ChargePoint Holdings Inc (CHPT) 2027 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the ChargePoint first quarter 2027 earnings call. (Operator Instructions)

各位女士、先生，感謝各位加入我們，歡迎參加 ChargePoint 2027 會計年度第一季財報電話會議。(接線員指示)

I will now hand the conference over to Audrey Dion, Head of Investor Relations. Audrey, please go ahead.

我現在把會議交給投資人關係主管 Audrey Dion。Audrey，請開始。

Good afternoon and thank you for joining us on today's conference call to discuss ChargePoint's first quarter fiscal 2027 earnings results. This call is being webcast and can be accessed on the Investors section on our website at investors.chargepoint.com. With me on today's call are Richard Wilmer, our Chief Executive Officer; and Mansi Khetani, our Chief Financial Officer.

各位下午好，感謝各位參加今天的電話會議，討論 ChargePoint 2027 會計年度第一季財報結果。本次會議將進行網路直播，可至我們網站 investors.chargepoint.com 的「投資人」專區收看。今天與我一同出席的有我們的執行長 Richard Wilmer，以及財務長 Mansi Khetani。

This afternoon, we issued a press release announcing results for the quarter ended April 30, 2026, which can be found on our website. We'd like to remind you that during the conference call, management will make forward-looking statements, including our outlook for the second quarter of fiscal 2027. 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.

今天下午，我們已發布新聞稿，公布截至 2026 年 4 月 30 日止季度的業績，新聞稿可在我們網站上查閱。提醒各位，在本次電話會議中，管理層將作出前瞻性陳述，包括我們對 2027 會計年度第二季的展望。這些前瞻性陳述涉及風險與不確定性，其中許多超出我們的控制範圍，可能導致實際結果與我們的預期存在重大差異。這些前瞻性陳述僅適用於今日；會議結束後，我們不承擔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-K filed with the SEC on April 2, 2026, in 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 reconciled to GAAP in our earnings release and for certain historical periods in the investor presentation posted on the Investors section of our website.

如需更詳細了解可能導致實際結果不同的若干因素，請參閱我們於 2026 年 4 月 2 日向美國證券交易委員會（SEC）提交的 Form 10-K、今日發布於我們網站並以 Form 8-K 向 SEC 提交的財報新聞稿。另外請注意，我們在本次電話會議中使用若干非 GAAP 財務衡量指標；我們已在財報新聞稿中提供其與 GAAP 的調節，並在投資人專區所發布的投資人簡報中提供部分歷史期間的調節。

And finally, we'll post a transcript on this call on our Investor Relations website under the Quarterly Results section. Thank you. I will now turn the call over to our CEO, Rick Wilmer.

最後，我們將在投資人關係網站「季度業績」專區發布本次電話會議逐字稿。謝謝。接下來我把電話交給我們的執行長 Rick Wilmer。

Good afternoon, and thank you for joining us. Q1 was a strong start to the fiscal year and an important proof point in ChargePoint's evolution from a business anchored and disciplined operational execution to a business also driving growth. ChargePoint's Q1 revenue was above the top end of our guidance range, extending our return to year-over-year growth to a third consecutive quarter.

各位下午好，感謝各位加入我們。第一季為本會計年度帶來強勁開局，也是一個重要的驗證點，證明 ChargePoint 正從以穩健且嚴謹的營運執行為核心的企業，進一步演進為同時推動成長的企業。ChargePoint 第一季營收高於我們財測區間上緣，並使我們年對年成長的回歸延續至連續第三個季度。

We sustained our strong gross margins, continued to reduce operating expenses as well as advanced hardware, software, AI and partnership initiatives that will define the next phase of this company. As we enter the third year of our three-year plan, we have become a stronger, leaner, more focused platform company that we believe will deliver durable growth.

我們維持強勁的毛利率，持續降低營運費用，同時推進硬體、軟體、AI 與合作夥伴計畫，這些將定義公司下一階段。隨著我們進入三年計畫的第三年，我們已成為更強健、更精實、更聚焦的平台型公司，我們相信這將帶來可持續的成長。

Our model is capital-light by design. We sell charging hardware, software and services to institutions that want to offer charging services, but we do not own the charging assets. Our customers own and operate the infrastructure while ChargePoint provides the complete technology platform that powers it.

我們的商業模式在設計上即為輕資本。我們向希望提供充電服務的機構銷售充電硬體、軟體與服務，但我們不持有充電資產。我們的客戶擁有並營運基礎設施，而 ChargePoint 提供為其提供動力的完整技術平台。

Turning to Q1. We delivered revenue of $102 million, above the top end of our guidance range. This reflects improved demand, continued customer confidence in our platform and disciplined execution across the company. It also marks the third consecutive quarter of year-over-year growth. Non-GAAP gross margin remained strong at 32%, driven by pricing discipline, operational efficiency and the durability of our software-led capital-light business model.

回到第一季。我們實現營收 1.02 億美元，高於財測區間上緣。這反映需求改善、客戶對我們平台的持續信心，以及公司全體的嚴謹執行。這也標誌著連續第三個季度的年對年成長。非 GAAP 毛利率維持在 32% 的強勁水準，主要受惠於定價紀律、營運效率，以及我們以軟體為主導的輕資本商業模式的韌性。

As our new products enter the market in volume later this year, we expect overall gross margins to increase to new record levels. These gains will be sustainable due to improved cost structures, greater operating leverage, higher-value software and services and a business model that becomes increasingly efficient as we scale.

隨著我們的新產品在今年稍晚以更大規模進入市場，我們預期整體毛利率將提升至新的歷史新高。由於成本結構改善、更高的營運槓桿、更高價值的軟體與服務，以及隨規模擴大而愈發高效率的商業模式，這些提升將具有可持續性。

We are now one quarter into the third year of our three-year strategic plan. That plan rests on four pillars: Capital-efficient hardware innovation, software leadership, world-class driver experiences, and operational excellence. Year three is about driving growth and doing so profitably.

