ChargePoint Holdings Inc (CHPT) 2026 Q2 法說會逐字稿

Good afternoon and thank you for standing by and welcome to ChargePoint's second-quarter fiscal year 2026 financial results conference call. Please be advised today's conference is being recorded and a replay will be available on ChargePoint's Investor Relations website.

下午好，感謝您的支持，歡迎參加 ChargePoint 2026 財年第二季財務業績電話會議。請注意，今天的會議將被錄製，重播將在 ChargePoint 的投資者關係網站上提供。

I would now like to hand the conference over to AJ Gosselin, Director of Corporate Communications.

現在，我想將會議交給企業傳播總監 AJ Gosselin。

Good afternoon and thank you for joining us on today's conference call to discuss ChargePoint's second-quarter fiscal 2026 earnings results. This call is being webcast and can be accessed on the Investors section of our website at investors.chargepoint.com.

下午好，感謝您參加今天的電話會議，討論 ChargePoint 2026 財年第二季的收益結果。本次電話會議正在進行網路直播，您可以透過我們網站 investors.chargepoint.com 的投資者部分觀看。

With me on today's call are Rick Wilmer, our Chief Executive Officer; and Mansi Khetani, our Chief Financial Officer.

和我一起參加今天電話會議的還有我們的執行長 Rick Wilmer 和我們的財務長 Mansi Khetani。

This afternoon, we issued our press release announcing results for the quarter ending July 31, 2025, which can be found on our website.

今天下午，我們發布了新聞稿，公佈了截至 2025 年 7 月 31 日的季度業績，可在我們的網站上查閱。

We'd like to remind you that during the conference call, management will be making forward-looking statements including our outlook for the third quarter of fiscal 2026. These forward-looking statements involve risks and uncertainties, many of which are beyond our control and could cause actual results to differ materially from our expectations. These forward-looking statements apply as of today, and we undertake no obligation to update these statements after the call.

我們想提醒您，在電話會議期間，管理階層將做出前瞻性陳述，包括我們對 2026 財年第三季的展望。這些前瞻性陳述涉及風險和不確定性，其中許多是我們無法控制的，並可能導致實際結果與我們的預期有重大差異。這些前瞻性陳述自今日適用，我們不承擔在電話會議後更新這些陳述的義務。

For a more detailed description of certain factors that could cause actual results to differ, please refer to our Form 10-Q filed with the SEC on June 6, 2025, and our earnings release posted today on our website and filed with the SEC on Form 8-K.

有關可能導致實際結果不同的某些因素的更詳細說明，請參閱我們於 2025 年 6 月 6 日向美國證券交易委員會提交的 10-Q 表，以及我們今天在我們網站上發布並以 8-K 表形式向美國證券交易委員會提交的收益報告。

Also, please note that we use certain non-GAAP financial measures on this call, which we reconcile the GAAP in our earnings release and for certain historical periods in the investor presentation posted on the investor section of our website. And finally, we'll be posting a transcript of this call to our Investor Relations website under the Quarterly Results section.

另外，請注意，我們在本次電話會議上使用了某些非 GAAP 財務指標，我們在收益報告中以及在我們網站投資者部分發布的投資者介紹中的某些歷史時期對這些指標進行了調整。最後，我們將把本次電話會議的記錄發佈到我們投資者關係網站的季度業績部分。

Thank you. I will now turn the call over to our CEO, Rick Wilmer.

謝謝。現在我將電話轉給我們的執行長 Rick Wilmer。

Good afternoon and thank you for joining the ChargePoint second-quarter fiscal 2026 earnings call.

下午好，感謝您參加 ChargePoint 2026 財年第二季財報電話會議。

We are pleased to report solid results for the quarter. Second-quarter revenue was $99 million landing at the top of our guidance range. The non-GAAP gross margin improved sequentially with Q2 results coming in at 33%. This figure is notable as the highest gross margin we've reported since becoming a public company and we successfully mitigated tariffs to achieve it.

我們很高興地報告本季的穩健業績。第二季的營收為 9,900 萬美元，達到我們預期範圍的最高值。非公認會計準則毛利率較上月提高，第二季業績達 33%。這個數字值得注意，這是我們自成為上市公司以來報告的最高毛利率，而且我們成功地降低了關稅才實現了這一目標。

Cash management was exceptional, with our ending balance at $195 million, only $2 million below Q1's close, largely driven by structural OpEx changes we've been making over the last year. Our collaboration with GM is also progressing with nearly 12 sites and more than 50 new fast charging ports, and many more scheduled to launch this year.

現金管理非常出色，我們的期末餘額為 1.95 億美元，僅比第一季末餘額低 200 萬美元，主要得益於我們去年進行的結構性營運支出變動。我們與通用汽車的合作也不斷推進，目前已建立近 12 個站點和 50 多個新的快速充電端口，並且計劃今年推出更多站點。

Overall, ChargePoint now manages over 363,000 ports, including more than 37,000 DC fast chargers and 123,000 located in Europe. Globally, ChargePoint drivers can access nearly 1.3 million charging ports. We achieved this performance despite the uncertainty, particularly in North America.

總體而言，ChargePoint 目前管理超過 363,000 個端口，其中包括超過 37,000 個直流快速充電器和位於歐洲的 123,000 個端口。在全球範圍內，ChargePoint 駕駛者可以使用近 130 萬個充電埠。儘管存在不確定性，尤其是在北美，我們還是取得了這項表現。

Within the US, passenger EV sales growth slowed to a 3% year-over-year increase. The forthcoming expiration of the consumer 30 EV tax and 30C alternative fuel vehicle refueling credit are also sources of concern for future EV adoption along with the evolving tariff landscape. This has translated into delays for major projects we have one and extended expansion buildouts but no project cancellations.

在美國，乘用電動車銷量成長率年減至 3%。即將到期的消費者 30 電動車稅和 30C 替代燃料汽車加油抵免以及不斷變化的關稅格局也引發了人們對未來電動車採用的擔憂。這導致重大項目延期，我們有一個項目擴建，但沒有項目取消。

So while we are making solid progress on our path to non-GAAP adjusted EBITDA breakeven as we saw over the past year, considering these delays and their impact on revenue, we've determined we will be best positioned if we push out our EBITDA breakeven beyond this year. This is to ensure we can fund product innovation and commercialization efforts which we expect to drive durable revenue growth.

