Einride AB

Good day and thank you for standing by. Welcome to the InRide First Half 2026 Earnings Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, please press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Please note that today's conference is being recorded. I would now like to turn the conference over to your first speaker, Alexey Meltas, Head of Legal US. Please go ahead.

I'm pleased to be joined today by our CEO, Rusla Charlie, and our CFO, Anubha Verma. Following their prepared remarks, we will open the call to questions. Please note that some of the information you'll hear today will include forward-looking statements, such as, but not limited to, statements regarding our product development, business model, performance, comparisons to our competitors, market opportunity, potential product sales and future demands, business and strategic opportunities, customer and partner engagement, projections of future operations and financial results, availability of funds, as well as statements containing words like potential, believes, expects, plans, or other similar expressions. These statements are not guarantees of future performance. Actual results could differ materially from the future results implied or expressed in the forward-looking statements. We encourage you to review our SEC filings. These filings describe risk factors that could cause our actual results to differ materially from those implied or expressed in our forward-looking statements. All forward-looking statements are made as of the date of this call, and except as required by law, we undertake no obligation to update this information. In addition, we will present certain financial measures on this call that will be considered non-IFRS measures. For reconciliations of each non-IFRS financial measure to the most directly comparable IFRS financial measure, as well as for all the financial data presented on this call, please refer to the information included in our press release and in our form 6K dated and submitted to the SEC today, both of which can be found on our corporate website at enride.tech slash investors. This conference call also will be available for audio replay at enride.tech slash investors. Now I'd like to turn the call over to Ruzda Charlie. Ruzda?

