 2025--
Wallbox N.V. $(WBX)$, a leading provider of electric vehicle ("EV") charging and energy management solutions worldwide, today announced its financial results for the third quarter ended September 30, 2025 and provided a business update.
Third Quarter 2025 Highlights and Business Update:
-- Generated revenue of EUR35.5 million in the quarter, reflecting 2%
year-over-year growth
-- Delivered Gross Margin1 of 39.8%, a 200 basis points sequential
improvement
-- Adjusted EBITDA1 was EUR(6.9) million, representing an 8% improvement
quarter-over-quarter
-- 30% revenue growth in DC fast charging compared to the same period of
last year
-- Year-over-year improvement in labor costs and operating expenses of 28%,
or approximately EUR9 million, reflecting the commitment to disciplined
cost management and profitability goals
-- Announced commercial partnerships with SureCharge Corp. and Hera Group to
deliver DC fast charging to support charging network roll-out in Canada
and Italy, respectively
-- Reached a standstill agreement with majority of the banking pool, which
is intended to provide a stable framework to facilitate a long-term
solution to the capital structure
Executive Commentary
Enric Asunción, CEO of Wallbox, said, "The third quarter of 2025 delivered mixed results, with revenue coming in softer than expected but accompanied by an improvement in Gross Margin(1) and continued efficiency gains. In a broader context, we are executing systematic improvements that have driven consistent quarter-over-quarter progress in Adjusted EBITDA(1) . Our main focus to accelerate the path to profitability remains reigniting revenue growth amid ongoing volatility in the EV market. Building on our strong market position and comprehensive product portfolio, we are reinforcing our sales organization. With the addition of new sales talent, and improved customer support, I am confident we can elevate performance across geographies and segments."
Mr. Asunción continued, "Compared to the same period last year, we have made -- and continue to make -- strong progress toward achieving consistent topline revenue supported by a significantly more efficient organization. In parallel, we are working to strengthen our financial position through disciplined cash management, reduced inventory levels, limited CAPEX investment, and constructive dialogue with our banking partners. The standstill agreement marks an important first step in our joint efforts to establish a long-term solution for our current capital structure -- one that we believe will enable us to execute our business plan and fully leverage our leading market position."
Financial Outlook - Fourth Quarter 2025
The following reflects the company's expectations for select key financial metrics for the fourth quarter 2025.
-- Expects revenue to be in the range of EUR36 million and EUR39 million
-- Expects Gross Margin1 between 38% and 40%
-- Expects a negative Adjusted EBITDA1 between EUR(6) million and EUR(4)
million
(1) See Non-IFRS Financial Measures section below
Conference Call Information
Wallbox NV will host a conference call to discuss the results and provide a business update at 8:00 AM Eastern Time today, November 5, 2025. The live audio webcast and accompanying presentation will be accessible on Wallbox's Investor Relations website at https://investors.wallbox.com/. A recording of the webcast will also be available following the conference call.
Third Quarter 2025 Unaudited Financial Results
Wallbox N.V.