我們現在已進入三年策略計畫第三年的第一個季度。該計畫建立在四大支柱之上：資本效率導向的硬體創新、軟體領導地位、世界級的駕駛者體驗，以及卓越營運。第三年的重點是在推動成長的同時，做到獲利成長。

We have added a key new executive to put maximum focus on this next phase of our strategy. Jyothi Swaroop has joined ChargePoint as our Chief Marketing and Growth Officer, leading our global go-to-market and growth strategy. Jyothi brings extensive experience leading global marketing, sales and business development and revenue operations for enterprise technology companies, including Oracle, Dell EMC, Veritas and DDN. He has built and skilled go-to-market organizations in highly competitive markets and brings a rare combination of enterprise technology depth, go-to-market rigor strategic storytelling and growth leadership. We are thrilled to have him join the team.

我們新增了一位關鍵高階主管，以最大化聚焦於策略下一階段。Jyothi Swaroop 已加入 ChargePoint，擔任行銷與成長長（Chief Marketing and Growth Officer），領導我們的全球上市推進（go-to-market）與成長策略。Jyothi 擁有豐富經驗，曾為多家企業級科技公司領導全球行銷、銷售、業務開發與營收營運（revenue operations），包括 Oracle、Dell EMC、Veritas 與 DDN。他曾在高度競爭的市場中建立並培育 go-to-market 組織，並具備罕見的組合：深厚的企業科技背景、嚴謹的 go-to-market 方法、策略性敘事能力與成長領導力。我們非常高興他加入團隊。

We are seeing renewed customer interest driven by our new products, rising utilization across our installed base, improving market conditions, and customers increasingly favoring scalable, reliable platforms. A central driver of this next phase of growth is Express Solo, the world's fastest stand-alone DC charger.

在新產品帶動、既有裝機基礎的使用率提升、市場環境改善，以及客戶愈來愈偏好可擴展且可靠的平台之下，我們看到客戶興趣再度升溫。推動下一階段成長的核心動能之一，是 Express Solo——全球最快的獨立式直流（DC）充電器。

Express Solo delivers up to 600 kilowatts to a single vehicle and is the first product based on our new DC architecture, which we believe is superior to any other solution in the market. It provides approximately 40% higher power density than competing solutions in the industry's smallest footprint. Early access units are already fully committed reinforcing that Express Solo aligns squarely with customer demand for high-power economical, compact and scalable infrastructure.

Express Solo 可對單一車輛提供最高 600 千瓦功率，並且是第一款採用我們全新直流架構的產品；我們相信該架構優於市場上任何其他解決方案。它在業界最小占地面積下，提供約高出競品 40% 的功率密度。早期導入機型已全數被預訂，進一步印證 Express Solo 完全契合客戶對高功率、經濟性、緊湊且可擴展基礎設施的需求。

Alongside product innovation, artificial intelligence is becoming a meaningful advantage for ChargePoint, not only for our own operations, but increasingly in the software capabilities we deliver to customers.

除了產品創新之外，人工智慧正逐步成為 ChargePoint 的重要優勢，不僅用於我們自身營運，也愈來愈體現在我們交付給客戶的軟體能力上。

We are deploying AI across four major areas: software development, customer support, AI-enabled product capabilities and business process automation. AI is already producing measurable operational improvements as evidenced by our Q1 OpEx performance. And we expect to achieve further OpEx benefits as we continue to aggressively drive enterprise-wide adoption of AI.

我們正在四大領域部署 AI：軟體開發、客戶支援、AI 驅動的產品能力，以及業務流程自動化。AI 已帶來可量化的營運改善，這可從我們第一季營運費用（OpEx）的表現看出。隨著我們持續積極推動全企業導入 AI，我們預期將進一步取得 OpEx 的效益。

The bigger opportunity is customer-facing. Upcoming product releases will expand the role AI plays and how customers manage, optimize and monetize charging infrastructure. We are building AI into our software platform to help customers operate charging infrastructure more intelligently, which means better diagnostics, faster issue resolution, smarter energy management, improved uptime, reduced costs and better decisions about when and where to expand capacity.

更大的機會在於面向客戶的應用。即將推出的產品版本將擴大 AI 的角色，以及客戶管理、最佳化並變現充電基礎設施的方式。我們正將 AI 納入軟體平台，協助客戶以更智慧的方式營運充電基礎設施，這意味著更好的診斷、更快的問題解決、更智慧的能源管理、更高的正常運作時間（uptime）、更低的成本，以及在何時何地擴充容量方面做出更佳決策。

And this is all happening at a pace previously unimaginable. We are demonstrably accelerating software delivery through the use of AI. AI at ChargePoint is not theoretical, it's accelerating the pace of innovation, enriching our product offerings, reducing operating expenses and enabling us to scale revenue without increasing costs.

而這一切正以過去難以想像的速度發生。我們正透過 AI 的使用，明顯加速軟體交付。ChargePoint 的 AI 並非停留在理論層面；它正在加快創新速度、豐富我們的產品供給、降低營運費用，並使我們能在不增加成本的情況下擴大營收規模。

Let me now turn to the broader EV market. We believe the transition to electrified transplantation remains inevitable and new market dynamics are causing the transition to accelerate. First, the cost advantage of operating an EV compared to an internal combustion vehicle continues to widen as gas prices rise. Second, EV purchase prices continue to converge with internal combustion vehicles while consumer choice is expanding. Used EVs are now near price parity with comparable gas vehicles and the abundance of used EVs is increasing significantly.

