Wallbox (NYSE:WBX) held its first-quarter earnings conference call on Wednesday. Below is the complete transcript from the call.
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The full earnings call is available at https://www.webcaster5.com/Webcast/Page/3124/53846
Summary
Wallbox reported a 12% decline in Q1 2026 revenue to €29.7 million, missing guidance due to a slowdown in DC and AC sales linked to pending refinancing.
The company improved adjusted EBITDA loss by 18% quarter over quarter to €6 million, attributing this to operational efficiency improvements.
Gross margin was 37.3%, slightly below the anticipated range, affected by lower DC sales, which typically have higher margins.
Wallbox secured €11 million in interim financing through a refinancing plan, enhancing financial visibility and stability.
The company plans to focus on growth acceleration in future quarters, with Q2 2026 revenue guidance set between €33 million and €36 million.
Full Transcript
OPERATOR
Hello everyone and welcome to Wallbox’s first quarter 2026 earnings conference call and webcast. At this time, all participants have been placed on a listen only mode to prevent any background noise. After the speakers’ prepared remarks, there will be an opportunity for a question and answer session. Analysts who wish to ask a question can place themselves into the queue by pressing star one. I would now like to turn the call over to Michael Wilhelm from Wallbox. Michael, please go ahead.
Michael Wilhelm
Thank you and good morning and good afternoon to everyone listening in. Thank you for joining today’s webcast to discuss Wallbox first quarter 2026 results. This event is being broadcast over the web and can be accessed from the Investors section of our website at Investors Wallbox. I am joined today by Enrique Asucian, Wallbox CEO and Isabella Vestro, Wallbox CFO. Earlier today we issued a press release announcing results from the first quarter ended March 31, 2026, which can also be found on our website. Before we begin, I would like to remind everyone that certain statements made on today’s call are forward-looking that may be subject to risks and uncertainties relating to the future events and or the future financial performance of the company. Actual results could differ materially from those anticipated. The risk factors that may affect results are detailed in the Company’s most recent public filings with the SEC, including the Annual Report on Form 20F for the fiscal year ended December 31, 2025 filed on April 9, 2026. We will be presenting unaudited financial statements in IFRS format that reflect management’s best assessment of actual results. Also, please note that we use certain non IFRS financial measures on this call and reconciliations of these measures are included in the presentation posted on the Investors section of our website. Also, a copy of these prepared remarks can be obtained from the Investor Relations website under the Quarterly Results section so you can more easily follow along with us today.
Enrique Asucian (CEO)
So with that out of the way, I will turn it over to Enrique. Thank you Michael and thanks everyone for joining us today. We will start today’s call with an Overview of our first quarter 2026 results, provide our perspective on the EV market and spend time discussing our operational improvement. Isabel will offer a closer look at our financial results, key financial metrics and our current financial position, including updates on the recently signed refinancing. After, I will close the conversation to highlight what we are focused on for the upcoming quarters. Q1 revenue was softer than expected, but overall we had a solid first quarter as adjusted EBITDA improved sequentially due to continuous operational efficiency improvements. Total revenue landed at 29.7 million euros below guidance and down 12% compared to the previous quarter. The primary driver of the decline is DC sales which are down 28% quarter over quarter. Although this is a disappointing result, customer feedback shows this is not product related but rather the requirement to have clarity on Wallbox Refinancing process With the signing of the refinancing plan, we immediately secured 11 million euros in interim financing and are now able to provide better long term financial visibility to our customers, vendors and shareholders. The other business activities, AC sales and software service and others also experienced a slowdown compared to last quarter related to the refinancing but with a less significant impact from a geographical perspective, the North American market due to a significant decline in EV sales, APAC and South America due to the shift in resources and priorities, all have been down sequentially. In total, during the first quarter we delivered over 30,000 AC units and 79 DC units. It is important to note that although revenue declined quarter over quarter, the ratio of revenue to labor costs and operating expenses improved significantly compared to the same period last year. Gross margin was 37.3% in the first quarter in line with the previous quarter but landing below the 38% to 40% guided range. The main reason for the guidance miss relates to the lower than expected DC sales resulting in a negative impact from the product mix. However, we have achieved another quarter with inventory improvement which provides bill of material cost improvement opportunities for the long term. Labor cost and operating expenses landed at 17.1 million euros improving 22% quarter over quarter and 31% compared to the same period last year. This is the result of the continuous efficiency efforts of the last quarters. It not only reflects cost improvements but also shift in resources and investment in sales and services. With optimized cost base, we believe there is opportunity to grow the top line while continuing to work on operational improvements in processes and systems by centralizing certain activities and reducing the operational complexity. We are leaner and more flexible in responding to the volatile EV market both to scale up in EV markets where there are opportunities and scale down in EV markets which experience headwinds. Adjusted EBITDA loss for the first quarter of 2026 was 6 million euros missing our guided range but improving 18% quarter over quarter compared to the same period last year. Adjusted EBITDA loss improved by 23% softer than expected. Sales due to the refinancing process were the main reason for missing guidance this quarter, but considering this revenue level the bottom line improvement is impressive. We continue to execute our plan ToWards profitability based on 1 continuous operationally efficiency improvements, 2 implementations of the restructured balance sheet for long term …
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