ChargePoint Holdings Inc (CHPT) 2026 Q4 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to ChargePoint's fourth-quarter and full 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. I would now like to turn the conference over to John Paolo Condon, Vice President, Communications. Please go ahead.

下午好，感謝您的耐心等待。歡迎參加 ChargePoint 2026 財年第四季及全年財務業績電話會議。請注意，今天的會議正在錄製，回放將在 ChargePoint 的投資者關係網站上提供。現在我將把會議交給通訊副總裁約翰·保羅·康登。請繼續。

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

午安.感謝各位參加今日的電話會議，共同探討ChargePoint第四季及2026財年全年收益。本次電話會議將進行網路直播，可透過我們網站的投資者關係頁面 investors.chargepoint.com 存取。

With me on today's call are Rick Wilmer, our Chief Executive Officer; and Mansi Khetani, our Chief Financial Officer. This afternoon, we issued our press release announcing results for the quarter ended January 31, 2026, 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 first-quarter of fiscal 2027.

今天和我一起參加電話會議的有我們的執行長里克·威爾默，以及我們的財務長曼西·赫塔尼。今天下午，我們發布了截至 2026 年 1 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 2027 財年第一季的展望。

These forward-looking statements involve risks and uncertainties and 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.

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。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。

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 December 5, 2025, and our earnings release posted today on our website and filed with the SEC on Form 8-K. 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.

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 12 月 5 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。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 toward our three-year strategic plan and how innovation and execution, supported by our partnership with Eaton and key leadership additions, position us to build confidently for the future.

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，以及在與伊頓的合作和關鍵領導層擴充的支持下，創新和執行如何使我們能夠自信地展望未來。

We delivered a strong finish to fiscal 2026. Revenue for Q4 came in at the high end of our guidance range at $109 million, marking another quarter of year-over-year growth and execution above expectations. Our non-GAAP gross margin remained at a record high of 33%. We maintained strict cash discipline. Cash utilization from operations was minimal and much better than planned.

我們在2026財年取得了強勁的收官成績。第四季營收達到預期範圍的高端，為 1.09 億美元，標誌著又一個季度實現了同比增長，業績超出預期。我們的非GAAP毛利率維持在33%的歷史新高。我們嚴格執行現金管理制度。營運現金流出極少，遠勝於預期。

These results are a clear validation of our relentless commitment to operational excellence, and there's still opportunity for further improvement. This performance reinforces our return to growth trend which we expect to accelerate later this year and into next year as our new products ramp into volume. This growth results from investments in product innovation, partnerships, rising market interest, greater utilization, and market consolidation, which have boosted our market share of public ports in North America. Europe experienced robust double-digit growth, driven by regulations and new incentives. We expect this trend in Europe to continue, further accelerated by our new products.

這些結果清楚地證明了我們對卓越營運的不懈追求，並且仍有進一步改進的空間。這一業績鞏固了我們重返成長軌道的趨勢，我們預計隨著新產品產量的增加，這一趨勢將在今年稍後和明年加速發展。這一增長源於對產品創新、合作關係、日益增長的市場興趣、更高的利用率和市場整合的投資，這些都提高了我們在北美公共港口的市場份額。在監管政策和新激勵措施的推動下，歐洲經濟實現了強勁的兩位數成長。我們預計歐洲的這一趨勢將會持續下去，而我們的新產品將進一步加速這一趨勢。

Operational excellence remains a core pillar of our three-year plan, and progress here is tangible. We continue to see benefits from tighter cost controls and improved supply chain execution. Station reliability, the quality of deployments and customer satisfaction all continue to improve.

卓越營運仍然是我們三年計畫的核心支柱，並且在這方面取得了實際進展。我們持續受益於更嚴格的成本控制和更有效率的供應鏈執行。站點可靠性、部署品質和客戶滿意度都在持續提高。

Stations that are down, as monitored by our network operations center, or NOC, have been reduced by over half in the last year, and are now below 1%. Over 80% of owner support cases are proactively created by our NOC or driver reports as opposed to a customer having to call us to report a problem.

根據我們的網路營運中心（NOC）的監測，過去一年中，宕機站點的數量減少了一半以上，目前已低於 1%。超過 80% 的車主支援案例都是由我們的網路營運中心 (NOC) 或司機報告主動創建的，而不是客戶打電話給我們報告問題。

Other initiatives like picture to resolution, cut-resistant cables and our Safeguard care service are all contributing to high reliability. First-time right deployments have improved to above 95%, which has been driven by our training and certification program. Customer satisfaction, as measured by results from our CSAT survey responses for driver, owner and home support is now at 8.5% or higher on a 10 scale.

其他舉措，例如影像解析度、防割電纜和我們的 Safeguard 服務，都為提高可靠性做出了貢獻。首次部署成功率已提高到 95% 以上，這得益於我們的培訓和認證計劃。根據我們對司機、車主和家庭支援的客戶滿意度調查結果，客戶滿意度目前已達到 8.5% 或更高（滿分 10 分）。

All of these improvements are driving customer loyalty, which in turn drives expansion business. Our continued deployment of AI is yielding tangible benefits, which we expect to increase substantially as we move through this year as the tools and capabilities continue to advance rapidly.

所有這些改進都在提高客戶忠誠度，進而推動業務擴張。我們持續部署人工智慧正在產生實際的好處，隨著工具和能力的快速發展，我們預計今年這些好處將大幅增加。

With our headquarters in Silicon Valley, we are at the epicentre of AI innovation, and we view this as a competitive advantage. We are striving to be at the forefront of AI adoption and the benefits we are anticipating are not just incremental improvements, but truly disruptive.

我們的總部位於矽谷，處於人工智慧創新的中心，我們認為這是一個競爭優勢。我們正努力走在人工智慧應用的最前沿，我們預期的益處不僅僅是漸進式的改進，而是真正的顛覆性變革。

We expect to deliver AI-driven innovation in our products and services to make them more differentiated, valuable, and useful. AI for code generation and testing will allow us to deliver innovation faster and more cost effectively. We believe AI will also drive overall operational efficiency where every job in the company that is done on the screen will be performed more effectively. All of this is evidence that our model works. It gives us speed, flexibility, resilience, and the ability to invest where we see the greatest long-term returns.

