CHPT - Earnings call transcript Q1 2025 | ChargePoint Holdings, Inc.

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Operator

Ladies and gentlemen, good afternoon. My name is Krista, and I'll be your conference operator for today's call. At this time, I would like to welcome everyone to the ChargePoint First Quarter Fiscal 2025 Earnings Conference Call and Webcast. [Operator Instructions] I would now like to turn the call over to Patrick Hamer, ChargePoint's Vice President of Capital Markets and Investor Relations. Patrick, please go ahead.

Patrick Hamer

you ChargePoint's us Earnings First thank call today's Results. and discuss to Quarter afternoon, for on joining conference Good Fiscal XXXX the This be website webcast being investors.chargepoint.com. Investors on at call our section and of is accessed can

our XX, Wilmer, be announcing With Officer; Chief quarter results website. Chief Officer. for and are issued found we April Interim Executive This our the our afternoon, me XXXX, Khetani, our call also on Financial today's on which Rick can Mansi press ended release

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

actual that on detailed more with on a For and SEC Form April website XX-K posted on and X, the to our the our cause description differ, with filed filed SEC today XXXX, X-K. certain factors please refer release our earnings Form could results of to

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

to over I'll And Rick. turn it with that,

Richard Wilmer

the fiscal going results. about the the recent taking quarter's to ChargePoint's financials, and state you [indiscernible] Good first afternoon, and thank are of time the to discuss everyone, learn highlights some market. first recap we more XXXX quarter for

partnerships have you update X accomplishments our key we formed. will and focus, of on areas strategic new We

call. QX CFO, interim the in of portion Mansi Our guidance her Khetani will give

to call. say through million by we fully will a it. that provide which expenses as XX%, lead when accountability, prudence to last midpoint we earnings not said, that real organization to is in QX, to million, for for in at ] and line proof of our million, last quarter. quarter gross our $X.X in guidance the do approach first by Non-GAAP quarter what In of start we top $XXX targeted earnings pleased $XX operating here updates and am the range. the My point example we ChartsPoint intend was financial and is I we clarity on non-GAAP do intentions. drive above delivered first to want I our results our are That emphasizing the the deliver something, revenue was the our margin is from came CEO financial call. the last [ which discussed up and commitments, I

is Our cash in management the a we forecasted. priority. than second cash And significantly less a quarter use row, for

million, plan. is Our was loss adjusted for to quarter non-GAAP which the ahead down of $XX EBITDA

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postponed figures we deals delays. infrastructure worth X had to and primarily First, construction quarters, of of because later

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will year. of which the take Our the to rest gradually we inventory expect continues normalize,

deliver the becoming organization the I we to of in adjusted goal on will drive of our at QX, beginning our other goals. Regarding and this this positive call, as EBITDA said

QX We EBITDA. internal have we a our plan clear to there, exceeded and for get goal

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in In QX. of fact, sales XX EV at best-selling XX% the more increased OEMs or X

committed. from a to billion, announcements XXXX, volumes which also and for billion, over next continues at almost Global global EV investment totaled sales Energy reminder, titled recent years. the XXXX $XX lineup a Honda's spend in XX are R&D [indiscernible] International of Agency including and to reducing projections their battery announcement OEMs $XXX from report XXXX EV EV As has XX% OEMs, the electrifying major manufacturing Outlet been

on higher. movements been charger macro a the investors not full beneficial we than sessions their PHEV demand buyers putting hybrid to prospective give towards network, plug view The charging. business. it plug Finally, at faster demand on has reading bulk hybrids X indicator ChargePoint Against a A key on require line trend for We If what has and stone is hybrid and pressure pressure is is is electric QX's which adoption scaling a vehicle believe are XXXX. customers stepping are utilization micro utilization plug-in the of never this and buyers the supporting home as curve commercial pure of million in chargers. demand not about our ChargePoint. charger nearly demand public we Plug-in chargers. EV charging delivered summarizes hybrid for and and for EVs, Workplaces vehicles, natural and commentary plug-in