因此，雖然我們在實現非 GAAP 調整後 EBITDA 盈虧平衡的道路上取得了堅實進展，正如我們在過去一年中看到的那樣，但考慮到這些延遲及其對收入的影響，我們已確定，如果我們將 EBITDA 盈虧平衡推遲到今年以後，我們將處於最佳位置。這是為了確保我們能夠資助產品創新和商業化努力，我們預計這將推動持久的收入成長。

Uncertainty aside, we believe our go-to-market strategy and innovation put us on a firm footing to drive growth, win market share, and hit EBITDA positive in the coming quarters. Regarding our go-to-market strategy, we are rapidly operationalizing our partnership with Eaton, and that work will be largely completed this quarter. Since this partnership was announced in May, we continue to build confidence that together, we will accelerate the deployment of electric vehicle charging infrastructure across North America and Europe.

拋開不確定性，我們相信我們的市場進入策略和創新將為我們在未來幾季推動成長、贏得市場份額和實現 EBITDA 正成長奠定堅實基礎。關於我們的市場進入策略，我們正在迅速實施與伊頓的合作夥伴關係，這項工作將在本季度基本完成。自從五月宣布這項合作關係以來，我們不斷增強信心，相信我們將共同加速在北美和歐洲部署電動車充電基礎設施。

We have already introduced our co-branded product, expanded our channel reach, accessed new strategic accounts, and started generating new streams of revenue together. We are delivering innovation which has been accelerated and expanded because of our partnership with Eaton.

我們已經推出了聯合品牌產品，擴大了通路覆蓋範圍，獲得了新的策略客戶，並開始共同創造新的收入來源。由於與伊頓的合作，我們正在進行的創新得到了加速和擴展。

The express line of DC charging solutions powered by Eaton and announced last week combines the strength of both companies to deliver more power and less space with massive scalability along with the easiest and fastest installation. It features Eaton hardware for grid connectivity plus V2G capabilities. The net result will be substantially lower CapEx and operating costs and faster deployment timelines. It will change the game in terms of the economics of DC fast charging for our customers.

由伊頓公司提供技術支援並於上週發布的直流充電解決方案快速系列融合了兩家公司的優勢，能夠提供更大的功率、更少的空間、強大的可擴展性以及最簡單、最快捷的安裝。它採用伊頓硬件，用於電網連接和 V2G 功能。最終結果將是大幅降低資本支出和營運成本並加快部署時間。它將改變我們的客戶直流快速充電的經濟性。

We are also co-developing bidirectional home charging solution with advanced energy management. The integration of ChargePoint Flex Plus chargers with Eaton's AbleEdge smart panels and breakers enables vehicles to supply backup power to homes and also automatically adjust EV charging based on the home energy usage to allow homeowners to install EV charging.

我們也正在共同開發具有先進能源管理的雙向家庭充電解決方案。ChargePoint Flex Plus 充電器與伊頓的 AbleEdge 智慧面板和斷路器的整合使車輛能夠為家庭提供備用電源，並根據家庭能源使用自動調整電動車充電，以允許房主安裝電動車充電。

The behind-the-meter insights will help utilities manage grid stress and transformer loads. We expect this synergistic type of innovation will deliver real value to homeowners, utilities, and auto OEMs while at the same time driving market share gains. Both the new express line of DC Solutions and Flex product line were designed to not only deliver market differentiation but also cost effectiveness. We expect both product lines to have a positive impact on our hardware gross margins.

電錶背後的見解將幫助公用事業公司管理電網壓力和變壓器負載。我們預計這種協同創新將為房主、公用事業公司和汽車原始設備製造商帶來真正的價值，同時推動市場份額的成長。DC Solutions 的全新快速系列和 Flex 產品線不僅旨在實現市場差異化，還旨在實現成本效益。我們預計這兩條產品線都會對我們的硬體毛利率產生正面影響。

Moving to markets, Europe seems promising going forward. Rho Motion reports a 26% year-over-year increase in European EV sales during the first half of the year, which is a strong indicator of future charging demand in Europe. We believe the current infrastructure cannot support such growth. With the innovation and new products we are delivering, we will be well situated to capture much of this demand.

從市場來看，歐洲的前景似乎一片光明。Rho Motion 報告稱，今年上半年歐洲電動車銷量年增 26%，這有力地預示了歐洲未來的充電需求。我們認為目前的基礎設施無法支持這種成長。憑藉我們不斷推出的創新和新產品，我們將能夠充分滿足這一需求。

In summary, despite an uncertain environment causing delays, we delivered strong results. We are operationalizing our strategic Eaton partnership, which accelerates innovation and expands our reach. We are delivering game-changing products poised to strengthen our market share and profitability.

總而言之，儘管不確定的環境導致了延誤，但我們仍然取得了強勁的業績。我們正在實施與伊頓的策略合作夥伴關係，這將加速創新並擴大我們的影響力。我們正在提供改變遊戲規則的產品，以加強我們的市場份額和盈利能力。

Internally, our team continues to execute with excellence. Our long-term thesis remains intact, validated by the strength of our pipeline, the positive reaction to our new products, and the new partners and customers we're actively signing.

在內部，我們的團隊繼續出色地執行任務。我們的長期論點仍然沒有改變，這由我們強大的產品線、對新產品的積極反應以及我們正在積極簽約的新合作夥伴和客戶所證實。

I will now turn the call over to our Chief Financial Officer, Mansi Khetani.

現在我將電話轉給我們的財務長 Mansi Khetani。

Thanks, Rick. As a reminder, please see our earnings press release where we reconcile our non-GAAP results to GAAP, our principal exclusions, our stock-based compensation, amortization of intangible assets, and certain costs related to restructuring, settlements, and non-recurring legal expenses.

謝謝，里克。提醒一下，請參閱我們的收益新聞稿，其中我們將非 GAAP 結果與 GAAP、我們的主要排除、我們的股票薪酬、無形資產攤銷以及與重組、和解和非經常性法律費用相關的某些成本進行協調。

Revenue for the second quarter was $99 million at the high end of our guidance range, sequentially higher than the prior quarter, and down 9% year on year. Network charging systems at $50 million accounted for 51% of second-quarter revenue. Subscription revenue at $40 million was 40% of total revenue, 5% higher sequentially, and up 10% year on year as our total installed base continued to increase. Other revenue at $8 million was 8% of total revenue.

