Core Viewpoint - Orion Energy Systems, Inc. reported a decline in revenue for FY'25 but anticipates a modest growth of 5% in FY'26, projecting approximately $84 million in revenue, driven by improvements in operating costs and gross profit margins [1][3][10]. Financial Performance - Q4'25 total revenue was $20.9 million, down 21% from $26.4 million in Q4'24, with LED lighting revenue decreasing by 33% to $10.9 million [2][12]. - FY'25 total revenue was $79.7 million, a 12% decrease from $90.6 million in FY'24, primarily due to lower LED lighting and maintenance revenue, partially offset by a 37% increase in EV charging revenue [2][3]. - Gross profit for Q4'25 was $5.7 million, with a gross profit margin of 27.5%, an increase of 170 basis points from Q4'24 [2][12]. - The company reported a net loss of $2.9 million in Q4'25, compared to a net income of $1.6 million in Q4'24, and a FY'25 net loss of $11.8 million, consistent with the previous fiscal year [2][15]. Segment Performance - LED lighting revenue for Q4'25 was $10.9 million, down from $16.3 million in Q4'24, and FY'25 LED lighting revenue totaled $47.7 million, down from $61.1 million in FY'24 [2][12]. - EV charging revenue increased to $5.8 million in Q4'25, up 18% from $4.9 million in Q4'24, with FY'25 revenue reaching $16.8 million, a 37% increase from $12.3 million in FY'24 [2][12]. - Maintenance services revenue was $4.1 million in Q4'25, down from $5.2 million in Q4'24, with FY'25 maintenance revenue totaling $15.2 million, down from $17.1 million in FY'24 [2][12]. Strategic Initiatives - The company has implemented business process improvements to reduce operating expenses and enhance profit margins, lowering the annual adjusted EBITDA breakeven point to $78 million - $85 million from $105 million - $115 million [3][4]. - Orion plans to further reduce overhead by $1.5 million in FY'26 through targeted expense reductions and cost-saving initiatives [3][6]. - The company has restructured into two Commercial Business Units (CBUs) to better align with customer needs and enhance revenue visibility [8][9]. Outlook - Orion's initial FY'26 outlook anticipates revenue growth of approximately $84 million, with expectations of approaching or achieving positive adjusted EBITDA for the full fiscal year [1][10]. - The company has secured strong bookings in late Q4'25, with new LED lighting engagements having a five-year revenue potential of $100 million to $200 million [3][5].

Company Overview - Orion Energy Systems focuses on helping customers achieve sustainability, energy savings, and carbon footprint reduction goals through innovative technology and service[6] - The company operates in lighting (retrofit), EV charging, and maintenance segments, serving various vertical markets like industrial, commercial, retail, and public sectors[15] - Orion offers turnkey solutions, product sales, maintenance services, and EV charging installations[15] Lighting Business - The lighting business has completed over 25,000 projects with a strong focus on commercial & industrial retrofit business[20] - Orion's Wisconsin manufacturing facility has an area of 266,000 square feet[22, 25] - The company provides substantial reduction in energy costs with an average payback of 1-4 years[23] - The average lead time for lighting products is 10-15 business days[38] Maintenance Business - The maintenance unit, acquired from Stay-Lite Lighting in January 2022, has 50 years of experience and serves 8000+ customer locations throughout the US and Caribbean[54] - The maintenance services include preventative and reactive lighting and electrical services[54] EV Charging Business - Orion acquired Voltrek in October 2022, a premier reseller of leading EV charging stations[60] - Voltrek manages 4000+ charging ports and offers turnkey, full-service solutions for EV charging installations[60] - A project example is the Boston Public Schools EV Bus Pilot, supporting the electrification of 20 out of 100 buses with a $15 million project[72, 78] Market Opportunity - The estimated market size for commercial & industrial lighting is projected to reach $807 billion in 2025, $1036 billion in 2030, and $1153 billion in 2035[52] - The high & low bay and linear submarket is estimated to reach $523 billion in 2025, $730 billion in 2030, and $825 billion in 2035[52] Financial Data - Revenue for FY24 was $906 million, and Last Twelve Months Q3 FY25 was $853 million[87] - Gross Margin % for FY24 was 231%, and Last Twelve Months Q3 FY25 was 251%[89] - Liquidity increased from $04 million in Q3 FY24 to $156 million in Q3 FY25[91]