接下來談更廣泛的電動車市場。我們相信，向電動化轉型仍是不可避免的趨勢，而新的市場動態正使轉型加速。第一，隨著汽油價格上升，相較於內燃機車，電動車的使用成本優勢持續擴大。第二，電動車購車價格持續向內燃機車靠攏，同時消費者選擇也在擴大。二手電動車目前已接近與同級燃油車的價格平價，而二手電動車的供給量也正顯著增加。

Furthermore, new EV models, including offerings below $35,000 are entering multiple segments. These two dynamics are translating directly into increased EV demand. Industry data shows sustained month-over-month growth in both new and used EV sales, along with rising inquiry volumes across major car shopping platforms. Europe remains strong, where sales of fully electric cars in Europe's main auto markets jumped by almost one third in the first quarter of 2026. This is important because once drivers go electric, they rarely return to internal combustion.

此外，新的電動車車款（包括 35,000 美元以下的產品）正進入多個細分市場。這兩項動態正直接轉化為電動車需求的提升。產業數據顯示，新車與二手電動車銷售均呈現持續的月對月成長，同時在主要購車平台上的查詢量也在上升。歐洲市場依然強勁；在 2026 年第一季，歐洲主要汽車市場的純電動車銷量躍升近三分之一。這點很重要，因為一旦駕駛者轉向電動化，他們很少會回到內燃機。

EV retention rates consistently exceed 90%. Every EV sold becomes a long-term driver of charging demand. We believe the opportunity ahead is larger than the market currently appreciates and charging will be embedded into workplaces, retail sites, fleet depots, multifamily housing, hospitality locations, commercial facilities, logistics hubs, energy systems and future autonomous vehicle operations. This AI-enabled mobility, autonomous transport and distributed energy infrastructure scale, reliable charging will become increasingly mission-critical.

電動車（EV）留存率一貫超過 90%。每售出一輛 EV，都會成為長期充電需求的驅動力。我們相信，未來的機會比市場目前所認知的更大，而充電將嵌入職場、零售據點、車隊場站、多戶住宅、旅宿地點、商業設施、物流樞紐、能源系統以及未來自動駕駛車輛的營運之中。在這種 AI 賦能的移動出行、自主運輸與分散式能源基礎設施規模下，可靠的充電將日益成為關鍵任務。

Notable customer wins in Q1 included securing our largest transit fleet order to date, delivering DC fast charging solutions to support Santa Monica's big blue bus fleet of e-buses as part of the transit agency's goal of total electrification by 2032.

第一季值得一提的客戶斬獲包括：拿下我們迄今最大的公共運輸車隊訂單，提供直流快充解決方案，以支援聖塔莫尼卡 Big Blue Bus 電動巴士車隊，作為該運輸機構在 2032 年前全面電動化目標的一部分。

We also expanded our relationship with OBE Power to deploy 2,500 charging ports this year at multifamily residences. This is significant because OBE has developed a scalable program featuring ChargePoint solutions at little to no cost to landlords. In Canada, we deployed more DC fast charging equipment with ChargePoint operator, Papillons. And in the USA, we began a relationship with Citibank who selected us to provide their workplace charging solutions.

我們也擴大與 OBE Power 的合作關係，今年將在多戶住宅部署 2,500 個充電埠。這很重要，因為 OBE 已建立一套可擴展的方案，採用 ChargePoint 解決方案，讓房東幾乎不需負擔成本或完全不需成本。在加拿大，我們與 ChargePoint 營運商 Papillons 一起部署了更多直流快充設備。在美國，我們也與花旗銀行（Citibank）建立合作關係，對方選擇我們提供其職場充電解決方案。

Our partnership with Eaton remains a significant strategic advantage. We continue to collaborate closely across product development and go-to-market execution, expanding our reach into new customer segments and accelerating adoption of next-generation AC and DC solutions. There are strong early signals validating the innovation we are bringing to market with Eaton, creating unmatched differentiation. This partnership strengthens our innovation road map while enhancing scale, credibility and execution velocity.

我們與伊頓（Eaton）的合作夥伴關係仍是重要的策略優勢。我們持續在產品開發與市場推進（go-to-market）執行上緊密協作，擴大我們在新客戶族群的觸及，並加速下一代 AC 與 DC 解決方案的採用。目前已有強勁的早期訊號，驗證我們與伊頓共同推向市場的創新，形成無可匹敵的差異化。此合作強化我們的創新路線圖，同時提升規模、可信度與執行速度。

In terms of key performance indicators, including the new ones we introduced last quarter, software-only managed ports defined as third-party hardware ports managed by ChargePoint software grew to 135,000 from 130,000 last quarter. The share of ports exceeding 30% utilization on at least one day and a month, which we think is an important leading indicator for expansion demand remains slightly over 100,000 AC ports in April 2026.

就關鍵績效指標而言（包含我們上季新增的指標），僅軟體管理的充電埠（定義為由 ChargePoint 軟體管理的第三方硬體充電埠）由上季的 130,000 增至 135,000。在單月內至少有一天使用率超過 30% 的充電埠數量占比（我們認為這是擴建需求的重要領先指標）在 2026 年 4 月仍略高於 100,000 個 AC 充電埠。

Monthly active users, the equivalent of our user community slightly increased above 1.48 million active users at the end of April. ChargePoint now manages approximately 406,000 ports up from 385,000 ports last quarter, including more than 44,600 DC fast chargers up from 41,000 and more than 145,000 ports located in Europe, up from 131,000.