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government going national build-out. electric results Europe, and In North Starting well see infrastructure are America continued with vehicle program, U.S. support infrastructure ChargePoint. the for for we

than awards Point's million announced week, in roughly As this XXX of [indiscernible] in opportunities. proposed the earlier of $XX been totaling Charge have today individual and grant customers winning successful California inclusive awards more in

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internal area and use compelling industry, into OpEx our is We impact to We results this plans the We underway. Operational exploring excellence good those me X our currently which factoring in every initiatives vacation we are have actionable for OpEx gross disciplined, outside out of now expectations. and had quarter adjusted important cornerstone as rental of as fourth cash, for call is margin-rich cases the of and remain a make. decision which our margin, ahead EBITDA surpassed our a for result. margin offering

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statistic the this in a equally is us, celebratory grew that was and quarter. milestone, impressive For fact a XX% approximately the single

York. trips milestone reached from approximately drivers, Francisco in New San XX more The cross-country have billion that QX to now is other miles electric for than we million which X.X enabled is our

fast has grew count QX ports of surpassing than board grown XX% of note, total managed scaling number continuing leave you it. alone incremental end chargers and under for key EV XX,XXX along the DC of should to more more management takeaway. Our is charger statistics a in adoption than is network Of management with QX. at the These XXX,XXX. our an this under pace, fast with at

grows, To we the network so revenues. for summarize, positive, QX, were on. our will thank gain year moves you results us today. momentum joining like our As and to subscription as I'd do again the

If you look is so announcements at news clearly far see will momentum you building. and our in that

QX fully was over that CFO, like review, Thank ongoing proof when do and say we financial the to our to you support. time something, to early for will for this. Before remind you turning intend you I Monty Hopefully, your point the again of an would it. do we that we call agree once

Mansi Khetani

Thanks, Rick.

release please GAAP. a our non-GAAP to see As we reminder, our results where reconcile earnings

are restructuring principal related litigation. of assets exclusions amortization costs intangible Our compensation, certain stock-based and and to

hardware, report our Assure full continue charging ChargePoint-as-a-service network where revenue include connecting to cloud stack along charging Networked our X bundle that warranties consists services Other our our We nonmaterial and systems; professional recurring revenue our hardware. streams. solutions and of and Subscriptions into certain services lines: we connected systems offering subscriptions. represents subscriptions; others.

quarter. the and the $XXX lower our hardware lower quarter, at first XX% to of of down systems for was XX% results to X% This slowdown Revenue revenue. XX% the of sequentially the the million. million was $XXX million $XXX million, on charging impact than down year-on-year above seasonal our line the XX% year-on-year Moving range due $XX Network reflecting with guidance This fourth expected due to expectations. was for midpoint and revenue. accounted lower seasonality quarter of in to

of revenue X% sequentially total Subscription XX% Other up up essentially XX% year-on-year. total at less and and million, XX% million, $X was revenue revenue, sequentially at $XX year-on-year. was of revenue, flat

We perspective, report to the Turning approximate a split. revenue verticals. which billings verticals from

consistent billings quarter generally fleet residential commercial X%, First with XX% percentages were last XX%, quarter. XX%, and other

Rick mentioned, vehicle projects both fleet As out site customers we verticals pushed to delivery. readiness commercial in as await continue see and and

quarter XX% in the was our sales up well. a America in and first Europe the home of XX% sell of products to continued equipped a very shipped the units connector. Our geographic From with NEVI next And made quarter, home significant from were North portion U.S. first revenue, program. perspective, at the

restructuring $XX and the January from a sales. typical in from full hardware impact was which were sequential in Non-GAAP a margin. seasonally Turning of and XX% revenue gross XX% for the QX, mix year-on-year. to X last up for million in low XX% overall Non-GAAP larger a operating quarter with lower was quarter revenue, to percentage in million, was $XX The subscription XX%, as QX expenses of first is as the continue from QX margin decrease of gross largely $XX with sequentially QX. million down reflecting improvement decrease well year. improved due of Gross point focus QX an subscription margin a margins

