ChargePoint Holdings, Inc.

Hello, everyone. Thank you for joining us and welcome to the ChargePoint second 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 one to raise your hand. To withdraw your question, press star one 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 second quarter fiscal 2027 earnings results. This call is being webcast and can be accessed on the investor section of our website at investor at chargepoint.com. With me on today's call are Rick Wilmer, our Chief Executive Officer, and Mansi Khetani, our Chief Financial Officer. This afternoon, we issued a press release announcing results for the quarter ended July 31st, 2026. which can be found on our website. We'd like to remind you that during the conference call, management will make forelooking statements, including our outlook for the third quarter of fiscal 2027. These forelooking 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 10Q file with the SEC on June 8, 2026, and our earnings release posted today on our website and file with the SEC on Form 8K. Also, please note that we use certain non-GAAP financial measures on this call. Thank you. I will now turn the call over to our CEO Rick Wilmer. Good afternoon and thank you for joining us. Q2 was an exceptional quarter for ChargePoint that demonstrates

Why we believe we are the definitive leader in intelligent electrification and e-mobility. We meaningfully exceeded the top of our guidance range, delivered record gross margins, and achieved essentially zero cash burn. We also began shipping early access units of Express Solo, which is the first product based on what we consider to be the fastest, most advanced DC charging architecture ever developed. In partnership with Eaton, We are building the intelligent energy infrastructure of the future that will supercharge the energy transition, including autonomous vehicles and electric fleets. We are building for what is coming, not just what is here today. We delivered revenue of $116 million in Q2, a decisive beat above the top end of our guidance range and our strongest quarter in recent history. This result represents 18% year-over-year growth and also marks our fourth consecutive quarter of year-over-year growth. More than 80% of the Fortune 50 are ChargePoint customers and many of the leading fleet electrification companies in the world run on our platform. This is the result of disciplined execution against our three-year strategic plan, operational excellence, and our steadfast commitment to innovation. Our gross margins hit an all-time record as a public company this quarter. Part of this included non-recurring tariff refunds, but even excluding that benefit, the normalized gross margin still set a new record. That is the business model working exactly as designed, sustained pricing discipline, relentless focus on cost, operational excellence, and the compounding power of our higher margin software and subscription revenues. As Express Solo and our compelling new single port AC product enter the market, we expect this trajectory to accelerate. Our industry leading full stack intelligent electrification platform is being validated as a driver for both growth and strong margins. We also achieved effectively zero cash burning Q2. Our capital light model is a structural competitive advantage. We grow revenue, expand margins, and do not consume significant cash on capital assets to do so. We are on a clear trajectory towards adjusted EBITDA positive. Our operating expenses this quarter reduced further compared to the prior quarter and we expect another reduction in the third quarter. This has been accomplished without compromises to execution or the scope of what we do. Guided by our excellent leadership team, AI is fundamentally changing how we operate. Our AI initiatives are compressing software development cycles, automating business processes, and enabling us to accomplish more with less. We are continuously adapting our organizational structure as a result, which means we are flatter with broader spans of control. This new operating model leads to an organization that is simultaneously accelerating growth, delivering faster, and becoming more efficient. That combination will drive sustainable operating leverage that compounds over time. A core pillar of this third year of our three-year strategic plan is driving growth. We are executing with our fourth quarter of sequential year-over-year growth, and now we aim to accelerate further. Accordingly, we are focused on revenue enablement. We are building a world-class sales and marketing engine with a significant emphasis on Europe and we're putting elite leadership in place to run it. A critical recent addition to our team is John Saffrit, who has joined ChargePoint as Executive Vice President and Managing Director of Europe. John is a proven enterprise operator with deep regional expertise and a track record of building and scaling organizations across European markets. Our pipeline is expanding and customer confidence in our platform has never been higher. Express Solo, the first product based on what we consider to be the most advanced DC charging architecture on the planet, will be a key driver for accelerating growth. We co-engineered Express with Eaton with an uncompromising focus on performance, scalability, energy