Wallbox (NYSE: WBX) reports 2025 loss and advances capital restructuring
Rhea-AI Filing Summary
Wallbox N.V. reported full-year 2025 revenue of €145.1 million with a gross margin of 38.3% and an operating loss of €99.3 million. The company sold about 144,000 AC units and 530+ DC units, cut labor and other operating expenses by 25%, and raised roughly $25 million of equity funding.
As of December 31, 2025, Wallbox held €9.6 million of cash, cash equivalents and financial investments against approximately €165 million of loans and borrowings, and €47.5 million of inventory. For Q4 2025, revenue was €33.7 million with a 37.3% gross margin and a €43.9 million operating loss.
Wallbox is negotiating a renewed capital structure with core banking partners and major shareholders, seeking extended debt maturities and new debt and equity financing under a Spanish restructuring plan. A standstill agreement with multiple lenders has been extended through March 31, 2026 while the company expects to finalize terms and file the restructuring plan in March 2026. For Q1 2026, it guides to €33–36 million of revenue, 38–40% gross margin and negative Adjusted EBITDA of €3–5 million.
Positive
- Improved profitability metrics and cost structure: 2025 gross margin reached 38.3%, Adjusted EBITDA improved by 51% year-over-year, and labor plus other operating expenses were reduced by 25%, indicating meaningful operational efficiency gains despite a challenging EV market.
- Product and regional growth drivers: The company delivered 144,000 chargers including 536 DC fast chargers, achieved 18% revenue growth in Software, Services and Others and 16% revenue growth in North America, and launched Quasar 2 and Supernova PowerRing to strengthen its DC fast charging and energy management offering.
Negative
- Significant losses and weak liquidity: Wallbox posted a 2025 operating loss of €99.3 million and Q4 2025 operating loss of €43.9 million, ending the year with only €9.6 million of cash, cash equivalents and financial investments versus approximately €165 million of loans and borrowings.
- Ongoing restructuring and lender standstill: The company is negotiating a renewed capital structure under a Spanish restructuring plan and relies on a standstill agreement with multiple banking lenders, now extended through March 31, 2026, underscoring elevated balance sheet and refinancing risk.
Insights
Wallbox improves margins and costs but faces tight liquidity and active debt restructuring.
Wallbox shows operational progress with 2025 gross margin at
Despite this, the balance sheet is strained. As of
Wallbox is negotiating a renewed capital structure involving extended debt maturities and new debt and equity financing under a Spanish restructuring plan. A standstill with multiple lenders now runs through
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO SECTION 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2026
Commission File Number: 001-40865
Wallbox N.V.
(Translation of registrant’s name into English)
Carrer del Foc, 68
Barcelona, Spain 08038
Tel: +34 930 181 668
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
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EXPLANATORY NOTE
On March 4, 2026, Wallbox N.V. (the “Company” or “Wallbox”) released information regarding its results of operations for the three months and full year ended December 31, 2025. A copy of the Company’s press release and presentation materials are furnished hereto as Exhibits 99.1 and 99.2, respectively.
WALLBOX N.V. FULL YEAR 2025 RESULTS
WALLBOX N.V. FOURTH QUARTER 2025 RESULTS
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Definitions and Basis of Presentation
On December 1, 2025, the Company reported on Form 6-K that it had reached a non-binding commercial agreement with its core banking partners and major shareholders regarding a contemplated renewal of its capital structure. As there disclosed, the contemplated transaction includes, among other matters, an extension of existing debt maturities and a proposed liquidity injection through a combination of debt and equity financing, with the objective of establishing a sustainable long-term capital structure.
The Company continues to advance negotiations with its principal lenders and key shareholders and expects to finalize the agreement on the renewed capital structure during the course of March 2026. As part of this process and as previously disclosed on December 1, 2025, the Company and certain of its subsidiaries submitted the corresponding formal communication to the competent Spanish court initiating negotiations with their creditors in order to facilitate the execution of a Spanish restructuring plan. On March 4, 2026, the court authorized an extension of the negotiation period for up to additional three months. The extension has been requested as a procedural measure to ensure sufficient time to complete the negotiations and implement the contemplated transaction. The Company currently expects, however, to finalize the negotiations on the renewed capital structure during the course of March 2026 and file the restructuring plan immediaty thereafter before the Spanish Courts in accordance with applicable law.
In the same context, the Company and certain of its subsidiaries have agreed with the majority of their banking lenders to further extend the standstill agreement dated October 9, 2025 (the “Agreement”). As previously disclosed in the Company’s Forms 6-K filed on October 10, 2025 and November 12, 2025, the Agreement was initially entered into with Banco Santander, S.A., Banco Bilbao Vizcaya Argentaria, S.A., and CaixaBank, S.A., and was subsequently acceded to by Instituto de Crédito Oficial E.P.E., Institut Català de Finances, Mora Banc Grup, S.A., EBN Banco de Negocios, S.A., and Compañía Española de Financiación del Desarrollo, COFIDES, S.A., S.M.E. (collectively, the “Participating Lenders”). The Agreement had previously been extended through January 31, 2026 and March 1, 2026. The Participating Lenders have now agreed to further extend the term of the Agreement through March 31, 2026, with all other terms remaining in full force and effect to facilitate the completion of the negotiations and the filing of the restructuring plan, expected to occur in March 2026.