Thank you very much, Alexei. Good morning, everyone, and thank you for joining Enride's first earnings call as a public company. We've entered the public markets with strong momentum. Today, Enride is live with more than 30 customers across seven countries. We've executed close to 600,000 shipments and built more than $800 million of potential ARR through our joint business. So far this year, we've added Amazon as a customer. We announced a partnership with Tesla to deploy 500 Tesla semis. We've advanced our autonomous commercialization through our partnership with Dapp and completed our first acquisition. Financially, revenue grew 26% in H1, and we expect that growth rate to more than double in the second half. Today, we'll walk you through how our signed contracts are converting into deployed vehicles and revenue, how we're expanding with some of the world's largest shippers, and how we're advancing Saga AI and our autonomous technology. That progress reflects the strategy we've been building. Scale our business today. Use that scale to accelerate our technology and progressively introduce autonomy to fundamentally shift the economics of rates. As a short overview of Enright, Enright is built to be the platform that delivers what the world's largest transport buyers actually care about, cost efficiency, reliability, and safety. We develop and bring together the technology required to create the most efficient autonomous and electric freight networks. Our Selga AI platform enables efficient deployment of one of the world's largest fleets of electric trucks. Our autonomous technology allows us to gradually automate a larger and larger proportion of our customers' freight needs that we accumulate on our platform. This isn't a single technology story. It's a platform that keeps compounding at its gate. The freight capacity as a service offering, powered by the Saga AI platform and electrification, starts the journey with our customers. It allows us to start attacking the cost base. It creates a relationship with the customers. It sets into motion the flywheel that leads to our customers continuing to scale with us. It improves and creates denser and denser networks, lower and lower cost bases, and better margins. It does all this while gathering and accumulating data that accelerates our development. It accumulates vast amounts of transport demand on a single platform globally. Autonomous freight adoption starts gradually and increases exponentially. The complexity of deploying driverless capacity in a safe and reliable way into real-world applications should not be underestimated. Neither should its ability to fundamentally change the cost structure and operational logic of a freight network. That is why we expect the adoption of autonomous technology into the networks of our customers to happen gradually in the initial phases and then increase rapidly. With our approach, data position and operational understanding of our customers' networks, we're strongly positioned to lead that transition for them. For every new operating domain and set of conditions we unlock with our technology, we know exactly how many thousands and millions of additional lanes we can operate for our customer base and can deploy into those swiftly and efficiently. So where are we on each of these assets? We've generated over $50 million of revenue for the past 12 months. Furthermore, we've accumulated more than $800 million of potential ARR in our joint business plan, which are scaling plans that we set with our customers. We've started the journey towards increasing the level of automation in our customers' networks. We've operated more than 5,400 driverless hours in contracted customer operations, a figure that has grown by about 60% just over the past six months. We see that based on the customer demand capture on our platform so far, but 80% of that is suitable for automation in the medium term as we continue to advance our autonomous technology. Our platform is scaling fast. We're now live with 30 plus global customers across seven countries, spanning the US, Europe, and the UAE, with new lanes and geographies coming online continuously. Our ability to operate on a global scale is one of the key elements that makes us a relevant partner for the world's largest transport buyers. They want a partner that can help them across their operations, not just in single, isolated geographies. As we continue to scale our operations, we're adding more and more lanes in the countries where we operate. We're expanding our U.S. footprint across 15 states, while significantly growing operations in the states we're already active in. We're doing all of this to support the growing demand from our customers, including Amazon, GE Appliances, and PepsiCo. So with that, let's take a closer look at our execution so far this year. 2026 has been about executing what we said we were going to do. Scale with customers, develop our key technologies, and forge partnerships. We've added new customers, including Amazon, to our growing base of global transport buyers. Our revenue grew by 26% versus H1 of last year on a constant currency basis. And we're expecting that growth rate to more than double for H2 of this year. We continue to lay the foundation for further growth and scale by securing a partnership with Tesla to deploy 500 Tesla semis on our platform. This deployment alone will trip around deployed fleets. In parallel, we continued our autonomous deployments, increasing driverless hours in customer operations by 64% year over year. We're also excited about our first acquisition. In July of this year, we acquired Flipturn, expanding our charging network and capabilities overnight. We set the stage for scale deployments of autonomous freight with our customers through the partnership with Duff, one of the leading truck manufacturers and part of the Packard Group. Together, these milestones are a few examples of the progress we made so far in 2026. Now let's have a closer look at some of them. Earlier this year, we took an important next step in our relationship with Amazon. Following a successful pilot phase, we signed an agreement to scale electric freight on our platform for their mid and high networks. Working with Amazon, which is arguably one of the most complex logistics networks in the world, is a true testament to our platform's abilities. The initial deployment is 75 electric trucks across five US locations. Our platform integrates into the Amazon Relay Network with Android operating the fleet on Saga AI. We're live with the first deployments already and expect to have the majority of this first wave done before year end. Earlier this morning, we also announced a big win towards our scaling ambitions with our customers. We announced a partnership with Tesla that includes deploying 500 Tesla semi trucks on the Android Saga AI platform, targeting to be operational with the majority of these before the end of 2027. And as mentioned, this deployment alone means that we'll triple our fleet size, driving higher utilization and reinforcing strong unit economics. This partnership is also an important step in accelerating our deployment with customers. including converting additional demand within our more than $800 million of potential AR in joint business plan opportunities into revenue. We also completed our first acquisition a few weeks ago of Flipturn. Flipturn is the leading developer of charging and energy management software for electric fleets. This acquisition consolidates our offering and creates the first fully integrated electric freight technology including charge point management and energy systems, and a brokerage layer that connects fleets to third-party charging networks. By aggregating charging demand at scale, Enad also gains more competitive access to third-party charging networks, which in turn means we can provide cost-efficient solutions to our customers. FlipTurn has a truly top-tier founding team and an incredibly strong team. I'm very excited about what we can achieve together with them. We recently announced a partnership with Duff, a leading truck manufacturer and part of the Packer Group. This partnership will allow us to accelerate large-scale commercialization of SAA Level 4 autonomous electric freight through the integration of the Android driver with their award-winning premium vehicle platform. It's a validation of our vehicle agnostic approach and will allow us to scale autonomous deployments with our customers. We're working with Duff and authorities to enable public road operations with interface testing in 2026 and integration and commissioning on DAF trucks in 2027. An important aspect of achieving scale deployments of our autonomous drive stack, the Android driver, is to secure partners for vehicle platforms on which we can integrate our autonomous drive stack outside of our cabless autonomous vehicle. DAF is a perfect example of that, and we're very excited to continue working with them. Another great example of expanding the use case of the NRI driver across other hardware platforms is the progress we made within the defense space. We established a defense business unit earlier this year, following pilot contracts with the European NATO Allied Defense Organization. By advancing autonomous logistics for dual use operations, we're extending commercially validated autonomy into defense applications. We're part of Sweden's national resilience efforts, positioning autonomous freight as critical infrastructure for total defense and supply security. We also recently signed a strategic partnership with Sentinel to extend our autonomous technology platform for real-time threat detection and counter U.S. monitoring. With the guidance of General Keith Alexander, who joined our board earlier this year, we'll continue expanding our efforts within the defense area, both in Europe and the U.S. and through our core technology and strategic partnerships, provide autonomous logistics for defense operations. So what's next for us now? It is continued disciplined execution on our plan. We're executing towards reaching cash flow breakeven point in 2028. We estimate that we need a deployed fleet on the platform of about 1,500 to 2,000 vehicles to reach that point. Through our 800 million of potential ARR in joint business plans, we set the basis for that growth. We'll continue to acquire new customers, and with a 3x increase in our sales pipeline, it has never been stronger. But not only does this take us to cash flow neutral, it sets the basis for our autonomous deployments. We'll continue to develop and deploy our autonomous technology, gradually expanding the environment in which it is deployed, and reach the inflection point for the exponential scaling of autonomous R9 Plus. So with that, I'll now hand it over to Anubhav to walk through the financials in more detail.