Company Overview - EVgo powered more than 395 million zero-emission miles in 2023[9] - EVgo reduced more than 150,000 metric tons of CO2 in 2023[9] - EVgo has over 1 million customer accounts as of May 2024[20, 21] - EVgo's chargers serve 70+ EV models as of the end of 2023[26] - Capital offsets are anticipated to reduce vintage capex by approximately 40%[42] Market Opportunity - The EV market is underpinned by approximately $410 billion of OEM commitments[53] - States with 100% ZEV commitments represent 40% of US light duty vehicles[53] - DCFC as a percentage of total charging is growing in California, from 5%-10% to 25%-30%[67] - The addressable market for DCFC is projected to be $12-$15 billion by 2030[64, 65] Financial Performance - EVgo's revenue increased from $22 million in 2021 to $161 million in 2023, with a guidance of $220-$270 million for 2024[77] - Charging network margin was 28% in 2023 and 40% in Q1 2024[78, 131] - Adjusted EBITDA was -$59 million in 2023, with a guidance of -$48 million to -$30 million for 2024[80]

Core Viewpoint - ChargePoint, a leader in electric vehicle (EV) charging stations, appears undervalued relative to its growth potential despite recent mixed earnings results [1]. Financial Performance - For Q1 fiscal 2026, ChargePoint reported a revenue decline of 9% year over year to $97.6 million, missing analysts' expectations by $2.9 million [2]. - The company narrowed its net loss from $71.8 million to $57.1 million, equating to a loss of $0.12 per share, which was slightly better than consensus forecasts [2]. - Revenue figures over the past fiscal years show significant fluctuations: FY 2022 at $242 million, FY 2023 at $468 million, FY 2024 at $507 million, FY 2025 at $417 million, and Q1 2026 at $98 million [10]. Market Position and Strategy - ChargePoint ended Q1 with over 352,000 charging ports, including more than 35,000 DC fast chargers, and has partnerships providing access to over 1.25 million charging ports globally [5]. - The company differentiates itself by selling connected charging stations to residential and commercial properties, offering network access, billing, and customer support, unlike Tesla's Superchargers [6]. Growth Trends - ChargePoint experienced rapid growth in FY 2022 and FY 2023, but growth stalled in FY 2024 and FY 2025 due to rising interest rates affecting the EV market [7]. - Despite revenue declines, adjusted gross, operating, and adjusted EBITDA margins improved in FY 2025 and continued to expand in Q1 2026 [8]. Future Outlook - ChargePoint anticipates Q2 fiscal 2026 revenue between $90 million and $100 million, representing an 8% to 17% decline from the previous year [11]. - Analysts expect nearly flat revenue for the full year, with a potential improvement in the second half as the macroenvironment stabilizes [12]. - For fiscal 2027, analysts project a revenue increase of 29% to $537 million, with a negative adjusted EBITDA of $16 million, and for fiscal 2028, a revenue growth of 33% to $713 million with a positive adjusted EBITDA of $67 million [14]. Investment Potential - ChargePoint's current enterprise value of $465 million suggests it is undervalued at just over 1 times this year's sales [15]. - If the company meets analysts' expectations and trades at 2 times its forward sales by the beginning of fiscal 2027, its stock price could potentially increase by over 130% in the next 12 months [15].