Gap] [Audio

a a a in due margin in of million the down lower gross significant improvement events. the million loss compared as expenses. down to and of year. and million million of from and loss the the was in $X This $XX improvement operating achieved quarter in $XX Stock-based last $XX to to compensation base restructuring fourth was quarter even due million, first first in with improvement quarter reductions year-on-year fourth recent revenue a $XX quarter

We equivalents. $XXX Looking last down with quarter. million, at cash million cash the ended $XXX quarter and from

XX, EBITDA bond well to as January charges now our interest $XX severance $XXX,XXX payment with consumption to on of loss, as a am cover million is associated that convertible cash balance. included cash cash addition as our restructuring. April restricted leaves only This relay restricted usage unrestricted. our to semiannual In pleased I adjusted cash million the $XXX of XXXX, of

the our in quarter inventory partner. Asia-based mentioned, bring we balance to started Rick As increased Southeast as up

actively primarily finished up However, is our that and products of inventory selling. we goods made are

as We through of finished hand. down sell the expect this goods in year the to the half we second bring on

from deferred and continues customers revenue QX. This million, to up Our quarter end commitments from for the represents of payments enlisted finished $XXX $XXX at million revenue grow. at the future

million and not million revolving until did ATM $XXX quarter, shares We XXXX. of remains have we XXX issue no end facility credit At shares Our approximately maturities undrawn, we the via quarter. the had outstanding. first debt any during the the

guidance. to Turning

expect the we fiscal to second quarter of to at million, be year-on-year For between the XX% $XXX $XXX down midpoint. XXXX, revenue million

generated into for charging demand This large full call, revenue normal the last expect following: booked recovery be feed and in orders well the to of by factors seasonality of a visibility year larger half. the commercial due to signs we transactional the As driven business, Rick second mentioned to half across in second both of is alluded as overall verticals as portion earlier.

We to year down gradual the continued operating and in cost organization, of combined to result progresses for the as initiatives expect due of improvement margin hardware underway. the improvement efforts support margins as a with gross in continue efficiency products nation subscription

We relatively the the put fall focus continue second avoidance operating other half to flat cost to in on further and operational expect year, in and expenses non-GAAP efficiency measures. of the we second remain quarter

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as margin will gross metrics continue management. We we well the improvement are cash year and overall in In from loss on focus pleased the as adjusted we these this improved as the progresses. to especially well improvement are our performance, and financial in with reduced overall tax goal. capitalized to summary, resulting achieve EBITDA

to the back I will With call operator for turn the that, questions.

Operator

question line from First Instructions] with West of ISI. [Operator Evercore comes James the

James West

underway, had are Rick, recognize But line of and we about and to far, into maybe sales? at number on sales program new the delays thinking there's grants the you've I recognizing all time which government its first hitting which here. in been some getting NEVI go and significant question the of how the sales of the rollout how program that me for kind turn I states? for expected revenue? to of the beginning expected your you the know wins so kind What's those

Richard Wilmer

be We'll year. see of some this year it to bulk for we next the but expect sure,

James West

Okay.

announced new is, then maybe with unpack it. joint as the what you're doing at of kind Okay. your remarks. -- a or hardware WNC the the new how Got well. you the Could you I strategy And -- development had know realigning prepared least announcement agreement you're development? we recently [indiscernible] Polytech a in there, agreement, your what

Richard Wilmer

adding road to very a to beneficial clearly a hardware excited map have We more development And to the market. very to of variety we're is to what accomplish. robust effort hardware overall that products we're and bring new bandwidth trying

So bandwidth of that certain the have products been WNC future. partner and [indiscernible] we've us increase on we focused to will areas as each addition allow as specialization and to that -- exciting compelling really added into move to market a in bring . second market we some to

