Q2 2026 Wallbox NV Earnings Call

July 30, 2026

Speaker #1: Everyone, and welcome to Wallbox's second quarter 2026 earnings conference call and webcast. At this time, all participants' lines have been placed and listen-only mode to prevent any background noise.

Speaker #1: After the speakers' 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 1.

Speaker #1: I will now like to turn the call over to Michael Wilhelm from Wallbox.

Speaker #2: Thank you, and good morning and good afternoon to everyone listening in. Thank you for joining today's webcast to discuss Wallbox's second quarter 2026 results.

Speaker #2: This event is being broadcast over the web and can be accessed from the investor section of our website.wallbox.com. I am joined today by Enrique Asuncion, Wallbox CEO, and Isabel Lopez Trujillo, Wallbox CFO.

Speaker #1: Hello everyone, and welcome to Wallbox's second quarter 2026 earnings conference call and webcast. At this time, all participants' lines have been placed and listen-only mode to prevent any background noise.

Speaker #2: Earlier today, we issued our press release announcing results from the second quarter ended June 30, 2026, which can also be found on our website.

Speaker #2: Before we begin, I'd like to remind everyone that certain statements made on today's call are forward-looking, that may be subject to risk and uncertainties relating to future events and/or future financial performance, of the company.

Speaker #1: I will now like to turn the call over to Michael Wilhelm from Wallbox.

Speaker #2: Actual results could differ materially from those currently anticipated. The risk factors that may affect results are detailed in the company's most recent public filings with the SEC, including annual report on Form 20F for the fiscal year ended December 31, 2025, filed on April 9, 2026.

Speaker #2: Thank you, and good morning and good afternoon to everyone listening in. Thank you for joining today's webcast to discuss Wallbox's second quarter 2026 results.

Speaker #2: This event is being broadcast over the web and can be accessed from the investor section of our website at investors.wallbox.com. I am joined today by Enrique Asuncion, Wallbox CEO, and Isabel López Trujillo, Wallbox CFO.

Speaker #2: We will be presenting all other findings in IRS format that reflect management's best assessment of actual results. Also, please note that we use certain non-IRS financial measures on this call, and reconciliations of these measures are included in the presentation posted on the investor section of our website.

Speaker #2: Earlier today, we issued our press release announcing results from the second quarter ended June 30, 2026, which can also be found on our website.

Speaker #2: 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.

Speaker #2: So with that out of the way, I'll turn it over to Enrique.

Speaker #3: Thank you, Michael, and thanks everyone for joining us today. We will start today's call with an overview of our second quarter 2026 results. Provide our perspective on order intake and backlog.

Speaker #3: And spend time discussing operational improvements. Isabel will offer a closer look at our financial results, key financial metrics, and our current financial position after the completion of refinancing.

Speaker #2: We will be presenting all audited financial statements in IRS format that reflect management's best assessment of actual results. Also, please note that we use certain non-IRS financial measures on this call, and reconciliations of these measures are included in the presentation posted on the investor section of our website.

Speaker #3: Including the new capital raise in the quarter. After I will close the conversation to highlight what we are focused on for the upcoming quarters.

Speaker #2: 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.

Speaker #3: Q2 revenue came in below our guided range at 23.9 million euros, down 19% compared to the previous quarter. During the quarter, we delivered approximately 22,980 units and 40 CDC units.

Speaker #2: So with that out of the way, I'll turn it over to Enrique.

Speaker #3: Important to mention here is that this is not a demand problem, as order intake for our AC and DC products was up 11% compared to the first quarter.

Speaker #3: Reflecting solid sequential momentum. In fact, order intake exceeded revenue; we have been building a backlog rather than losing business, resulting in close to 12 million euros of total backlog.

Speaker #3: The gap between what we book and what we invoice is the result of operational constraints related to the final stages of our restructuring process, in which we have been negotiating new terms with our vendors.

