Executive Summary

Revenue of $98.6M, at the top end of guidance, and a record non-GAAP gross margin of 33%; GAAP gross margin rose to 31% on mix shift toward subscriptions and higher subscription margins .
Versus S&P Global consensus, ChargePoint delivered a revenue beat (actual $98.6M vs $95.4M*) but an EPS miss (Primary EPS actual -$1.424 vs -$1.184*); company-reported non-GAAP adjusted EBITDA loss improved to $22.1M . Values retrieved from S&P Global.*
Management pushed out the timeline to reach non-GAAP adjusted EBITDA breakeven beyond FY26 due to macro delays and tax credit uncertainty, while emphasizing the Eaton partnership and new Express DC architecture as margin and growth drivers .
Near-term stock reaction catalysts: revenue beat and record margins; offset by EBITDA breakeven deferral, US demand/macro uncertainty, and tariff/credit headwinds (mitigated but present) .

What Went Well and What Went Wrong

What Went Well

Record non-GAAP gross margin at 33%, seventh straight quarter of sequential improvement; company highlights improved hardware costs, higher subscription margins, and mix shift to subscriptions .
Cash management improved materially: ending cash ~$195M with minimal quarterly cash use (<$2M) driven by OpEx discipline and working capital management .
Strategic progress with Eaton partnership and Express DC fast charging architecture; management: “we expect to deliver tremendous value… which we believe will change the economics of DC fast charging for the industry” .

What Went Wrong

Year-over-year revenue down 9%; networked charging systems revenue down 21% YoY, reflecting softer hardware demand and project delays .
EPS missed consensus; management pushed out EBITDA breakeven beyond FY26 quarters due to macro uncertainties and tax credit expirations impacting timing of projects . Values retrieved from S&P Global.*
Operating expense uptick sequentially on temporary R&D spending (NRE and contractors) for new AC/DC architectures; management expects normalization in Q4 and further reductions next year .

Financial Results

Metric	Q4 2025	Q1 2026	Q2 2026
Revenue ($USD Millions)	$101.9	$97.6	$98.6
GAAP Gross Margin %	28%	29%	31%
Non-GAAP Gross Margin %	30%	31%	33%
GAAP Net Loss ($USD Millions)	$(64.6)	$(57.1)	$(66.2)
GAAP Diluted EPS ($)	$(0.14)	$(0.12)	$(2.85)
Non-GAAP Adjusted EBITDA Loss ($USD Millions)	$(17.3)	$(22.8)	$(22.1)

Segment revenue breakdown:

Segment Revenue ($USD Millions)	Q4 2025	Q1 2026	Q2 2026
Networked Charging Systems	$52.6	$52.1	$50.4
Subscriptions	$38.3	$38.0	$39.9
Other	$11.0	$7.6	$8.3
Total Revenue	$101.9	$97.6	$98.6

KPIs and mix:

KPI / Mix	Q4 2025	Q1 2026	Q2 2026
Managed ports	342,000+	—	363,000+
DC fast chargers	33,000+	—	37,000+
Ports in Europe	120,000	—	123,000
Accessible charging ports	~1.2M	—	~1.3M
Geography revenue mix	NA 81%, EU 19%	—	NA 84%, EU 16%
Billings mix (verticals)	Commercial 68%, Fleet 16%, Residential 12%, Other 4%	—	Commercial 75%, Fleet 11%, Residential 10%, Other 4%
Subscription gross margin (GAAP)	—	—	61% (GAAP)

Estimate comparison (S&P Global consensus vs actual):

Metric	Q2 2026 Consensus	Q2 2026 Actual	Result
Revenue ($USD)	$95.38M*	$98.59M	Beat
Primary EPS ($)	$(1.184)*	$(1.424)*	Miss
EBITDA ($USD)	$(17.84)M*	$(52.05)M*	Miss

Values retrieved from S&P Global.*

Reverse stock split context: ChargePoint implemented a 1-for-20 reverse split on July 28, 2025, affecting share count and EPS comparability between Q1 and Q2 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	Q2 FY26	$90M–$100M (guided on Q1 call/PR)	Actual $98.6M	At top of range
Revenue	Q3 FY26	—	$90M–$100M	New guidance
Non-GAAP Adjusted EBITDA breakeven (quarter)	FY26	“Positive non-GAAP adjusted EBITDA during a quarter in FY26”	Pushed out beyond this year due to macro/project delays	Lowered/Deferred
Liquidity	Ongoing	Revolver $150M undrawn; no maturities until 2028	Unchanged; reiterated	Maintained

