ChargePoint Holdings Inc (CHPT) 2026 Q3 法說會逐字稿

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

下午好，感謝各位的耐心等待，歡迎參加 ChargePoint 2026 財年第三季財務業績電話會議。請注意，今天的電話會議正在錄音，錄音回放將在 ChargePoint 的投資者關係網站上提供。

I'd now like to hand the conference over to John Paolo Canton, Vice President, Communications. Please go ahead.

現在我謹將會議交給通訊副總裁約翰‧保羅‧坎頓。請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss ChargePoint's third-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. With me on today's call are Rick Wilmer, our Chief Executive Officer; and Mansi Khetani, our Chief Financial Officer.

下午好，感謝各位參加今天的電話會議，共同討論 ChargePoint 2026 財年第三季的收益。本次電話會議正在進行網路直播，您可以透過我們網站投資者關係頁面 investors.chargepoint.com 存取。今天與我一同參加電話會議的有我們的執行長 Rick Wilmer 和財務長 Mansi Khetani。

This afternoon, we issued our press release announcing results for the quarter ended October 31, 2025, which can be found on our website. We'd like to remind you that during the conference call, management will be making forward-looking statements, including our outlook for our fourth 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.

今天下午，我們發布了截至 2025 年 10 月 31 日的季度業績新聞稿，您可以在我們的網站上找到該新聞稿。我們想提醒各位，在電話會議期間，管理階層將發表前瞻性聲明，包括我們對 2026 財年第四季的展望。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，可能導致實際結果與我們的預期有重大差異。

These forward-looking statements apply as of today, and we undertake no obligation to update these statements after the call. 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 September 8, 2025 and our earnings release posted today on our website and filed with the SEC on Form 8-K.

這些前瞻性聲明截至今日有效，我們不承擔在電話會議後更新這些聲明的義務。有關可能導致實際結果出現差異的某些因素的更詳細說明，請參閱我們於 2025 年 9 月 8 日向美國證券交易委員會提交的 10-Q 表格以及我們今天在網站上發布並以 8-K 表格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 to GAAP in our earnings release and for certain historical periods in the investor presentation posted on the Investors section of our website.

另外，請注意，我們在本次電話會議中使用了一些非GAAP財務指標，我們在盈利報告中將其與GAAP進行了核對，並在我們網站投資者關係部分發布的投資者演示文稿中對某些歷史時期的指標進行了核對。

And finally, we'll be posting a transcript of this call to our Investor Relations website under the Quarterly Results section.

最後，我們將把本次電話會議的文字記錄發佈到我們投資者關係網站的「季度業績」欄位下。

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

謝謝。現在我將把電話轉交給我們的執行長里克·威爾默。

Good afternoon, and thank you for joining us. Today, we will provide a comprehensive review of our quarterly performance, share our perspective on current market conditions, discuss the progress we have made towards our three-year strategic plan, and highlight how our ongoing innovation is shaping the future of e-mobility.

下午好，感謝各位的參與。今天，我們將全面回顧季度業績，分享我們對當前市場狀況的看法，討論我們在三年戰略計劃方面取得的進展，並重點介紹我們持續的創新如何塑造電動出行的未來。

Financial performance this quarter exceeded expectations. Revenue surpassed the top end of our guidance, reaching $106 million, which marks a return to growth. This is a trend we anticipate to continue, especially as we move into the second half of calendar 2026 with many of our new products ramping, our Eaton partnership accelerating and numerous opportunities in Europe that we can now access with our new products.

本季財務業績超出預期。營收超過我們預期的上限，達到 1.06 億美元，標誌著公司恢復成長。我們預計這一趨勢將會持續下去，尤其是在我們進入 2026 年下半年，屆時我們的許多新產品將逐步投產，我們與伊頓的合作也將加速，而且我們現在可以利用新產品在歐洲獲得許多機會。

Our non-GAAP gross margin remained at a record high of 33%. We maintained strict cash discipline with cash utilization better than planned at $14 million. As growth returns, we continue on our path towards positive adjusted EBITDA.

我們的非GAAP毛利率維持在33%的歷史新高。我們嚴格控制現金流，現金利用率優於計劃，達到 1,400 萬美元。隨著成長的恢復，我們將繼續朝著調整後 EBITDA 為正的目標邁進。

Additionally, we successfully completed a debt exchange securing nearly $110 million of deal discounts that benefits shareholders, reducing outstanding debt by $172 million and extending maturity to 2030. This transaction is a pivotal step in strengthening our financial foundation. By deleveraging at a significant discount, we are shifting enterprise value to shareholders and reinforcing our balance sheet.