我們期望透過人工智慧驅動的創新，使我們的產品和服務更具差異化、更有價值、更有用。利用人工智慧進行程式碼產生和測試，將使我們能夠更快、更經濟高效地實現創新。我們相信人工智慧也將提高整體營運效率，公司中所有在螢幕上完成的工作都將更有效率地完成。所有這些都證明我們的模型是有效的。它賦予我們速度、靈活性、韌性，以及在長期回報最大的領域進行投資的能力。

Turning to the broader EV market. while headlines often focus on short-term volatility, the underlying fundamentals remain compelling. Multiple independent sources point to sustained global EV adoption, with particularly strong growth in Europe and continued long-term confidence from automakers and consumers alike. Global EV sales grew meaningfully year-over-year in 2025, with Europe posting strong double-digit growth, supported by regulatory tailwinds and renewed consumer incentives. Even in North America, where growth moderated, interest in EVs remains resilient, and satisfaction among EV owners continues to be exceptionally high.

放眼更廣泛的電動車市場，儘管新聞頭條往往聚焦於短期波動，但其基本面依然強勁。多個獨立消息來源表明，全球電動車普及率將持續成長，歐洲成長尤為強勁，汽車製造商和消費者對電動車的長期前景都充滿信心。2025 年全球電動車銷量年增率顯著，其中歐洲在監管利好和消費者激勵措施重新出台的支持下，實現了強勁的兩位數增長。即使在成長放緩的北美，人們對電動車的興趣依然強勁，電動車車主的滿意度仍然非常高。

OEMs still view EVs as the long-term destination, but the path is proving longer and less linear with hybrids and plug-in hybrid serving as bridges. The next leg of adoption depends less on mandates and more on economics and customer experience. A wave of sub $35,000 EVs arriving in 2026 is designed to hit the true mass market where price parity matters most. Despite the headlines about the EV slowdown, US fast charging tells a different story.

原始設備製造商仍然將電動車視為長期目標，但事實證明，這條道路更長、更非線性，混合動力車和插電式混合動力車則充當了過渡橋樑。下一階段的普及更多地取決於經濟因素和客戶體驗，而不是強制規定。預計 2026 年將有一批售價低於 35,000 美元的電動車上市，旨在打入真正的大眾市場，在這個市場中，價格平價才是最重要的。儘管有媒體報導電動車發展放緩，但美國的快速充電市場卻呈現出截然不同的景象。

Infrastructure expanded rapidly in 2025, usage grew in lockstep, utilization remains stable and reliability improved. Approximately 18,000 new public DC fast charging ports were added, largely driven by private investment rather than government stimulus. This indicates the charging ecosystem is maturing operationally, not overbuilding speculatively. As vehicle affordability improves and adoption reaccelerates, the charging foundation is being put in place to support it.

2025年基礎建設快速擴張，使用量同步成長，使用率維持穩定，可靠性提升。新增約 18,000 個公共直流快速充電端口，這主要得益於私人投資而非政府刺激。這顯示充電生態系統在營運上日趨成熟，而不是過度建設投機。隨著車輛價格的降低和普及速度的加快，充電基礎設施正在逐步完善以支援車輛的普及。

This market environment favours companies that can execute, scale efficiently and deliver a seamless experience across hardware, software, and services. This is where ChargePoint is uniquely positioned, as evidenced by some notable customer wins.

這種市場環境有利於那些能夠高效執行、擴展規模並在硬體、軟體和服務方面提供無縫體驗的公司。ChargePoint 在這方面擁有獨特的優勢，而一些顯著的客戶成功案例也證明了這一點。

We have partnered with Ford Pro so that Ford's commercial fleet customers in the UK and Germany now have integrated access to ChargePoint solutions across home, fleet, and workplace EV charging, providing these businesses with the most innovative and reliable charging solutions. Not only can Ford Pro customers benefit from our hardware and software, they also have access to ChargePoint's expertise for charter installation, site planning, and related services.

我們與 Ford Pro 建立了合作關係，使福特在英國和德國的商用車隊客戶現在可以在家庭、車隊和工作場所電動車充電方面整合使用 ChargePoint 解決方案，為這些企業提供最具創新性和可靠性的充電解決方案。Ford Pro 的客戶不僅可以受益於我們的硬體和軟體，還可以獲得 ChargePoint 在包車安裝、場地規劃和相關服務方面的專業知識。

We also consummated the next phase of our strategic partnership with Raw Charging, one of the UK's leading ChargePoint operators. The new multiyear agreement comes with an initial commitment valued at USD7.5 million. This collaboration strengthens Raw Charging's Connecting Amazing Places campaign, which is focused on normalizing EV charging at destinations rather than solely en route. Also, we extended our work with Georgia Power to new locations, including the prominent Brady Health system in Atlanta.

我們也與英國領先的ChargePoint營運商之一Raw Charging完成了下一階段的策略合作。這項新的多年協議包含一筆價值 750 萬美元的初始承諾。這項合作加強了 Raw Charging 的「連接美好地方」活動，該活動旨在使電動車在目的地充電成為常態，而不僅僅是在途中充電。此外，我們還將與喬治亞電力公司的合作擴展到了新的地點，包括亞特蘭大著名的布雷迪健康系統。

Innovation remains the engine of our strategy. In the coming months, we will release a major update to our mobile app. This new experience is designed to do more than just help drivers find a charge. It equips them with the ability to choose an experience while they charge.

創新仍然是我們策略的引擎。未來幾個月，我們將對行動應用程式進行重大更新。這項新體驗旨在提供更多功能，而不僅僅是幫助駕駛者找到充電樁。它使用戶能夠在充電時選擇體驗內容。

By guiding drivers towards available, reliable amenity-rich and well-priced charging locations, we believe this capability will drive increased utilization, improve economics for station owners and strengthen the value of our network.

我們相信，透過引導駕駛者前往可用、可靠、設施齊全且價格合理的充電地點，這項功能將提高充電樁的利用率，改善充電站所有者的經濟效益，並增強我們網路的價值。

We believe we are in a position to influence where drivers choose to charge, which is a powerful example of how software and data can benefit both drivers and site hosts. With the largest community of drivers in North America on our platform, we have the scale to drive incremental value for ChargePoint.