Speaker #3: Including the new capital raise in the quarter. After I will close the conversation to highlight what we are focused on for the upcoming quarters.

Speaker #3: Q2 revenue came in below our guided range at $23.9 million. Down 19% compared to the previous quarter. During the quarter, we delivered approximately $22,980 units and 40 DC units.

Speaker #3: This limited our ability to convert that order intake into shipments this quarter. The positive impact of building a backlog and part of our plan is enhanced visibility related to our supply needs and the possibility for more efficient, more reliable operations.

Speaker #3: Important to mention here is that this is not a demand problem, as order intake for our AC and DC products was up 11% compared to the first quarter.

Speaker #3: Gross margin for the quarter was approximately 10, at the low end of, but essentially in line with our guided range of 38% to 10.

Speaker #3: Reflecting solid sequential momentum. In fact, as order intake exceeded revenue, we have been building a backlog rather than losing business, resulting in close to $12 million of total backlog.

Speaker #3: The sequentially improvement of 70 basis points in gross margin was a good outcome given the deadline. And a sign that our product mix and cost discipline held up even as volumes were constrained.

Speaker #3: Labor cost and operating expenses landed at 17.3 million euros, approximately flat compared to last quarter, but improving 29% year over year. The progress on the quarterly reduction is flattening out as we continue to invest selectively in sales and service capacity to support the backlog bill, while holding the line on our broader cost base.

Speaker #3: This limited our ability to convert that improved order intake into shipments this quarter. The positive impact of building a backlog, and part of our plan, is enhanced visibility related to our supply needs and the possibility for more efficient, more reliable operations.

Speaker #3: In addition, as mentioned in the last earnings call, we continue to see options to reduce costs by improving processes and systems, reduce complexity in our operations, and centralize activities.

Speaker #3: Gross margin for the quarter was approximately 38%, at the low enough but essentially in line with our guided range of 38% to 40%. The sequentially improvement of 70 basis points in gross margin was a good outcome given the softer top line.

Speaker #3: Adjusted EBITDA loss for the second quarter 2026 was 7.8 million euros. Outside of range, and wider than the 6 million euros loss in the first quarter.

Speaker #3: And a sign that our product mix and cost discipline held up even as volumes were constrained. Labor cost and operating expenses landed at 17.3 million euros, approximately flat compared to last quarter but improving 29% year over year.

Speaker #3: But approximately flat compared to the same period last year. This was driven by the loss of operating and lower revenue, as just discussed and not by deterioration in unit economics.

Speaker #3: Gross margin held up, but with 23 million euros of revenue instead of the 33 to 36 million we guided to, we did not generate enough gross profit to absorb our cost base as planned.

Speaker #3: The progress on the cost-based reduction is flattening out as we continue to invest selectively in sales and service capacity to support the backlog bill while holding the line on our broader cost base.

Speaker #3: As the backlog converts into shipments in the coming quarters, we expect this operating leverage to work back in our favor. Although we did not achieve all our expectations in the second quarter, we have seen growth momentum in order intake.

Speaker #3: In addition, as mentioned in the last earnings call, we continue to see options to reduce cost by improving processes and systems, reduce complexity in our operations, and centralize activities.

Speaker #3: Secure the longevity of the company with the completion of the refinancing process, including new capital. And improve the operations for near-term profitability improvement. The main drivers to break through the profitability barrier is improved revenue levels, which are within reach as proven by the momentum increase as investment in sales and services are starting to show results.

Speaker #3: Adjusted EBITDA loss for the second quarter of 2026 was 7.8 million euros. Outside of our guided range, and wider than the 6 million euros loss in the first quarter.

Speaker #3: But approximately flat compared to the same period last year. This was driven by the loss of operating leverage on lower revenue, as just discussed, and not by a deterioration in unit economics.

Speaker #3: Europe or EMEA contributed 17.7 million euros of consolidated revenue, or approximately 74% of total top line. This reflects, at 22% decrease compared to last quarter, against a reflection of the invoicing gap rather than weaker demand.