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4 FY25 and Q1 FY26)	Current Period (Q2 FY26)	Trend
Gross margin trajectory	Non-GAAP GM 30% in Q4; expected ~30% with improvement in 2H subject to mix	Record non-GAAP GM 33%; seventh straight sequential improvement; hardware margins +1pt; subscription margin 61% GAAP	Improving
Tariffs and supply chain	Diversified manufacturing footprint; minimal expected tariff impact	“Successfully mitigated tariffs” to achieve record margins	Managed
Eaton partnership & product innovation	Announced integrated AC architecture and partnership	Operationalized GTM; first revenue deals; launched Express DC architecture; strong confidence	Scaling
Europe demand	Q4: EU 19% mix; building corridors; optimistic	EU 16% of rev; 26% YoY EV sales growth cited; new products targeted at UK/FR/DE with approvals	Constructive
Macro and credits (30D/30C)	Limited NEVI exposure; resilient demand drivers	US EV sales growth slowed to 3% YoY; uncertainty around credit expirations causing delays (no cancellations)	Headwind
Software moat / AI	Managing 100+ third-party hardware; subscription growth	“Hybrid cloud,” increased AI integration to deliver value; hardware+software synergy	Strengthening
Cash usage/working capital	Q4: cash used for ops $3M; inventory reduction; revolver undrawn	Cash usage < $2M; inventory ~$212M stable; trend to reduce inventory and cash burn	Improving

Management Commentary

CEO: “Second quarter revenue was $99,000,000… The non GAAP gross margin… 33%. This figure is notable as the highest gross margin we've reported since becoming a public company, and we successfully mitigated tariffs to achieve it.”
CEO on strategic partnership: “Together, we expect to deliver tremendous value with our new Express DC fast charging architecture, which we believe will change the economics of DC fast charging for the industry, and our new Flex AC product line.”
CFO: “Subscription margin continued to grow reaching another record high of 61% on a GAAP basis… reflecting economies of scale and continued optimization of support costs.”
CEO on EBITDA timeline: “We’ve determined we will be best positioned if we push out our EBITDA breakeven beyond this year… to ensure we can fund product innovation and commercialization.”

Q&A Highlights

OpEx trajectory: R&D elevated due to NRE/contractors for new AC/DC architectures; persists in Q3, expected to decline in Q4 and next year .
Europe upside: Early positive indications; inventory positioned; targeting UK/France/Germany with approvals; hardware portfolio expanding for EU .
Hardware gross margins: Sequential +1pt; benefits from Asia manufacturing, warranty cost improvements, non-BOM efficiencies; product mix key .
Cash and working capital: Continued squeeze possible; inventory reduction expected to free up cash; potential to generate cash in a quarter before EBITDA breakeven .
Competitive/software moat: Hybrid cloud, increasing AI integration; hardware+software differentiation; software manages third-party hardware .

Estimates Context

Q2 FY26 revenue beat vs consensus: $98.59M actual vs $95.38M* consensus; EPS (Primary) missed: -$1.424* actual vs -$1.184* consensus; EBITDA missed: -$52.05M* actual vs -$17.84M* consensus. Values retrieved from S&P Global.*
Company’s non-GAAP adjusted EBITDA loss improved to $22.1M, reflecting cost actions and margin expansion; note SPGI EBITDA definitions may differ from ChargePoint’s non-GAAP Adjusted EBITDA .

Key Takeaways for Investors

Revenue resilience with a record non-GAAP gross margin suggests cost/mix tailwinds are durable; watch for subscription mix and hardware warranty/non-BOM efficiencies to continue .
The Eaton partnership and Express DC architecture are major strategic levers; near-term adoption and margin profile of new products are key to thesis .
Macro/tax credit uncertainty in the US is delaying projects but not causing cancellations; the push-out of EBITDA breakeven tempers near-term profitability expectations .
Europe looks more constructive, with targeted product launches and approvals; monitor revenue mix shift and EU hardware uptake .
Cash discipline and inventory management continue to improve cash burn; revolver undrawn and no maturities until 2028 provide liquidity runway .
Reverse split impacts EPS comparability; focus on underlying margin and cash flow trends rather than per-share optics .
Estimate revisions: Expect consensus to adjust toward higher gross margin trajectory and cautious revenue outlook for Q3 ($90–$100M), with EBITDA breakeven expectations pushed out beyond FY26 .

ChargePoint Holdings, Inc. (CHPT)·Q2 2026 Earnings Summary