我們相信我們有能力影響司機選擇在哪裡充電，這有力地證明了軟體和數據如何同時惠及司機和場地所有者。我們平台擁有北美最大的駕駛者群體，具備為 ChargePoint 創造增量價值的規模。

When we look ahead, our confidence is rooted in four elements coming together: execution, market opportunity, innovation delivery, and partnerships. Our partnership with Eaton continues to expand our reach and accelerate adoption of next-generation AC and DC solutions. Combined with our improving execution in a market that increasingly demands reliable, scalable charging, we believe we are building a durable platform for long-term growth.

展望未來，我們的信心源自於四個要素的結合：執行力、市場機會、創新成果和合作夥伴關係。我們與伊頓的合作不斷擴大我們的業務範圍，並加速下一代交流和直流解決方案的普及應用。結合我們在日益需要可靠、可擴展充電的市場中不斷改進的執行力，我們相信我們正在建立一個持久的平台，以實現長期成長。

In this context, I also want to highlight the importance of Jasper (technical difficulty) joining our leadership team as our Chief Product and Software Officer. Jasper brings a wealth of experience in electrified transportation, energy, and the scaling of global operations.

在此背景下，我還想強調 Jasper（技術難題）加入我們領導團隊擔任首席產品和軟體長的重要性。Jasper 在電動運輸、能源和全球業務規模化方面擁有豐富的經驗。

Jasper's leadership enhances ChargePoint's ability to develop an innovative product road map that encompasses both software and hardware but is also agile in response to the rapidly evolving environment, especially as artificial intelligence creates opportunities in our industry. His approach is anchored in what we believe is the inevitable transition to electrified transportation, ensuring ChargePoint remains at the forefront of innovation, while maintaining operational excellence. This quarter, we are introducing new key performance indicators.

Jasper 的領導能力增強了 ChargePoint 開發創新產品路線圖的能力，該路線圖涵蓋軟體和硬件，並且能夠靈活應對快速變化的環境，尤其是在人工智慧為我們行業創造機會的情況下。他的方法是基於我們認為不可避免的向電氣化交通的過渡，確保 ChargePoint 始終處於創新前沿，同時保持卓越的營運水準。本季度，我們將引入新的關鍵績效指標。

We are sharing these metrics to strengthen the alignment between our strategy and the market understanding of our performance. Let me briefly explain why each matters. Software-only managed ports are non-ChargePoint hardware ports managed by our software and reflect our software-first strategy.

我們分享這些指標是為了加強我們的策略與市場對我們績效的理解之間的一致性。讓我簡單解釋為什麼每件事都很重要。純軟體管理端口是指由我們的軟體管理的非 ChargePoint 硬體端口，體現了我們軟體優先的策略。

Managing non-ChargePoint hardware expands our addressable market and supports a business model centred on recurring software revenue and sticky long-term customer relationships. Globally, we have nearly 130,000 software-only managed ports, representing approximately 30% of all ports under management. Share of ports exceeding 30% utilization at least one day in a month, we believe is an important leading indicator for expansion demand. Utilization above roughly 30% is typically when site host begin evaluating the addition of chargers to maintain a good driver experience.

管理非ChargePoint硬體擴大了我們的目標市場，並支援以經常性軟體收入和長期客戶關係為中心的商業模式。在全球範圍內，我們擁有近 130,000 個僅由軟體管理的端口，約佔所有受管理端口的 30%。我們認為，一個月內至少有一天利用率超過 30% 的港口比例，是擴張需求的重要領先指標。當充電樁使用率超過 30% 左右時，場地所有者通常會開始評估是否需要增加充電樁，以維持良好的駕駛體驗。

More than 100,000 AC ports recorded time utilization above 30% at least one day in January of 2026. The indicating over seven hours of continuous use per day across workplace, retail, and other locations. Monthly active users defined as drivers utilizing a ChargePoint account is the equivalent of our user community. Monthly active users is a core measure of the network effect. Growing driver engagement increases utilization and delivers greater value to site hosts and customers, reinforcing why our software and network are central to their long-term charging strategy.

2026 年 1 月，超過 10 萬個交流電源連接埠的利用率至少有一天超過 30%。顯示每天在工作場所、零售場所和其他場所連續使用超過 7 小時。以使用 ChargePoint 帳戶的駕駛員為單位的每月活躍用戶，相當於我們的用戶群。月活躍用戶數是衡量網路效應的核心指標。駕駛員參與度的提高提高了利用率，並為網站所有者和客戶帶來了更大的價值，這進一步鞏固了我們的軟體和網路對於他們長期充電策略的核心地位。

At the end of FY26, we had 1.48 million active users, representing 8% year-over-year growth. In terms of KPIs we have historically reported, ChargePoint now manages approximately 385,000 ports, including more than 41,000 DC fast chargers and more than 130,000 ports located in Europe. Globally, ChargePoint drivers have access to over 1.37 million public and private charging ports.

截至 2026 財年末，我們擁有 148 萬活躍用戶，年增 8%。根據我們以往報告的關鍵績效指標，ChargePoint 目前管理約 385,000 個充電端口，其中包括超過 41,000 個直流快速充電樁和超過 130,000 個位於歐洲的充電端口。在全球範圍內，ChargePoint 車主可以使用超過 137 萬個公用和私人充電埠。

Together, these KPIs are intended to provide more insight into how our business is performing, our differentiation and how long-term durable value is being created across our ecosystem. To close, fiscal year 2026 marked an inflection point for ChargePoint.

這些關鍵績效指標旨在更深入地了解我們業務的營運狀況、我們的差異化優勢以及我們整個生態系統中長期持久價值的創造。總之，2026 財年是 ChargePoint 的轉捩點。

We returned to quarterly growth, managed our cash with discipline, strengthened our operational foundation, and continue to deliver innovation that matters. Disciplined execution and a constructive market outlook, accelerating innovation and strong partnerships, we believe ChargePoint is well positioned to build for future opportunities. Thank you to our employees, partners, and shareholders for your continued support. I will now turn the call over to our CFO, Mansi Khetani.