Speaker #3: Gross margin held up, but with 23.9 million euros of revenue instead of the 33 to 36 million we guided to, we did not generate enough gross profit to absorb our cost base as planned.

Speaker #3: Regarding AC and DC charges order intake, EMEA was a real bright spot growing 14% sequentially. We also strengthened our commercial reach in the region this quarter.

Speaker #3: In May, we announced a partnership with PreNow by LEAP to support tax rectification across Germany, France, the UK, Ireland, and Spain. Giving fleet operators and individual driver access to Pulsar Max, Pulsar Pro, and EM4 charging solutions depending on their needs.

Speaker #3: We see this kind of channel partnership as an important way to convert our workload into doable recurring demand. In addition, we are also seeing our net promoter score improve and our response times on spare parts get faster.

Speaker #3: We are not yet where we want to be on this. But we are making progress, and we are dedicating additional resources to our priority markets, which are Spain, France, Benelux, and Germany, alongside North America.

This reflects a 22% decrease compared to last quarter.

Again, a reflection of the invoicing Gap rather than weaker demand.

Speaker #3: North America contributed 5.6 million euros, or approximately 23% of total revenue. Reflecting a decrease of 16% compared to last quarter and approximately 55% compared to the same period last year.

Regarding AC and DC chargers or the intake. And NA was a real bright spot, growing 14% sequentially.

We also strengthened our commercial reach in the region this quarter.

Speaker #3: The slowdown can partly be attributed to the softer North American EV market, which is down 22% compared to the same period last year. Order intake of AC and DC products in the region was approximately flat versus the first quarter.

In May, we announced a partnership with Renault by Lead to support tax certification across Germany, France, the UK, Ireland, and Spain.

Giving fleet operators and individual drivers access to pull HURMAX, Pulsar Pro, and EM4 charging solutions depending on their needs.

Speaker #3: Essentially stable and consistent with non-seasonality. We are increasingly reliant on a small number of large key accounts with a stable, if smaller, base of long-term customers.

We see this kind of Channel partnership as an important way to convert our growing backlog into durable, recurring demand.

Speaker #3: We expect a stronger contribution from large accounts in the second half of the year. LATAM was a revenue highlight this quarter, growing 16% sequentially.

In addition, we are also seeing our net promoter score improve, and our response times on spare parts get faster.

Speaker #3: Although from a small base, landing at 615,000 euros, or approximately 3%. APAC sales continue to be almost negligible compared to last quarter. Both regions remain small for Volvo at this moment.

We are not yet where we want to be on this, but we are making progress, and we are dedicating additional resources to our priority markets, which are Spain, France, Benelux, and Germany, alongside North America.

Speaker #3: But the strong result improvement in LATAM shows how effectively selected distribution partners can contribute to sales growth. AC sales, including ABL and Quasar, total 15.8 million euros.

North America contributed €5.6 million, or approximately 23% of total revenue, reflecting a decrease of 16% compared to last quarter, and approximately 50% compared to the same period last year.

Speaker #3: Or approximately 66% of global consolidated revenue. Down 25% versus last quarter. However, order intake for AC overall was 22.6 million euros, up 6% sequentially, with AC Europe and rest of world the clear driver, as order intake there was up 26% quarter over quarter, while AC North America order intake declined modestly.

Just slow down, can probably be attributed to the software North American EV Market, which is down 22% compared to the same period last year.

Or the intake of AC and DC products in the region was approximately flat versus the first quarter.

Essentially stable and consistent with normal seasonality.

We are increasingly relying on a smart. A small number of large key accounts with a stable if smaller base of longtail customers.

We expect a stronger contribution from larger accounts in the second half of the year.

Speaker #3: As discussed, the revenue decline reflects the timing gap between that order intake and our ability to ship an invoice against it this quarter. Rather, the decline in demand.