此外，我們成功完成了一項債務交換，獲得了近 1.1 億美元的交易折扣，使股東受益，減少了 1.72 億美元的未償債務，並將到期日延長至 2030 年。這項交易是加強我們財務基礎的關鍵一步。透過大幅降低槓桿率，我們將企業價值轉移給股東，並強化我們的資產負債表。

These strong results confirm the effectiveness of our strategy, and the rigor of our operating model. Our CFO, Mansi will provide further details on this transaction later in the call. North America continues to see steady sales demand despite headlines to the contrary, as evidenced by key customer wins we will discuss shortly.

這些強勁的成果證實了我們策略的有效性和我們營運模式的嚴謹性。我們的財務長曼西將在稍後的電話會議中提供有關此交易的更多細節。儘管媒體報導與此相反，但北美地區的銷售需求仍然保持穩定，我們稍後將討論的關鍵客戶的成功案例就證明了這一點。

In Europe, demand is not only robust but accelerating with significant opportunities emerging across key markets. As we move into calendar year 2026, especially the second half, Europe stands out as a potential growth engine fueled by favorable regulatory support, rapid EV adoption and substantial infrastructure investments. This creates an ideal environment for ChargePoint to lead with our innovative new offerings.

在歐洲，需求不僅強勁，而且還在加速成長，各大主要市場都湧現大量機會。隨著我們進入 2026 年，特別是下半年，歐洲憑藉有利的監管支援、電動車的快速普及和大量的基礎設施投資，成為潛在的成長引擎。這為ChargePoint憑藉其創新產品引領產業創造了理想的環境。

At the same time, the competitive landscape in both regions is consolidating, creating opportunities for ChargePoint to expand our market presence and reinforce our role as a reliable partner in EV charging. Supported by these favorable conditions, we are well positioned to pursue steady growth provide strong value to customers and continue advancing the industry.

同時，這兩個地區的競爭格局正在整合，為 ChargePoint 擴大市場份額、鞏固其作為電動車充電領域可靠合作夥伴的地位創造了機會。在這些有利條件下，我們有能力穩定成長，為客戶創造巨大價值，並持續推動產業發展。

In terms of customer highlights from the third quarter, we strengthened our partnership with the City of New York by extending our agreement to support its expanding EV infrastructure needs. This ongoing collaboration reinforces our shared commitment to sustainability and positions ChargePoint as a trusted partner in advancing clean transportation.

就第三季的客戶亮點而言，我們透過延長協議來加強與紐約市的合作關係，以支持其不斷擴大的電動車基礎設施需求。這種持續的合作鞏固了我們對永續發展的共同承諾，並將 ChargePoint 定位為推動清潔交通領域值得信賴的合作夥伴。

We also launched an exciting program with BMW North America to transform select premium locations into destination charging stations for EV drivers nationwide. Recruitment of site host is now underway.

我們還與寶馬北美公司合作推出了一項令人興奮的計劃，將部分高檔場所改造成面向全國電動車駕駛員的目的地充電站。網站託管商的招募工作現已開始。

And finally, NEVI momentum is building again with more than 40 states announcing new plants. We continue to deliver NEVI funded projects, including a recent installation in Landhope, Pennsylvania, where ChargePoint supplied all charging hardware during Q3.

最後，隨著 40 多個州宣布新建電廠，NEVI 的發展勢頭再次增強。我們繼續交付由 NEVI 資助的項目，包括最近在賓夕法尼亞州蘭德霍普的安裝項目，ChargePoint 在第三季度提供了所有充電硬體。

ChargePoint now manages approximately 375,000 ports including more than 39,000 DC fast chargers and more than 127,000 ports located in Europe. Globally, ChargePoint drivers have access to approximately 1.35 million public and private charging ports. We launched our three-year strategic plan nearly two years ago, built on four key pillars: efficient and capital-light hardware innovation, software innovation, world-class driver experiences, and operational excellence.

ChargePoint 目前管理約 375,000 個充電端口，其中包括超過 39,000 個直流快速充電樁和超過 127,000 個位於歐洲的充電端口。在全球範圍內，ChargePoint 車主可以使用約 135 萬個公共和私人充電埠。近兩年前，我們啟動了為期三年的策略計劃，該計劃建立在四個關鍵支柱之上：高效輕資本的硬體創新、軟體創新、世界一流的駕駛員體驗和卓越營運。

We are delivering on these promises. Our operational excellence is evident throughout the company with continuous improvement in our gross margins, network reliability and customer satisfaction. We have made significant strides in utilizing AI for internal productivity which we expect to further accelerate improvements in operational execution.