第二季營收為 9,900 萬美元，處於我們預期範圍的高位，環比上一季成長，年減 9%。網路收費系統收入為 5,000 萬美元，佔第二季營收的 51%。訂閱收入為 4,000 萬美元，佔總營收的 40%，比上一季成長 5%，年增 10%，因為我們的總安裝基數持續增加。其他收入為 800 萬美元，佔總收入的 8%。

Turning to verticals, which we report from a billings perspective, second-quarter billings percentages were commercial 75%, fleet 11%, residential 10%, and other 4%. From a geographic perspective, North America made up 84% of revenue, and Europe was 16%. This was relatively consistent with the first quarter.

談到垂直行業，我們從帳單角度進行報告，第二季的帳單百分比為商業 75%、車隊 11%、住宅 10% 和其他 4%。從地域角度來看，北美佔營收的84%，歐洲佔16%。這與第一季的情況比較一致。

Non-GAAP gross margin was 33%, growing by 3 percentage points sequentially and 8 percentage points year on year. This is attributable to higher hardware margins, higher subscription margins, as well as subscription revenue growing as a percentage of total revenue.

非美國通用會計準則毛利率為33%，較上季成長3個百分點，較去年同期成長8個百分點。這是由於硬體利潤率更高、訂閱利潤率更高以及訂閱收入佔總收入的百分比增長。

I'd like to point out that this was our seventh straight quarter of sequential non-GAAP gross margin improvement.

我想指出的是，這是我們連續第七個季度實現非公認會計準則毛利率的提高。

Hardware growth margin increased 1% sequentially despite the impact of higher tariffs. Subscription margin continued to grow, reaching another record high of 61% on a GAAP basis and was even higher on a non-GAAP basis, reflecting economies of scale and continued optimization of support costs.

儘管受到關稅上調的影響，硬體成長利潤率仍較上季成長 1%。認購利潤率持續成長，以 GAAP 計算再創 61% 的歷史新高，以非 GAAP 運算則更高，反映了規模經濟和支援成本的持續優化。

Non-GAAP operating expenses were $59 million, up 3% sequentially and down 12% year on year. The small sequential increase this quarter was mainly due to a temporary increase in R&D spend as a result of higher NRE and contractor spend related to the development of our recently announced new AC and DC charging product architecture. This increase will persist in the third quarter, but we should see the spend gradually coming down in Q4 and then further reducing next year.

非公認會計準則營運費用為 5,900 萬美元，季增 3%，年減 12%。本季環比小幅成長主要是由於我們最近宣布的新型交流和直流充電產品架構的開發相關的 NRE 和承包商支出增加導致研發支出暫時增加。這種成長將在第三季度持續，但我們應該會看到支出在第四季度逐漸下降，然後在明年進一步減少。

We are continuing to closely manage operating expenses, balancing investments that we believe will lead to significant future growth and margin expansion, while also being mindful of current constraints. Non-GAAP adjusted EBITDA loss was $22 million. This compares with the loss of $23 million in the prior quarter and a loss of $34 million in the second quarter of last year.

我們將繼續密切管理營運費用，平衡我們認為將帶來未來顯著成長和利潤率擴大的投資，同時也要注意當前的限制。非公認會計準則調整後的 EBITDA 虧損為 2,200 萬美元。相較之下，上一季虧損 2,300 萬美元，去年第二季虧損 3,400 萬美元。

Stock-based compensation was $18 million flat to last quarter and down from $19 million in the second quarter of last year. Our inventory balance remained virtually flat to the prior quarter at $212 million. While this balance didn't decrease due to existing commitments with contract manufacturers, we continue to drive towards a gradual reduction in inventory over the next few quarters, which will free up cash.

股票薪酬與上一季持平，為 1,800 萬美元，低於去年第二季的 1,900 萬美元。我們的庫存餘額與上一季基本持平，為 2.12 億美元。雖然由於與合約製造商的現有承諾，這一餘額並未減少，但我們將在未來幾季繼續努力逐步減少庫存，從而釋放現金。

Speaking of cash, we ended the quarter with $195 million of cash on hand versus $196 million in the prior quarter, resulting in cash usage of less than $2 million. This compares with $49 million of cash usage in Q2 of last year and $29 million in Q1 this year. We have been able to significantly reduce cash burn over the past few quarters, mainly due to spend reductions and working capital management. Our $150 million revolving credit facility remains undrawn, and we have no debt maturities until 2028.

說到現金，本季末我們手上有 1.95 億美元現金，而上一季為 1.96 億美元，因此現金使用量不到 200 萬美元。相比之下，去年第二季的現金使用量為 4,900 萬美元，今年第一季的現金使用量為 2,900 萬美元。過去幾個季度，我們已能夠大幅減少現金消耗，這主要歸功於支出減少和營運資本管理。我們的 1.5 億美元循環信貸額度尚未提取，且我們的債務在 2028 年之前都沒有到期。

Turning to guidance for the third quarter of fiscal 2026, we expect revenue to be between $90 million to $100 million. While we continue to guide cautiously given the challenging and constantly changing macro backdrop, delivering revenue growth and ultimately reaching non-GAAP adjusted EBITDA breakeven and generating positive cash flow remain our primary focus areas.

談到 2026 財年第三季的指引，我們預計營收將在 9,000 萬美元至 1 億美元之間。儘管我們在充滿挑戰且不斷變化的宏觀背景下繼續謹慎行事，但實現收入增長並最終達到非 GAAP 調整後的 EBITDA 盈虧平衡並產生正現金流仍然是我們的主要關注領域。

As Rick mentioned, given the macroeconomic headwinds, the trajectory of revenue growth required to get to non-GAAP adjusted EBITDA breakeven in a quarter will take longer to materialize than this year, but we expect to continue to make progress towards profitability and reducing cash burns, which we have managed to do well over the past year.

正如 Rick 所提到的，考慮到宏觀經濟逆風，實現非 GAAP 調整後 EBITDA 收支平衡所需的收入成長軌跡將比今年花費更長的時間，但我們預計將繼續在盈利和減少現金消耗方面取得進展，過去一年我們已經做得很好了。

We will now open the call for questions.