我們恢復了季度成長，嚴格管理了現金流，加強了營運基礎，並繼續提供真正重要的創新。憑藉嚴謹的執行力、積極的市場前景、加速創新和強大的合作夥伴關係，我們相信 ChargePoint 已做好充分準備，迎接未來的機會。感謝各位員工、合作夥伴及股東一直以來的支持。現在我將把電話轉交給我們的財務長曼西·赫塔尼。

Thanks, 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.

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。

Revenue for the fourth-quarter was $109 million, coming in at the high end of our guidance range, up 3% sequentially and up 7% year-on-year. Network charging systems at $58 million accounted for 53% of fourth-quarter revenue, up 2% sequentially and up 10% year-on-year.

第四季營收為 1.09 億美元，達到我們預期範圍的高端，季增 3%，年增 7%。網路充電系統營收達 5,800 萬美元，佔第四季營收的 53%，季增 2%，年增 10%。

Subscription revenue at $42 million was 39% of total revenue, up 1% sequentially and up 11% year-on-year as our total installed base continues to grow. Other revenue at $9 million was 8% of total revenue. Turning to verticals, which we report from a billings perspective, fourth-quarter billings percentages were: commercial, 78%; residential, 6%; fleet 9%; and other 7%. In terms of geography, North America made up 77% of revenue and Europe was 23%. Europe was particularly strong this quarter, delivering its highest share of revenue since we became a public company.

訂閱收入為 4,200 萬美元，佔總收入的 39%，較上季成長 1%，較去年同期成長 11%，因為我們的總安裝基礎持續成長。其他收入為 900 萬美元，佔總收入的 8%。從帳單角度來看，各垂直行業第四季的帳單百分比分別為：商業 78%；住宅 6%；車隊 9%；以及其他 7%。從地理上看，北美佔收入的 77%，歐洲佔 23%。本季歐洲市場表現尤為強勁，貢獻了自公司上市以來最高的營收份額。

Non-GAAP gross margin continued to remain at a record high of 33%, flat sequentially, and up 3-percentage-points year-on-year. Hardware gross margin was flat sequentially. Subscription margin continued its upward trajectory, reaching a new GAAP record of 64% and coming in even higher on a non-GAAP basis, supported by economies of scale and sustained efficiencies in support-related costs.

非GAAP毛利率持續維持在33%的歷史高點，較上季持平，年增3個百分點。硬體毛利率季持平。訂閱利潤率持續保持上升勢頭，達到 64% 的新 GAAP 記錄，在非 GAAP 基礎上甚至更高，這得益於規模經濟和支持相關成本的持續效率提升。

Non-GAAP operating expenses were $58 million, essentially flat to the prior quarter. We remain committed to prudent expense management, maintaining a disciplined approach that balances current constraints with selective investments in R&D intended to support announced product launches that we believe will position us for long-term growth and margin expansion.

非GAAP營運支出為5,800萬美元，與上一季基本持平。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，有選擇地投資研發，以支持已宣布的產品發布，我們相信這將使我們處於長期增長和利潤率擴張的有利地位。

Non-GAAP adjusted EBITDA loss was $18 million. This compares with a loss of $19 million in the prior quarter and a loss of $17 million in the fourth-quarter of last year. Stock based compensation was $13 million, down from $15 million, both in the prior quarter and in the fourth-quarter of last year.

非GAAP調整後的EBITDA虧損為1,800萬美元。相較之下，上一季虧損1,900萬美元，去年第四季虧損1,700萬美元。股票選擇權補償金為 1,300 萬美元，低於上一季和去年第四季的 1,500 萬美元。

Our inventory balance was $215 million, a slight increase from the prior quarter. Although physical inventory levels were modestly lower versus the prior quarter, the overall balance ticked up slightly, primarily due to foreign exchange fluctuations and overhead capitalization.

我們的庫存餘額為 2.15 億美元，比上一季略有增加。儘管實體庫存水準較上一季略有下降，但整體餘額略有上升，這主要是由於外匯波動和管理費用資本化所致。

Turning to cash. This quarter, we made a $40 million payment related to the debt transaction we announced in November. After that payment, we ended the quarter with $142 million in cash. Excluding that payment, full year fiscal 2026 net cash usage was just $43 million, a significant improvement from the $133 million used in the prior fiscal year. We've made substantial progress in reducing cash usage from normal operations over the past year, and this will remain an important area of focus going forward.

兌換現金。本季度，我們支付了 4,000 萬美元，這筆款項與我們 11 月宣布的債務交易有關。支付完這筆款項後，我們本季末的現金餘額為 1.42 億美元。除去這筆款項，2026 財年全年淨現金使用量僅為 4,300 萬美元，與上一財年的 1.33 億美元相比有了顯著改善。過去一年，我們在減少日常營運中的現金消耗方面取得了實質進展，未來我們仍將重點關注這一領域。

The debt exchange announced in November is now reflected in our financials. Because the transaction included a significant discount, the accounting treatment requires us to record future interest payments as short-term and long-term liabilities on the balance sheet.

11月份宣布的債務置換計畫現已反映在我們的財務報表中。由於該交易包含大幅折扣，會計處理要求我們將未來的利息支付記錄為資產負債表上的短期和長期負債。

As we pay down the capitalized interest, the corresponding debt balance will come down and there will be no related interest expense flowing through the P&L. With respect to full fiscal year 2026 results, revenue was $411 million, non-GAAP gross margin was 32% and non-GAAP operating expenses were $231 million. From a geographic perspective, North America was 83% of full year revenue and Europe was 17%.

隨著我們償還資本化利息，相應的債務餘額也會減少，因此不會有相關的利息支出計入損益表。就 2026 財年全年業績而言，營收為 4.11 億美元，非 GAAP 毛利率為 32%，非 GAAP 營運費用為 2.31 億美元。從地域角度來看，北美佔全年收入的 83%，歐洲佔 17%。

For additional full year fiscal 2026 results, see the press release issued earlier today. Turning to guidance. After a strong fourth-quarter, we expect first-quarter revenue to be in the range of $90 million to $100 million, reflecting the typical seasonality we see in Q1.

