Total Revenue

–12% (from $115.83M to $101.91M)

Total revenue declined by 12% YoY due to a significant reduction in its core Networked Charging Systems segment, even though gains in Subscriptions and Other revenue partly offset the drop. This follows trends seen in previous periods where macroeconomic headwinds and supply shifts impacted hardware revenue " " vs.. " "

Networked Charging Systems Revenue

–22% (from $74.03M to $52.61M)

The 22% decline in Networked Charging Systems revenue reflects lower shipment volumes and delayed production ramp-ups amid continued macroeconomic uncertainty, a pattern consistent with previous quarter challenges that saw similar declines in this key segment " " vs.. " "

Subscriptions Revenue

+14% (from $33.51M to $38.25M)

Subscriptions revenue grew by 14% YoY, driven by increased adoption of recurring ChargePoint services and expanded subscription offerings, building on the growth trends observed in earlier periods " " vs.. " "

Other Revenue

+33% (from $8.28M to $11.04M)

A robust 33% increase in Other revenue was achieved through higher net transaction fees from processing payments and one-time project revenue, which helped mitigate the decline in hardware-related revenue seen in previous periods " " vs.. " "

Operating Activities Cash Flow

Q4 2025: –$2.68M vs. Q3 2025: –$30.56M

While not a YoY metric, operating cash flow improved markedly quarter-over-quarter—improving by over 90%—primarily due to better working capital management and a much smaller inventory buildup compared to Q3 2025, reflecting operational adjustments from prior period challenges. "

Stockholders’ Equity

Q4 2025: $137.47M vs. Q3 2025: $180.98M

Stockholders’ equity declined sharply (a drop of roughly $43.51M) due to continued net losses that widened the accumulated deficit, which outweighed the capital raised in previous periods through stock issuances and stock-based compensation " vs.. "

Liquidity Metrics

Snapshot in Q4 2025

Key liquidity components include cash and cash equivalents of $224.57M, accounts receivable of $95.91M, and inventories of $209.26M. These figures indicate a strong liquidity position, although the high inventory level remains an area to monitor given prior trends of inventory buildups impacting cash flow. "

Revenue

Q4 2025

$95 million to $105 million "

no current guidance

no prior guidance

Revenue

Q1 2026

no prior guidance

$95 million to $105 million "

no prior guidance

Subscription Margin Improvement

Discussed in Q1 with improved margins " , emphasized again in Q2 with above 50% non‐GAAP margins " and noted in Q3 as a key driver "

Highlighted in Q4 with further margin boosts from automation and cost reductions "

**Consistent focus with steadily positive sentiment as operational efficiencies and economies of scale reinforce margins " " " " **

Automation

Addressed in Q2 via AI reducing station repair costs " and simplified processes introduced in Q3 "

Emphasized in Q4 as part of subscription margin improvement and integrated with hybrid cloud cost reduction "

**Continuous emphasis with evolving integration into cost reduction initiatives, enhancing overall efficiency " " " **

Hybrid Cloud

Little or no explicit mention in Q1–Q3

Q4 features a strategic transition to a hybrid cloud environment providing cost savings and flexibility "

**Newly highlighted in Q4 as a key enabler for reducing cloud hosting costs and supporting margin improvements " **

EV Adoption

Consistently discussed in Q1 with utilization pressure " , in Q2 with record sales indicators " , and in Q3 with a broader EV model selection and rising market share " "

Q4 underscores record global EV sales increases and market penetration in North America and Europe " "

**Steady and strong growth with uniformly positive sentiment across periods, confirming robust market demand " " " " " " **

Diverse Revenue Growth

Addressed in Q1 with a balanced mix of commercial, fleet, and residential segments " , reinforced in Q2 and Q3 with detailed revenue splits and growing subscription contributions " " " "

Q4 reaffirms diversified revenue streams with clear segmentation and percentages "

**Consistently positive, with clear revenue mix adding stability and growth potential " " " " " " **

Fleet Opportunities

Mentioned in Q1 with deal delays and pushouts " " , in Q2 with expanded pipeline potential " " , and in Q3 with large deal wins " "

Q4 highlights tangible benefits from fleet electrification and lower operational costs driving demand "

**Gradually improving outlook despite earlier delays, with signs of increasing contribution to overall revenue " " " " " " " **

