Executive Summary

Q4 FY2025 revenue was $101.9M, down 12% YoY but above the midpoint of guidance ($95–$105M), with non-GAAP gross margin expanding to 30% and adjusted EBITDA loss improving to $(17.3)M .
Subscription revenue rose 14% YoY to $38.3M, driving margin mix; GAAP OpEx fell 27% YoY to $83.6M and non-GAAP OpEx fell 30% YoY to $52.0M, reflecting disciplined cost control and restructuring benefits .
Cash used in operating activities fell to $3M vs $31M in Q3; cash ended at $225M with a $150M undrawn revolver and no maturities until 2028, signaling improved liquidity discipline .
Q1 FY2026 revenue guidance: $95–$105M; management reiterated the goal of positive non-GAAP adjusted EBITDA in a quarter during FY2026 (guidance was previously targeted for Q4 FY2025 and subsequently pushed to FY2026) .
Potential catalysts: GM Energy collaboration to open DC fast-charging locations, state-level corridor builds (CO, NY), and anti-vandalism product launches (cut-resistant cable, Protect alarm) supporting network reliability and customer ROI .

What Went Well and What Went Wrong

What Went Well

Non-GAAP gross margin improved to 30% (vs 22% YoY), driven by higher hardware margins and a larger subscription mix; subscription margin tailwinds expected to continue via cloud cost optimization and hybrid cloud strategy .
Cash discipline: operating cash usage reduced to $3M in Q4 on lower OpEx, margin gains, and inventory reduction; ending cash rose $5M sequentially; revolver remains undrawn .
Strategic progress: GM Energy-branded DC fast-charging rollout, six Colorado fast-charging corridors completed, and near-completion of NY fast-charging sites—demonstrating execution absent federal NEVI dependence .

What Went Wrong

Top-line remains pressured: networked charging systems revenue declined 29% YoY in Q4; total revenue declined 12% YoY, reflecting lingering demand normalization and permitting/grid delays .
Europe remains challenging across the EV sector amid policy/incentive uncertainty; mix unchanged with NA at 81% and EU at 19%, but management flagged softer market growth in Europe .
NEVI/policy uncertainty persists; although CHPT has minimal federal exposure, customer projects can face delays from permitting and grid upgrades, affecting timing of hardware deployments .

Financial Results

Summary vs Prior Periods and Year-over-Year

Metric	Q2 2025	Q3 2025	Q4 2025
Revenue ($USD Millions)	$108.5	$99.6	$101.9
GAAP Gross Margin %	24%	23%	28%
Non-GAAP Gross Margin %	26%	26%	30%
GAAP EPS (Basic & Diluted)	$(0.16)	$(0.18)	$(0.14)
Non-GAAP OpEx ($USD Millions)	$66.4	$58.6	$52.0
Adjusted EBITDA Loss ($USD Millions)	$(34.1)	$(28.6)	$(17.3)

Year-over-Year (Q4 vs Prior Year Q4)

Metric	Q4 2024	Q4 2025
Revenue ($USD Millions)	$115.8	$101.9
GAAP Gross Margin %	19%	28%
Non-GAAP Gross Margin %	22%	30%
GAAP EPS (Basic & Diluted)	$(0.23)	$(0.14)

Segment Revenue Breakdown (Quarterly)

Segment ($USD Millions)	Q2 2025	Q3 2025	Q4 2025
Networked Charging Systems	$64.1	$52.7	$52.6
Subscriptions	$36.2	$36.4	$38.3
Other	$8.2	$10.5	$11.0
Total Revenue	$108.5	$99.6	$101.9

KPIs and Mix

KPI / Mix	Q3 2025	Q4 2025
Ports Managed (Total)	329,000+	342,000
DC Fast Chargers Managed	—	33,000+
Charging Sessions (Quarter)	—	~27M
Geographic Revenue Mix (NA / EU)	83% / 17%	81% / 19%
Billings Mix by Vertical (Commercial / Fleet / Residential / Other)	61% / 15% / 18% / 6%	68% / 16% / 12% / 4%

Liquidity snapshot (Q4): Cash & equivalents $224.6M; inventories $209.3M; revolver $150M undrawn; no maturities until 2028 .

Non-GAAP adjustments: Key exclusions include stock-based comp, restructuring, intangible amortization, certain tax/litigation non-cash items; reconciliations show non-GAAP gross margin of 30% vs GAAP 28%, and adjusted EBITDA loss improving to $(17.3)M .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue ($USD Millions)	Q4 FY2025	$95–$105 (given in Q3)	Actual $101.9	In-line vs midpoint
Revenue ($USD Millions)	Q1 FY2026	—	$95–$105	New range provided
Non-GAAP Adjusted EBITDA target	Timing	Q4 FY2025 positive (Q1 guidance)	Positive in a quarter during FY2026	Lowered/delayed
Gross Margin (non-GAAP)	FY2026 trajectory	Flattish to slightly up in Q4, larger improvements next year	~30% near-term; further improvement in back half, subject to mix	Clarified trajectory

No explicit ranges issued for OpEx, OI&E, or tax rate; qualitative commentary indicates modest OpEx increases ahead (wage inflation, targeted investments) .

