ChargePoint Holdings, Inc.

Ladies and gentlemen, thank you for joining us and welcome to the ChargePoint first quarter 2027 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Audrey Dion, Head of Investor Relations. Audrey, please go ahead.

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 investor section on our website at investor.chargepoint.com. With me on today's call are Rick Wilmer, our Chief Executive Officer, and Mansi Kitani, our Chief Financial Officer. This afternoon, we issued a press release announcing results for the quarter and at April 30th, 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. 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, 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 reconciled to GAAP in our earnings release and for certain historical periods in the investor presentation posted on the investor section of our website. And finally, we'll post a transcript on this call on our investor relation website under the quarterly results section. Thank you. I will now turn the call over to our CEO, 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 in 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. 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. 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. 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-gap gross margin remains strong at 32%, driven by pricing discipline, operational efficiency, and the durability of our software-led Capital Light business model. 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. 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. We have added a key new executive to put maximum focus on this next phase of our strategy. Jyoti Swaroop has joined ChargePoint as our Chief Marketing and Growth Officer, leading our global go-to-market and growth strategy. Jyoti 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 scaled 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. 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 standalone DC charger. 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. 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. 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. The bigger opportunity is customer-facing. Upcoming product releases will expand the role AI plays in 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. 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 is accelerating the pace of innovation, enriching our product offerings, reducing operating expenses, and enabling us to scale revenue without increasing costs. Let me now turn to the broader EV market. We believe the transition to electrified transportation 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 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 a third in the first quarter of 2026. This is important because once drivers go electric, they rarely return to internal combustion. 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. AI-enabled mobility, autonomous transport, and distributed energy infrastructure scale reliable charging will become increasingly mission critical. 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. 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. 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 differentiations. This partnership strengthens our innovation roadmap while enhancing scale, credibility, and execution velocity. 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 in a month which we think is an important leading indicator for expansion demand, remains slightly over 100,000 AC ports in April 2026. 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. 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. 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. Thank you for your support. I'll now turn the call over to Monty.