我們正在兌現這些承諾。公司營運卓越性體現在方方面面，毛利率、網路可靠性和客戶滿意度都在不斷提高。我們在利用人工智慧提高內部生產力方面取得了顯著進展，我們期望這將進一步加快營運執行方面的改善。

AI is a feature piece of our new software offerings which we believe will provide tangible benefits to our customers. The second year of our three-year plan focuses on delivering innovation and driving growth. Our financial results demonstrate that growth has returned which we expect to accelerate because of new products and services contrived in the first year of our plan that are now beginning to enter the market.

人工智慧是我們新軟體產品的特色功能之一，我們相信它將為我們的客戶帶來實際的好處。我們三年計畫的第二年重點是實現創新和推動成長。我們的財務表現表明，成長已經恢復，我們預計成長速度將會加快，因為我​​們在計劃的第一年構思的新產品和服務現在開始進入市場。

We believe our new offerings will drive market share gains and margin improvements. Our innovation engine is performing strongly, further expanded and accelerated by our partnership with Eaton and close collaboration with vehicle OEMs. Our approach to innovation is anchored by our belief that electric vehicles, EV charging infrastructure and the power grid should not operate as independent silos where industry standards dictate sole means of interoperability.

我們相信，我們的新產品將推動市場佔有率的成長和利潤率的提高。我們的創新引擎運作強勁，與伊頓公司的合作以及與汽車原始設備製造商的密切合作進一步擴大和加速了這一進程。我們的創新理念源自於這樣的信念：電動車、電動車充電基礎設施和電網不應該作為獨立的孤島運行，業界標準不應該成為互通性的唯一途徑。

Our new DC product line ChargePoint Express powered by Eaton is a bidirectional capable solution that we believe can be deployed with up to 30% lower capital expenditure, occupies a 30% smaller footprint and reduces ongoing operational costs by up to 30% compared to other solutions. Our new AC product line, integrated with Eaton's AbleEdge smart breaker and smart panel technology is the most cost-effective offering for enabling vehicle to home and vehicle to grid and eliminating expensive panel upgrades and accelerating deployment.

我們採用伊頓技術打造的全新直流產品線 ChargePoint Express 是一款雙向充電解決方案，我們相信，與其它解決方案相比，該方案的部署可降低高達 30% 的資本支出，佔用空間減少 30%，並降低高達 30% 的持續營運成本。我們全新的交流電產品線，整合了伊頓的 AbleEdge 智慧斷路器和智慧面板技術，是實現車輛到家庭和車輛到電網連接最具成本效益的產品，可以消除昂貴的面板升級，並加快部署速度。

Our hardware innovation is complemented by significant software advancements. We have released a new generation of the ChargePoint platform, a flexible software solution that redefines EV charging management. Completely reengineered and optimized by AI, the platform empowers operators to optimize charging infrastructure on any scale.

我們的硬體創新與軟體的重大進步相輔相成。我們發布了新一代 ChargePoint 平台，這是一款靈活的軟體解決方案，重新定義了電動車充電管理。該平台經過人工智慧的全面重新設計和優化，使營運商能夠優化任何規模的充電基礎設施。

Soon, we will release a major upgrade to our mobile app, also powered by AI and designed to deliver smarter, more personalized charging experiences. Customer reaction to these innovations have been overwhelmingly positive. Our solutions do more than meet expectations they are redefining them. We believe the transition to EVs is inevitable and ChargePoint is uniquely positioned to lead.

不久後，我們將發布行動應用程式的重大升級，該應用程式同樣由人工智慧驅動，旨在提供更智慧、更個人化的充電體驗。顧客對這些創新的反應非常正面。我們的解決方案不僅滿足預期，更重新定義了預期。我們相信向電動車的轉型勢在必行，而ChargePoint擁有獨特的優勢來引領這一趨勢。

Our roadmap is clear: deliver innovation, drive growth, capture market share, and improve margins. We are building a business driven by innovation, operational efficiency and a relentless focus on customer needs. Thank you to our employees, partners and shareholders for your continued support. We are excited about the journey ahead and look forward to sharing more milestones in the next quarter.

