Exceeded Revenue Expectations
Revenue for the third quarter reached $106 million, surpassing the high end of the guidance range of $90 million to $100 million, marking a 7% sequential increase and a 6% year-on-year increase.
Record High Non-GAAP Gross Margin
Non-GAAP gross margin remained at a record high of 33%, indicating strong operational efficiency.
Successful Debt Exchange Reducing Financial Burden
Completed a debt exchange reducing total debt by $172 million and extending maturity to 2030, captured at a 33% discount, thus strengthening the financial foundation.
Strong Subscription Revenue Growth
Subscription revenue was $42 million, 40% of total revenue, up 15% year on year.
European Market Opportunities
Revenue opportunities in Europe are robust and accelerating, driven by favorable regulatory support and rapid EV adoption.
Innovative Product Line Launches
Launched new DC product line, ChargePoint Express powered by Eaton, offering significant cost savings and reduced operational costs.
Strong Partnership Developments
Enhanced partnerships with the city of New York and BMW North America, expanding EV infrastructure and destination charging stations.