The company continues to burn cash, with free cash flow margins reaching as low as -91.1% in 2023, highlighting the difficulty of achieving self-sustaining operations.
| Cash from Operations | -36.47M | 10M | -51.53M | -89.74M | -136.29M | -69.63M | -11.63M | -5.42M |
| Operating CF Margin % | - | 6.11% | -31.42% | -62.22% | -95% | -96.91% | -59.27% | -68.42% |
| Operating CF Growth % | 55.86% | 119.4% | 42.58% | 34.16% | -95.73% | -498.77% | -114.5% | - |
| Net Income | -125.67M | -103.19M | -136.24M | -112.07M | -62.8M | -223.78M | -11.4M | -6.14M |
| Depreciation & Amortization | 0 | 34.19M | 40.97M | 28.44M | 18.89M | 8.48M | 2.38M | 762.71K |
| Stock-Based Compensation | 1.99M | 2.1M | 3.96M | 16.67M | 32.63M | 2.46M | 2.78M | 559.61K |
| Deferred Taxes | 0 | 87K | -6.72M | -703K | -4.93M | -1.81M | -910K | 588.2K |
| Other Non-Cash Items | 76.91M | 30.01M | 47.45M | -21.03M | -64.01M | 172.93M | 6.95M | 257.37K |
| Working Capital Changes | -4.03M | 46.81M | -951K | -1.05M | -56.07M | -27.92M | -11.43M | -1.45M |
| Change in Receivables | 10.42M | 2.81M | 10.58M | 2.98M | -12.4M | -30.16M | -7.37M | -3.77M |
| Change in Inventory | 6.46M | 22.99M | 11.68M | 23.55M | -73.62M | -20.56M | -3.61M | -2.6M |
| Change in Payables | 0 | 0 | 0 | -32.88M | 22.83M | 33.75M | 0 | 0 |
| Cash from Investing | -7.15M | 11.62M | -39.46M | -58.54M | -13.96M | -88.3M | -19.32M | -7.9M |
| Capital Expenditures | -1.03M | -632K | -8.24M | -13.51M | -65.18M | -30.34M | -18.78M | -7.09M |
| CapEx % of Revenue | 0.69% | 0.39% | 5.03% | 9.37% | 45.43% | 42.22% | 95.73% | 89.53% |
| Acquisitions | -293.69K | -31K | -3.97M | -9.98M | -1.18M | -19.49M | 46K | -661.1K |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -5.83M | -9.22M | -27.25M | -35.32M | -140K | 18.17M | 14.17M | -148.87K |
| Cash from Financing | 0 | -32.19M | 2.96M | 172.48M | 111.75M | 246.92M | 46.74M | 17.5M |
| Debt Issued (Net) | 0 | -40.45M | -17.28M | 78.69M | 70.07M | 62.11M | 36.31M | 7.33M |
| Equity Issued (Net) | 0 | 23.22M | 41.78M | 2M | 46.37M | 210.37M | 11.01M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -14.96M | -21.55M | 91.8M | -4.69M | -25.56M | -575K | 10.17M |
| Net Change in Cash | 0 | -15.59M | -81.12M | 22.83M | -30.56M | 91.53M | 15.79M | 4.16M |
| Free Cash Flow | -38.61M | -38K | -87.02M | -108.51M | -201.47M | -99.97M | -30.41M | -12.52M |
| FCF Margin % | -26.09% | -0.02% | -53.06% | -75.24% | -140.43% | -139.13% | -155% | -157.95% |
| FCF Growth % | 17.41% | 99.96% | 19.8% | 46.14% | -101.54% | -228.71% | -142.99% | - |
| FCF per Share | -0.20 | -0.00 | -0.46 | -0.58 | -1.23 | -0.72 | -0.19 | -0.08 |
| FCF Conversion (FCF/Net Income) | 0.31x | -0.09x | 0.35x | 0.80x | 2.18x | 0.31x | 1.02x | 0.89x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity shortfall
As reported in financial statements, Wallbox consistently exhibits a significant gap between net losses and operating cash flow, with OCF/NI ratios hovering between 0.31 and 0.69, suggesting that accounting losses are not fully capturing the underlying cash burn required to sustain the current manufacturing-heavy business model.
The persistent divergence between net income and operating cash flow indicates that the company's accrual-based losses are compounded by cash-intensive operational requirements. Investors should monitor whether this gap narrows as the company attempts to scale, or if it reflects structural inefficiencies in converting revenue into actual liquidity.
Based on recent quarterly filings, Wallbox's free cash flow trajectory remains firmly in negative territory, with FCF margins reaching as low as -91.1% in 2023, underscoring the extreme difficulty the firm faces in achieving self-sustaining operations while maintaining its current global manufacturing and distribution footprint.
The consistent negative free cash flow suggests that the company is currently reliant on external financing to fund its ongoing operations and capital requirements. This trend warrants further investigation into how long the firm can maintain this burn rate before requiring additional dilutive capital or significant strategic restructuring.
According to historical data, Wallbox's capital expenditure as a percentage of revenue has fluctuated significantly, peaking at nearly 20% in mid-2023, which highlights the heavy capital intensity required to support its proprietary hardware manufacturing facilities in Barcelona and Texas during the initial phase of global expansion.
While recent quarters show a reduction in reported CAPEX, this may reflect a strategic pullback rather than improved efficiency. The high initial capital intensity suggests that the company's business model is inherently asset-heavy, which may continue to pressure cash reserves if utilization rates do not improve substantially.
As indicated by quarterly cash flow data, working capital changes have swung from positive inflows of $8.2 million in late 2023 to outflows of $2.1 million in late 2024, suggesting that the company is struggling to manage its inventory and receivables cycle effectively amidst shifting demand.
The volatility in working capital management appears to reflect the challenges of balancing inventory levels with unpredictable sales cycles in the EVSE market. Such fluctuations may indicate that the company is either building up excess inventory or facing delays in collections, both of which exacerbate the current liquidity constraints.
Quick answers to the most common questions about buying WBX stock.
Wallbox N.V. (WBX) generated $10.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Wallbox N.V. (WBX) reported negative free cash flow of $0.0M in 2025, indicating capital requirements exceeded cash from operations.
Wallbox N.V. (WBX) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.