Wallbox N.V. 2025 Annual Report (Form 20-F) Summary
Business Context and Reporting Period
Company: Wallbox N.V.
Reporting Period: Fiscal year ended December 31, 2025.
Business Overview: Wallbox is a global provider of intelligent electric vehicle (EV) charging and energy management solutions, offering hardware (AC and DC chargers), software (Wallbox App, Electromaps), and services. The company operates across three segments: EMEA, North America (NORAM), and Asia-Pacific (APAC).
Accounting Basis: International Financial Reporting Standards (IFRS).
Going Concern: The independent auditor has expressed substantial doubt about the Company's ability to continue as a going concern due to recurring losses, negative equity, and the uncertainty surrounding the judicial approval of a Spanish debt restructuring plan.
Key Financial Metrics (Year Ended Dec 31, 2025)
| Metric | 2025 (€ thousands) | 2024 (€ thousands) |
|---|---|---|
| Revenue | 145,120 | 163,943 |
| Net Loss | (103,195) | (151,792) |
| Operating Loss | (99,294) | (133,817) |
| EBITDA | (65,105) | (95,944) |
| Adjusted EBITDA | (29,461) | (59,882) |
| Cash & Equivalents | 4,446 | 20,036 |
| Total Debt (Loans & Borrowings) | 164,666 | 198,469 |
| Working Capital Deficit | (74,726) | (17,384) |
| Total Equity | (31,461) | 62,578 |
Material Changes vs. Prior Period
- Revenue Decline: Total revenue decreased by 11% (€18.8 million) to €145.1 million. Sales of goods fell 17% due to decreased demand for AC and DC chargers in main markets, while sales of services increased 31% driven by installation fees.
- Loss Reduction: Net loss improved by 32% to €103.2 million, primarily due to significant cost-cutting measures (employee benefits down 28%, other operating expenses down 21%) and a €11.7 million foreign exchange gain.
- Asset Impairment: The company recorded a €26.8 million impairment charge related to the Wallbox Europe Cash Generating Unit (CGU), consistent with the €26.4 million charge in 2024.
- Liquidity Deterioration: Cash and cash equivalents dropped by 78% to €4.4 million. The working capital deficit widened significantly to €74.7 million as current liabilities (€172.1 million) far exceed current assets (€97.4 million).
- Equity Position: Total equity turned negative (€-31.5 million) due to the absorption of accumulated losses into share premium and capital reduction reserves.
Guidance, Outlook, and Critical Risks
Debt Restructuring (Critical): The company is in an advanced stage of a complex debt restructuring process under Spanish law.
- Commercial Agreement: Signed on April 8, 2026, with majority lenders and shareholders. It includes a proposed liquidity injection of €22.5 million (debt and equity) and a €10.6 million equity raise.
- Restructuring Terms: Includes a €57.6 million syndicated term loan, a €69.1 million bullet instrument with payment-in-kind (PIK) interest maturing in 2030, and a €42.8 million working capital line.
- Uncertainty: The plan requires judicial approval by a Spanish court. Failure to obtain approval or complete the equity raise could result in an inability to continue as a going concern.
NYSE Listing Compliance: The company received a notice of non-compliance from the NYSE in February 2026 regarding minimum market capitalization ($50 million) and stockholders' equity ($50 million) requirements. A compliance plan is being submitted, contingent on the successful execution of the debt restructuring.
Management Commentary: Management continues to focus on cost reduction, workforce optimization (headcount reduced by ~34% in 2025), and improving gross margins. The company expects to continue incurring operating losses in the near to medium term.
Key Risks:
- Going Concern: Substantial doubt exists regarding the ability to continue operations without successful restructuring.
- Liquidity: Limited cash runway; reliance on bridge loans and lender cooperation.
- Market Dependence: Revenue is highly correlated with EV adoption rates and government incentives, which face political uncertainty.
- Internal Controls: Material weaknesses in internal control over financial reporting remain unremediated as of December 31, 2025.
Investor Verification Checklist
- Restructuring Status: Verify the judicial approval status of the Spanish restructuring plan and the closing of the €10.6 million equity raise.
- NYSE Compliance: Monitor the NYSE's acceptance of the compliance plan and the timeline for restoring stockholders' equity to $50 million.
- Covenant Compliance: Confirm the status of negotiations with HSBC regarding the €11.25 million facility currently in default.
- Internal Controls: Review progress on remediation of material weaknesses in IT general controls and accounting policies.
- Supplier Relations: Assess the impact of delayed payments (trade payables increased to €42.2 million) on supply chain stability.