Latin was a revenue highlight this quarter, growing 64% sequentially.

Although from a small base, landing at €615,000, or approximately 3%,

Speaker #3: We also launched the new Pulsar Pro union this quarter. Purpose built to simplify EV charging reimbursement for drivers, employers, fleet, and property managers through integrated MID-certified energy metering.

A Black Sails continue to be almost negligible similar to last quarter.

But region remains small for both at this moment.

But the strong result improvement in LATAM shows how effectively selecting the distribution partners can contribute to sales growth.

Speaker #3: Corporate vehicles account for around 60% of new car registrations across the EU, and we believe Pulsar Pro is well positioned to capture this workplace and share charging opportunity.

AC sales including abl and Qwaser, total 15.8 million euros.

Speaker #3: This sales landed at 1.6 million euros, or approximately 7% of revenue, down 37% versus last quarter. Again, largely a function of the same supply-side timing constraints.

or approximately 66% of global Consolidated Revenue down 25% versus last quarter, however, all the intake for AC overall was 22.6 million euros up

6% sequentially.

With AC Europe, and rest of the world, the clear driver as order intake. There was up. 26%, quarter over quarter.

Speaker #3: The bright side is the DC order, which grew 80% sequentially, to 3 million with DC Europe and rest of the world more than doubling versus the first quarter.

While 18, North America order intake, decline modestly.

Speaker #3: While customs base also diversified as we are seeing more orders from smaller customers and becoming less dependent on a handful of large charge point operators that we were in the past.

As discussed, the revenue decline, reflects the timing gap between the target intake and our ability to ship an invoice against it this quarter.

Rather than a change in underlying demand.

Speaker #3: We also completed the first real-world deployment of our Supernova power ring architecture in Europe this quarter. Installing a shared fast charging system at Port de Sitges.

We also launched the new Pulsar Pro across the European Union this quarter.

Speaker #3: The product is capable of delivering up to 400 kilowatts to a single vehicle with a shared system capacity of up to 720 kilowatts. Given the order intake trend, we are optimistic about the contribution power ring can make growth as we move through the second half of the year.

Purpose will be to simplify EV charging reimbursement for drivers and employers' fleets, and property managers, through integrated MID-certified energy metering.

Corporate Vehicles account for around 60% of new car registrations across the EU. And we believe is, well positioned to capture this workplace and share charging opportunity.

Speaker #3: Software, services, and other generated. Million euros, or approximately 27% of total revenue. 8% versus last quarter. Electromaps continue to be a standout, growing strongly and both sequentially and year over year, and this category overall give us growing high margin basis for revenue that is largely insulated from the hardware supply dynamics affecting AC and DC.

Members of the last quarter.

Again, it's largely a function of the same supply-side timing constraints.

The right side is a DC order, which grew 80% sequentially to 3 million, with DC Europe under the wall more than doubling versus the first quarter.

Speaker #3: In our addressable market, which we define as all regions except China, approximately 2.5 million EVs were sold during the second quarter. Up 20% sequentially and up 3 year over year.

Our DC customer base is also diversifying, as we are seeing more orders from smaller customers and becoming less dependent on a handful of large charge point operators than we were in the past.

We also completed the first real-world deployment of our Supernova Power Ring architecture in Europe this quarter.

Speaker #3: Europe, our largest market, sold approximately 1.6 million EVs in the quarter. Up 18% sequentially and up 28% year over year. The continued strong growth in the underlying market is consistent with the 14% sequential growth we saw in our EMEA order intake this quarter.

Installing a shared fast charging system at port, the CTS.

The product is capable of delivering up to 400, kilowatts to a single vehicle, with a share system capacity of up to 720 kilowatts.

Given the order intake Trend, we are optimistic about the contribution power ring can make to this growth as we move through the second half of the year.

Speaker #3: North America sold approximately 373,000 EVs, up 12% sequentially though still down 22% year over year, as the market continues to digest the removal of incentives as on prior calls.