月活躍用戶（相當於我們的用戶社群規模）在 4 月底小幅增加至超過 148 萬名活躍用戶。ChargePoint 目前管理約 406,000 個充電埠，高於上季的 385,000 個，其中包含超過 44,600 個直流快充樁（高於 41,000 個），以及位於歐洲的充電埠超過 145,000 個（高於 131,000 個）。

Globally, ChargePoint drivers have access to over 1.41 million public and private charging ports versus 1.37 million last quarter. In summary, Q1 reinforces that ChargePoint is executing against its strategy. Growth has returned. Margins remain strong and will get better. AI is having a multifaceted beneficial impact.

在全球範圍內，ChargePoint 車主可使用超過 141 萬個公共與私人充電埠，相較上季的 137 萬個有所增加。總結而言，第一季再次證明 ChargePoint 正按其策略執行。成長已回歸。毛利率維持強勁，且將進一步改善。AI 正以多面向方式帶來正面效益。

New products are entering the market soon. The long-term market fundamentals continue to strengthen. ChargePoint is becoming a stronger, more focused, more disciplined company built for the next phase of electrification. Investors should value ChargePoint as a capital-light software-led platform company with powerful differentiated hardware, recurring software and services, strong partners, operating leverage and a central role in the energy transition.

新產品即將進入市場。長期市場基本面持續走強。ChargePoint 正成為一家更強健、更聚焦、更自律的公司，為電動化下一階段而打造。投資人應將 ChargePoint 視為一家資本輕量、以軟體為主導的平台公司，具備強而有力且差異化的硬體、經常性軟體與服務收入、強大的合作夥伴、營運槓桿，並在能源轉型中扮演核心角色。

Thank you for your support. I'll now turn the call over to Mansi.

感謝各位的支持。接下來我把電話會議交給 Mansi。

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. We believe the non-GAAP figures give a better indication of the underlying performance of the business.

謝謝，Rick。提醒各位，請參閱我們的財報新聞稿，其中將非 GAAP 結果與 GAAP 進行調節。我們主要排除項目包括：以股份為基礎的薪酬、無形資產攤銷，以及與重整、和解及一次性法律費用相關的特定成本。我們相信，非 GAAP 數據能更好地反映業務的基本面表現。

Revenue for the fourth quarter was $102 million, above our guidance range and up 4% year-on-year. Q1 marked our third consecutive quarter of year-on-year revenue growth. Network charging systems at $53 million accounted for 52% of first quarter revenue and was up 2% year-on-year.

第四季營收為 1.02 億美元，高於我們的指引區間，且年增 4%。第一季是我們連續第三個季度實現營收年增。網路充電系統營收為 5,300 萬美元，占第一季營收的 52%，年增 2%。

Subscription revenue at $41 million was 40% of total revenue and was up 7% year-on-year as our total installed base continued to grow. Other revenue at $8 million was 8% of total revenue.

訂閱營收為 4,100 萬美元，占總營收的 40%，隨著我們的總安裝基礎持續成長，年增 7%。其他營收為 800 萬美元，占總營收的 8%。

Turning to verticals, which we report from a billings perspective, first quarter billings percentages were: commercial, 71%; residential, 8%; fleet, 14%; and other, 7%. In terms of geography, North America made up 80% of revenue and Europe was 20%. Non-GAAP gross margin came in at 32%, up 1 percentage point year-on-year.

就垂直領域而言（我們以帳單金額 billings 口徑揭露），第一季帳單占比分別為：商用 71%；住宅 8%；車隊 14%；其他 7%。就地理區域而言，北美占營收 80%，歐洲占 20%。非 GAAP 毛利率為 32%，年增 1 個百分點。

Hardware gross margin improved by 1 percentage point year-on-year. Subscription margin declined to 56% on a GAAP basis, but was above 60% on a non-GAAP basis. This was due to lower subscription revenue in Q1 as well as our decision to use existing inventory for repairs rather than building new replacement units and parts. We expect overall margins to remain around this level in the near term.

硬體毛利率年增 1 個百分點。訂閱毛利率在 GAAP 口徑下降至 56%，但在非 GAAP 口徑仍高於 60%。這主要是因第一季訂閱營收較低，以及我們決定使用既有庫存進行維修，而非新製替換機與零組件。我們預期整體毛利率在短期內將維持在此水準附近。

Non-GAAP operating expenses came down to $54 million from $58 million in Q4 and represented a 4% decrease year-on-year. We remain committed to carefully managing operating expenses and expect further reductions in the second half as engineering efforts on new product introductions taper and prototyping costs begin to normalize.

非 GAAP 營業費用降至 5,400 萬美元，較第四季的 5,800 萬美元下降，並較去年同期年減 4%。我們仍致力於審慎管理營業費用，並預期在下半年隨著新產品導入的工程投入趨緩、原型製作成本開始正常化，費用將進一步下降。

We saw some impact of these trends in Q1 non-GAAP OpEx. Non-GAAP adjusted EBITDA loss was $19 million. This compares with a loss of $23 million in the first quarter of last year. Stock-based compensation was $11 million, down from $18 million year-on-year. Our inventory balance reduced to $204 million from $215 million in the prior quarter.

我們在第一季的非 GAAP 營業費用中已看到這些趨勢帶來的一些影響。非 GAAP 調整後 EBITDA 虧損為 1,900 萬美元。相較之下，去年第一季虧損為 2,300 萬美元。以股份為基礎的薪酬為 1,100 萬美元，較去年同期的 1,800 萬美元下降。我們的存貨餘額由前一季的 2.15 億美元降至 2.04 億美元。

We expect that inventory balance will continue to go down over the year, freeing up cash. We ended the quarter with $96 million in cash. While Q1 tends to be the quarter with the highest cash usage due to the timing of some large annual payments that typically occur in Q1, this quarter, we also had approximately $20 million of nonrecurring cash payments, including the final payment that was due as part of the debt transaction we announced back in November.