有關 2026 財年全年業績的更多詳情，請參閱今天稍早發布的新聞稿。尋求指導。在第四季度表現強勁之後，我們預計第一季營收將在 9,000 萬美元至 1 億美元之間，這反映了我們在第一季看到的典型季節性波動。

In summary, this quarter, we continued to deliver both sequential and year-over-year revenue growth, achieved yet another record quarter for subscription gross margin and continue to make steady progress towards profitability. We also delivered against our annual objectives around disciplined cash management, reducing operating expenses and significantly lowering cash usage throughout the year.

總而言之，本季我們繼續實現了環比和同比增長的收入增長，訂閱毛利率再次創下歷史新高，並繼續穩步朝著盈利目標邁進。我們還實現了年度目標，包括嚴格的現金管理、降低營運費用以及全年大幅降低現金使用。

Looking ahead, we will continue to remain focused on disciplined execution and operating expense management, and we are committed to building on the progress we've made in the quarters ahead. We will now open the call for questions.

展望未來，我們將繼續專注於嚴謹的執行和營運費用管理，並致力於在接下來的幾季中鞏固我們所取得的進展。現在開始接受提問。

(Operator Instructions)

（操作說明）

Colin Rusch, Oppenheimer.

科林魯什，奧本海默。

You've talked about the (technical difficulty) opportunity in the past. And so I'd be curious just on the update there as people are making progress. But certainly, as we look across some of the emerging form factors and around the robotics space and physical AI, I'm just curious about how much opportunity there is now in kind of initial interest for where you guys have both from just a pure charging perspective as well as the software platform that optimizes a lot of that network?

你之前也談過（科技難題帶來的）機會。所以我很想了解那邊的最新進展，因為大家都在取得進展。但當然，當我們審視一些新興的外形尺寸、機器人領域和物理人工智慧時，我很好奇，從純粹的充電角度以及優化該網路的軟體平台來看，你們目前有多少機會和初步的興趣？

Yes. Colin, it was (technical difficulty), I think that's what you mentioned. We haven't focused much on that space yet. But with respect to physical automation, I think the bigger near-term opportunity that we're very focused on is autonomous vehicles. We're now investing quite a bit of time in understanding what, if any, unique charging requirements are required by that market such that we can leverage the success we've had already and expand that and become the default charging solution of choice for autonomous vehicle fleets.

是的。科林，是（技術故障），我想這就是你提到的。我們目前還沒有太多關注這個領域。但就物理自動化而言，我認為我們目前非常關注的更大的近期機會是自動駕駛汽車。我們現在投入大量時間來了解該市場是否有任何獨特的充電要求，以便我們能夠利用我們已經取得的成功並擴大其規模，成為自動駕駛車隊的首選預設充電解決方案。

Excellent. And then from a cost perspective, you guys are making steady progress. I'm curious about opportunities for continuing to drive those concepts from a hardware perspective or even start driving a little bit of price increase and pushing that through to help support margins. I'm not sure how realistic that is but just want to get a sense of how you're expecting that to play out here over the balance of the year, knowing that you're only guiding for a quarter?

出色的。從成本角度來看，你們也取得了穩定進展。我很好奇能否從硬體角度繼續推進這些概念，甚至開始稍微提高價格，並透過這種方式來提高利潤率。我不確定這有多現實，但我想了解一下，考慮到您只對一個季度做出預測，您預計今年剩餘時間情況會如何發展？

Yes. Thus far, we have not pushed any price increases into the market, and I don't think we anticipate doing so. The opportunity for gross margin improvement on hardware, and therefore, cost reductions, assuming we don't increase prices, is really hinged on a lot of the new hardware platforms we'll be introducing into the market as we move through this year. We announced our Flex product line last year, which is our single-port AC product for both home and fleet. And that product is ramping now.

是的。到目前為止，我們還沒有向市場推出任何漲價產品，而且我認為我們也不打算這樣做。硬體毛利率提高的機會，以及由此帶來的成本降低（假設我們不提高價格），實際上取決於我們今年將向市場推出的許多新硬體平台。我們去年發布了 Flex 產品線，這是我們以家庭和車隊為導向的單埠交流產品。該產品目前正在加速生產。

It's got a better margin profile than our historical single-port AC products. And then we've got our next-gen DC product, which has substantially better margin profile than our current DC architecture and that will be ramping into production in the second half of this year, and we're very optimistic about the prospects for that product.

與我們以往的單埠交流電產品相比，它的利潤率更高。然後，我們推出了下一代資料中心產品，其利潤率比我們目前的資料中心架構要好得多，該產品將於今年下半年投入生產，我們對該產品的前景非常樂觀。

The market interest right now is very high in that product because not only is it more cost effective than our current DC solutions, it has also got some innovation in it that really reduces overall cost for a customer beyond just the initial capital expenditure related to both OpEx and construction and build-out costs.

目前市場對該產品的興趣非常高，因為它不僅比我們目前的資料中心解決方案更具成本效益，而且還包含一些創新，可以真正降低客戶的總體成本，而不僅僅是與營運支出、建設和建設成本相關的初始資本支出。

Excellent. And just a follow-up on that I want to sneak in here is around inventory reduction. You guys have obviously gone through the product transition. But just curious about when you can start working that inventory balance down a little bit more aggressively?

出色的。最後，我還想補充一點關於減少庫存的問題。你們顯然已經完成了產品轉型。我只是好奇，您什麼時候可以更積極地開始降低庫存餘額？

Yes, I can take that one, Colin. So mix of products sold during the quarter impacts inventory in generally, like I mentioned, even in Q4, while we did see a little bit of a decline in physical inventory, the dollar value that you see on the books went up a little bit because of the impact of foreign exchange on our inventory that is stored in Europe and there was some impact of cost capitalization, which included some tariffs as well, which resulted in a net increase of inventory in the books.

是的，我可以接受這個挑戰，科林。因此，季度內銷售的產品組合對庫存總體上產生了影響，正如我所提到的，即使在第四季度，雖然我們看到實物庫存略有下降，但由於外匯對我們在歐洲存儲的庫存的影響，以及成本資本化（包括一些關稅）的影響，賬面上的美元價值略有上升，這導致賬面庫存淨增加。

As you know, we are managing inventory very carefully. And as we get to the tail end of our prior commitments to our contract manufacturers, we should start seeing a gradual reduction throughout this year.