Software services and other generated €6.5 million, or approximately 27% of total revenue—up 8% versus last quarter.

Speaker #3: The sequential improvement is an encouraging signal that the market is rising. Rest of world, which includes APAC and LATAM, will get the strongest growth pocket in our addressable market.

We continue to see strong growth in this category, both sequentially and year-over-year. This category overall gives us a growing, high-margin base of recurring revenue that is largely insulated from the hardware supply dynamics affecting AC and DC this quarter.

Speaker #3: Up 65% sequentially and up over 150% year over year. Though it remains a small part of our current business, given our deliberate decision to prioritize resources elsewhere.

In our addressable market, which we define as all regions except China, approximately 2.5 million EVs were sold during the second quarter.

Up 20% sequentially and up 30% year-over-year.

Speaker #3: Overall, the EV transition continues to progress. And last quarter has been supportive. This positive market trend provides Volvo with a plenty of opportunity to re-accelerate growth as investments in sales and service and improve operations are starting to pay off.

In the quarter up, 18% sequentially and up 28% year-over-year.

Speaker #3: Isabel, over to you.

Growth in the underlying Market is consistent with the 14% sequential growth we saw in our EMA ordering take this quarter.

Speaker #1: Thank you, Enric. Good morning and good afternoon to everyone. Second quarter revenue was 23.9 million euros, outside our guided range and down 19% sequentially.

North America sold approximately 373,000 EVs, up 12% sequentially.

Speaker #1: As Enric explained, the shortfall versus guidance was not demand-driven. Order intake was up 11% versus last quarter. With a stronger sequential gains in AC Europe, and DC Europe, and rest of world.

Those still down 22% year-over-year as the market continues to digest the removal of incentives and tax credits discussed on prior calls.

The sequential improvement is an encouraging signal that the market may be stabilizing.

Rest of War, which includes APAC alatum.

Speaker #3: addressable market, up 65% sequentially and up over 150% year over year, though it remains a small part of our current business given our deliberate decision to prioritize resources elsewhere.

Speaker #1: The gap reflects operational constraints during the final stages of our restructuring, as final negotiations with vendors limited our how much of that order intake we could convert into shipments and invoicing within the quarter.

Speaker #3: Overall, the EV transition continues to progress, and the market backdrop this quarter has been supportive. This positive market trend provides Volvo's with a plenty of opportunity to re-accelerate growth as investments in sales and service and improve operations are starting to pay off.

Speaker #1: Resulting in a backlog of close to 12 million euros. Although we rather convert orders directly into revenue, we are focused on building a backlog as it will allow us to streamline our operations improve predictability and unlock cost efficiencies.

Speaker #3: Isabel, over to you.

Speaker #1: Thank you, Enrique. Good morning and good afternoon to everyone. Second quarter revenue was 23.9 million euro, outside our guided range and down 19% sequentially.

Speaker #1: As Enrique explained, the shortfall versus guidance was not the main driver. Order intake was up 11% versus last quarter. With a stronger sequential gains in AC Europe, and DC Europe, and rest of world.

Speaker #1: Gross margin for the second quarter was approximately 38% at the lower end of, but essentially in line with our guided range of 38 to 40%.

Speaker #1: This tells us the revenue shortfall was a volume story not a mix or pricing story. In addition, as part of our financial strategy, we are having closer control of margins by shifting our priority to high gross margin deals.

Speaker #1: Q2 labor costs and operating expenses totaled 17.3 million euros, down approximately 29% compared to the same period last year, and approximately flat sequentially, reflecting continued target investment in sales and service capacity even as we held our broader cost base flat.

Speaker #1: Resulting in a backlog of close to 12 million euro. Although we rather convert orders directly into revenue, we are focused on building a backlog as it will allow us to streamline our operations improve predictability and unlock cost efficiencies.