我們預期存貨餘額將在今年持續下降，釋放現金。本季末我們持有現金 9,600 萬美元。由於部分大型年度付款通常發生在第一季，第一季往往是現金使用最高的季度；此外，本季我們也有約 2,000 萬美元的一次性現金支出，其中包括我們在 11 月宣布的債務交易所需支付的最後一筆款項。

We expect to materially reduce cash usage through the balance of the year with the potential to generate positive operating cash flow later in the year as we continue to sell through existing inventory and improve adjusted EBITDA.

我們預期在今年剩餘期間將大幅降低現金使用量；隨著我們持續銷售既有庫存並改善調整後 EBITDA，今年稍晚有機會產生正向的營運現金流。

Turning to guidance. For the second quarter of fiscal 2027, we expect revenue to be $100 million to $110 million representing a 7% year-on-year growth at the midpoint. Looking ahead, we remain laser-focused on delivering continued revenue growth, improving operating leverage and accelerating our path to profitability. With that, we'll open the call for questions.

接著談指引。針對 2027 會計年度第二季，我們預期營收為 1.00 億至 1.10 億美元，以中位數計算年增 7%。展望未來，我們仍高度聚焦於持續推動營收成長、提升營運槓桿並加速邁向獲利。接下來我們開放提問。

Colin Rusch, Oppenheimer.

Colin Rusch，Oppenheimer。

Thanks so much, guys, and congratulations on the progress. I wanted to talk a little bit about the product road map from here, obviously, getting Express Solo launched getting some traction on that in the market is very helpful. You've gone through the redesign of the portfolio. But I'm curious about some of the opportunity with autonomous mobile robots, even some directional IP that you have been applied into solid-state transformers and how you're thinking about expanding the portfolio potentially, particularly given the relationship with Eaton?

非常感謝，各位，也恭喜你們取得進展。我想稍微談談接下來的產品路線圖；顯然，推出 Express Solo 並在市場上取得一些動能非常有幫助。你們已完成產品組合的重新設計。但我很好奇你們在自主移動機器人方面的一些機會，甚至你們的一些方向性智慧財產（IP）如何應用到固態變壓器上；以及你們如何思考可能擴展產品組合，特別是在與伊頓合作關係的背景下？

Yes, Colin, very good questions and you're on a lot of topics that we think about regularly. We've been very focused on understanding the unique charging requirements for autonomous vehicles, and I'm pleased with the progress we've made in gaining that understanding, and we've got some specific developments underway to address those needs on solid-state transformers, stay tuned for news there. That's clearly an area of active opportunity for us.

是的，Colin，問題問得很好，你提到的很多主題也是我們經常在思考的。我們一直非常專注於理解自動駕駛車輛獨特的充電需求，我對我們在掌握這些需求方面所取得的進展感到滿意；而且我們也正在推進一些具體的開發，以固態變壓器來滿足這些需求，相關消息敬請期待。這顯然是我們一個積極的機會領域。

And then on the Express product road map, Solo is just the first iteration of that product. There are multiple derivative versions that serve different use cases and expand capacity that will be coming out over the next 18 months as we fully build out our product portfolio around that architecture.

接著談 Express 產品路線圖，Solo 只是該產品的第一個迭代版本。未來 18 個月內，隨著我們圍繞該架構完整建構產品組合，將推出多個衍生版本，以服務不同使用情境並擴充容量。

That's super helpful. I'll ask some detailed questions off-line. But the shift over to the balance sheet. Mansi, the working capital management this quarter looked like a pretty substantial progress for you guys. Could you talk about the cadence around inventory reduction from here?

這非常有幫助。我會在會後再問一些細節問題。不過把話題轉到資產負債表。Mansi，你們本季的營運資金管理看起來有相當顯著的進展。你能談談接下來庫存降低的節奏嗎？

It's something that's been in the offing to see the progress this quarter was encouraging. Just want to get a sense of how we should think about that as we go through the balance of the calendar year.

這件事其實已經醞釀了一段時間，本季看到進展令人鼓舞。我只是想了解，當我們走完今年剩下的時間時，應該如何看待這件事。

Yes. So we saw a nice reduction in inventory from Q4, down from $215 million to about $204 million. I believe that inventory will continue to reduce from this level because as we had mentioned before, we had pre-commitments with the contract manufacturers. We're seeing through most of those. And that is one of the biggest reasons why we saw inventory come down in Q4.

是的。所以我們看到庫存相較於 Q4 有不錯的下降，從 2.15 億美元降到約 2.04 億美元。我認為庫存會從這個水準繼續下降，因為如同我們先前提到的，我們與代工廠有一些預先承諾。我們正在把其中大部分消化完畢。而這也是我們在 Q4 看到庫存下降的最大原因之一。

And so this reduction of inventory and the progress we've made, we expect will continue through the rest of this year.

因此，這次庫存下降以及我們取得的進展，我們預期會在今年剩餘時間持續。

Excellent. The final one for me is just on the supply chain side. Obviously, with the redesigned products, you've targeted some lower cost components and looked at the supply chain. I'm just wondering if there's more opportunity just in terms of some of the component availability here or if we should be thinking about increased tightness just given some of the shifts in the global economy as we move into the balance of calendar '26 and into '27?

很好。我最後一個問題是供應鏈方面。顯然，隨著產品重新設計，你們鎖定了一些更低成本的元件並檢視了供應鏈。我想了解的是，就元件供應可得性而言，是否還有更多機會？或者，考量全球經濟的一些變化，當我們進入 2026 年剩餘時間並延伸到 2027 年時，是否應該預期供應會更吃緊？

Yes. I think from a supply chain standpoint, things look pretty good for us. We've got -- our new products are designed with a much higher focus on low-cost. Express Solo is a perfect example, there will be additional products that exemplify that commitment to low product cost as we announce them moving into the future. From a supply chain standpoint, the one thing we are seeing is pressure on memory for sure, as a result of the data center build out.