我們現在開始提問。

(Operator Instructions) Colin Rusch, Oppenheimer.

（操作員指示）科林·拉什，奧本海默。

Thanks so much, guys. Can you just talk a little bit about what the trajectory is on OpEx? Obviously, R&D is remaining at some elevated levels along with the G&A. Just want to get a sense of how that should trend over the balance of this fiscal year?

非常感謝大家。能否簡單談談 OpEx 的發展軌跡？顯然，研發費用與一般行政費用一樣仍維持在較高水準。只是想了解本財政年度的餘額趨勢如何？

Yeah, hi, Colin, I'll take that one. Yes, as I mentioned in my prepared remarks, OpEx is slightly higher than Q1 because of some investment we did on the R&D front. We have spent on prototyping as we're releasing these new products and releasing the new AC and DC architecture. Those are temporary one time, if you will, NRE costs. And then we also had elevated expenses on the contractor side this quarter.

是的，嗨，科林，我接受這個。是的，正如我在準備好的發言中提到的，由於我們在研發方面進行了一些投資，因此營運支出略高於第一季。在發布這些新產品和新的 AC 和 DC 架構時，我們花費了大量時間進行原型設計。如果你願意的話，這些都是暫時的，NRE 成本。本季我們在承包商方面的支出也有所增加。

Now we expect these to persist in the next quarter because we're really in the middle of releasing all of these products. There's a lot of activity going on around that, but I think it should come down gradually in Q4, and then we'll manage it better next year.

現在我們預計這些情況將在下個季度持續下去，因為我們實際上正處於發布所有這些產品的階段。目前圍繞這一問題有很多活動正在進行，但我認為它應該會在第四季度逐漸下降，然後我們明年會更好地管理它。

Great. And then just from a sales perspective, we all know what's going on in North America and then kind of the digestion of the new policy, but I'm curious, in Europe, other geographies where you're seeing any potential higher growth opportunities, particularly with the Eaton relationship and a global footprint there, are there other areas that you see the products ending up that that could surprise us in some way around the growth trajectory?

偉大的。然後從銷售角度來看，我們都知道北美正在發生什麼，以及新政策的消化情況，但我很好奇，在歐洲和其他地區，您是否看到任何潛在的更高增長機會，特別是與伊頓的關係和全球影響力，您是否看到其他地區的產品最終會以某種方式讓我們對增長軌跡感到驚訝？

Yeah, I think, hey, Colin, I think that the overall macro conditions in Europe are looking better right now than they are in North America. Hopefully things will start to clarify in North America once we get through the tax credit expiration in September.

是的，我認為，嘿，科林，我認為歐洲目前的整體宏觀狀況比北美好。希望九月份稅收抵免到期後，北美的情況能夠開始明朗。

But in Europe, a lot of the products that are driving some of the incremental OpEx spend that Mansi alluded to are targeted at Europe where we did not have solutions to serve those use cases in the past. So the Flex product line that we've announced a month or so ago will launch in Europe here soon. In fact, we've now got inventory position in Europe to begin fulfilling early sales, and then the new DC express architecture that we also announced will be targeted at Europe, where in the past we have not had a DC product that was developed by us available in Europe.

但在歐洲，許多推動 Mansi 提到的部分增量營運支出的產品都是針對歐洲的，而我們過去沒有解決方案來滿足這些用例。我們一個月前宣布的 Flex 產品線很快就會在歐洲推出。事實上，我們現在在歐洲已經有庫存，可以開始完成早期銷售，然後我們宣布的新的 DC express 架構也將針對歐洲，過去我們在歐洲還沒有推出我們開發的 DC 產品。

So we are optimistic about Europe as we move forward into the new year. It's a combination of a more positive macro environment and new products to serve that market that we believe are quite differentiated.

因此，我們對新的一年歐洲的發展充滿信心。這是更積極的宏觀環境和服務於我們認為相當差異化的市場的新產品的結合。

Chris Dendrinos, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Chris Dendrinos。

Hi, yeah, good evening and thank you. I guess maybe to start here, I just wanted to follow up on that last question in regards to the AC architecture or the new AC launch in Europe. Can you maybe speak to the initial kind of interest levels there? And you mentioned inventory, I guess maybe what's the channel looking like and what has been the response from the dealerships -- dealer channel there? Thanks.

嗨，是的，晚上好，謝謝你。我想也許從這裡開始，我只是想跟進有關 AC 架構或歐洲新 AC 發布的最後一個問題。您能談談那裡最初的興趣程度嗎？您提到了庫存，我想也許通路是什麼樣的，以及經銷商的反應如何——那裡的經銷商通路？謝謝。

Yeah, so it's very early, Chris. We've just moved the first bit of inventory into Europe. We've had successful early access customers and we're beginning to build up our channel interest and target our end customer base in three major geographies in Europe, the UK, France, and Germany. We've got all the approvals necessary to serve all the markets, all those different product configurations based on the requirements in each of those major European GEOs.

是的，現在還很早，克里斯。我們剛剛將第一批庫存運往歐洲。我們已經擁有成功的早期訪問客戶，我們正在開始建立我們的通路興趣，並將我們的最終客戶群瞄準歐洲三大地區，即英國、法國和德國。我們已獲得所有必要的批准，可以服務所有市場，並根據每個主要歐洲 GEO 的要求提供所有不同的產品配置。

So we'll be really getting clarity on the overall demand that we expect early on with this new product as we move through this quarter, but early indications have been positive.

因此，隨著本季度的推進，我們將真正清楚地了解我們預期的新產品的整體需求，但早期跡像是積極的。

Got it. Okay. And then, maybe as a follow-up here, we're only, I guess a month or two removed from the passage of the [OB 3], but just kind of thinking about the demand outlook and the sort of call it lower for longer outlook in the US, I guess how are you thinking about the company's positioning here, just given the changes in that dynamic? Are you financially in the right place?

知道了。好的。然後，也許作為後續行動，我猜我們距離 [OB 3] 的通過只有一兩個月的時間，但只是考慮需求前景以及美國長期前景的低迷，考慮到這種動態的變化，我想您如何看待公司在這裡的定位？您的財務狀況是否良好？

Do you need to change personnel or strategy at all or slow down maybe some of the development going forward? Thanks.

