Wallbox reported a net loss of 47.9 million euros for the first half of 2026, struggling to convert surging order intake into recognized revenue while overhauling its supply chain and executing a crucial debt restructuring.
Commercial Momentum Collides With Supply Chain Reconstruction
For the first six months of 2026, the Spanish electric vehicle charger manufacturer faced severe financial headwinds despite aggressive operational trimming. According to the company’s financial disclosures, Wallbox posted a net loss of 28.6 million euros in the second quarter alone. This marks a 78% increase in losses compared to the same period in 2025, driven largely by extraordinary non-recurring financial impacts associated with restructuring its debt.
Revenue figures underscore the friction between operational changes and commercial output. Total revenue for the first half landed at 53.6 million euros. Second-quarter revenue dropped to 23.9 million euros, marking a 37.5% decline from the 38.3 million euros recorded a year earlier. Wallbox CEO Enric Asunción noted that while the company experienced positive commercial momentum, structural adjustments slowed delivery capabilities.
“In the second trimestre, we saw a sequential improvement in order intake, which reflects a positive evolution in our main markets,” Asunción stated. However, he acknowledged that this growth has not yet fully translated into top-line revenue because the company is actively redefing its supplier network. This transition has temporarily choked the conversion of customer orders into final product deliveries, causing a swelling backlog.
Aggressive Cost Cutting Meets Financial Restructuring Costs
Behind the headline losses, Wallbox’s management has implemented strict efficiency measures to protect liquidity. The company slashed labor and operating expenses by 29% year-over-year. These adjustments helped push the gross margin up to 38%, marking a 70-basis-point improvement over the previous quarter. Meanwhile, adjusted EBITDA remained negative at 7.8 million euros, holding flat compared to the previous year.
The heavier financial burden in the second quarter stemmed directly from balance-sheet maneuvers. Financial expenses jumped to 9.5 million euros—up from 4.7 million euros in the second quarter of 2025—bolstered by a 7.3 million euro negative valuation effect tied to warrant-associated liabilities. To stabilize its foundation, Wallbox finalized a previously announced financial rescue package, completing a 15.8 million euro capital increase and securing an additional 5.4 million euros in fresh bank lines.
As a result, Wallbox closed June with 25.1 million euros in cash and financial investments, an improvement from the 9.6 million euros held at the end of 2025. Total debt, however, climbed to 191.3 million euros, up from 164.7 million euros at the close of the prior fiscal year.
Pathways to Recovery and Third-Quarter Projections
Despite the restructuring pains, internal metrics suggest underlying demand remains intact. Incoming orders for alternating current (AC) and direct current (DC) chargers rose 11% compared to the prior quarter, while inventory levels dropped by approximately 4%, easing working capital pressures. Leadership insists that normalizing the revamped supply chain will unlock the trapped order backlog.
Looking ahead to the third quarter, Wallbox anticipates a revenue rebound, forecasting between 29 and 31 million euros in sales—a sequential jump of up to 30% over the second quarter. The firm expects to maintain its gross margin between 38% and 40% while narrowing its adjusted EBITDA loss to a range of 4.5 and 6.5 million euros.
As Asunción shifts the corporate focus from survival maneuvers to top-line execution, the broader market will be watching closely to see if restructured supplier agreements can finally deliver profitability for the company. What steps do you think hardware manufacturers must take to balance rapid scaling with strict balance-sheet discipline in today’s EV market? Let us know your thoughts below.