我們的路線圖很明確：實現創新，推動成長，奪取市場份額，提高利潤率。我們正在打造一家以創新、營運效率和對客戶需求的持續關注為驅動力的企業。感謝各位員工、合作夥伴及股東一直以來的支持。我們對未來的旅程充滿期待，並期待在下一季與大家分享更多里程碑式的成果。

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

現在我將把電話轉交給我們的財務長曼西·赫塔尼。

Thank you, Rick. As a reminder, please see our earnings press release where we reconcile our non-GAAP results to GAAP. Our principal exclusions are stock-based compensation, amortization of intangible assets and certain costs related to restructuring, settlements and nonrecurring legal expenses. I will first go through the results of the quarter and then talk a bit about our recently announced debt reduction.

謝謝你，里克。再次提醒，請參閱我們的獲利新聞稿，其中我們已將非GAAP業績與GAAP業績進行了核對。我們的主要排除項包括股票選擇權激勵、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。我將首先回顧本季的業績，然後再談談我們最近宣布的債務削減計劃。

I'm happy to announce that revenue for the third quarter exceeded our expectations coming in at $106 million, significantly above the high end of our guidance range of $90 million to $100 million up 7% sequentially and up 6% year on year.

我很高興地宣布，第三季營收超出預期，達到 1.06 億美元，遠高於我們先前 9,000 萬美元至 1 億美元的預期範圍上限，季增 7%，年增 6%。

Network charging systems at $56 million accounted for 53% of third quarter revenue up 12% sequentially and up 7% year on year, marking a return to growth. Subscription revenue at $42 million was 40% of total revenue up 5% sequentially and up 15% year on year as our total installed base continues to grow. Other revenue at $7 million was 7% of total revenue.

網路充電系統營收達 5,600 萬美元，佔第三季營收的 53%，季增 12%，年增 7%，標誌著業務重回成長軌道。訂閱收入達 4,200 萬美元，佔總營收的 40%，季增 5%，年增 15%，這得益於我們總裝機量持續成長。其他收入為 700 萬美元，佔總收入的 7%。

In terms of geographies, North America made up 85% of revenue and Europe was 15%, consistent with recent quarters. Non-GAAP gross margin remained at a record high of 33%, flat sequentially and up 7 percentage points year on year. Hardware gross margin was flat sequentially. Subscription margin continued its upward trajectory, achieving a new record of 63% on a GAAP basis and was even higher on a non-GAAP basis driven by economies of scale and ongoing efficiencies and support costs.

從地理上看，北美佔收入的 85%，歐洲佔 15%，與最近幾季的情況一致。非GAAP毛利率維持在33%的歷史新高，較上季持平，年增7個百分點。硬體毛利率季持平。訂閱利潤率繼續保持上升勢頭，按 GAAP 準則計算達到 63% 的新紀錄，按非 GAAP 準則計算則更高，這得益於規模經濟、持續的效率提升以及支持成本的降低。

Non-GAAP operating expenses were $57 million, representing a 2% reduction, both sequentially and year on year. We remain committed to prudent expense management, maintaining a disciplined approach that balances current constraints with selective investments intended to support long-term growth and margin expansion.

非GAAP營運費用為5,700萬美元，較上季和年比均下降2%。我們將繼續秉持審慎的費用管理原則，保持嚴謹的態度，在當前限制條件下進行有選擇的投資，以支持長期成長和利潤率的提升。

Non-GAAP adjusted EBITDA loss was $19 million. This compares with the loss of $22 million in the prior quarter and a loss of $29 million in the third quarter of last year. Stock-based compensation was $15 million, down from $18 million last quarter and $21 million in the third quarter of last year. Our inventory balance was stable relative to the prior quarter at $212 million.

非GAAP調整後的EBITDA虧損為1,900萬美元。相較之下，上一季虧損 2,200 萬美元，去年第三季虧損 2,900 萬美元。股票選擇權補償金為 1,500 萬美元，低於上季的 1,800 萬美元和去年第三季的 2,100 萬美元。與上一季相比，我們的庫存餘額保持穩定，為 2.12 億美元。

We continue to manage existing commitments with our contract manufacturing partners and anticipate a gradual reduction in this balance over the coming periods. We ended the quarter with $181 million in cash compared to $195 million in the prior quarter reflecting cash usage of $14 million. This compares to $24 million of net cash usage in Q3 of last year.