Operator

Rusch line question comes next Oppenheimer. Your Colin from of the with

Colin Rusch

your utilization what precursors is there particular customers some you're If about network. the incremental talk out in rates incremental moving and higher you to pressure that seeing building as geographies? of capacity Can with around these build or the look you overall at

Richard Wilmer

between dislocation, commercial Yes. for think seeing and sale the the pressure, the this remarks, utilization in demand also we're addition mentioned as in chargers. I the EVs prepared charging to I in especially of Colin, increasing

chargers of to a people that building, a business EV to they there's seeing that in think know I to or they because their where reasonable mass attract penetration institutions now drivers their need there. in critical EV you're putting there's out come their want areas to institution.

going you've utilization up. So pressure got the

sales. what's You've people for I not may to chargers in my come the I . some about directly some is going care have don't EV with show that starting aren't got parking demand correlate if this charters business recognition in commercial EV market that to combined to my lot

Colin Rusch

how That's And thinking carrying inventory, what about you're to what rate should and run super on levels finished what you've of flexible incremental How that inventory? the goods? about should what inventory the this the there? then year? through going . in helpful. balance see overall it added much thinking we How constituted build, trend to inventory is is be we components? is be Is how kind just of that and And

Mansi Khetani

in in is of quarter, products little goods it finished made very, all now. material mostly the raw selling we up live selling products goods. and it's now. very . actively some is in all next-gen of every but bit so products. as transit, finished There's Colin, review actively inventory that material majority are And religiously right inventory Yes. We it's right inventory there a

Operator

comes from line Peterson next question of Bill JPMorgan. with Your the

William Peterson

customers [indiscernible] wondering I'm fast your interest Yes. incremental or and inbounds any received from you've if demand [indiscernible]. product

So teams [indiscernible], programs just like business lot big [indiscernible] see NEVI demand let's any commercial obviously, say or you Do in of go. [indiscernible] like the superchargers particular? increased a

Richard Wilmer

Again, changes, there. what the exactly happened Tesla

has Some it sure not on been accurate extensively, it but is. I'm all of how reported

So which some is is a access speculation. as -- perspective, has there's had result that some been of talent changes. clear become available good from benefit We've those some to our of But the changes, seen in for some we're and certain those areas changes market absolutely as a And result they good apparently up. we've the come of also when demand capitalizing us. on and in it Tesla

William Peterson

pressing? wondering for your How get lines the would agreements Great. in the if I I'm are any obsolescence across And signs who sort -- you your you in you're you inventory. inventory of obviously, . would your rid any to sort newer ahead that products? are product expanding cost high existing exact mean are seeing you're of customers of I partners characterize the hardware risk of to any prefer newer board. wait Asia? planning Or mean of you existing to your hardware how offering

Richard Wilmer

on Bill, best what understood. based but I catch didn't the clearly, entire I do I'll my So question,

will but work the as is down is we calls, in of the of inventory, to course of So And call, one lot in we've a we prior not of the we multiple times, this through Mansi inventory managing year. got move mentioned as operational as something around really around excellence. focus, focus level mentioned. area continue We've only have

process it that don't So inventory. place expect such drive of we plus sheet we partners. What have the to we've year balance now work valuable both would strong that again, the rest we with to to very excess what we're from that our through got, in through I take our -- hand And as take consider on think, is working we've and inventory partners. inventory on inventory as committed our get manufacturing to a manufacturing in down normalized a well our we

Operator

next comes line Davidson. question from Matt of Your with Summerville the D.A.