Financial Data and Key Metrics Changes - Revenue for Q1 fiscal 2026 was $98 million, within guidance range [6][22] - Non-GAAP gross margin increased to 31%, up 1 percentage point sequentially and 7 percentage points year on year [7][24] - Non-GAAP adjusted EBITDA loss was $23 million, compared to a loss of $17 million in the prior quarter and a loss of $36 million in the same quarter last year [26] Business Line Data and Key Metrics Changes - Network charging systems revenue was $52 million, accounting for 53% of total revenue, nearly flat sequentially but down 20% year on year [22][24] - Subscription revenue was $38 million, representing 39% of total revenue, flat sequentially and up 14% year on year [22][24] - Other revenue was $8 million, down 31% sequentially and down 8% year on year [22][24] Market Data and Key Metrics Changes - North America accounted for 85% of revenue, while Europe made up 15%, with European revenue impacted by weakness in Germany [24] - EV sales in North America were up 16% year on year for Q1, while Europe saw a 22% increase in EV sales year on year [12][13] Company Strategy and Development Direction - The company is focused on delivering innovation and driving growth, with a new partnership with Eaton aimed at providing integrated EV charging and power management solutions [16][18] - The new AC hardware architecture is expected to enhance market share and improve margins, with production starting in July [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted that macroeconomic conditions and tariff uncertainties are causing some customers to be conservative with spending [31][32] - The company expects revenue growth from the new AC hardware and the partnership with Eaton, with a cautious guidance for Q2 revenue between $90 million and $100 million [29] Other Important Information - The company ended the quarter with $196 million in cash and has access to a $150 million revolving credit facility [27][28] - Inventory balance increased to $212 million, but a gradual reduction is anticipated throughout the year [26][27] Q&A Session Summary Question: Can you discuss the pipeline of activity regarding the Eaton partnership and return to growth? - Management acknowledged various factors affecting growth, including macroeconomic conditions and tariffs, but expressed optimism about the Eaton partnership driving incremental growth [31][32] Question: Can Eaton assist in international expansion beyond Europe? - Management confirmed that while the focus is currently on North America and Europe, there is potential for expansion into new geographies with Eaton's capabilities [33][35] Question: What is the expected cadence for inventory reduction? - Management indicated a gradual reduction in inventory is expected, with more significant reductions anticipated in the second half of the year as revenue grows [36][38]

Financial Data and Key Metrics Changes - Revenue for Q1 fiscal 2026 was $98 million, within guidance range [6][21] - Non-GAAP gross margin increased to 31%, up 1 percentage point sequentially and 7 percentage points year-over-year [7][23] - Non-GAAP adjusted EBITDA loss was $23 million, compared to a loss of $17 million in the prior quarter and a loss of $36 million in the same quarter last year [25] Business Line Data and Key Metrics Changes - Network charging systems revenue was $52 million, accounting for 53% of total revenue, nearly flat sequentially but down 20% year-over-year [21] - Subscription revenue was $38 million, representing 39% of total revenue, flat sequentially and up 14% year-over-year [21] - Other revenue was $8 million, down 31% sequentially and down 8% year-over-year [22] Market Data and Key Metrics Changes - North America accounted for 85% of revenue, while Europe made up 15%, with European revenue impacted by weakness in Germany [23] - EV sales in North America increased by 16% year-over-year for Q1, while Europe saw a 22% increase [11][12] Company Strategy and Development Direction - The company is focused on delivering innovation and driving growth, with a goal of achieving positive non-GAAP adjusted EBITDA in a quarter during fiscal 2026 [6][19] - A new partnership with Eaton aims to provide integrated EV charging and power management solutions, enhancing market presence and driving incremental revenue growth [15][17] - The introduction of a new AC hardware architecture is expected to expand market share and improve margins [18][20] Management's Comments on Operating Environment and Future Outlook - Management noted that macroeconomic conditions and tariff uncertainties are causing some customers to be conservative with spending [30] - Despite challenges, the company expects revenue upside later in the year from new product introductions and improved performance in Europe [28] - The company anticipates gradual inventory reduction throughout the year, helping to free up cash [26] Other Important Information - The company ended the quarter with $196 million in cash and has access to a $150 million revolving credit facility [26] - The partnership with Eaton is expected to enhance the company's capabilities in new geographies and markets [34] Q&A Session Summary Question: Can you discuss the pipeline of activity and return to growth with the Eaton partnership? - Management acknowledged various factors affecting growth, including macroeconomic conditions and customer spending conservatism, but expressed optimism about the Eaton partnership driving incremental growth [30][31] Question: Can Eaton help with international expansion beyond Europe? - Management confirmed that while the focus is currently on North America and Europe, there is potential for future expansion into new geographies with Eaton's capabilities [34] Question: What is the expected cadence of inventory reduction? - Management indicated a gradual reduction in inventory is expected, with more significant reductions anticipated in the second half of the year as revenue grows [36]