我們將繼續履行與合約製造合作夥伴的現有承諾，並預計在未來一段時間內逐步減少此餘額。本季末，我們持有現金 1.81 億美元，而上一季為 1.95 億美元，反映出現金使用量為 1,400 萬美元。相比之下，去年第三季淨現金支出為 2,400 萬美元。

While quarterly cash usage may vary, we have made meaningful progress in reducing cash burn, and we expect the continued sell-through of existing inventory will further support cash generation going forward.

雖然季度現金使用情況可能會有所不同，但我們在減少現金消耗方面取得了實質進展，我們預計現有庫存的持續銷售將進一步支持未來的現金產生。

Next, I would like to address our recently announced debt exchange transaction, which closed following the end of Q3. We believe this transaction strengthens ChargePoint's financial position and represents a meaningful step forward in delivering significant shareholder value.

接下來，我想談談我們最近宣布的債務交換交易，該交易已於第三季末完成。我們相信，此交易將增強 ChargePoint 的財務實力，並代表在為股東創造重大價值方面邁出的重要一步。

Last month, we completed a privately negotiated debt exchange with existing holders that will ultimately reduce our total debt by $172 million, more than half of the previous balance. The consideration paid included a combination of new senior debt, cash and warrants and reflected a discount of 33%. We believe this deleveraging actions captured at a significant discount, shift enterprise value to shareholders and strengthen our balance sheet. Key benefits of the exchange include: number one, reduction of total debt by $172 million, more than 50%.

上個月，我們與現有債權人私下協商完成了債務交換，最終將使我們的總債務減少 1.72 億美元，超過先前餘額的一半。支付的對價包括新的優先債務、現金和認股權證，折價幅度為 33%。我們相信，以大幅折扣價採取這些去槓桿化措施，可以將企業價值轉移給股東，並增強我們的資產負債表。此次交換的主要好處包括：第一，總債務減少 1.72 億美元，超過 50%。

Number two, elimination of the 125% change of control premium on the prior notes of approximately $82 million; number three, reduction in annual interest expense by approximately $10 million; and number four, extension of debt maturity from 2028 to 2030. The exchange utilized a portion of our existing cash made possible by the significant improvement in cash usage over the past year.

第二，取消先前約 8,200 萬美元票據的 125% 控制權變更溢價；第三，減少約 1,000 萬美元的年度利息支出；第四，將債務到期日從 2028 年延長至 2030 年。此次交易動用了我們現有的部分現金，這得益於過去一年現金使用情況的顯著改善。

Over the last four quarters, our net cash usage was less than $39 million. This compares to a net cash usage of $178 million over the four quarters prior to that. The progress we have achieved in managing cash usage provided the confidence to pursue this transaction which meaningfully reduced our debt burden at a substantial discount.

過去四個季度，我們的淨現金使用量不到 3,900 萬美元。相比之下，此前四個季度的淨現金支出為 1.78 億美元。我們在現金使用管理方面取得的進展，使我們有信心進行此交易，從而以大幅折扣顯著降低了我們的債務負擔。

We believe this represents a prudent decision for the company and our shareholders. We view this transaction as a transformative step forward for ChargePoint, one that strengthens our financial position and reflects our continued focus on disciplined capital management and commitment to creating long-term value for our shareholders. Finally, moving on to guidance.

我們認為這對公司和股東來說都是一個審慎的決定。我們認為這筆交易是 ChargePoint 向前邁出的變革性一步，它增強了我們的財務實力，並體現了我們對嚴謹的資本管理和為股東創造長期價值的持續關注。最後，我們來談談指導方面的問題。

For the fourth quarter of fiscal 2026, we expect revenue to be $100 million to $110 million representing a 3% year-on-year growth at the midpoint. While we remain cautious in light of the broader macroeconomic environment, we are confident that revenue growth will continue as we execute on our strategic priorities.

我們預計 2026 財年第四季的營收將達到 1 億至 1.1 億美元，以中間值計算，年增 3%。儘管我們對整體宏觀經濟環境仍保持謹慎，但我們相信，隨著我們戰略重點的落實，收入成長將繼續保持。

In summary, this quarter, we delivered sequential and year-over-year revenue growth, achieved another record quarter for subscription gross margin and continue to make progress towards profitability. The operational improvements we have implemented over recent quarters position us well to capture future growth opportunities.

總而言之，本季我們實現了環比和年成長的營收成長，訂閱毛利率再次創下歷史新高，並繼續朝著獲利目標邁進。最近幾季我們實施的營運改善措施，使我們能夠更好地掌握未來的成長機會。

In addition, the significant debt reduction announced strengthens our financial foundation and enhances our ability to execute on our long-term strategy.