Consolidated Statements of
Profit or Loss
(In thousand Euros)
Year End Quarter End
2024 2023 Q3 2025 Q2 2025 Q3 2024
--------- --------- -------- -------- --------
Revenue 163,943 143,769 35,481 38,289 34,656
Changes in inventories
and raw materials and
consumables used (107,920) (95,503) (21,346) (23,806) (26,671)
--------- --------- -------- -------- --------
Gross Profit 56,023 48,266 14,135 14,483 7,985
Employee benefits (71,488) (81,236) (12,148) (13,161) (17,673)
Other operating
expenses (54,089) (59,788) (10,736) (11,142) (14,187)
Amortization and
depreciation (37,873) (28,443) (9,487) (10,082) (9,264)
Impairment of assets (26,415) - 1,288 1,255 -
Net other income 25 14,260 (12) (142) (559)
--------- --------- -------- -------- --------
Operating Loss (133,817) (106,941) (16,960) (18,789) (33,698)
Financial income 1,945 1,472 53 136 284
Financial expense (23,680) (15,247) (4,842) (4,703) (5,622)
Change in fair value of
derivative warrant
liabilities 1,081 6,476 536 419 (5,683)
Foreign exchange gains
/ (losses) (4,044) 1,466 193 7,778 1,686
--------- --------- -------- -------- --------
Financial Results (24,698) (5,833) (4,060) 3,630 (9,335)
Loss Before Tax (158,515) (112,774) (21,020) (15,159) (43,033)
Income tax credit 6,723 703 142 (903) 359
Loss for the Period (151,792) (112,071) (20,878) (16,062) (42,674)
Reconciliation
(In thousand Euros)
Year End Quarter End
2024 2023 Q3 2025 Q2 2025 Q3 2024
--------- --------- -------- -------- --------
Loss for the Period (151,792) (112,071) (20,878) (16,062) (42,674)
Income tax credit (6,723) (703) (142) 903 (359)
Amortization and
depreciation 37,873 28,443 9,487 10,082 9,264
Financial income (1,945) (1,472) (53) (136) (284)
Financial expenses 23,680 15,247 4,842 4,703 5,622
Change in fair value of
derivative warrant
liabilities (1,081) (6,476) (536) (419) 5,683
Foreign exchange
gains/(losses) 4,044 (1,466) (193) (7,778) (1,686)
--------- --------- -------- -------- --------
EBITDA (95,944) (78,498) (7,473) (8,707) (24,434)
Share based payment
plan expenses 2,837 14,191 605 (18) 872
Other items (25) (3,094) 12 142 559
Negative goodwill - (11,166) - - -
One-time expenses 6,123 3,031 1,207 2,292 1,035
Other non-cash expenses 712 1,360 - 41 159
Impairment of assets 26,415 - (1,288) (1,255) -
--------- --------- -------- -------- --------
Adjusted EBITDA (59,882) (74,176) (6,937) (7,505) (21,809)
Wallbox N.V.
Cash & Cash Equivalents
Cash and Cash
Equivalents
(In thousand Euros)
Quarter Ended September 30 Year Ended December 31
-------------------------- ------------------------
2025 2024 2024 2023
------------ ------------ ----------- -----------
Cash and cash
equivalents 2,635 64,925 20,036 101,158
Financial
Investments (1) 25,103 6,073 25,578 5,426
------------ ------------ ----------- -----------
Cash, cash
equivalents and
Financial
Investments 27,738 70,998 45,614 106,584
(1) Financial Investments are included in Other current financial assets
Wallbox N.V.
Investments and Loans & Borrowings
Investments and Loans & Borrowings
Quarter Ended Year Ended December
(In thousand Euros) September 30 31
------------------ --------------------
2025 2024 2024 2023
------- --------- ------- -----------
Investments in Property, plant and
equipment and Intangible Assets
Property, plant and
equipment (123) 339 3,114 9,106
Intangible assets -
excluding R&D
(salaries
capitalized) 423 1,320 6,790 7,103
Total Investments in Property, plant
and equipment and Intangible Assets 300 1,659 9,904 16,209
Non-Current Liabilities
-- Loans and
Borrowings 67,344 84,059 66,659 80,861
Current Liabilities --
Loans and Borrowings 111,804 123,379 131,810 126,496
Total Loans and Borrowings 179,148 207,438 198,469 207,357
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Wallbox's expected future operating results and financial position, profitability and cost optimization, including expected impact of the standstill agreement, industry and company growth, business strategy and plans, including expected benefits of partnerships with SureCharge. and Hera Group, and market opportunity. The words "anticipate," "believe," "can," "continue, " "could," "estimate," "expect," "focus," "forecast," "intend," "likely, " "may," "might," "plan," "possible," "potential," "predict," "project," "should," ""target," will," "would" and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox's history of operating losses; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives or reduction thereof; political and economic uncertainty and macroeconomic factors, such as impacts from tariffs and trade barriers, geopolitical conflicts, consumer spending, inflation and foreign exchange rates; the accuracy of Wallbox's forecasts and projections including those regarding its market opportunity; competition; risks related to losses or disruptions in Wallbox's supply or manufacturing partners; Wallbox's reliance on the third-parties outside of its control; risks related to Wallbox's technology, intellectual property and infrastructure; executive orders and regulatory changes under the U.S. political administration and uncertainty therefrom, as well as the other important factors discussed under the caption "Risk Factors" in Wallbox's Annual Report on Form 20-F for the fiscal year ended December 31, 2024, as such factors may be updated from time to time in its other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC's website at www.sec.gov and the Investor Relations section of Wallbox's website at investors.wallbox.com. Any such forward-looking statements represent management's estimates as of the date of this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.
