Revenue Beat and Return to Growth
Q1 revenue of $102.0M came in above the top end of guidance and was up 4% year‑over‑year, marking the third consecutive quarter of YoY growth. Q2 guidance is $100M–$110M (midpoint implies ~7% YoY growth).
Improved Gross Margins and Positive Outlook
Non‑GAAP gross margin was 32%, up 1 percentage point year‑over‑year. Hardware gross margin improved by 1 percentage point YoY. Management expects margins to increase further as new lower‑cost and higher‑value products ramp later this year and into next year.
Operating Expense Discipline and Profitability Progress
Non‑GAAP operating expenses declined to $54M from $58M sequentially and were down ~4% year‑over‑year. Non‑GAAP adjusted EBITDA loss improved to $19M (vs. $23M loss prior year). Stock‑based compensation declined to $11M from $18M YoY.
Product Innovation — Xpress Solo and AI Integration
Announced Xpress Solo: a standalone DC charger delivering up to 600 kW (~40% higher power density vs competitors) with early access units fully committed. Company is deploying AI across software development, customer support, product capabilities and business process automation to accelerate product delivery and improve OpEx.
Expansion of Managed Network and Usage Metrics
Software‑only managed ports grew to 135k (from 130k prior quarter). ChargePoint now manages ~400k ports (up from 385k), including >44.6k DC fast chargers (from 41k). Monthly active users slightly above 1.48M. Europe managed ports increased to >145k (from 131k). Global driver access rose to ~1.41M public/private ports (from 1.37M).
Major Customer Wins and Strategic Partnerships
Notable Q1 wins: largest transit fleet order to support Santa Monica 'Big Blue Bus' e‑buses; OBE Power agreement to deploy ~2.5k multifamily ports; deployments with Papillons in Canada and Citibank for workplace charging. Continued strategic partnership and co‑development with Eaton to accelerate product and market reach.