此外，宣布的大幅減債措施增強了我們的財務基礎，並提高了我們執行長期策略的能力。

We will now open the call for questions.

現在開始接受提問。

(Operator Instructions) Colin Rusch, Oppenheimer.

（操作說明）Colin Rusch，奧本海默。

Congrats on the capital optimization here. I'm curious about the product evolution and the confidence that you're projecting around calendar year next year. Can you talk a little bit about any demand that you're seeing from virtual power plants, some of the geographies that are potentially in kind of tight supply situations from an electricity standpoint and products that you're seeing that are starting to emerge outside of NEVI that could actually help inflect demand in a meaningful way as you go through the calendar year next year?

恭喜你成功優化了資金配置。我很好奇產品的發展方向，以及您對明年全年的發展前景有何信心。您能否談談您目前看到的虛擬電廠需求，以及一些電力供應可能比較緊張的地區，還有您在NEVI之外看到的、可能在明年全年對需求產生實質影響的產品？

Yes. Thanks, Colin. I think on two fronts, two things we've announced that both tie into the DPP play are, one, the new Flex product line that we announced since fully V2G and V2H enabled that is particularly cost-effective and powerful when paired with the Eaton smart breaker and smart panel technology. This is something we showed at the RE+ show earlier this year, and that will be -- that will start rolling out in 2026.

是的。謝謝你，科林。我認為，我們宣布的兩件事都與DPP戰略有關，這兩件事分別是：一是我們宣布的全新Flex產品線，它完全支援V2G和V2H，與伊頓智能斷路器和智能面板技術結合使用時，具有特別高的成本效益和強大的功能。這是我們在今年早些時候的 RE+ 展會上展示過的東西，它將在 2026 年開始推出。

And then on the other end of the spectrum, on the DC fast charging product that we've announced our new Express line, there is a configuration of that product that can integrate directly with the DC grid and the amount of capital savings that is enjoyed by doing so due to the elimination of a lot of power conversion and being able to integrate directly with solar and battery, for example, along with improved electrical efficiency provides not only full bidirectional charging but very significant economic benefits in terms of CapEx and OpEx.

另一方面，在我們新推出的Express系列直流快速充電產品中，有一種配置可以直接與直流電網集成，由於省去了大量的電力轉換，並且能夠直接與太陽能和電池集成，從而節省了大量的資金，例如，提高了電力效率，不僅可以實現完全雙向充電，而且在資本支出和運營支出方面還能帶來非常顯著的經濟效益。

And I guess if I can have a follow-up, I'm just curious about the potential for inventory reduction throughout the course of this year as you work through some of the remaining items that you have on the balance sheet and go through some of this product transition.

我想問一個後續問題，我很好奇，隨著您處理資產負債表上剩餘的一些項目並進行一些產品轉型，今年庫存減少的可能性有多大。

So we've made some strategic decisions to wind down certain commitments with some of our contract manufacturers. And as a part of that wind-down process sometimes involves having to take some remaining components, which add to inventory. But I think we will see a small decline in Q4, most likely in the inventory balance but we expect a more material decrease throughout next fiscal year as we sell through the existing inventory and manage our supply.

因此，我們做出了一些策略決定，逐步終止與一些合約製造商的某些合作關係。作為逐步關閉流程的一部分，有時需要回收一些剩餘的組件，這會增加庫存。但我認為第四季可能會出現小幅下滑，很可能是庫存餘額下降，但我們預計隨著下一財年現有庫存的消化和供應的管理，下滑幅度會更大。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

I also had one on inventory but more with respect to the gross margin potential. And I think in the past, the company had thought that as it works through some of the older inventory and shift these new products, there is an opportunity for that to expand margins. With what you're seeing in the business today and some momentum you've spoken about with these newer products, can you speak a bit more around whether or not you still expect those new products to drive gross margins to the upside as they start to become a bigger contribution to the mix.

我之前也有關注庫存，但更多的是關注毛利率潛力。我認為，過去該公司曾認為，隨著一些舊庫存的清理和新產品的推出，有機會擴大利潤率。鑑於您目前在業務方面看到的狀況，以及您剛才提到的這些新產品的發展勢頭，您能否再詳細談談，隨著這些新產品在產品組合中佔比越來越大，您是否仍然預期它們會推動毛利率上升？

And just anything you can share in terms of the timing as to when you may start seeing a bigger mix of those as you think about the inventory dynamic?