您是否需要改變人員或策略，或放慢未來的部分發展速度？謝謝。

No, I think just the opposite. I mean, within the constraints of our OpEx envelope, I really believe the path to success is to deliver innovation to the market, which we've clearly been doing as we've moved through the year with some of the more significant innovations just announced recently that we mentioned a minute ago.

不，我的想法恰恰相反。我的意思是，在我們的營運支出限制內，我真的相信成功的道路是向市場提供創新，我們顯然一直在這樣做，因為我們今年剛剛宣布了一些我們剛才提到的更重要的創新。

The market, this whole industry went through a hype cycle. It collapsed in 2023. I think there's going to be ongoing demand for EVs. There are indications that that's happening. I think I've seen data from Cox that July will be a record sales for EVs in North America, largely as a result of the tax credit expiration coming up this month. But what that tells us is that there is interest in EVs and demand for EVs if the price point is right, and I think we're seeing a lot of good innovation.

市場，整個產業都經歷了炒作週期。它於 2023 年崩塌。我認為電動車的需求將會持續成長。有跡象表明這種情況正在發生。我認為我已經從考克斯公司獲得的數據表明，7月份北美電動車的銷量將創下歷史新高，這主要是因為本月即將到期的稅收抵免。但這告訴我們，如果價格合適，人們對電動車感興趣，對電動車有需求，我認為我們看到了很多好的創新。

On the vehicle side, you can look at Ford's new platform announcement, SLATE Auto, they announced their new vehicle. There's just a bunch of things happening out there that are going to bring the selection up and the price down on EVs, which we believe will drive overall demand for EVs and thus charging going forward into the future.

在車輛方面，您可以看看福特的新平台公告，SLATE Auto，他們宣布了他們的新車。市場上正在發生的一系列事情將會增加電動車的選擇並降低電動車的價格，我們相信這將推動未來對電動車的整體需求，從而推動充電的發展。

This downcycle is obviously putting pressure on everybody, and I think the industry is going to ultimately consolidate as a result of that. And I believe we're in the best position to capitalize on that. We're the biggest company with the biggest balance sheet. We serve both North America and Europe. We've got a strong product portfolio spanning from home all the way up to DC fast charge along with all the software to manage it for every use case, so I think we're in a great position going forward.

這個行週期顯然給每個人帶來了壓力，我認為該行業最終將因此整合。我相信我們處於最佳位置來利用這一點。我們是規模最大的公司，擁有最大的資產負債表。我們服務於北美和歐洲。我們擁有強大的產品組合，涵蓋從家用到直流快速充電的所有產品，以及用於管理每種用例的所有軟體，因此我認為我們在未來處於有利地位。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes, good afternoon. Thank you for taking my questions. I was hoping first you could elaborate more on what you're hearing from customers with respect to their project plan, in particular for North America? Rick, I think you mentioned some projects are being delayed but not canceled.

是的，下午好。感謝您回答我的問題。我首先希望您能更詳細地闡述一下您從客戶那裡聽到的有關他們的專案計劃的信息，特別是針對北美的專案計劃？里克，我想你提到過一些項目被推遲了但沒有取消。

Can you share more of what you think it would take for customers to move forward with those delayed projects? And then any context they're sharing about how they're thinking about project timing, especially with the 30C tax credits for charging stations set to go away?

您能否分享更多您認為客戶需要採取哪些措施來推進這些延遲的專案？然後他們是否分享了關於他們如何考慮項目時間安排的任何背景信息，特別是在充電站 30C 稅收抵免即將取消的情況下？

Yeah, good question, and I think there's -- like we've got some -- we're being cautious about our look forward, I think our customers are as well. They all again remain committed to their projects. We have literally not heard of one project cancellation, but I think once the tax credits go away and we see what that means to EV sales, you'll see some more decisiveness in the market regarding moving forward and hopefully not canceling or pausing, but we're waiting for that to happen to provide some clarity.

是的，這是個好問題，而且我認為——就像我們有一些——我們對未來持謹慎態度，我認為我們的客戶也是如此。他們再次致力於自己的專案。我們確實沒有聽說過有哪個項目被取消，但我認為，一旦稅收抵免消失，我們就會看到這對電動車銷售意味著什麼，你就會看到市場在推進項目方面更加果斷，希望不會取消或暫停，但我們正在等待這種情況發生，以提供一些明確的信息。

Beyond that, it is the typical stuff that causes project delays. It's getting grid upgrades, it's construction timelines. It's all the things that we've historically seen in the past where customers that are doing big projects, particularly often have kind of best case timelines as if everything goes well. And then a permit gets delayed, the weather disrupts the construction project, and all of a sudden, things are moving out, so that factor continues to persist, but it hasn't changed much.

除此之外，這些都是導致專案延誤的典型原因。正在進行電網升級，這是建設時間表。這些都是我們過去見過的情況，特別是那些從事大型專案的客戶，他們往往有最好的時間表，好像一切都很順利。然後許可證被推遲，天氣擾亂了施工項目，突然之間，一切都開始發生變化，所以這個因素繼續存在，但並沒有太大的變化。

Okay, thank you for that detail, Rick. My other question was for you, Mansi, on the gross margin. Nice to see the improvement you reported this quarter. You've spoken in the past about the potential for the hardware gross margins to continue to improve as you work off inventory of older product and shift to your mix toward the lower cost product that you're building with contract manufacturers.

好的，謝謝你提供的詳細信息，里克。我的另一個問題是關於毛利率的，Mansi。很高興看到您本季報告的改進。您過去曾談到，隨著您消化舊產品庫存並轉向與合約製造商合作生產的低成本產品，硬體毛利率有繼續提高的潛力。

Maybe you can share more where you are in that process and as you fully make the transition, how much do you think it could help the hardware gross margins? Thank you.

也許您可以分享更多關於您目前所處過程的信息，當您完全完成轉變時，您認為這對硬體毛利率有多大幫助？謝謝。

Yeah, hi, Mark. So what we saw this quarter was hardware margins improved sequentially by 1 percentage point, and this was because of -- we actually did see some products coming from Asia at lower cost, but we also saw improvement in warranty costs and we saw efficiencies in non-[vom] related costs, which drove the margins up.