Matt Summerville

that the at the margin to fiscal with sort this year, take normalization better point, I is last inventory of you're that. of part associated that To imagine looking this penalty there's fact going would some

color uplift you maybe of profit bearing a little relationships . guys year next I'd maybe think to in a and under regard, are from more gross Asian more with how for you to similarly, see of not should concrete these and of more of operational we like fruit just kind new how to situation improvement. an these deal issues? And really start I that as sort on get normalized much about development So some when manufacturing having

Richard Wilmer

Yes.

of building cost that. inventory on gross we our inventory the addition factories optimal product we higher just a a call Thanks overall it's into built cost. on optimal or I if that I factories them. existing Matt. don't know there's at on materials We're through margin drive for down gross margin, but one go some insightful, -- that to -- penalty question even of products it lines of definitely would than first we're was the because today manufacturing And or out was enjoy product to that working we our if cost Asian in deferring Your would our very were basis new cost of continue one

at we'll on expect, cost-down we products. the both the to realize into year. that the be materials to worked the as of of manufacturing we've those go of products end inventory through the So point, costs taken our And efforts benefits again, that the all related by that as well the

structure Asian the almost is cost as in where our on of WNT the Southeast located now in manufacturing now as manufacturing benefit Specifically only world. are of for they're more in And production chain But part supply the both both is for partners, [indiscernible] we access importantly can not Asia us. well us. the that localized

Asia high of very local suppliers very XX technology the for now. years almost And Southeast high-quality, building been are cost-effective has products prices. capable there reliable building highly parts at

that now look come of at some many Asia, those manufacturing, to our to we've you If parts done of the up of go outside factories from Asia.

going and the supply be to going Southeast costs much do but parts only the are not the time lead minimize as because to So access chain also reduce we capabilities, have to factories. a to we're way richer closer on logistics

Matt Summerville

resource million remarks, bit. your nature constraints, And is in better? or you And guess if think mentioned that maybe constrained that's I'll going you to gets wondering talk prepared then more that that little in issue through that I'm a or to right . revenue basically push If just as that. more chronic. a you $XX is in more I I worse something call due something acute follow-up, to that can had the before that just Is get it more

Richard Wilmer

you'd that know site constraints, the construction as to That's with it construction. delays out Matt, it's from isn't site it largely infrastructure I source move what sites we delivery ChargePoint, under and on resource of switch are frequent quarter gears if construction. . deals and don't equipment behalf and see or resource. transformers but it's So characterize to like constraints of to delays causing quarter other readiness

Operator

line of Pearce Company. & from comes with the Chris next Your question Needham

Christopher Pierce

about think we being subscription to the the step-up revenue way right flat after the quarter-over-quarter What's in saw quarter? fourth

Mansi Khetani

Yes. in The Assure adjustment, which in had typical not a small QX, did adjustment in was year-end QX. that we reason reoccur revenue, for

gradual improvement a for trends. in normalize have you seen if that, line So with normal you would

Christopher Pierce

on hit in And slipped Perfect. still then top weren't of figures you question, of above the the and have and necessarily X midpoint the line is the they've hit assumption would up is general this quarter? Okay. and that just the a they your last deals following right quarter midpoint they just guidance? Or comment that this

Richard Wilmer

had they been this above quarter, . would we range. If have hit

Christopher Pierce

Were range? [indiscernible] the that's Or Were original though? too guidance deep they getting in in the they getting the

Mansi Khetani

that. right? methodology deal see some basically we a that quarter, guidance So kind We have of takes all every consideration of slippage into

hit that So the ensure we we range. of kind

some padding So for we of did build that. kind in

Christopher Pierce

Okay. follow-up one Perfect. last one one question, And then just other on question.

is way it right against at helping without think charges sell next-generation it? and any that you build products why cost, the it. right about is building this the taking now. theory, They're existing inventory you product that in through So year have [indiscernible] the right the aren't sort That's to way think that's you to inventory about lower of

Richard Wilmer

there's next-gen Generally they're underway building -- both now as codeveloping cases, we products speaking, some next-gen also builds with we're And Yes. them. in with current for prototype products . also products those There generation speak. are partners.