Speaker #1: We remain focused on cost control but additional efficiencies will result from the implementation of better processes and systems. This is high priority as we work across the organization to identify opportunities to streamline processes and enhance flexibility and reduce fixed costs.

Speaker #1: Gross margin for the second quarter was approximately 38% at the lower end of, but essentially in line with our guided range of 40%. This tells us the revenue shortfall was a volume story not a mix or pricing story.

Speaker #1: Consolidated adjusted EBITDA loss for the quarter was 7.8 million euros, versus our guided range of 5 million to 3 million euros, and versus 6 million euros loss last quarter.

Speaker #1: In addition, as part of our financial strategy, we are having closer control of margins by shifting our priority to high gross margin deals. Q2 labor costs and operating expenses totaled 17.3 million euro, down approximately 29% compared to the same period last year, and approximately flat sequentially, reflecting continued target investment in sales and service capacity even as we held our broader cost base flat.

Speaker #1: To be clear on the drivers, this was a function of lower operating leverage on the softer top line, not a deterioration in gross margin or in our underlying cost discipline.

Speaker #1: As our backlog converts into revenue and we can accelerate sales momentum in the coming quarters, we expect the same cost base to support a meaningfully better adjusted EBITDA outcome.

Speaker #1: Now, moving to key financial items, we continue to progress on key milestones that materially strengthen our financial position. In May, the commercial core of Barcelona approved our comprehensive financial restructuring plan, and following the inspiration of the applicable objection and appeal periods, without any challenges being filed.

Speaker #1: Consolidated adjusted EBITDA loss for the quarter was 7.8 million euro, versus our guided range of 5 million to 3 million euro, and versus 6 million euro loss last quarter.

Speaker #1: That core approval is now final and non-appealable. Following the effectiveness of the renewed capital structure, total loans and borrowings landed at 191.3 million euros, up from 168.2 million euros last quarter.

Speaker #1: To be clear on the drivers, this was a function of lower operating leverage on the softer top line, not a deterioration in gross margin or in our underlying cost discipline.

Speaker #1: The increase is related to the reclassification of trade payables to long-term debt, approximately 13 million euros worth of payables was included, in the restructuring.

Speaker #1: Now, moving to key financial items, we continue to progress on key milestones that materially strengthened our financial position. In May, the commercial core of Barcelona approved our comprehensive financial restructuring plan and following the aspiration of the applicable objection and appeal periods, without any challenges being filed.

Speaker #1: Additional working capital facility provided by our banking partners and several other items related to the refinancing. In addition, the majority of our debt has now been reclassified as long-term, with long-term 140.1 million euros from 44 million euros, and short-term debt representing working capital lines decreased to 51.1 million euros from 124.2 million euros, reflecting maturities that have largely been pushed out toward 2030.

Speaker #1: Subsequent to quarter end, we completed the approximately 11.8 million euros equity rise contemplated under the plan, which includes the previously announced 5 million investment from the Generalitat de Catalunya through IFEM together with the capitalization of accrued interest on the April bridge loan.

Speaker #1: The increase is related to the reclassification of trade payables to long-term debt, approximately 13 million euro worth of payables was included in the restructuring.

Speaker #1: Additional working capital facility provided by our banking partners and several other items related to the refinancing. In addition, the majority of our debt has now been reclassified as long-term, with long-term debt increasing to 140.1 million euro from 44 million euro, and short-term debt representing working capital lines decreased to 51.1 million euro from 124.2 million euro, reflecting maturities that have largely been pushed out toward 2030.

Speaker #1: In addition, separate from the intended fundraising related to the refinancing, we secure a separate 4 million euros investment from focus on next frontier, the investment vehicle of Rafael Ruiz, who joined us as a new shareholder.

Speaker #1: In addition, we received approximately 10.5 million euros through Canada's Clean Fuel Credit Framework for 2025, generated by eligible EV charging activity across our connected AC charger base in Canada.