是的，你好，馬克。因此，我們本季看到的是硬體利潤率環比提高了 1 個百分點，這是因為——我們確實看到一些來自亞洲的產品成本較低，但我們也看到保固成本有所改善，並且看到非 [vom] 相關成本的效率提高，從而推動了利潤率的上升。

Going forward, I think those factors will continue to benefit us, and then depending on inventory and sell through, we should start seeing the benefit of the Asia manufacturing as well.

展望未來，我認為這些因素將繼續使我們受益，然後根據庫存和銷售情況，我們也應該開始看到亞洲製造業的好處。

Mickey Legg, The Benchmark Company.

米奇·萊格（Mickey Legg），基準公司。

Hey, guys, thanks for taking my question. Want to dig in on the competitive landscape and how that's evolving a little bit. Could you talk about how you view your software and the mode you've built around that now that peers seem to be moving a bit harder into operation and software platforms? Thanks.

嘿，夥計們，謝謝你們回答我的問題。想要深入了解競爭格局及其演變。鑑於同行似乎正在更加努力地進軍營運和軟體平台，您能否談談您如何看待您的軟體以及您圍繞該軟體構建的模式？謝謝。

Yeah, hi, Mickey. Good question. I think we've got a state-of-the-art software platform. That continues to evolve and modernize. We've now got a hybrid cloud solution. The amount of AI that we're integrating into the product is very interesting and exciting. I think it's going to unleash some real value for our customers.

是的，你好，米奇。好問題。我認為我們擁有最先進的軟體平台。它將繼續發展和現代化。我們現在有了混合雲解決方案。我們在產品中整合的人工智慧的數量非常有趣且令人興奮。我認為這將為我們的客戶釋放一些真正的價值。

I also believe and know, quite frankly, that we can unlock all kinds of value by having our software work with our hardware. Well, we're happy to have our software managed third-party hardware, which we do all the time, which is oftentimes the requirement for customers will continue to do that, but we remain committed to develop hardware as well because we know that our hardware plus our software can create more value and do things that can't be done with just standalone software.

坦白說，我也相信並且知道，透過讓我們的軟體與硬體協同工作，我們可以釋放各種價值。嗯，我們很高興我們的軟體能夠管理第三方硬件，我們一直都是這樣做的，這通常是客戶的要求，我們會繼續這樣做，但我們仍然致力於開發硬件，因為我們知道我們的硬體加上我們的軟體可以創造更多的價值，可以做獨立軟體無法完成的事情。

Chris Pierce, Needham & Company.

克里斯·皮爾斯（Chris Pierce），Needham & Company。

Hey, good afternoon, Rick and Mansi. I was just curious, at least out in California, we're seeing a lot of increased DC charging, set ups money going into DC charging.

嘿，下午好，Rick 和 Mansi。我只是好奇，至少在加州，我們看到直流充電的數量大幅增加，並且有大量資金投入直流充電。

Yeah, I was curious, do you think that's taking share from level 2, where people thought level 2 might have higher share in, if we look back a couple of years to what people might see now? Or what are you guys doing around that, or do you think the pro -- the idea behind the question is wrong? I just kind of like a sense of level 2 demand, do you see charging demand, how you're kind of fitting both those buckets and what you're seeing?

是的，我很好奇，如果我們回顧幾年後人們現在看到的情況，您是否認為這會從 2 級中奪走份額，人們認為 2 級可能會有更高的份額？或者你們針對這個問題做了什麼，或者你們認為這個問題背後的想法是錯的？我只是有點喜歡 2 級需求的感覺，您是否看到充電需求，您如何適應這兩個桶以及您所看到的？

We don't see DC cannibalizing AC demand. I mean, there are different use cases and as we've talked about more than once, the vast majority of charging is done at home and at work, which is typically level 2 charging.

我們沒有看到直流電蠶食交流電的需求。我的意思是，有不同的用例，正如我們多次討論過的，絕大多數充電都是在家裡和工作場所進行的，通常是 2 級充電。

On the financial side though, we are seeing a lot of interest or a reasonable amount of interest, I would say increased interest from financing partners behind DC fast charging for general public charging. We've had some good success with partners that we've found that want to work with us to deploy DC fast charging for general public.

不過，從財務方面來看，我們看到了很多人的興趣，或者說相當多的興趣，我想說，融資合作夥伴對直流快速充電用於公共充電的興趣有所增加。我們與一些願意與我們合作為公眾部署直流快速充電的合作夥伴取得了一些成功。

And then if we go back to the inventory, Mansi, this one's sort of for you. Is that something you have in the inventory now? And I guess with the inventory dollars staying where they are, but things are changing under the surface. I just wanted to kind of check in on any obsolescence risk or DC/AC new product versus old product, how you kind of frame all that?

然後，如果我們回到庫存，Mansi，這個是給你的。您現在的庫存裡有這個東西嗎？我想庫存美元會維持現狀，但表面之下的情況正在改變。我只是想檢查一下是否有過時的風險或 DC/AC 新產品與舊產品的對比，您是如何看待這一切的？

Yeah, no, I mean, our inventory balance has a variety of different products and different volumes of all the different products, and we're managing that based on the arrival of the new products. We're watching that closely.

是的，不，我的意思是，我們的庫存餘額有各種不同的產品和不同數量的所有不同產品，我們根據新產品的到貨情況進行管理。我們正在密切關注此事。

Again, the release dates of the new products and the general availability and increased volume is going to take some time and we're kind of watching each product level with the release date and inventory balance and managing that, but in terms of if your question is about shortage or any kind of movement needed from one product to the other or the need to kind of source more, we don't see any of that.

再次強調，新產品的發布日期、普遍可用性和增加的產量都需要一些時間，我們正在關注每個產品的發布日期和庫存餘額並進行管理，但如果您的問題是關於短缺或從一種產品到另一種產品所需的任何形式的轉移或需要採購更多產品，我們沒有看到任何這些情況。

Craig Irwin, Roth Capital.

克雷格歐文（Craig Irwin），羅斯資本（Roth Capital）。

Good evening. Thanks for taking my questions. So cash use this quarter was really tight, right? You guys have been squeezing a lot of cash out of receivables, inventories, pre-paid, I mean, payables, everything was a contribution this quarter.