INCORPORATION BY REFERENCE
The information included in this Report on Form 6-K is hereby incorporated by reference into the Company’s Registration Statement on Form S-8 (File No. 333-263795) and Registration Statements on Form F-3, as amended (File Nos. 333-268347, 333-268792, 333-271116, 333-273323, 333-276491 and 333-281952) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished. Exhibit 99.1 and Exhibit 99.2 hereto shall not be deemed incorporated by reference into such registration statements.
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FORWARD LOOKING STATEMENTS
This Form 6-K 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 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this Form 6-K other than statements of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Wallbox’s future financial performance and results and ability to successfully negotiate its renewed capital structure with creditors and other stakeholders. 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, its ability to obtain adequate capital funding or improve its financial performance, 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 Form 6-K. Any forward-looking statement that Wallbox makes in this Form 6-K 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.
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EXHIBIT INDEX
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Exhibit |
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Description |
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99.1 |
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Wallbox N.V. Press Release, dated March 4, 2026 |
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99.2 |
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Wallbox N.V. Presentation, dated March 4, 2026 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Wallbox N.V. |
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Date: March 4, 2026 |
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By: |
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/s/ Enric Asunción Escorsa |
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Enric Asunción Escorsa |
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Chief Executive Officer |
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Ex-99.1
Wallbox Announces Fourth Quarter & Full Year 2025 Financial Results
BARCELONA, SPAIN - March 4, 2026 - Wallbox N.V. (NYSE:WBX), a leading provider of electric vehicle (“EV”) charging and energy management solutions worldwide, today announced its financial results for the fourth quarter and full year ended December 31, 2025 and provided a business update.
Fourth Quarter 2025 Highlights and Business Update:
Full Year 2025 Highlights:
Ex-99.1
Executive Commentary
Enric Asunción, CEO of Wallbox, said, “2025 was a year of disciplined transformation for Wallbox. In a volatile EV market environment, we focused on building a more resilient and efficient organization while strengthening the foundations of the business. Although revenue was softer than expected, we significantly improved our Adjusted EBITDA, enhanced gross margins, optimized working capital, and reduced operating expenses. We believe that these actions, including the announced renewed capital structure, will strengthen our financial position and create a more agile and operationally disciplined company prepared for its next phase of growth.”
Asunción added, “As the EV transition continues to progress at different speeds across regions, we are now focused on re-accelerating growth by reinforcing our sales and service organization and leveraging our leading product portfolio. We believe the commercial rollout of Quasar 2 and the introduction of Supernova PowerRing position us strongly in both energy management and DC fast charging. With improved operational leverage and continued support from our financial partners and shareholders, we are confident in our ability to return to a sustainable growth trajectory and move toward profitability.”
Financial Outlook - First Quarter 2026
The following reflects the company’s expectations for select key financial metrics for the first quarter of 2026.
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, March 4, 2026. 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.
Ex-99.1
Fourth Quarter & FY 2025 Unaudited Financial Results
Wallbox N.V.
Ex-99.1
Wallbox N.V.
Cash & Cash Equivalents
Wallbox N.V.
Investments and Loans & Borrowings
Ex-99.1
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, growth, profitability and cost optimization, including expected impact of the commercial agreement regarding Wallbox’s renewed capital structure; industry and company growth, and Wallbox’s business strategy and plans, including expected benefits of the commercial launches of the Quasar 2 and Supernova PowerRing and related reinforcement of Wallbox’s sales and service organization. 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.
Ex-99.1
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). Wallbox defines Adjusted EBITDA as EBITDA for the period further adjusted to take into account the impact of certain non-cash and other items that it does not consider in its evaluation of the Company’s 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 the Company’s 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. Wallbox presents the Non-IFRS Measures because management considers them to be important supplemental measures of the Company’s performance, and believes they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies. Management believes that investors’ understanding of the Company’s performance is enhanced by including the Non-IFRS Measures as a reasonable basis for comparing its ongoing results of operations. By providing the Non-IFRS Measures, together with reconciliations to IFRS, management believes it is enhancing investors’ understanding of the Company’s business and its results of operations, as well as assisting investors in evaluating how well the Company is executing its 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 the Company’s 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 Wallbox’s business; such measures do not reflect the Company’s expenditures, or future requirements for capital expenditures or contractual commitments; such measures do not reflect changes in the Company’s working capital needs; such measures do not reflect the Company’s share based payments, income tax benefit/(expense) or the amounts necessary to pay its taxes; although depreciation and amortization are not included in the calculation of Adjusted EBITDA,
Ex-99.1
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 Wallbox does, limiting their usefulness as comparative measures.
Due to these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to Wallbox to invest in the growth of its 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 Wallbox uses 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. The Company compensates for these limitations by relying primarily on its 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
Wallbox Public Relations Contact: Wallbox Investor Contact:
Albert Cabanes Michael Wilhelm
Public Relations Corporate Development & IR
Press@wallbox.com Investors@wallbox.com
Source: Wallbox N.V.
Exhibit 99.2
FAQ
How did Wallbox (WBX) perform financially in full-year 2025?
What were Wallbox’s (WBX) fourth quarter 2025 results?
What is the status of Wallbox’s (WBX) capital structure and restructuring plan?
How leveraged is Wallbox (WBX) and what is its liquidity position?
What guidance did Wallbox (WBX) provide for first quarter 2026?
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Filing Exhibits & Attachments
2 documentsPress Releases