是的。我認為從供應鏈角度來看，對我們而言情況相當不錯。我們的新產品在設計上更聚焦於低成本。Express Solo 就是很好的例子；未來我們在持續發布新產品時，還會有更多產品體現我們對低產品成本的承諾。從供應鏈角度來看，我們確實看到記憶體方面的壓力，主要是資料中心建置擴張所致。

We've done a good job of navigating that. We've got adequate supply, but we're seeing some increases in pricing that we need to offset with productions in other parts of the product.

我們在應對這方面做得不錯。我們有足夠的供應，但也看到一些價格上漲，需要透過產品其他部分的降本來抵消。

Excellent. Thanks so much, guys.

很好。非常感謝，各位。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

Yes, good afternoon. Thank you very much for taking the questions. Starting with one on the top line. You commented on the better momentum and year-over-year growth continuing in the quarter. Maybe you could talk about what your expectation is about the ability to sustain the better volume growth beyond the first half. You spoke on some of the metrics you monitor like use rates on your installed base and some of the partnerships. So what does it all mean for your ability to sustain the recent revenue momentum?

是的，下午好。非常感謝讓我提問。先從營收端（top line）開始。你提到本季較佳的動能以及年增成長仍在延續。也許你可以談談，對於在上半年之後仍能維持較佳出貨量成長的能力，你們的預期是什麼。你提到一些你們會監控的指標，例如已安裝基礎的使用率以及一些合作夥伴關係。所以，這些因素對你們維持近期營收動能的能力意味著什麼？

Yes. I think from a market standpoint, Mark, it's being fueled by the dynamics I talked about in the prepared remarks regarding the overall EV market starting to move forward here in the U.S., largely a result of gas prices being so high, a lot of used EVs coming into the market, coming off lease that are at good price points. We also see a lot of strength in Europe from a macro perspective, which is helping us. And then from an internal perspective, as we move into the second half of the year, and the Express product goes into production, we definitely help -- expect that to start driving growth in both Europe and North America.

是的。Mark，我認為從市場角度來看，主要是我在事先準備的發言中提到的動態所推動：美國整體電動車市場開始往前走，主要原因是汽油價格很高，且有大量二手電動車進入市場，這些車是租賃到期回流，價格點也不錯。我們也看到歐洲在總體面上有很強的力道，這對我們有幫助。而從內部角度來看，當我們進入下半年、Express 產品開始量產時，我們確實預期它將開始帶動歐洲與北美的成長。

Understood. And you made a comment, Rick, about trying to take the products and maybe find new growth vectors, Mansi also talked about finding some OpEx efficiency. So maybe help us better understand how is ChargePoint going to manage its efforts to expand the product set and perhaps look for some of these new markets and the potential cost to do so?

了解。Rick，你提到嘗試把產品延伸、也許找到新的成長向量；Mansi 也談到要找一些營業費用（OpEx）效率。所以能否協助我們更清楚理解：ChargePoint 將如何在擴充產品組合、並可能尋找這些新市場的同時，管理相關投入與潛在成本？

Yes. So in terms of new markets, Express is the first DC product we've ever built that's intended to serve the needs in Europe. So that will be all new for us from a DC standpoint and I mentioned in the prepared remarks that the early access units were committed, a bunch of those are committed in Europe customers that we already have largely as part of our de-energized offering -- our software platform offering.

是的。就新市場而言，Express 是我們有史以來打造的第一款 DC 產品，目標是服務歐洲的需求。因此從 DC 的角度來看，這對我們是全新的；我也在事先準備的發言中提到，早期試用（early access）機台已被承諾認購，其中相當一部分是歐洲客戶，而且多半是我們既有客戶，主要是透過我們的 de-energized 方案——也就是我們的軟體平台方案。

So very optimistic about the potential for Europe. And then here in North America, there's plenty of demand from existing customers for DC build-outs. And then I think we've got the opportunity to capture new customers because of how differentiated Express Solo is versus the competitors' offerings.

所以我們對歐洲的潛力非常樂觀。而在北美，既有客戶對 DC 擴建也有相當多需求。此外，我認為我們也有機會因為 Express Solo 相較競品方案的高度差異化，而取得新客戶。

Okay. And then last just around gross margin. You spoke about some of the new products have been better gross margins embedded in them, I think potentially could be the best margins the company has seen in the comments you made.

好的。最後關於毛利率。你提到一些新產品內含更好的毛利率，我想依你剛才的說法，可能會是公司所見過的最佳毛利水準。

But then Mansi also spoke about at least a temporary headwind around product mix in the subscription part of the business. So maybe help tie that all together and how investors should be thinking about the gross margin trajectory, both in the near term and then over the medium term?

但 Mansi 也提到，在訂閱業務部分，至少短期會有產品組合（mix）帶來的逆風。所以能否把這些因素串起來，說明投資人應該如何看待毛利率走勢：不論是短期還是中期？

And what sort of level gross margins might be able to reach?

以及毛利率大概有機會達到什麼水準？

Yes. So in the near term, I think the margins would remain similar to Q1. Obviously, there is the mix impact. So the hardware margin may go up or down a little bit. On the subscription margin side, I covered in the prepared remarks, why we saw a little bit of a reduction, it was a deliberate decision to start using our existing inventory instead of spending additional cash to repair and refurbish parts and so that is going to impact margins a little bit.