關於庫存動態，您能否分享一下您預計何時會看到這些產品組合更加多樣化的信息？

Yes. Mark, so I think improvements in hardware margin in the near term will be entirely driven by product mix due to the fact that we've got inventory already produced and ready to ship. We anticipate hardware margins to remain around the current levels until we start selling through that existing inventory.

是的。馬克，所以我認為短期內硬體利潤率的提高將完全由產品組合驅動，因為我們已經有了生產出來並準備好發貨的庫存。我們預計硬體利潤率將保持在目前的水平附近，直到我們開始售罄現有庫存。

Now in the current hardware margin that you see today, we are seeing some benefit of Asia manufacturing but we expect to see a larger improvement from Asia manufacturing as we sell through our existing inventory. And as we start releasing new products, we'll expect margin improvement. But that should come in towards the latter half of next year. But overall, hardware margin always depends on the final mix.

就目前硬體利潤而言，我們看到亞洲製造帶來了一些好處，但隨著我們現有庫存的銷售，我們預計亞洲製造的利潤會有更大的改善。隨著新產品的陸續推出，我們預計利潤率將會提高。但那應該要等到明年下半年才能實現。但總的來說，硬體利潤始終取決於最終的組合。

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Can you hear me?

你聽得到我嗎？

Yes, Chris, go ahead.

好的，克里斯，請繼續。

Okay. Perfect. You've spoken kind of constantly to the second half of calendar next year and projects in Europe. Can you just remind us like lead times, are these projects that you're sort of already negotiating and feel confident that you've won? Or is this just confidence in the new product suite that you're rolling out?

好的。完美的。你一直在談論明年下半年的日程安排以及在歐洲的項目。您能否提醒我們一下，例如專案週期，這些專案您是否已經在洽談中，並且有信心拿下？或者，這只是你對即將推出的新產品系列的信心？

It's probably more the former. I was in Europe recently personally meeting with many customers talking about these new products. And as I mentioned in the prepared remarks, the response was overwhelmingly positive. There's a lot of people excited about our new DC architecture that I referenced a moment ago and the questions.

可能更接近前者。我最近親自去歐洲拜訪了很多客戶，和他們討論了這些新產品。正如我在準備好的發言稿中提到的，反應非常正面。很多人對我們剛才提到的新的資料中心架構感到興奮，也提出了許多問題。

And I'm quite confident that we'll win a number of fairly significant deals in Europe as we bring that product to market in the second half of next year.

我非常有信心，隨著我們在明年下半年將該產品推向市場，我們將在歐洲贏得一些相當重要的訂單。

Okay. And then just lastly, are these consumer-like passenger car products? Or are these -- are you starting to see fleet wins? Or are there not enough fleet vehicles out there? I just kind of want to get a sense of where you're seeing the momentum.

好的。最後，這些是面向消費者的乘用車產品嗎？或者說——你們開始看到艦隊取得勝利了嗎？或者說，市場上沒有足夠的車隊車輛？我只是想了解一下你認為目前的勢頭在哪裡。

It's a combination of both. The new DC architecture is really well suited for passenger vehicle DC fast charge, but it also is really an ideal architecture for megawatt charging for large trucks. And we've talked to our customers in both of those areas, specifically in Europe.

兩者兼而有之。新的直流架構非常適合乘用車直流快速充電，但它也是大型卡車兆瓦級充電的理想架構。我們已經與這兩個地區的客戶進行了溝通，特別是歐洲的客戶。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

I guess sort of housekeeping relative to your expectations on the last quarter call, you came in nicely ahead of expectations. Can you provide some color of what came in better than expected? And then anything notable within the network hardware in terms of mix?

我想就上個季度財報電話會議的預期而言，你們的表現遠超預期，這算是對你們業績的一些總結吧。能否詳細描述哪些東西比預期好？那麼，在網路硬體的組合方面，有什麼值得注意的地方嗎？

And then just adding the second question on here to get back in the queue. Within your expectations for the second half of next year, your growth expectations, would this, in your view, be enough to push you to profitability?

然後，我在這裡添加了第二個問題，以便重新回到隊列中。根據您對明年下半年的預期和成長預期，您認為這足以推動您獲利嗎？

Yes. So in terms of the first part of the question, Bill, the significant beat was mostly due to a boost in residential billings due to the expiration of the federal EV credits that we saw. We saw a huge boost in sales of our home product. The commercial did well also compared to the prior quarter but the significant beat was mostly due to this boost in the residential billings.