density, and economics that we believe is unmatched. Early access units have begun shipping, and the demand signal from customers has been exceptional. Early access units are substantially committed. Backlog is building and the market is telling us exactly what we expected. Express is the product the industry has been waiting for. In terms of performance of Express, let me put a number on it. We recently demonstrated a 600 plus kilowatt charge on a passenger vehicle at our headquarters. We charged the car from 10% to 80% state of charge in just 11 minutes. I want to be clear, that is not a theoretical benchmark. That is not a laboratory result. It is a live demonstration on a production system based on the expressed architecture that was developed internally by ChargePoint down to every single component. This is the future of refueling and ChargePoint intends to lead it. ChargePoint Express is a platform that unlocks entirely new markets for ChargePoint. Ultra high power highway corridors, autonomous vehicle fleet depots where 24-7 uptime is mission critical, and premium charge point operator deployments where speed, reliability, and density are non-negotiable. And looking further ahead and in partnership with Eaton, we think Express's architecture positions us for emerging opportunities in adjacent markets We are building for the next decade, not just the next quarter. We expect that Express will be a significant revenue driver as it scales as we enter into FY28 and have started taking orders and building backlog. Globally, The long-term case for EV adoption continues to strengthen, and we are seeing meaningful real-time market dynamics that support continued growth for ChargePoint. In North America, the economic argument for EV ownership has never been stronger. CNBC reported that average U.S. gas prices were approximately $4.10 per gallon as of late July, up roughly 31% from a year ago. That cost differential has a direct impact on consumer purchasing decisions with Cox Automotive reporting used EV sales reaching 42,923 units in May of 5.5% month over month and 24.7% year over year. New EV models continue to enter the market across a widening range of price points, expanding the addressable population of EV buyers. And once consumers go electric, they stay. According to J.D. Power's 2026 U.S. Electric Vehicle Ownership Survey, 96% of EV owners would consider purchasing or leasing another EV even without the now-expired federal tax credit. In Europe, there are even stronger tailwinds. EV sales climbed 33% year-over-year in July, with year-to-date growth of 28%. France, Germany, and Britain posted EV sales growth of 81%, 46%, and 43% respectively in July alone. In the UK, electrified vehicles filled every spot on AutoTrader's top 10 fastest selling used car rankings in July, which is the first time no petrol or diesel models appeared on that list. European subsidies continue to support demand, regulatory tailwinds are durable, and ChargePoint's position in Europe strengthened by John Safford's appointment and our growing install base positions as well to benefit from this sustained growth. Let me frame the growth opportunity. We see four vectors that will define ChargePoint's trajectory and we have a defensible position in every single one. First, autonomous vehicles. Every major AV platform will need reliable, high uptime, high throughput charging infrastructure at scale. ChargePoint is already a charging partner for leading AV companies and Express was purpose-built for this use case. Second, truck electrification in Europe. The commercial vehicle transition is accelerating under regulatory mandate and our product portfolio and established European presence give us a first mover advantage. Third, Metro Transit. Our transit wins our proof points and we see significant opportunity in this market. Fourth, charge point operators demanding super fast charging. Express fundamentally changes the economics for CPOs operating high utilization sites. The 600 plus kilowatt capability is the best in the world and it creates a value proposition that our competitors simply cannot match today. Our customer wins this quarter are strategic proof points. We announced the continued expansion of our longstanding relationship with Mercedes-Benz. Extending our work together to simplify fleet electrification for Mercedes commercial customers in the UK and Germany. When one of the most iconic automotive brands in the world chooses to go deeper with ChargePoint, that tells you everything you need to know about the quality and reliability of our intelligent electrification platform. This relationship continues to grow in scope because we deliver. We announced a deal with Optimus Energy Solutions, a leading ChargePoint operator in the United States, to grow its charging network by more than 200 DC ports across the Southeast. Optimus chose ChargePoint because when you are scaling a high utilization network, there is only one platform that delivers the full stack. Hardware, software, network management, and a rich suite of services. That is ChargePoint. We announced a deal with Onvo. A Pennsylvania-based travel stop company to deploy DC fast charging solutions at a dozen travel stops along major highways in the Northeast. Highway corridor charging is a strategically important and growing