如您所知，我們對庫存管理非常謹慎。隨著我們先前對合約製造商的承諾逐步履行完畢，我們應該會在今年看到訂單量逐漸減少。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

The company had a press release out in mid-February, highlighting 34% growth in charging sessions and also that it was putting upward pressure on utilization. You saw more on that today highlighting a growing number of users and also the increase in utilization rates. At the same time, guidance for the first-quarter implies revenue will be down a little bit year-on-year at the midpoint. So can you help us reconcile some of the progress you're seeing in terms of the user count and utilization rates with the outlook for revenue to be slightly lower year-on-year at the midpoint and 1Q?

該公司在 2 月中旬發布新聞稿，強調充電次數增加了 34%，並表示這將對利用率帶來上行壓力。今天您也看到了更多相關報道，重點介紹了用戶數量的增長以及利用率的提高。同時，第一季業績指引顯示，營收將較去年同期略有下降（取中間值）。那麼，您能否幫助我們解釋一下，您在用戶數量和使用率方面看到的一些進展，與年中和第一季收入同比略有下降的預期之間的矛盾？

Yes. So the utilization they are growing, as we've mentioned before, and that definitely leads to sales cycle kind of kicking off. In terms of the guidance, specifically after coming off of a strong Q4, we're guiding to Q1 based on typical seasonality, where we've historically seen about a 5% to 15%-ish reduction in Q1 revenue versus Q4 because of the seasonal factor and winter months, et cetera.

是的。正如我們之前提到的，它們的利用率正在成長，這無疑會啟動銷售週期。就業績指引而言，尤其是在第四季表現強勁之後，我們會根據典型的季節性因素對第一季業績做出指引。歷史上，由於季節性因素和冬季月份等原因，第一季的收入通常會比第四季度減少 5% 到 15% 左右。

And this is what we've reflected in our Q1 guidance. And besides that, we're taking a prudent approach given the current macro environment. However, you noticed that our range does encompass a growth scenario year-over-year?

而這正是我們在第一季業績預期中所體現的內容。除此之外，鑑於當前的宏觀環境，我們也採取了謹慎的做法。但是，您是否注意到我們的產品系列確實涵蓋了逐年成長的情況？

Understood. And my other question was around Nevi. There's been some talk of a change in how much domestic content might be needed to qualify. I think last quarter, the company you spoke about more states getting ready to move forward with those, but I'm hoping you can update us on what you're seeing given what could be some changes in the requirement for domestic content and if that's having any effect on your business and outlook for that piece of the market?

明白了。我的另一個問題是關於內維的。有傳言說，要改變獲得電影改編權所需的國產電影比例。我認為上個季度，貴公司曾提到更多州準備推進相關工作，但鑑於國內內容要求可能會有所變化，我希望您能向我們介紹一下您目前觀察到的情況，以及這是否會對貴公司的業務和市場前景產生任何影響？

Yes. So our understanding right now is that obligated funds are not going to be affected by any rule changes around domestic content. And we've got a strong pipeline of obligated funds that will continue to fulfil this year and maybe even to next year. And then on the non-obligated funds, which may be impacted by any changes, we're going to have to wait for those rules to get finalized before we can assess what, if any, impact it will have on us.

是的。因此，我們目前的理解是，已撥付的資金不會受到國內內容相關規則變化的影響。我們擁有充足的已承諾資金，這些資金將在今年繼續發揮作用，甚至可能延續到明年。至於那些可能受到任何變化影響的非義務資金，我們需要等到這些規則最終確定後才能評估它們會對我們產生什麼影響（如果有的話）。

Chris Pierce, Needham & Company.

克里斯·皮爾斯，尼德姆公司。

Just two, I think both for Mansi. If we look at the revenue guidance, the growth you guys have shown kind of think about the rest of the year, and you've kind of given us the playbook for gross margins. I'm just curious, is there any chance for further OpEx leverage or OpEx reductions? Or are we sort of in the late earnings around there? I'm just thinking about the pieces to get too closer to flat adjusted EBITDA?

我覺得只有兩個，都是給曼西的。如果我們看一下營收預期，你們展現出的成長勢頭，想想今年剩下的時間，你們已經為我們提供了毛利率的藍圖。我只是好奇，是否還有進一步利用營運成本優勢或降低營運成本的機會？或者我們現在是不是已經到了財報季末期了？我只是在思考哪些因素會導致調整後 EBITDA 接近持平？

Yes. OpEx has been relatively flat for the last couple of quarters on a non-GAAP basis. We expect that this non-GAAP OpEx would remain in that current range in the near term. However, we should see a reduction over the year as we get through our engineering efforts on the new products that we've introduced and our NRE or prototyping costs on the engineering side start coming down.

是的。過去幾個季度，以非GAAP準則計算，營運支出相對穩定。我們預計，短期內，這項非GAAP營運支出將維持在目前的範圍內。但是，隨著我們完成新產品的工程研發工作，工程方面的非經常性工程或原型製作成本開始下降，我們應該會在一年內看到成本下降。

The other comment I'll make there is around AI. We are now seeing a measurable impact on keeping OpEx flat or even reducing it in some areas and then reallocating resources to other areas that have a need through AI implementation. We've got a number of examples and proof points in the company now where this is paying off in real dollars.

我還要補充一點人工智慧的內容。我們現在看到，透過實施人工智慧，營運支出得以保持穩定甚至在某些領域有所降低，然後將資源重新分配到其他有需要的領域，這產生了可衡量的影響。公司現在有很多例子和證據可以證明，這種做法已經帶來了實質的經濟效益。

Okay. And then I think I had this right, you had a pretty sizable working capital benefit in the quarter, which helped cash. But if you look at the pieces of it, there was a pretty sizable jump up in trade payables and accounts receivable came down modestly, that I think makes up the bulk of it. Should those reverse in the first-quarter? Or is this sort of -- like how should we think about those two numbers and the benefit you might see in working capital or the debit in the first-quarter?