是的。所以，關於問題的第一部分，比爾，顯著的增長主要是由於聯邦電動車補貼到期，導致居民帳單增加。我們的家居產品銷售量大幅成長。與上一季相比，商業方面也表現良好，但業績大幅超出預期主要歸功於住宅帳單的成長。

In terms of growth in the second half in EBITDA, we're not guiding to a time frame, but EBITDA as Rick mentioned before, will come with growth in revenue which we are significantly focused on. And as we've mentioned before, with the new products and the increased demand in Europe and the Eaton partnership we think the second half should be pretty strong.

關於下半年 EBITDA 的成長，我們不給出具體的時間表，但正如 Rick 之前提到的，EBITDA 的成長將伴隨著營收的成長，而營收的成長正是我們重點關注的領域。正如我們之前提到的，憑藉新產品、歐洲不斷增長的需求以及與伊頓的合作，我們認為下半年業績應該會相當強勁。

Chris Dendrinos, RBC Capital Markets.

克里斯·登德里諾斯，加拿大皇家銀行資本市場。

Yes. I wanted to follow up a bit more on the Eaton partnership and hopefully, just asking you to provide a bit more information about where you're at with that relationship? How that partnership is going? And I guess just any broadly, any extra information you can provide?

是的。我想就與伊頓公司的合作關係再進一步了解一下，希望您能提供更多關於目前合作關係進展的資訊？合作進展如何？我猜您還能提供其他任何資訊嗎？

Yes, I would characterize that as exceeding expectations. The amount of innovation we've been able to unlock compared to what I expected when we began the relationship has increased again to exceed expectations. I gave a couple of examples earlier on our home -- via home solution that is really differentiated from the market as a result of our partnership and innovation and collaboration with Eaton and likewise on the DC fast charge, the DC only version of that on a DC grid built by Eaton is a very differentiated product. So expectations exceeded.

是的，我認為這超出了預期。與我們開始合作之初我的預期相比，我們所釋放的創新成果數量再次增加，甚至超出了我的預期。我之前舉了幾個例子，關於我們的家庭解決方案——由於我們與伊頓的合作、創新和協作，我們的家庭解決方案與市場上的產品真正區分開來；同樣，關於直流快速充電，伊頓建造的直流電網上的直流版本也是一款非常獨特的產品。超出預期。

Operationally, we're working very well with Eaton, shipping a lot of co-branded product this past quarter that we just closed and expect that to continue to grow.

在營運方面，我們與伊頓的合作非常順利，上個季度我們交付了大量聯名產品，預計這一數字將繼續增長。

(Operator Instructions) Craig Irwin, ROTH Capital Partners.

（操作說明）克雷格·歐文，ROTH Capital Partners。

So Rick, the part of your prepared comments that was a big surprise is the NEVI funding. The fact that this is driving installations today. Can you maybe talk about the runway here as far as the financing? And whether or not you're seeing some of the financing from the states come through in a more material way now that some of the uncertainty out of DC is behind us?

里克，你事先準備好的發言稿中最令人驚訝的部分是關於NEVI的資助。正是這一點推動瞭如今的安裝量。您能否談談目前的融資狀況？現在，隨著華盛頓特區的一些不確定性消除，您是否看到各州提供的部分資金以更實質的方式落實到位？

Yes. With respect to NEVI, we are seeing projects move forward. As we mentioned in the prepared remarks, 40 states now are active in NEVI and awarding contracts, and we're active in many of those.

是的。關於NEVI，我們看到一些項目正在推進。正如我們在準備好的發言稿中提到的，目前有 40 個州積極參與 NEVI 並授予合同，而我們也積極參與其中的許多項目。

And are you seeing similar levels of support similar levels of financial support and sort of subsidy for new stations? Or are these basically flat, improving? How would you characterize any change there?

您是否看到對新電台有類似程度的支持，例如類似的財政支持和補貼？還是這些指標基本持平，但有改善？您如何描述那裡發生的任何變化？

Kind of returned to where it was before it was passed. I think it's a good way to characterize it.

基本上恢復到了法案通過之前的狀態。我認為這是描述它的一個很好的方式。

And with no further questions in queue, that will conclude today's conference call. You may now disconnect.

由於沒有其他問題需要提問，今天的電話會議到此結束。您現在可以斷開連線了。