是的。就短期而言，我認為毛利率會維持在與 Q1 類似的水準。顯然會有組合影響。因此硬體毛利可能會小幅上或下。在訂閱毛利方面，我在事先準備的發言中已說明我們為何看到些微下降：那是我們刻意做的決定，開始使用既有庫存，而不是再額外花現金去維修與翻新零件，因此會對毛利造成一些影響。

Again, the dollar value is really low, but the margin percentages get impacted because of that. So we expect that trend to continue. So that results in near-term margins being similar to where they are now.

同樣地，金額本身其實很小，但毛利率百分比會因此受到影響。所以我們預期這個趨勢會持續。因此短期毛利率會大致維持在目前水準。

However, as Rick mentioned, as the new products come in, which will be towards the end of this year, but more meaningful in terms of volume next year, that is when we'll start seeing a step increase in gross margins.

不過，如 Rick 所提到的，隨著新產品導入——會在今年底開始，但明年在出貨量上更具意義——那時我們將開始看到毛利率出現階梯式上升。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Great. Thank you, everyone. Just a couple of follow-ups from the prior questions. First, I think there's a mention of potential for positive operating cash flow later in the year. Just hoping we could drill a bit more into that in terms of how much of that might be kind of just the inventory release versus OpEx and gross margin and of course, revenue growth as well.

很好。謝謝各位。我有幾個針對前面問題的追問。首先，我想你們提到今年稍晚可能會出現正的營運現金流。希望能再深入一點：其中有多少可能主要來自庫存釋放，相對於營業費用（OpEx）與毛利率，當然也包括營收成長？

Yes, it's all of the above. So inventory, we expect, as I mentioned, to start coming down. So that should release working capital. We expect EBITDA loss to improve through the year through revenue growth as well as OpEx management that should help cash from operations to get better as well.

是的，以上皆是。因此，如我先前提到的，我們預期庫存將開始下降。因此這應可釋放營運資金。我們預期 EBITDA 虧損將在全年隨著營收成長以及營運費用（OpEx）管理而改善，這也應有助於營運活動現金流的改善。

Got it. That's helpful. And just on the quarter itself, but with revenue coming in a little bit above above the prior range. Just curious kind of where the upside came in specifically kind of versus your internal expectations last quarter?

了解。這很有幫助。另外就本季本身而言，營收略高於先前的區間上緣。我想請教，這個上修主要是在哪些方面、相較於你們上季內部預期具體是從哪裡來的？

I think it was across the board. We saw -- we mentioned the Big Blue Bus deal in Santa Monica fleet. That was a nice win for us. So we've seen good business in fleet. Commercial, obviously, is a strong market segment for us, and we've seen that continue to move forward with expansion business as well as new wins and then home sales also performed reasonably well in Q1.

我認為是全面性的。我們看到——我們提到在聖塔莫尼卡車隊的 Big Blue Bus 合約。那對我們來說是一個不錯的勝利。因此我們在車隊業務看到不錯的表現。商用端顯然是我們很強的市場區隔，我們也看到它持續推進，包含擴張型業務以及新案的得標；此外，家用銷售在第一季的表現也相當不錯。

Perfect. And just lastly, just with some of the new products and new investments, including into the new market expansion, is sort of the current rate of R&D look appropriate for us to sort of model going forward? Or could you see maybe a bit of an uptick as you pursue some of this growth?

很好。最後一個問題，關於一些新產品與新投資（包含新市場擴張），目前的研發（R&D）支出水準是否適合我們用來做未來的模型假設？或者在你們追求這些成長時，是否可能會看到研發支出略有上升？

Actually, we expect R&D to start coming down in the second half of the year as we see -- as we start fulfilling engineering work on the new products, and prototyping costs are coming down. We're also, as Rick mentioned in his prepared remarks, seeing a lot of efficiency from the use of AI, which I think would also help us bring our R&D cost down.

其實，我們預期研發支出會在今年下半年開始下降，因為我們會看到——當我們開始完成新產品的工程工作時，原型製作成本也會下降。另外，正如 Rick 在事先準備的發言中提到的，我們也因為使用 AI 而看到很多效率提升，我認為這也會幫助我們降低研發成本。

That's all very helpful. Thank you.

這些都非常有幫助。謝謝。

(Operator Instructions)

（接線員指示）

Chris Dendrinos, RBC Capital Markets.

RBC Capital Markets 的 Chris Dendrinos。

I guess I just wanted to follow up here on the inventory commentary. And I guess I'm curious how you're thinking about inventory management as you move into some of the product launches later this year. Is there any kind of risk of, I don't know, if it's stranded inventory or obsolete inventories, how you're thinking about that?

我想在這裡追問一下關於庫存的評論。我也想了解，當你們在今年稍晚進入一些產品上市（launch）時，你們如何看待庫存管理？是否存在某種風險，例如我不知道，像是滯留庫存或過時庫存，你們是如何思考這件事的？

Mansi had earlier around using new inventory for field replacements is exactly along that theme of managing the wind down of the existing inventory such that there's very little left by the time new products that would obsolete existing products start to ramp into production.

Mansi 先前提到用新庫存來做現場更換（field replacements），正是沿著這個主題：管理現有庫存的逐步下降（wind down），使得在新產品開始放量生產、並使既有產品變得過時之前，剩餘庫存非常少。

So as we look at our forecast and our inventory positions as we get closer to that transition point, the fidelity of that analysis gets more refined and for example, we made a decision on some products to use inventory we have today to replace field units that failed rather than refurb units that were coming back from the field because we did not want to build any further inventory with the forecast we now have in place to drill all that inventory down to very low levels as the new products come into play.