好的。然後我覺得我理解對了，你們本季獲得了相當可觀的營運資金收益，這有助於現金流。但如果你仔細分析各個部分，你會發現應付帳款大幅成長，而應收帳款略有下降，我認為這構成了大部分原因。這些情況會在第一季逆轉嗎？或者，這有點像是——我們應該如何看待這兩個數字，以及您可能在第一季營運資金或借方方面看到的收益？

Yes. So AR, we made a significant progress in collections. We were pretty aggressive this quarter. We'll continue to do that. But you're right, that probably will not be a big benefit in Q1.

是的。所以，在AR方面，我們在資料收集方面取得了顯著進展。我們本季採取了相當激進的策略。我們會繼續這樣做。但你說得對，這在第一季可能不會帶來太大的好處。

AP, same thing, it's timing. So sometimes it's up or down. So it's difficult to pinpoint exactly if there will be a benefit or it may be a little bit worse. However, typically, Q1 tends to use more cash. So typically, Q1, we see the highest usage of cash as compared to the rest of the year because we have a lot of software expenses that we have to pay upfront for the rest of the year.

AP，情況也一樣，關鍵在於時機。所以有時候會上漲，有時候會下跌。因此，很難準確判斷這樣做會帶來好處，還是會稍微惡化一些。然而，通常情況下，第一季往往會使用更多現金。因此，通常情況下，第一季現金使用量會比一年中的其他季度最高，因為我們有很多軟體費用需要提前支付，以備今年剩餘時間使用。

So that will impact working capital in Q1. However, through the rest of the year, we should start seeing that coming down. And then as we mentioned before, as inventory comes down, we should see a boost to working capital as well.

因此，這將對第一季的營運資金產生影響。然而，在今年餘下的時間裡，我們應該會看到這種情況開始下降。正如我們之前提到的，隨著庫存下降，營運資金也應該會提升。

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley Securities。

Can you talk a bit about the competitive landscape as the EV market has evolved here in the US? And what kind of opportunities that might present to you in terms of potential M&A or market share gains?

您能否談談美國電動車市場發展至今的競爭格局？那麼，這可能會為您帶來哪些併購或市佔率成長的機會呢？

Yes. We won't comment on any M&A opportunities, but it's very active. I can tell you that. There's plenty of assets that are becoming available. We're getting calls. In terms of competitive landscape, we're capitalizing on some exits from the market by certain parties.

是的。我們不會對任何併購機會發表評論，但市場確實非常活躍。我可以告訴你這一點。有很多資產正變得可供出售。我們接到了很多電話。從競爭格局來看，我們正在利用某些企業退出市場的機會。

So there are real opportunities, again, that we're capitalizing on as a result of people leaving the market. So in general, I would consider it favourable and normal for an industry that's going through a cycle like what we were -- like we've been through.

因此，由於人們退出市場，我們再次看到了真正的機會，我們正在抓住這些機會。所以總的來說，我認為這對於一個正在經歷像我們曾經經歷過的那種週期的行業來說是有利的，也是正常的。

Got it. Appreciate that. And then understanding you don't guide for the year, but what do you see as the main revenue growth drivers by segment or by product in 2026?

知道了。謝謝。我知道您不提供年度業績指引，但您認為 2026 年各細分市場或產品的主要收入成長驅動因素為何？

It's going to be our new products in addition to the strength we see in Europe. I think it looks fairly steady in North America. We had a very strong quarter in Q4 in Europe. We expect that trend to continue and then be further accelerated by the new products that are now built for Europe in addition to North America, unlike some of our prior products, which were continent-specific.

除了我們在歐洲展現的優勢之外，我們的新產品也將發揮作用。我認為北美的情況看起來相當穩定。我們在歐洲第四季的業績非常強勁。我們預計這一趨勢將會持續下去，並且隨著現在除了北美以外也為歐洲生產的新產品的推出，這一趨勢將會進一步加速，這與我們之前一些針對特定大陸的產品不同。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Just to follow up on the last couple of questions. I was hoping you could mention at a high level kind of the various paths the company has to reach positive EBITDA, whether it's -- you have the new products? It sounds like there's some gross margin opportunity, maybe opportunities on OpEx.

我來補充最後幾個問題。我希望您能概括地介紹一下公司實現正 EBITDA 的各種途徑，例如—你們有新產品嗎？聽起來毛利率方面還有一些提昇空間，營運支出方面或許也有一些提升空間。

But when you kind of think about those drivers as well as the EV market overall, kind of how are you thinking about the different ways you have and levers to pull to get the company to positive EBITDA?

但是，當你考慮到這些驅動因素以及整個電動車市場時，你會如何思考你可以採取哪些不同的方法和手段來讓公司實現正的 EBITDA 呢？

Yes. I think it's a combination of things, Itay. It's obviously growth, and as we just mentioned, we're optimistic about Europe, especially as we introduce new products and move through the year with North America continuing to be steady and perhaps opportunities coming about as the attrition of competition moves forward.

是的。我覺得是多種因素共同作用的結果，伊泰。顯然，這是成長，正如我們剛才提到的，我們對歐洲市場持樂觀態度，尤其是在我們推出新產品並逐步推進之際；北美市場也保持穩定，隨著競爭的加劇，或許會出現新的機會。

And then on the gross margin side, again, as we mentioned a minute ago, we expect much better gross margin profiles on all the new hardware products that we're introducing into the market, and that should move our overall weighted gross margin up as we move through the year. And then lastly, we'll continue to control OpEx and optimize OpEx, again, with AI now starting to show tangible results for us in terms of our ability to keep our costs constant without while growing top line and expanding our product portfolio because of the efficiencies we're seeing through AI implementation in different areas of the company.

在毛利率方面，正如我們剛才提到的，我們預計所有新推出的硬體產品的毛利率都會有顯著提高，這將推動我們全年的加權毛利率整體上升。最後，我們將繼續控制和優化營運支出，人工智慧現在開始為我們帶來切實可見的成果，使我們能夠在保持成本不變的情況下，透過提高營收和擴展產品組合，提高公司各個領域的效率。

That's helpful. And then my second question, Rick, actually is on the AI initiatives. I'm just kind of curious which quarter this year do you think that starts to kind of show through? And kind of how do you see the opportunity progressing even over the next couple of years for the company?