Core Insights - Nayax Ltd. has announced a strategic partnership with Lynkwell to provide comprehensive payment solutions for electric vehicle (EV) charging infrastructure in North America [1][2] - Lynkwell operates the third-largest public charging network in the Northeast and the eighth-largest in the United States, addressing the urgent need for reliable EV charging [2][3] - Lynkwell experienced triple-digit growth in 2024 and Q1 2025, driven by the installation of thousands of EV chargers, including its flagship XLynk™ product [3][4] Nayax Overview - Nayax is a global commerce enablement and payments platform that helps merchants scale their business through simplified payments and loyalty maximization [5] - As of March 31, 2025, Nayax has 11 global offices, approximately 1,100 employees, and connections to over 80 merchant acquirers [5] - The company aims to improve customers' revenue potential and operational efficiency through its comprehensive solutions [5] Lynkwell Overview - Lynkwell is a leading energy infrastructure development company focused on connecting renewable generation and next-generation fueling technologies [6] - The company has been recognized as one of the fastest-growing private companies in the U.S. and operates a top 10 nationwide cloud-based EV charging software platform [6] - Lynkwell's XLynk™ charger is notable for being the first commercial EV charger to offer a lifetime warranty, positioning the company for continued growth [3][6]

Core Viewpoint - QuantumScape and ChargePoint are two distinct investment opportunities in the electric vehicle (EV) market, with QuantumScape focusing on solid-state batteries and ChargePoint on EV charging infrastructure [1][2]. QuantumScape - QuantumScape has been developing solid-state lithium metal batteries for 15 years but has yet to commercialize any products, with mass production expected to start in 2026 [4][5]. - The QSE-5 battery is projected to have an energy density exceeding 800 Wh/L and can charge from 10% to 80% in under 15 minutes, outperforming traditional lithium-ion batteries [4]. - Analysts predict QuantumScape's revenue will reach $4 million in 2026 and $93 million in 2027, with an enterprise value of $1.63 billion, leading to a valuation of 18 times its 2027 sales [8]. - Competition from major automakers and startups in the solid-state battery space poses a significant challenge for QuantumScape [7]. ChargePoint - ChargePoint managed 342,000 charging ports across North America and Europe by the end of fiscal 2025, with over 33,000 being Level 3 fast chargers [9]. - ChargePoint's revenue grew by 65% in fiscal 2022 and 93% in fiscal 2023, but it faced an 18% decline in fiscal 2025 due to rising interest rates affecting the EV market [11][12]. - Analysts forecast ChargePoint's revenue to grow at a compound annual growth rate of 21% from fiscal 2025 to fiscal 2028, reaching $738 million, with adjusted EBITDA expected to turn positive in fiscal 2027 [13]. - ChargePoint's enterprise value is $495 million, trading at just 1.1 times this year's sales, indicating potential for a higher valuation as the EV market recovers [14]. Investment Recommendation - ChargePoint is viewed as a more attractive investment compared to QuantumScape, given its current undervaluation and established market presence in EV charging infrastructure [15].