Non-IFRS Financial Measures
Wallbox reports its financial information required in accordance with the International Financial Reporting Standards ("IFRS"). This release includes financial measures not based on IFRS, including Adjusted EBITDA and Gross Margin (the "Non-IFRS Measures"). See the definitions set forth below for a further explanation of these terms.
Wallbox defines "Gross Margin" as revenue less changes in inventory, raw materials and other consumables used divided by revenue.
Wallbox defines EBITDA as loss for the period before income tax credit, financial income, financial expenses, amortization and depreciation, change in fair value of derivative warrants and foreign exchange gains/(losses). We define Adjusted EBITDA as EBITDA for the period further adjusted to take into account the impact of certain non-cash and other items that we do not consider in our evaluation of our ongoing operating performance. These non-cash and other items include, but not are limited to: share based payment plan expenses, certain one-time expenses related to a reduction in workforce initiated in January 2023, certain non-cash expenses related to the ESPP plan launched in January 2023, any negative goodwill arising from business combinations, impairment of assets and other items outside the scope of our ordinary activities.
Management uses these Non-IFRS Measures as measurements of operating performance because they assist management in comparing the Company's operating performance on a consistent basis, as they remove the impact of items not directly resulting from the Company's core operations; for planning purposes, including the preparation of management's internal annual operating budget and financial projections; to evaluate the performance and effectiveness of our strategic initiatives; and to evaluate the Company's capacity to fund capital expenditures and expand its business.
The Non-IFRS Measures may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate these measures in the same manner. We present the Non-IFRS Measures because we consider them to be important supplemental measures of our performance, and we believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies. Management believes that investors' understanding of our performance is enhanced by including the Non-IFRS Measures as a reasonable basis for comparing our ongoing results of operations. By providing the Non-IFRS Measures, together with reconciliations to IFRS, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.
Items excluded from the Non-IFRS Measures are significant components in understanding and assessing financial performance. The Non-IFRS Measures have limitations as analytical tools and should not be considered in isolation, or as an alternative to, or a substitute for loss for the period, revenue or other financial statement data presented in our consolidated financial statements as indicators of financial performance. Some of the limitations are: such measures do not reflect revenue related to fulfillment, which is necessary to the operation of our business; such measures do not reflect our expenditures, or future requirements for capital expenditures or contractual commitments; such measures do not reflect changes in our working capital needs; such measures do not reflect our share based payments, income tax benefit/(expense) or the amounts necessary to pay our taxes; although depreciation and amortization are not included in the calculation of Adjusted EBITDA, the assets being depreciated and amortized will often have to be replaced in the future and such measures do not reflect any costs for such replacements; and other companies may calculate such measures differently than we do, limiting their usefulness as comparative measures.
Due to these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business and are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. In addition, the Non-IFRS Measures we use may differ from the non-IFRS financial measures used by other companies and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. Furthermore, not all companies or analysts may calculate similarly titled measures in the same manner. We compensate for these limitations by relying primarily on our IFRS results and using the Non-IFRS Measures only as supplemental measures.
Reconciliations of the forward-looking Non-IFRS Measures to the most directly comparable IFRS measures cannot be provided without unreasonable efforts and are not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations and certain other items reflected in our reconciliation of historical Non-IFRS Measures, the amounts of which could be material.
About Wallbox
Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine the relationship between users and the network. Wallbox goes beyond charging electric vehicles to give users the power to control their consumption, save money and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public, and public use in more than 100 countries around the world. Founded in 2015 in Barcelona, where the company's headquarters are located, Wallbox currently has offices across Europe, Asia, and America. For more information, visit www.wallbox.com
Source: Wallbox N.V.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251105845336/en/
CONTACT: Wallbox Public Relations Contact:
Albert Cabanes
Public Relations
Press@wallbox.com
Wallbox Investor Contact:
Michael Wilhelm
Corporate Development & IR
Investors@wallbox.com
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