ChargePoint(CHPT) - 2026 Q2 - Quarterly Results

Revenue Performance - Revenue for Q2 FY 2026 was $98.6 million, a decrease of 9% from $108.5 million in the same quarter last year[7]. - Subscription revenue reached $39.9 million, reflecting a year-over-year growth of 10%[7]. - ChargePoint expects Q3 FY 2026 revenue to be between $90 million and $100 million[9]. Profitability and Margins - GAAP gross margin improved to 31%, up from 24% in the prior year's same quarter, while non-GAAP gross margin increased to 33% from 26%[7]. - The net loss for Q2 FY 2026 was $66.2 million, a reduction of 4% compared to a net loss of $68.9 million in the prior year's same quarter[7]. - Non-GAAP net loss for the three months ended July 31, 2025, was $33,024 thousand, representing 33% of revenue, compared to $44,685 thousand or 41% of revenue for the same period in 2024[29]. - Non-GAAP adjusted EBITDA loss for the three months ended July 31, 2025, was $22,074 thousand, representing 22% of revenue, compared to $34,134 thousand or 31% of revenue for the same period in 2024[29]. Operating Expenses - Operating expenses for Q2 FY 2026 were $89.7 million, a slight increase of 2% from $88.3 million in the same quarter last year[7]. - Operating expenses as a percentage of revenue for the three months ended July 31, 2025, were 91%, compared to 81% for the same period in 2024[29]. Cash and Assets - Cash and cash equivalents as of July 31, 2025, stood at $194.5 million, with an undrawn revolving credit facility of $150 million[7]. - Cash and cash equivalents decreased from $224,571 thousand to $194,123 thousand, a decline of approximately 13.6%[25]. - Total assets decreased from $898,175 thousand on January 31, 2025, to $870,254 thousand on July 31, 2025, representing a decline of approximately 3.1%[25]. - Total stockholders' equity decreased from $137,471 thousand to $70,715 thousand, a decline of approximately 48.7%[25]. Partnerships and Innovations - The company announced a new modular Express DC fast charging architecture in collaboration with Eaton, which includes vehicle-to-grid capabilities[5]. - ChargePoint introduced Safeguard Care, providing regular on-site inspections of charging stations[13]. - The company operationalized its partnership with Eaton, recording the first revenue deals from this collaboration[13]. Other Financial Metrics - Net loss for the six months ended July 31, 2025, was $123,300 thousand, an improvement from a net loss of $140,673 thousand for the same period in 2024, indicating a reduction of about 12.4%[26]. - Cash flows from operating activities for the six months ended July 31, 2025, were a net cash used of $39,120 thousand, compared to $113,706 thousand for the same period in 2024, showing a significant improvement[26]. - Total current liabilities increased from $293,746 thousand to $319,977 thousand, an increase of approximately 8.9%[25].