Commercial Charging Network Expansion

Noted in Q1 via utilization pressures " , expanded in Q2 with green shoots and recovered lost deals " " " , and further developed in Q3 with significant billings share and key project wins " "

Q4 reemphasizes strong commercial demand, driven by high EV penetration and strategic marketing benefits " "

**Steady and growing emphasis across periods driven by institutional demand and infrastructure upgrades " " " " " " " " **

Inventory Management & Working Capital Optimization

Discussed in Q1 regarding high finished goods and gradual normalization " " " , addressed in Q2 with expectations of high inventory levels " " " , and in Q3 showing material cash improvements and proactive inventory reductions " " "

Q4 demonstrates accelerated reductions (a $13M decrease) and significant cash flow improvement " "

**Consistent focus with progressive improvements; sentiment turns more positive as working capital becomes optimized " " " " " " " " " **

Deal Pipeline Delays, Permitting Issues & Grid Infrastructure Challenges

Mentioned across Q1 with eight‐figure deal postponements and construction issues " " " , in Q2 with delays due to permitting and macro uncertainties " " , and in Q3 with continued permitting and construction pushouts "

Q4 notes that despite no substantial progress, delays due to permitting, grid upgrades, and infrastructure remain "

**Persistent challenges with relatively stable sentiment, indicating an ongoing external risk that continues to impact deal timing " " " " " " " **

Supply Chain Challenges & Asia Manufacturing Cost Efficiencies

Initially addressed in Q1 with inventory built on a higher cost basis " " " " and in Q2 with early indications of margin gains from Asia manufacturing " " , Q3 highlighted one‐time freight impacts and anticipated mid‐next-year benefits " "

Q4 emphasizes diversified manufacturing footprints with clear cost efficiencies from Asian partners " "

**Evolving from early challenges to clear cost advantages; sentiment shifts from cautious optimism to positive confirmation as benefits materialize " " " " " " **

Government Policy & Regulatory Risks

Mentioned in Q1 in the context of USPS deals and EU compliance initiatives " " and in Q3 with policy uncertainties in Europe "

Q4 stresses that while USPS contracts remain unaffected, European market uncertainties persist " "

**Consistent regulatory awareness; sentiment remains cautious but stable regarding external policy impacts " " " " " **

Hardware Revenue Pressure & Multi-sourcing Competition Risks

Q1 noted hardware revenue pressures and partnerships to mitigate risks " " " , and Q2 discussed multi-sourcing as a headwind with some benefits for software revenue "

Q4 provides minimal discussion, with only an indirect reference via decoupling of hardware and subscription revenues " "

**Diminished emphasis in Q4 suggests a de-prioritization of the risk or improved competitive positioning, though underlying concerns may still persist " " " " " **

New Technology Adoption & Product Innovation

Consistently featured in Q1 with announcements of new hardware (pantograph, RV, video products) and strategic partnerships " " " , in Q2 with introductions such as Omniport and LG collaborations " " , and in Q3 with next‑generation product plans and AI enhancements " " "

Q4 continues to drive innovation with hybrid cloud transition, upcoming product announcements, and a strategic partnership with GM Energy among other initiatives " "

**Strong, consistently positive focus on innovation with incremental upgrades and new partnerships reinforcing future growth potential " " " " " " " " " " **

Macroeconomic Uncertainties Impacting Revenue Guidance & EBITDA Targets

Q1 explicitly cited cautious revenue guidance and political uncertainty " " , Q2 noted macro concerns affecting deal timing and inventory, influencing conservative EBITDA expectations " " " and Q3 hinted at improvements with “green shoots” amid challenges " "

Q4 gives limited explicit commentary on macro uncertainties, with focus shifting to operational execution and cash management "

**While early periods were dominated by macro concerns, the emphasis has diminished in Q4 as internal improvements take center stage, suggesting a moderate easing of external pressures " " " " " " " **

Decline in Emphasis on Capitalizing on External Market Shifts

Q1 acknowledged Tesla‑related opportunities and external market shifts as beneficial " and Q3 reinforced capitalizing on Tesla opportunities via innovative solutions "

Q4 does not address external market shifts like Tesla-related opportunities

**The absence of discussion in Q4 indicates a potential de-emphasis or reprioritization, marking a notable shift away from leveraging these external market trends " " **