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $900,000, an increase from $800,000 in Q1 2024, primarily driven by increased charger hardware sales [12] - Margins on products, services, and grant revenues improved to 39.9% from 34.7% year-over-year, with product and service revenue margins at 32.6% compared to 26.8% in the previous year [12][13] - Net loss attributable to common stockholders decreased to $6,900,000 from $7,000,000 in the prior year, attributed to lower operating expenses [15] Business Line Data and Key Metrics Changes - The company received 28 orders for new charging stations in Q1 2025, compared to only one in Q1 2024, indicating significant growth in demand [3] - Hardware and service backlog increased to $19,700,000 from $18,300,000 at the end of 2024, reflecting contracts expected to convert into sales [20] Market Data and Key Metrics Changes - Megawatts under management increased by 3.6% from Q4 2024 to 31.8 megawatts, with a 19.5% increase compared to Q1 2024 [19] - The composition of megawatts includes 7.1 megawatts from stationary batteries and 24.7 megawatts from EV chargers, indicating a diversified energy management strategy [19] Company Strategy and Development Direction - The company is focusing on reducing cash burn and enhancing profitability while executing on its M&A strategy, including the acquisition of Fermata Energy [10][21] - Establishment of NuVi New Mexico aims to capitalize on a $400,000,000 CapEx opportunity for EV infrastructure deployment in collaboration with state partners [5] - A new entity, NuVi Japan, has been created to drive energy storage business in Japan, indicating a strategic expansion into international markets [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the transition to a drop ship model and the potential of the New Mexico contract, which is expected to yield significant future revenues [4][21] - The company is bullish on the Japanese market and believes the timing for its energy storage initiatives is favorable [7] Other Important Information - Operating costs, excluding cost of sales, were $6,000,000 for Q1 2025, a slight increase from $5,900,000 in the previous year, but overall efficiencies are being driven to lower future costs [14] - The company is also focusing on a new subsidiary for Digital Asset Management, targeting cryptocurrency investments [10][11] Q&A Session Summary - The Q&A session was not detailed in the provided content, and thus no specific questions or answers are available for summary.

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $900,000, an increase from $800,000 in Q1 2024, primarily driven by increased charger hardware sales [11] - Margins on products, services, and grant revenues improved to 39.9% from 34.7% year-over-year, with product and service revenue margins rising to 32.6% from 26.8% [11][12] - Operating costs, excluding cost of sales, were $6,000,000 in February 2025, down from $7,500,000 in February 2024, indicating improved operational efficiency [13] - Net loss attributable to common stockholders decreased to $6,900,000 from $7,000,000 year-over-year, reflecting lower operating expenses [14] - Cash position improved to approximately $1,200,000 as of March 31, 2025, an increase of $800,000 from December 2024 [15] Business Line Data and Key Metrics Changes - The company received 28 orders for new charging stations in Q1 2025, compared to only one order in Q1 2024, indicating significant growth in demand [3] - The hardware and service backlog increased to $19,700,000 from $18,300,000 at the end of 2024, suggesting a positive outlook for future sales [18] Market Data and Key Metrics Changes - Megawatts under management increased by 3.6% from Q4 2024 to 31.8 megawatts, and by 19.5% compared to Q1 2024, with 7.1 megawatts from stationary batteries and 24.7 megawatts from EV chargers [17] Company Strategy and Development Direction - The company is focusing on reducing cash burn and enhancing profitability while executing on its M&A strategy, including the acquisition of Fermata Energy [10][20] - A new subsidiary, NuVi Japan, has been established to drive energy storage business in Japan, indicating a strategic expansion into international markets [6][7] - The company is also opening capital in New Mexico to local investors to align interests and support infrastructure projects [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the transition to a drop ship model and the potential of the New Mexico contract, which could represent over $400 million in capital deployment [4][5] - The management is confident in the timing of their entry into the Japanese market and the establishment of NuVi Japan [7] - Future growth is anticipated in megawatts under management as the company continues to commission its backlog of customer orders [17] Other Important Information - The company announced the acquisition of Fermata Energy assets, which is expected to enhance its software development capabilities and expand long-term opportunities [9] - A new Digital Asset Management Committee has been formed to oversee a diversified portfolio of cryptocurrency investments [10] Q&A Session Summary Question: What are the expectations for the transformation and opportunities ahead? - Management emphasized the ongoing transformation and the opportunities being pursued, looking forward to sharing more updates in the coming months [23]