晚安.感謝您回答我的問題。那麼本季的現金使用確實很緊張，對嗎？你們從應收帳款、庫存、預付款、應付款項等所有方面榨取了大量現金，這都是本季的貢獻。

Can you talk about the ability to continue squeezing the balance sheet for cash and the new products that are launching for the end of the year? Do they need a cash contribution for inventory for us to see the revenue start to ramp or can that be offset by continued progress, bringing down balances from other products?

您能否談談繼續壓縮資產負債表中的現金的能力以及年底推出的新產品？他們是否需要為庫存提供現金貢獻，以便我們看到收入開始增加，或者是否可以透過持續的進步來抵消，從而降低其他產品的餘額？

Yeah, hi, Craig. So I think there may be quarterly fluctuations in cash usage. Obviously, Q2 was fantastic in terms of cash usage. We use less than $2 million but there may be slight quarterly fluctuations depending on the timing of receivables, payables, sale of inventory, et cetera.

是的，你好，克雷格。所以我認為現金使用量可能會出現季度波動。顯然，第二季的現金使用情況非常好。我們使用的金額不到 200 萬美元，但根據應收帳款、應付帳款、庫存銷售等的時間，可能會出現輕微的季度波動。

But we do anticipate that the overall trend of declining annual cash usage will continue, and it's entirely possible that because of our capital-light business model, we might get to the point where we generate cash in a quarter before we achieve EBITDA profitability and we anticipate that we will particularly benefit from this when we start to bring inventory balance down.

但我們確實預計年度現金使用量下降的總體趨勢將會持續下去，而且由於我們的輕資本業務模式，我們完全有可能在實現 EBITDA 盈利之前的一個季度內產生現金，我們預計，當我們開始降低庫存餘額時，我們將特別受益於此。

In terms of the new products, I don't think it will impact inventory because I think the overall inventory reduction trajectory should still happen, and it should release cash because obviously, the inventory number as it stands now is pretty high.

就新產品而言，我認為它不會影響庫存，因為我認為整體庫存減少軌跡仍應發生，並且它應該釋放現金，因為顯然目前的庫存數量相當高。

The other comment I'll make, Craig, is that the supply chain timelines or lead time is pretty balanced with the sales cycles now in many cases. So unlike the COVID days, for example, we don't need to build far in advance of demand such that we can adhere to customer lead time requirements. We can balance that pretty effectively now.

克雷格，我要說的另一點是，在許多情況下，供應鏈時間表或交貨時間與銷售週期相當平衡。因此，與新冠疫情時期不同，我們不需要提前很久進行生產，這樣我們就可以滿足客戶的交貨時間要求。現在我們可以相當有效地平衡這一點。

Understood. And if I could squeeze another one in on the gross margin side, can you maybe talk about the commonality of parts in the new products that you're launching?

明白了。如果我可以在毛利率方面再插入一個問題，您能否談談您即將推出的新產品中零件的通用性？

I know a lot of your products introduced to date have had substantial commonality in the architecture and components to drive purchasing leverage. Is there maybe a change in architecture or an evolution here? How much do the new products benefit from the pre-existing buy, and would you expect these products to potentially be margin accretive heading into the end of the year?

我知道你們迄今為止推出的許多產品在架構和組件上都具有很大的共通性，從而推動了購買槓桿。這裡的建築風格是否改變了或演變？新產品從現有購買中獲益多少？您是否預計這些產品在年底前有可能增加利潤？

Yeah, so at a part level, there's probably not that much commonality between the old products and the new. There are some exceptions, for example, charging cables or charging cables. They don't change very much from product to product depending on level 2, Level 3, for example.

是的，所以從零件層面來看，舊產品和新產品之間可能沒有那麼多共同點。有一些例外，例如充電電纜或充電線。例如，根據等級 2、等級 3，它們在不同產品之間變化並不大。

What is common is the vendor base, and the leverage we have with the supply base is really driven by the amount of business we concentrated into certain suppliers as opposed to specific individual parts that we buy from them. That may change as we move on from product generation to product generation.

共同點在於供應商基礎，而我們對供應基礎的影響力實際上取決於我們集中到某些供應商的業務量，而不是我們從他們那裡購買的特定單一零件。隨著產品一代一代地發展，這種情況可能會改變。

Thank you for that. Congratulations again on the progress this quarter.

謝謝你。再次恭喜本季取得的進展。

Ryan Pfingst, B. Riley.

瑞安·芬斯特、B·萊利。

Hey, guys, thanks for taking my questions. I'll just ask a couple of follow-ups on your -- looks like it's almost 20% of revenue right now. I'm curious where you think Europe could go in terms of ChargePoint's overall revenue mix over the next few years? And could you remind us that there are any material differences in terms of your economics in Europe compared to in North America?

嘿，夥計們，謝謝你們回答我的問題。我只想問幾個關於你的後續問題——看起來它現在幾乎佔了收入的 20%。我很好奇，您認為未來幾年歐洲的 ChargePoint 整體收入結構將會如何發展？您能否提醒我們，歐洲的經濟狀況與北美相比是否有實質差異？

The economics are a lot different. The different European countries have different regulations and requirements, which makes it a bit more complex from an inventory standpoint to make sure you have the right product for the right country, for example.

經濟狀況有很大不同。不同的歐洲國家有不同的法規和要求，這使得從庫存的角度來看確保為正確的國家提供正確的產品變得更加複雜。

But that's fairly minor relative to the overall dynamics of the business comparing North America to Europe. We're not guiding revenue beyond this quarter, but the fact that we've got hardware products going into Europe that are our products that we haven't been able to offer previously implies that Europe will definitely be growing for us.

但與北美和歐洲的整體業務動態相比，這一差異相當小。我們沒有預測本季之後的收入，但事實是，我們已經將硬體產品打入歐洲，而這些產品是我們以前無法提供的產品，這意味著歐洲肯定會為我們帶來成長。

Bill Peterson, JPMorgan.

摩根大通的比爾彼得森。

Yeah, hi, good afternoon and thanks for taking my questions. I would like to follow up on gross margins, just going to ask a few different ways. But just looking ahead, how should we think about steady state margins for hardware when you're really past any sort of existing inventory and you're on, I guess an optimized platform? What should that look like over the long term, or I guess on a go-forward basis as well as subscriptions? I think you've been doing some work there to optimize.