Speaker #1: In line with program requirements, these funds will be reinvested in the region to support and accelerate EV adoption, but they are also a good proof point that our connected install base can create value well beyond the need of our sale.

Speaker #1: Subsequent to quarter end, we completed the approximately 11.8 million euro equity rise contemplated under the plan, which include the previously announced 5 million investment from the Generalitat de Catalunya through IFEM together with the capitalization of accrued interest on the April bridge loan.

Speaker #1: Taken together with continued discipline, management of working capital, we believe these items support a strong liquidity position. We end the period with approximately 25.1 million euros in cash, cash equivalents and financial investments.

Speaker #1: In addition, separate from the intended fundraising related to the refinancing, we secure a separate 4 million euro investment from focus on next frontier, the investment vehicle of Rafael Ruiz, who joined us as a new shareholder.

Speaker #1: A significant improvement compared to the 7.6 million euros we held at the end of the first quarter. Capex was minimal again this quarter, essentially zero versus 0.3 million, in the first quarter, consistent with our continued discipline on capital expenditure as we prioritize leveraging our existing asset base.

Generated by eligible, EV charging activity, across our connected AC charger, based in Canada.

Speaker #1: Inventory landed at 38.8 million euros, a reduction of 4% to last quarter, and down 32% compared to the same period last year. As discussed, we are building a backlog this quarter as the priority right now is to establish a more robust, predictable operating rhythm with our suppliers.

A good proof point that our connected in stairways can create value well beyond the initial Hardware sale.

Speaker #1: This includes better terms, more shipping schedules, and more resilient supply chain overall. We view this as a necessary middle step between the cost discipline of the past several quarters and the re-acceleration of profitable growth.

Taken together with continued, discipline management of working capital, we believe these items support a strong liquidity position.

Speaker #1: Separately, in early July, we received confirmation that the New York Stock Exchange has accepted our plan to regain compliance with its continued listed standards.

We end the period with approximately 25.1 million Aero in cash, cash equivalents and financial investment. A significant Improvement compared to the 7.6 million euro. We held at the end of the first quarter

Speaker #1: Following the notice, we received in February regarding average global market capitalization and total stockholders' equity. This gives us an 18-month cure period, with semi-annual reviews from the New York Stock Exchange.

Capex was minimal again, this quarter essentially, Zero versus 0.3 million in the first quarter. Consisting with our continued discipline on capital expenditure. As we prioritize leveraging, our existing assets base

Speaker #1: To restock stockholders' equity or average market capitalization to at least 50 million dollars over a consecutive 30 trading day period. Importantly, this does not affect our normal course of business and our class A shares have continued to be listed and traded on the New York Stock Exchange throughout.

Inventory landed at 38.8 million euro, our reduction of 4% to last quarter, and down, 32% compared to the same period last year.

As discussed, we are building a backlog for this quarter, as the priority right now is establishing a more robust and predictable operating rhythm with our suppliers.

This includes better terms more stable, shipping schedules and more resilient supply chain overall.

Speaker #1: Overall, between the end of the restructuring, the new capital from focus and IFEM, the carbon credit proceedings, and the New York Stock Exchange acceptance of our compliance plan, Wovox Financial Processing and long-term stability have improved significantly since our last earning call.

We view this as the necessary middle step between the cost discipline of the past several quarters and the re-acceleration of profitable growth.

Speaker #1: Even before accounting for the commercial momentum, we are seeing in the business. Enric, I'll turn it back to you to provide some closing commentary.

Separately, in early July, we received confirmation that the New York Stock Exchange has accepted our plan to regain compliance with its continued listing standards, following the notice we received in February regarding global market capitalization and total stockholders' equity.

Speaker #2: Thank you, Isabel. Our second quarter results do not fully reflect the positive underlying momentum we are seeing. Although revenue was lowered, order intake grew 11% sequentially, outpacing our ability to supply due to final vendor negotiations related to our refinancing plan.