segment, and Onvo's deployment represents the kind of high visibility, high utilization infrastructure that benefits most from ChargePoint's platform capabilities. We announced a significant deployment at Portland International Airport in Oregon, that is redefining how airports approach rental car electrification. Airports are an underserved and rapidly evolving market for EV infrastructure, and this installation serves as a model for how ChargePoint can address that opportunity at scale. In Rhode Island, our partnership with the Office of Energy Resources, which dates back to 2014, continues to expand. More than 140 charging ports across approximately 95 sites are now active. We recently deployed a new DC fast charging site in Newport and additional DC fast charging sites are expected to come online as the year progresses. This long tenured government partnership is a strong example of how ChargePoint builds durable multi-site infrastructure programs at the state and regional level. In partnership with Eaton, we also commenced a new collaboration with the Santa Monica Department of Transportation to enable the agency's transition to a zero-emission big blue bus fleet by 2032. As part of Santa Monica's $56 million investment in electric transit fleet infrastructure, the project combines ChargePoint's DC fast charging solutions and powerful fleet software with Eaton's electrical infrastructure and energy management solutions to power one of the nation's most ambitious public transit electrification programs. Big Blue Bus plans to deploy 130 DC fast charging ports exclusively featuring the Express Plus line of ChargePoint equipment powered by Eaton. I want to spend a moment on our partnership with Eaton because it is becoming one of the most powerful strategic alliances in the energy infrastructure space. This is a deep co-engineered technology and go-to-market partnership that is creating products and solutions neither company could build alone. We are building jointly, selling jointly, and winning jointly across product development, go-to-market execution, and customer-facing solution design. The joint solutions we have developed address a massive unmet need in residential, commercial, and industrial deployments, where electrical infrastructure, intelligent power management software, and charging hardware must work together as one integrated system. No other partnership in this industry can offer what ChargePoint and Eaton deliver together. Customer interest in our joint offerings is accelerating. The pipeline of co-developed opportunities continues to build, and we are converting that pipeline into wins with customers who recognize that this integration is a genuine advantage. As the world's leading intelligent power management company, Eaton brings scale, global distribution, and 100 plus years of electrical infrastructure expertise. ChargePoint brings the most intelligent and performant charging platform, the best software, and relentless product innovation. Together we are redefining the category. Turning to our key performance indicators, Software-only managed ports, defined as third-party hardware ports managed by the ChargePoint software platform, grew to 138,750 from 135,000 last quarter. Share of ports exceeding 30% utilization at least one day in a month, an important leading indicator for expansion demand, reached 141,000 AC ports compared to slightly over 100,000 AC ports in April 2026. This increase is partly attributable to a change in how utilization is calculated for individual session times. Monthly active users, the equivalent of our user community, increased to 1.55 million versus 1.48 million active users at the end of April. ChargePoint now manages approximately 422,000 ports, up from 406,000 ports last quarter. including more than 46,950 DC fast chargers up from 44,650 and more than 150,000 ports located in Europe up from 145,000. Globally, charge point drivers have access to almost 1.5 million public and private charging ports versus slightly over 1.4 million last quarter. In summary, our Q2 results further reinforced that ChargePoint is executing against our three-year strategic plan. We beat significantly on revenue at $116 million. We delivered all-time record gross margins and effectively burned zero cash. We began shipping Express, the most advanced DC charging architecture in the world, to meet strong early demand. We put elite leadership in place in Europe with the addition of John Saffrit, and we continue to transform our organization with AI at the core and we expanded strategic relationships with customers across CPO, fleet, government, transit and automotive segments, including more than 80% of the Fortune 50. ChargePoint is a capital light, AI-enabled, intelligent electrification platform with the most powerful and differentiated solutions in the industry. Growing recurring software, and Services Revenue, the strongest strategic partnership in the space with Eaton, expanding operating leverage and a central role in the electrification of transportation, autonomous mobility and the broader energy transition. The fundamentals of our business and our market are compounding. The opportunity ahead of us is exceptional and ChargePoint is built to capture it. Thank you for your continued support. I'll now turn the call over to Mansi.