是的，你好，下午好，感謝您回答我的問題。我想跟進毛利率，只是想問幾個不同的方法。但展望未來，當您真正擺脫任何現有庫存，並且處於優化的平台上時，我們應該如何考慮硬體的穩定狀態利潤率？從長遠來看，這應該是什麼樣的呢？或者我猜從未來發展以及訂閱的角度來看，這應該是什麼樣的？我認為您一直在那裡做一些優化工作。

That's part of the business as well. Just trying to get a sense for how we should think about steady state margins, and I guess, you mentioned you're navigating tariffs, but could you quantify the impact so we can at least understand what level of impact there is? Should we get any relief or conversely, if tariffs become even more, I guess, impactful?

這也是業務的一部分。只是想了解我們應該如何看待穩定狀態利潤率，我想，您提到您正在處理關稅，但您能否量化其影響，以便我們至少可以了解其影響程度？我們是否應該得到一些救濟，或者相反，如果關稅變得更具影響力？

Yeah, I'll take that one. So starting with the subscription margins. I think subscription margins should continue to improve with economies of scale and ongoing efficiencies in our support organization. Our revenue keeps growing, but we don't have to scale costs up. So that the improvement should continue, as you said, more than 61% on a non-GAAP basis this quarter. I think that that trend continues.

是的，我要那個。因此，從訂閱利潤開始。我認為，隨著規模經濟和支援組織效率的不斷提高，訂閱利潤率應該會繼續提高。我們的收入不斷增長，但我們不必增加成本。因此，正如您所說，本季非 GAAP 基礎上的改善應該會持續下去，增幅將超過 61%。我認為這種趨勢將會持續下去。

On the hardware side, again, as we see products coming in from Asia, margins should get better, we saw improvement in warranty costs, other efficiencies and non-bond costs, all of that could help. However, on the hardware side, the overall margin really depends on the mix of products sold, which is difficult to predict, so it's hard to call out an ideal state.

在硬體方面，我們看到來自亞洲的產品，利潤率應該會變得更好，我們看到保固成本、其他效率和非債券成本的改善，所有這些都會有所幫助。然而，在硬體方面，整體利潤率實際上取決於所售產品的組合，這很難預測，因此很難說出一個理想的狀態。

There are a lot of moving parts there and also overall for margin, there is a fact of subscription revenue as a percentage of overall revenue. If that improves, obviously margins go up, but as we start selling more hardware that could impact overall margins.

其中有許多活動部件，而且總體而言，對於利潤來說，訂閱收入佔總收入的百分比是事實。如果情況改善，利潤率顯然會上升，但隨著我們開始銷售更多的硬件，這可能會影響整體利潤率。

The other comment I'll make, Bill, is that the new products we expect to have higher baseline margin profiles than any of our existing products, we've been very focused on not only designing for features functionality, broad applicability, but also for cost profiles.

比爾，我要說的另一點是，我們預計新產品的基準利潤率將高於我們現有的任何產品，我們不僅非常注重功能設計、廣泛的適用性，而且還注重成本設計。

Yeah, and then on the tariffs, so we have a lot of tariff mitigation already in place. We have a spread-out manufacturing base across the globe, which we're kind of leveraging to manage tariffs. It wasn't really meaningful within this quarter, and like I said, we were able to mitigate -- or the tariffs that we had and whatever we did incur, we actually -- we had improvements that kind of overcame that.

是的，然後是關稅，我們已經採取了很多關稅減免措施。我們的製造基地遍布全球，我們正在利用這些基地來管理關稅。這在本季度並沒有什麼實際意義，就像我說的，我們能夠減輕——或者說，我們所徵收的關稅以及我們所承擔的一切，我們實際上——我們已經取得了一些改進，克服了這些問題。

So I don't think there is that much of an impact on based on what we know today. Of course, if that tariff environment changes, then things could change.

因此，根據我們今天所知，我認為不會產生太大的影響。當然，如果關稅環境發生變化，那麼情況可能會發生變化。

Jon Windham, UBS.

瑞銀的喬恩溫德姆。

You mentioned the potential for consolidation in the industry. I was wondering if you could talk through if there's been any early signs of that in Europe or US or anywhere you can sort of point to? Appreciate it. Thanks.

您提到了產業整合的潛力。我想知道您是否可以談談歐洲、美國或任何您可以指出的地方是否已經出現了這種現象的早期跡象？非常感謝。謝謝。

Yeah, Jon, I can't talk to anything specifically, but it seems like it's quite active. There's a lot of interesting conversations going on.

是的，喬恩，我無法具體談論任何事情，但它似乎非常活躍。有很多有趣的對話正在進行中。

Maybe just asking the question sort of a little bit differently, and without asking anything specific in terms of where it would be, what would you see the advantages? So as an analyst, we're looking at this as taking out OpEx as a percentage of revenue, greater network scale. If you could just talk to what you think the advantages of consolidation would be, I'd really appreciate it.

也許只是以稍微不同的方式提問，而不問具體在哪裡，您認為它有什麼優勢？因此，作為分析師，我們將此視為將營運支出視為收入的一定百分比，從而擴大網路規模。如果您能談談您認為合併的優勢是什麼，我將非常感激。

Thank you so much.

太感謝了。

Yeah, I think it's pretty typical after you go through a hype cycle and you end up with a lot of companies getting started during that hype cycle with what looks like an exciting fast-growing market. Then you get overcrowding in terms of the competitive landscape.

是的，我認為這是很典型的，在經歷了炒作週期之後，你會發現很多公司在炒作週期中開始進入一個看起來像是令人興奮的快速成長的市場。那你就會看到競爭格局變得過於擁擠。

And you've got people that are trying to survive, and they tend to try and fight on price and they race each other to the bottom and they end up in a situation where they just don't have an economic model that no longer makes sense.

人們為了生存，往往會打價格戰，互相競爭到底線，最終導致他們的經濟模式不再合理。

Ryan Pfingst, B. Riley.

瑞安·芬斯特、B·萊利。

And we have no further questions in our queue at this time, and that does conclude today's conference call. Thank you for your participation and you may now disconnect.

目前我們沒有其他問題，今天的電話會議就此結束。感謝您的參與，您現在可以斷開連接。