This gives us and 18 months, cure period. We send the annual reviews from the New York Stock Exchange.

To restock a stockholder's equity or average market capitalization to a list.

50 million dollars over a consecutive 30, trading day, period.

Speaker #2: Demand for our products remains healthy, and we continue to build our backlog. This is the initial proof point that our renewed customer focus supported by investments in our sales and service organization is starting to pay off.

Importantly, this does not affect our normal course of business and our class A shares have continued to be listed and trade on the New York Stock Exchange throughout.

Speaker #2: In addition, we are focused on utilizing the opportunity of the backlog build-up to streamline the supply chain and improve the efficiency of our operations.

Speaker #2: We can improve our profitability by converting our growing backlog into more robust, predictable operations, better terms with our suppliers, steadier shipping, and a supply chain that is in line with the demand we are generating.

Overall between the finalization of the respiratory, the new capital from focus and FM, the carbon credit proceed, and the New York Stock Exchange, acceptance of our compliance plan.

Wallbox's financial position and long-term stability have improved significantly since our last earnings call.

Speaker #2: As we enter the second half of 2026, we are operating from a position of renewed strength. With the financial restructuring finalized, our balance sheet strengthened, and our listing compliance plan accepted by the NICE.

Even before accounting for the commercial momentum we are seeing in the business.

And rate, I turn it back to you to provide some closing commentary.

Thank you, s. Our second quarter results. Do not fully reflect the positive underlying momentum. We are seeing

Speaker #2: We have effectively removed the overhangs that define our first half. Our priority for the third quarter is clear: execution. We are now pivoting from our foundation to converting our healthy order backlog into revenue.

Although Revenue was lower or the intake glue, 11% sequentially outpacing, our ability to supply due to final vendor negotiations related to our refinancing plan.

Speaker #2: We have already addressed the operational bottlenecks caused by vendor negotiations, and with the new capital providing us with the necessary runway, our focus is on improving our throughput and delivering on the demand we are generating.

Demand for our products remains healthy and we continue to build our backlog.

This is initial proof point that our renew customer focus supported by investments in our sales and service organization is starting to pay off.

Speaker #2: While it will take time for this full operational efficiency to be reflected in our margins and adjusted EBITDA, the building blocks for a return to growth are now in place.

In addition, we are focused on utilizing the opportunity of the backlog build-up to streamline the supply chain and improve the efficiency of our operations.

Speaker #2: With that momentum behind us, I would like to turn to our expectations for the third quarter. Revenue in the 2029 million euros to 31 million euros range.

Speaker #2: Gross margin between 38% and 40%. A negative adjusted EBITDA between 6.5 million and 4.5 million euros. Thank you for your time.

We can improve our profitability by converting, our growing backlog into more robust predictable operations, better terms with our suppliers, stir shipping and a supply chain. That is in line with the demand. We are generating.

As we enter the second half of 2026, we are operating from an operational position of new strength.

With the financial structure in finalization, our balance sheet is strengthened, and our listing compliance plan has been accepted by The Mists.

We have effectively removed the overhangs that Define our first half.

Our priority for the third quarter is clear execution.

We are now pivoting from rebuilding our foundation to converting our healthier backlog into revenue.

The operational bottlenecks calls by vendor negotiations.

And with the new capital providing us with the necessary runway, our focus is on improving our throughput and delivering on the demand we are generating.

While it will take time for this full operational, efficiency to be reflected in our margins and adjusted the VA the building blocks for a return to growth are now in place.

With that moment to behind us, I would like to turn to our expectation for the third quarter.

Revenue in the 29 million euros, to 31 million euros, range.

Gross margin between 38% and 40%.

A negative adjustability between 6.5 million and 4.5 million euros.

Thank you for your time.

This concludes today's conference and you may disconnect your lines at this time. Thank you for your participation.

Q2 2026 Wallbox NV Earnings Call

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