Operator

. line question Goldman comes next Delaney the Sachs. of from with Mark Your

Mark Delaney

revenue? revenue in year. terms the you much a Can this to of of these programs pickup mentioned give sense to to in you us some you have expect ship expect . the in how bigger second You of for half programs you larger amount

Mansi Khetani

seasonally in because are have, deals we're from seeing in we're we're half large right? of confident And the EBus the the we stronger much as we verticals half. these going use -- see in the coming of second of there. deals we normal normal in, second half. seen that slowdown in will the half our more be in start half, coming kind this And USPS seeing year, years. into continues that emerging from mentioned revenue this [indiscernible] prior majority the past on have second a a have macro to first in that seasonality strong. our even in years than factored with fleet even be in the believe remarks, seasonality to first of we as pushed out all large prepared like pipeline the my Generally, we the side, we've we're

up half On the just we're into the will well. announced deals commercial, and is funded residential give residential us our video. some side, doing workplace the some product push. and picking RV the second We seeing levy on That is coming

half. in for kind of the of the this all second pipeline So is

addition, second products that's we new in seeing we're as pipeline the up announced, amount well. good for pantograph that In like the launching of we've that have built so half, a

Christopher Pierce

And helpful was a this to basis Very another on non-GAAP down color. came quarter. $XX million then on OpEx question

the further, on a basis year. I could think half the believe in second you said I of it fall dollar

XH? better hoping go where I an on OpEx to So absolute dollars basis . could was in to understand

Mansi Khetani

specifically we're the Yes, not guiding that to down. come in half, do expect I second will OpEx OpEx but

will million, some levels we some in stay QX of cetera. from QX $XX ranges think mandatory have I regions, the et So kind as flattish of

in costs in over to as engineering NRE So and that showing partners. a we're company, nonrecurring that, costs, planned. saw different have discipline will then that amazing entire kind and the was have initiatives this half, And one of seeing transition our we tied results. in Generally, wash being of the cost out QX lot more is in what we avoidance fiscal engineering we across we will was in But plans reduction to the Asia mind, more we second addition have.

plan our QX. overachieved we So in

we for half. so achieve we'll what planned the we're And second that have really confident

Operator

Steven line comes question from next Your Fox the with LLC. Fox Advisors, of

Steven Fox

wondering Rick, postponed. the if can rationale the was deals over behind go I being you back

worse. is whether at is the are situation of of we get And sort approach of where I a you as your gets your should grow to relative think because or or sort eases we that sales the question as you ongoing in an supply construction to whether color or of Any backdrop trying how availability chain something then backlog? a even on it had think we're think infrastructure I this follow-up.

Richard Wilmer

question, Good Steven. Yes.

we've every it got I and down. account buffer for Mansi think this not as planning a place. alluded We in to quarter, to, for go we're

dramatically any would of to gear on times. come allow with construction aware sites these not reasons their are lead to that infrastructure on accelerate other that We down -- or rely

holding as through So over year. assumptions the quarter the our fairly X from deals we next constant we're regarding roll that move to

Steven Fox

seems the don't it just of commentary. mean on And in asked like quarter. the you there know is metrics. overarching changes theme I given just you outside beat the That's cetera? about some doubles -- consistently was the Or made I to? -- you you when outperformed it is then that would here already inventories helpful you that the attribute et And all across and organizationally, what singles little there?

Richard Wilmer

different X very the to the we're under do it's focus on say, easy another be got lot right efficiently. And areas And team this our resources kind headline And the opportunity in again, about different we excellence, more all specifically. that decisions know with a that which there's is to managing Easy we're right essentially, extremely frequency, making those making what that first way of have of results really about we've is that. big topics impressed but we to this left work to our it quarter. -- talking And people to operational had. we X up talk the and right produced sure at the summarize

alluded see to, as the in we to through Mansi OpEx we expect the that of the half second into year. up show number As move

Operator

Your next Markets. Capital question comes of RBC Chris line the Dendrinos with from

Christopher Dendrinos

off demand. guess, you are highlighted growth I kick pivot any Level here, I fast there maybe curious, customers versus charger guess charger to X product? in Is DC kind in, the kind some are DC demanding? any changes I'm decent what seeing in you of that fast in of

