Wallbox Powers Ahead: Strong Order Backlog and Cost Control Drive Q3 2026 Results
Wallbox, a leading provider of electric vehicle charging solutions, has reported solid demand for its products in the third quarter of 2026, despite operational challenges in its supply chain. In a recent conference call, the company's CEO, Enric Asunción, and CFO, Isabel López Trujillo, outlined the key highlights from the quarter.
The company's order backlog continued to build up, reaching EUR 16.9 million at the end of September, compared to EUR 12 million at the end of the second quarter. This reflects a solid performance in a seasonally soft period and demonstrates strong customer demand for Wallbox's products.
However, revenue fell short of guidance, landing at EUR 24.2 million, below the guided range of EUR 29 million-EUR 31 million. The shortfall was mainly due to timing issues, as orders could not be converted into revenue due to operational challenges in the supply chain. Despite this, order intake and backlog are growing, indicating a strong underlying demand for Wallbox's products.
The company's CEO, Enric Asunción, emphasized that Wallbox is working closely with its suppliers to resolve these constraints over the next few months, with a view to converting the generated backlog into revenue. If this were to happen, the company expects its revenue would have landed within its guided range.
The quarterly results also showed strong cost control, with labor costs and operating expenses improving by 13% quarter-over-quarter and 34% compared to the same period last year. This is a result of Wallbox's continued efforts to improve efficiency and align its cost base with current activity levels.
In terms of product sales, AC (alternating current) sales grew 8% quarter-over-quarter to EUR 17 million, while DC (direct current) sales declined 65% to EUR 0.6 million, and software service and others remained stable at EUR 6.6 million. From a geographical perspective, North America grew 15% sequentially, while EMEA was broadly flat.
The company's gross margin also came in below expectations, landing at 36.5%, down from 38% in the previous quarter. However, this is largely due to product mix, with DC sales carrying a higher gross margin than AC, which represented only 3% of revenue this quarter compared to 7% in the second quarter.
Overall, Wallbox's Q3 2026 results demonstrate strong underlying demand for its products and a clear focus on resolving operational challenges to drive future growth. With a continued emphasis on cost control and efficiency improvements, the company is well-positioned to capitalize on the growing electric vehicle market.
