Wallbox was the Milmillonaria hope of Spain to conquer electric loaders. Now it is sunk

Wallbox was born with – loved – unicorn aspirations: an industrial technological, with Spanish capital, quoting in New York, and selling loaders for electric cars to the world.

Today is less than its debt, it has fired a third of its template and struggle not to be expelled from the parquet. He is desperately looking for financial oxygen and industrial credibility, but he has not yet found either one or the other.

What has happened. Wallbox 3,000 million dollars came to asserttoday its capitalization is around 95 million. The reasons:

1. Constant losses. 112 million in 2023, 152 million in 2024.
2. Stock market collapse. Your action It has fallen more than 95% since its debut.
3. The NYSE Warning. It has been quoting below the dollar.
4. Cuts. Mass layoffsplant closures and cost reduction.
5. Key directors output. A few days ago, Justin Mirro and Paolo Campinoti They presented their resignation.

Between bambalins. Wallbox has not stopped capturing money in recent years. Since 2021 he has accumulated more than 370 million in rounds, with Members such as Iberdrola, Generac, Riberas or the Puig family in capital. But your business model is still unburgated.

Now has hired Houlihan Lokey to restructure debt and capital to avoid collapse. It is not yet known if that will sell assets, incorporate a new investor or more drastic movement.

Yes, but. Although Wallbox has improved margins, reduced operational losses And it has grown in the United States, still without a clear profitability horizon. Says that it is close to Break Even (match income and expenses) in adjusted Ebitda, but has also admitted that the losses will continue.

And the most worrying: You will need more capitalbut he has already burned a lot.

In figures. In 2024 …

• 164 million in revenues.
• 152 million in losses.
• 300 dismissed employees (35% of the workforce).
• Almost 200 million of living debt.
• 95 million in stock capitalization dollar.
• $ 0.30 is the current price of your share.

The context. With the sales of the electric car growing somewhat slower than expected, the startups of the sector have run out of the fundamental ingredient of their road map. And many have stayed on the road. Arrival, Proterraeither Lordstown Motors They are broken or suspended. Nikola continues to operate with a value 99% lower than that of its peak.

All have something in common: promising products and a powerful narrative, but hardly sustainable business models if their environment does not grow rapidly.

Between the lines. The problem is not electrification, but the calendar. The startups bet everything at “when” and not “yes.” And that “when” has been delayed. Wallbox had deployed factories in Texas, Germany and China with the expectation of a demand that has not yet arrived.

And this not only affects Wallbox. The Spanish case is representative of a kind of industrial bubble: public and private investment aligned, but based on projections that are not consolidated.

In Xataka | Selling a second -hand electric car is a very bad idea. Unless your car is an xiaomi su7

Outstanding image | Wallbox