Richard Wilmer

changes the I think and DC. AC No, any between we're seeing don't demand

DC I in wasn't demand before our e-bus applications. on think that pantograph seeing now Mansi what for is there creating we're portfolio, us like that for products new . the mentioned the

Christopher Dendrinos

it. Got

of year sites there this vehicles be it's kind to on later that what going this to ready guess, death guess, of delays ready? for, and being kind going . product think Or guess, in here. these Okay. the mentioned And I the I and have I one availability to, then cadence kind to of visibility the availability firm are you any, a being But delivered? some hate I guess being I for little confidence gives EV back prep I revenue time. site just I then customers in bit beat guess, of to delays. XH? And you you Do

Richard Wilmer

between vehicle side, delivery on or customers we and don't So starting commercial expand lot. the to to we're our again, put for continue to any the commercial desire charters trend for this And discontinue. that see see to dislocation reason parking in their

would to attract another to in care Another there's that business about they make sure still and was sold area. reasonable that they local ever to where way people the of you it EV go that audience is, parking not in enough chargers want their penetration, building. an had to in EV if to put area, area lot that a They they in come

So that's I news for us. good think

I or exciting just other some offerings either on the On product parking in market. to passenger hand, announced seeing side. vehicles think you're coming a I've vehicle the cool the on recently this seen that our really really some year lot come have

So about optimistic I'm that.

just in But ago, that Vegas delivery that on have and of and fleets for weeks On statistics sheer breadth a vehicles. were available for the the I any of very fleet don't anecdotally, any couple the was forecasted production of in selection are [indiscernible] Las fleet us vehicles personally vehicle side, impressive. at for

observation, So looks anecdotal an that been act, fleet is vehicles having think based I on it like coming. personally the that are

Operator

Roth line question Irwin MKM. Craig of the next comes with Your from

Craig Irwin

January would the call, when I quarter guidance XXX. for or commend contraction before sorry, the Can as the So you come giving is midpoint, end you're maybe XX% as far to modest But the second of an in XX% look -- what half. quarter. us together for quarter, you've outlook July this back year-over-year, for in At year. what you the focus rebound you're us small this helpful. at versus customers from end reconcile Tesla April quarter on political the uncertainty of Rick, expect deterioration year. down you to the exiting a Is a some deterioration revenue, outlook fiscal or XXX color maybe in of recalibrating several piece market? the which rebound EBITDA second your expressed in the the with the achieving this positive that's the for on the And times in on around the confidence be the . Any moving the there of some

Mansi Khetani

I can that, Craig. take

our being improving us second RFP gives still But the the some QX, guidance. This So QX, while exists. overhang prudent in in business. build, for of the for been think, guidance that, prudent we've our macro pipeline overhang the guidance QX, still we're the seeing seeing within doing in we're confidence internally the because and rate in environment by half. of we're until I success terms of In in signs the volume, RFP

Craig Irwin

question Excellent. And follow-up fleet specifically. is Okay. then regarding my

you charge these we number or potentially customers us will So and to can gating give large for and you? very on is important move towards not . utility preparation with in you the of be have If maybe used a them year, past, for points installations end expanding whether forward the factor the essential of this recognize color work see site some revenue. fleet of a

Richard Wilmer

a charging year construction the revenue. time dictates consider are customers and question that of and often a deployment timing that work. delivery factor the the significant of that site don't therefore, undergoing try factor. It no the There's is it completion I the construction gating of with fleet

certain that are we a So our revenue to our shipping extent. and by is dictated

it factual forecast build that's way and So our this we the in and industry, that work we make that information. is with we -- on our

Craig Irwin

Well, the the with progress congratulations reductions. cost on

Operator

concludes And disconnect. you does and call. That session. now our may today's you Thank . with participation, question-and-answer conclude your that that, conference for

ChargePoint (CHPT) 5 Jun 242025 Q1 Earnings call transcript