因此，當我們檢視預測與庫存水位、並逐步接近那個轉換時間點時，分析的精準度會更高；例如，我們已針對某些產品做出決策：使用我們目前持有的庫存來替換現場故障的設備，而不是使用從現場回收的翻新機，因為依照我們目前的預測，我們不希望再增加任何庫存；我們的目標是在新產品開始導入時，把所有庫存降到非常低的水位。

I apologize in a car and some background noise. But maybe just following up and this is more of a bigger picture question on the competitive market dynamics. And you all are doing a good job kind of scaling and launching new products, I guess, just how do you think about the market today from a competitive standpoint and sort of where you sit? And are you seeing competitors come to the table with innovation as well. And just overall, how do you think about that.

抱歉，我在車上，可能有些背景噪音。不過我想再追問一下，這比較是關於競爭市場動態的大方向問題。你們在擴張規模與推出新產品方面做得很好；我想請教，你們如何從競爭角度看待目前的市場，以及你們所處的位置？你們是否也看到競爭對手帶著創新來競爭？整體而言，你們如何看待這些？

Yes. I think on the DC fast order side, where our Express Solo is squarely focused, obviously, we've seen some new announcements. And I've been pleased with all of them because our product is better, and I can explain why if anybody is curious. So that's been good news. I think in general, you're continuing to see consolidation happening we're always paying attention, but there's clearly changes coming as we move forward in the industry.

是的。我認為在直流快充（DC fast）訂單端，也就是我們的 Express Solo 明確聚焦的領域，顯然我們看到一些新的公告。而我對這些公告都感到滿意，因為我們的產品更好；如果有人好奇，我也可以解釋原因。所以這是好消息。我認為整體而言，你會持續看到產業整併正在發生；我們一直保持關注，但很明顯，隨著產業往前走，將會出現一些變化。

Got it. I guess maybe I'll buy. Can you explain why the product is better?

了解。那我就接著問。你可以解釋一下為什麼產品更好嗎？

Yes, there's three reasons. There's two major architectural reasons that lead to the most important reason. Number one is our approach to thermal management. You've got a choice between a liquid-cooled system or an air cooled system. Liquid cooling creates a whole bunch of additional cost, makes the product larger and it has catastrophic points of failure.

可以，有三個原因。其中有兩個主要的架構性原因，導向最重要的那個原因。第一是我們對熱管理的做法。你可以在液冷系統或氣冷系統之間做選擇。液冷會帶來一大堆額外成本，使產品更大，而且存在災難性的失效點。

If your cooling system fails, your whole charger fails. The alternative approach is an air cooled system, which is what we've implemented. The challenge there is to make the design of the product lasts for well over 10 years with high-power silicon carbide power electronics with an air cooled solution, and we've mastered that. So that's a big architectural advantage that we have in our product. There are other DC chargers that are air cooled. So this has been a validated approach in the industry.

如果冷卻系統故障，整台充電器就會故障。另一種做法是氣冷系統，也就是我們採用的方案。其挑戰在於：要用氣冷方案，讓採用高功率碳化矽（SiC）功率電子的產品設計能夠使用超過 10 年，而我們已經掌握了這點。因此，這是我們產品的一個重大架構優勢。市面上也有其他直流充電器是氣冷的。所以這在產業中已是經過驗證的方法。

The second approach or architectural difference is that we've separated the AC to DC conversion, so power comes off the grid is AC power. We convert that to DC. Then we have a separate stage of conversion that converts that DC power to the DC voltage that the card needs and wants. We've separated that into two separate modules. That is different than what's been built traditionally where all the AC to DC and DC to DC conversion has been put into one combined module.

第二個做法或架構差異是：我們把 AC 轉 DC 的轉換分離出來；也就是說，電力從電網出來是交流電（AC）。我們先把它轉成直流電（DC）。然後我們有另一個獨立的轉換級，把這個直流電轉換成車輛需要且想要的直流電壓。我們把它分成兩個獨立模組。這不同於傳統的設計，傳統是把所有 AC 轉 DC 與 DC 轉 DC 的轉換都放在同一個整合模組裡。

We've separated those. That provides tremendous advantages in terms of future iterations of this product, for example, a DC only version that could be built out on a DC grid provided by Eaton that dramatically reduces the capital cost and the energy density of the charger.

我們把它們分開。這在未來產品迭代方面帶來巨大的優勢；例如，可以打造僅 DC 版本，並建置在由 Eaton 提供的 DC 電網上，從而大幅降低資本成本並提升充電器的能量密度。

There are other benefits to it. For example, there's a DC grid in the middle of the charger that connects the AC to DC and the DC conversion. You can now put multiple versions of this charger back to back and connect them through that DC grid and pull the energy. And if you, for example, put three of these together, you could deliver 1.8 megawatts through one port on a charger.

此外還有其他好處。例如，充電器中間有一個 DC 電網，連接 AC 轉 DC 與 DC 轉換級。你現在可以把多個版本的這種充電器前後串接，透過該 DC 電網連接並抽取能量。例如，如果你把三台組合在一起，你可以透過充電器的一個端口輸出 1.8 兆瓦。

So there's a lot more advantages, but in the end, the most profound advantage is aerial energy density. We're able to get 600 kilowatts of energy into a footprint that's smaller than the leading 400-kilowatt charger that's on the market today and real estate matters. When it comes to site design flexibility, the cost of real estate, the ability to plan sites for the future, having a very compact charge of delivering this much power as a real competitive advantage.

所以還有更多優勢，但最終最深遠的優勢是面積能量密度（areal energy density）。我們能在比目前市場上領先的 400 千瓦充電器更小的占地面積內，做到 600 千瓦的功率，而場地空間非常重要。在場站設計彈性、不動產成本、以及為未來規劃場站的能力方面，擁有一台能以非常緊湊的體積輸出如此高功率的充電器，是一個真正的競爭優勢。

Got it. Thank you very much.

了解。非常感謝。

We have reached the end of the Q&A session. This concludes today's call. Thank you for attending. You may now disconnect

我們已到達問答環節的結束。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。