那很有幫助。里克，我的第二個問題實際上是關於人工智慧計劃的。我只是有點好奇，你覺得今年哪個季度會開始顯現？那麼，您認為公司在未來幾年內的發展機會將如何？

I think for now, what we're seeing, generally speaking, is knowledge work that is done on a screen that tends to be complex but repetitive, we're now using a genetic AI to automate that. So there's quite a number of jobs in the company that fit that profile. And in specific areas where we've implemented solutions, we're doing twice as much work with half as many people. And I think we'll continue to expand that capability across the company. It will also show up in the way we write and test code, which should increase our pace of innovation when it comes to releasing new software features.

我認為目前我們看到的，總的來說，是在螢幕上完成的知識工作，這些工作往往複雜但重複性很高，而我們現在正在使用基因人工智慧來自動化這項工作。所以公司裡有很多職位都符合這個條件。在我們實施解決方案的特定領域，我們用一半的人力完成了兩倍的工作量。我認為我們將繼續在公司內部擴展這種能力。它也將體現在我們編寫和測試程式碼的方式上，這將加快我們在發布新軟體功能時的創新速度。

And then last, we've got some very interesting AI features on the road map that will manifest themselves in our product, primarily on our software side that I think will be really valuable for our customers and the drivers that use our technology.

最後，我們還有一些非常有趣的 AI 功能正在開發中，這些功能將在我們的產品中體現出來，主要體現在我們的軟體方面，我認為這對我們的客戶和使用我們技術的駕駛者來說將非常有價值。

(Operator Instructions)

（操作說明）

Craig Irwin, ROTH Capital Partners.

Craig Irwin，ROTH Capital Partners。

So Rick, over the last many years, technology companies and their charging points outside of their offices have been a great opportunity for ChargePoint. Some of us have been moderately optimistic with the building wave of sort of back to the office. I know the footprints of how these companies are staffing are changing a little bit, maybe that's actually the incremental opportunity.

所以里克，在過去的許多年裡，科技公司及其辦公大樓外的充電樁為 ChargePoint 帶來了巨大的商機。我們當中有些人對逐漸興起的返崗浪潮持較樂觀的態度。我知道這些公司在人員配備方面正在發生一些變化，也許這實際上就是漸進式的機會。

Can you talk about your legacy technology customers that were so very important many years ago, are they coming back in any material way right now? And is this something that you see maybe building in momentum?

您能否談談您多年前非常重要的傳統技術客戶，他們現在是否以任何實質的方式回歸？你認為這種趨勢正在逐漸形成嗎？

I think what we're seeing generally is steady expansion of their networks. We mentioned that new KPI in the prepared remarks around the station that exceeds 30% utilization one day in a month. And that -- we had over 100,000 AC ports that met that criteria. And when you reach that threshold, you'll find drivers pull into a parking lot and just have a hard time finding an available charger. So in areas where EV penetration is strong, generally speaking, in North America, the Coasts, we're seeing that metric exceed that 30% number, which drives expansion business.

我認為我們目前看到的總體趨勢是他們網路的穩定擴張。我們在事先準備好的發言稿中提到，車站的新KPI是每月有一天利用率超過30%。而且—我們有超過 10 萬個交流電源介面符合該標準。當你達到這個臨界點時，你會發現司機們把車開進停車場後，卻很難找到可用的充電樁。因此，在電動車滲透率較高的地區，一般來說，在北美沿海地區，我們看到這項指標超過了 30% 這個數字，這推動了業務擴張。

So that remains an important part of our company's strategy is to continue to grow with our customers as the population of EV drivers that frequent those workplaces continues to grow, which is really driven by the cumulative number of EVs on the road.

因此，我們公司策略的重要組成部分仍然是與客戶共同成長，因為經常出入這些工作場所的電動車駕駛員數量持續增長，而這實際上是由道路上電動汽車的累積數量所推動的。

I think a lot of people get fixated on the new EV sales, but what really drives our business is not only new EV sales, but the cumulative number of EVs that are on the road. So we continue to see good expansion business with our workplace and commercial customers in general.

我認為很多人都過於關注電動車的新銷量，但真正推動我們業務發展的不僅是電動車的新銷量，還有道路上行駛的電動車的累積數量。因此，我們與辦公室和商業客戶的業務總體上持續保持良好的成長勢頭。

Okay. Excellent. And then my second question really is about the pathway to positive EBITDA, right? Over the last number of quarters, you've kind of sort of leaned in the direction of wanting to preserve the capacity in the company and see growth help you deliver this with new products and new partnerships. Can you maybe build us a bridge on how we get there? And do you have a set timeline that you're looking for? What should we expect as external observers of the company?

好的。出色的。那麼我的第二個問題實際上是關於如何實現正 EBITDA 的途徑，對嗎？在過去的幾個季度裡，你們似乎傾向於維持公司的產能，並希望透過新產品和新合作關係來成長。您能否為我們搭建一座通往目標的橋樑？您是否有具體的時間表要求？作為公司的外部觀察者，我們該期待什麼？

Yes, we're going to -- like I just mentioned when I answered a question a moment ago, it's a function of growth, improving gross margins and controlling OpEx. And as you've seen historically, we expect to gradually improve in all areas as we move through the first half of this year.

是的，我們會這樣做——就像我剛才回答問題時提到的那樣，這取決於成長、提高毛利率和控制營運支出。正如你們從以往的經驗中看到的，我們預計今年上半年各個領域都會逐步改善。

And then I think the acceleration on improvement in all three of those, particularly growth in gross margin, will be stronger in the second half as we introduce these new products and we really take advantage of the favourable macro conditions in Europe with a whole suite of new products that we weren't selling into those segments before because we did not have a product offering.

然後我認為，隨著我們推出這些新產品，並真正利用歐洲有利的宏觀環境，推出一系列我們以前沒有在這些領域銷售過的新產品，這三方面的改善速度，特別是毛利率的增長，將在下半年更加強勁。

And that concludes our question-and-answer session and today's conference call. Thank you for joining ChargePoint's call. You may now disconnect.

我們的問答環節和今天的電話會議到此結束。感謝您參加ChargePoint的電話會議。您現在可以斷開連線了。