Recurring Service Revenue Acceleration
Service revenue grew 25% year-over-year to $13.3 million (from $10.7 million), driven by double-digit growth across all meaningful components and identified as the company's primary growth engine.
Network and Charging Revenue Strength
Network fees increased 21% year-over-year and charging revenue grew 23% year-over-year, reflecting stronger monetization of the network and early benefits from owned assets.
Non-GAAP Margin Expansion
Adjusted (non-GAAP) gross margin improved to 42.4%, more than 200 basis points higher than Q1 of last year (40% on the same basis), indicating margin progress from pricing optimization and cost reductions.
Significant Operating Expense Reductions
Total operating expenses declined 35% year-over-year to $18.4 million (GAAP). On an adjusted basis, operating expenses fell to $13.9 million from $22.6 million—a reduction of over 38% year-over-year—driven by headcount reductions and other cost controls.
Material Improvement in Profitability Metrics
GAAP net loss narrowed to $11.6 million ($0.08 per share) from $21.0 million ($0.21 per share) a year prior (nearly $10 million improvement). Non-GAAP net loss improved 55% to $7.8 million ($0.06 per share). Adjusted EBITDA loss improved 64% year-over-year to a $5.1 million loss from $14.3 million.
Stronger Cash Position and Operating Cash Flow
Ended Q1 with approximately $38 million in cash and no debt. Net cash provided by operating activities was positive $0.7 million versus negative $13 million in Q1 last year, a ~$13.7 million improvement.
Controlled Near-Term Cash Burn and Fundraising
Quarterly cash burn was approximately $1.7 million (inclusive of DC fast charging CapEx). Company raised net $18.5 million in December (gross roughly $20 million) with the majority allocated to DC fast charging buildout, providing runway for the initial deployment phase.
DC Fast Charging Buildout Progress and Clear Deployment Plan
Near-term plan includes 27 sites comprising 136 stalls: 3 sites (11 stalls) under construction and 125 stalls approved and in various deployment stages. Management expects most sites to be live or near-live by year-end, with some possibly spilling into 2027.
Full-Year Guidance Maintained
Management maintained full-year 2026 revenue guidance of $105 million to $115 million and GAAP gross margin guidance of approximately 35%, indicating confidence in execution and expected ramp from DC site activations and service revenue growth.