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Wallbox's Q3 Revenue Fell 16.5% Below Its Own Forecast Floor

The EV charging supplier reported €24.2 million against a €29 million–€31 million outlook. Its gross margin missed too, but its adjusted EBITDA loss stayed within guidance.

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Wallbox reported €24.201 million in third-quarter 2026 revenue on November 4—€4.799 million, or 16.5%, below the lower end of the €29 million–€31 million range it forecast for that same quarter on July 30. The EV charging-equipment supplier also reported a gross margin below its earlier range. But its non-IFRS adjusted EBITDA loss remained within guidance, a distinction obscured by treating the results as one undifferentiated miss.12

The comparison uses Wallbox's two dated company earnings releases, rather than an analyst-consensus estimate. Here is the original July 30 Q3 forecast alongside the quarter ended September 30, as reported November 4:

Q3 2026 measure July 30 forecast for Q3 November 4 reported Q3 result Difference
Revenue €29m–€31m €24.201m €4.799m (16.55%) below the lower bound
Gross margin 38%–40% 36.5% 1.5 percentage points below the lower bound
Adjusted EBITDA, non-IFRS Loss of €4.5m–€6.5m Loss of approximately €5.3m Within the guided loss range

The revenue shortfall is calculated as (€29m − €24.201m) ÷ €29m = 16.55%. That is a comparison against Wallbox's own minimum forecast for the third quarter, not a claim that the company delivered 16.55% fewer chargers, or that its revenue missed by that percentage against analyst expectations. Similarly, the margin gap is percentage points, not percent of margin.12

How Q3 compares with Wallbox's earlier results

The company-reported third-quarter revenue of €24.201 million was 31.79% below the €35.481 million it reported for the same quarter of 2025. Yet it was 1.18% above its €23.918 million revenue in the immediately preceding second quarter of 2026. Those comparisons describe aggregate euro sales, not the number of charging stations manufactured, installed or operating.123

The adjusted EBITDA result is a different measure of performance. Wallbox's reported approximately €5.3 million adjusted EBITDA loss fell between its July guidance endpoints of €4.5 million and €6.5 million in losses. Adjusted EBITDA is non-IFRS: staying inside that range does not mean Wallbox earned a net profit or generated positive cash flow.12

What the backlog says—and what it doesn't

Wallbox CEO Enric Asunción said the company's order backlog reached €16.9 million at September 30 and attributed its difficulty turning orders into deliveries on schedule to supply-chain constraints. This is management's account, not an independently verified explanation of the revenue gap. The company had already discussed vendor-base changes and delayed order conversion in its July earnings statement; the issue did not first appear in November.12

An order backlog is not the same thing as recognized revenue, completed installations or confirmed U.S. charger availability. The reviewed financial releases do not establish a North American station-level shortage or identify how many individual EV chargers were delayed. The guidance comparison shows that reported revenue and gross margin fell short of prior company targets; it does not establish the operational fate of any particular order.12

For Q4 2026, Wallbox separately projected revenue of €29 million–€31 million, with gross margin of 36%–38%. That revenue range happens to match its earlier Q3 sales forecast, but it applies to a future, different quarter. It is not an achieved recovery or an amendment to the already-completed third-quarter result.1

Sources

Footnotes

  1. Wallbox N.V., “Wallbox Announces Third Quarter 2026 Financial Results,” issuer-authored GlobeNewswire release, November 4, 2026 (06:50 ET), for the quarter ended September 30. Full original-release text and unaudited financial tables were independently inspected via MFN's issuer-release syndication. Supports Q3 results, historical comparative columns, management's attributed explanation/backlog and forward Q4 outlook. Company-reported data; the release does not independently verify delivery causation or regional unit counts. ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  2. Wallbox N.V., “Wallbox Announces Second Quarter 2026 Financial Results,” issuer-authored Business Wire release, July 30, 2026, reproduced by Nasdaq. Explicitly states the company's then-current Q3 2026 revenue, margin and non-IFRS adjusted EBITDA guidance, Q2 revenue, and management's earlier explanation of vendor changes. Historical forecast, not Q3 actuals. ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  3. Wallbox N.V., “Wallbox Announces Third Quarter 2025 Financial Results,” issuer-authored Business Wire release, November 5, 2025. Original company-distributed release. Supports the prior-year same-quarter revenue comparator; neither a current-quarter forecast nor an independently audited sales-unit record. ↩