Earnings Call Themes & Trends

Topic	Q2 FY2025 (prior)	Q3 FY2025 (prior)	Q4 FY2025 (current)	Trend
AI/Tech initiatives	AI driver support tool introduced, improving uptime	AI tool materially improving field repairs and uptime; software-first strategy	Hybrid cloud move to reduce hosting costs; improved subscription margins	Positive execution momentum
Supply chain & tariffs	Asia manufacturing ramp planned; inventory impairment last year context	Hardware margin improvement expected mid-next year; manufacturing in US; not in China	Diversified footprint; tariffs seen inconsequential; supply chain impact minimal	Resilient against tariff risks
Policy/NEVI exposure	Reorg; heightened efficiency	Minimal change expected from policy shifts; no buyer hesitancy	NEVI exposure “insignificant” in 2024; state/utility funding progressing (CO, NY)	Low federal reliance; state momentum
Product performance	Omni Port launched to solve connector confusion	Next-gen SW/HW roadmap; backward compatibility; DC margins to benefit from Asia	Anti-vandalism products (cut-resistant cable, Protect alarm); GM Energy DC sites	New offerings and partnerships
Regional trends	Europe difficult; NA strength	NA 83% / EU 17%; Europe soft; sales/marketing improvements focus NA then EU	NA 81% / EU 19%; mix consistent	Stable mix; Europe cautious
Permitting & grid	—	Pushouts due to permitting/construction in fleet	No substantial improvement; steady delays	Timing risk persists

Management Commentary

CEO: “We delivered significant sequential improvement in adjusted EBITDA as well as cash usage... ending cash balance was up by $5 million from the end of Q3.”
CFO: “Cash used for operating activities declined significantly to just $3 million... due to lower operating expenses, higher gross margin, reduced inventory and other improvements to working capital.”
CEO on policy: “Proposed tariffs on raw materials are inconsequential… NEVI-related deals represented an insignificant portion of our revenue in 2024.”
CEO on growth: “Together with ChargePoint customers, we plan to open a significant number of GM Energy-branded DC fast-charging locations this year.”

Q&A Highlights

Working capital and inventory: Management expects continued inventory drawdown to release working capital and support cash flow; subscription’s upfront cash nature aids working capital dynamics .
Competitive landscape: Industry rationalization with some exits; CHPT monitoring but confident in execution and support capabilities as differentiators .
Demand pipeline and mix: Management sees revenue growth focus with innovation; mix across commercial/fleet/residential stable; margins driven more by hardware cost and subscription scale than mix .
Permitting and timing: Persistent permitting and grid equipment delays lead to deal pushouts; trend unchanged .
Hardware/software decoupling: CHPT software manages 100+ third-party hardware models, enabling subscription revenue even when hardware is third-party .

Estimates Context

Wall Street consensus via S&P Global was unavailable at time of query due to provider limits; therefore estimate comparisons are not presented.
Management’s revenue guidance for Q1 FY2026 is $95–$105M; Q4 FY2025 actual revenue of $101.9M was above guidance midpoint and consistent with prudent guidance posture .

Key Takeaways for Investors

Margin and cash discipline are the quarter’s story: non-GAAP gross margin at 30% and adjusted EBITDA loss narrowed to $(17.3)M; operating cash usage fell to $3M, indicating improving unit economics and working capital execution .
Subscription is the engine: +14% YoY to $38.3M; hybrid cloud and scale should further expand subscription margins and support recurring revenue stability .
Hardware demand timing risk persists: permitting and grid constraints can push deals; monitor state/utility-funded corridors and GM Energy sites as near-term revenue catalysts .
Guidance credibility improving: Q1 FY2026 revenue guide aligns with recent run-rate; EBITDA-positive target moved to FY2026, reflecting realistic path to profitability amid disciplined OpEx .
Balance sheet optionality: $225M cash, undrawn $150M revolver, no debt maturities until 2028 provides runway; watch inventory drawdown cadence and adjusted EBITDA trajectory for cash burn inflection .
Product/brand momentum: GM Energy collaboration, anti-vandalism solutions (cut-resistant cable, Protect) can drive customer ROI and network reliability—supporting adoption and differentiating CHPT .
Risk monitor: Europe macro/policy softness; project permitting delays; and listing compliance actions (NYSE notice received Feb 2025—company indicated potential reverse split to cure) .

Appendix: Additional Context

Q4 FY2025 press release headline figures and reconciliations (GAAP to non-GAAP) .
Q3 FY2025 reported revenue $99.6M; non-GAAP gross margin 26%; adjusted EBITDA loss $(28.6)M; Q4 guidance $95–$105M .
Q2 FY2025 reported revenue $108.5M; non-GAAP gross margin 26%; adjusted EBITDA loss $(34.1)M; workforce reorg for ~$38M annualized non-GAAP OpEx savings .
NYSERDA-supported fast-charging deployments in NY (five sites) and Colorado corridors highlight state-level momentum .

ChargePoint Holdings, Inc. (CHPT)·Q4 2025 Earnings Summary