ChargePoint Holdings Inc 2025年度报告

ChargePoint Holdings, Inc.Annual Report for thefiscal year ended January 31, 2026 Dear ChargePoint Stockholders, We are amidst one of the largest infrastructure projects in history. The next industrial revolution runson intelligent electrification: electric vehicles, autonomous mobility and artificial intelligence.Government policies shift. Geopolitical dynamics shift. One thing does not: the better solution wins.Electrified transportation is that better solution. The question is no longer if the transition happens; thequestion is who powers the transition at scale. The clear answer to that question is ChargePoint. In the second half of Fiscal Year 2026, ChargePoint returned to year-over-year revenue growth. Non-GAAP Gross Margin hit a record 33%, we cut our Non-GAAP Adjusted EBITDA Loss by 29%, wereduced operating expenses for the second consecutive year, and we ended the year with $141.6million in cash. Our business fundamentals are not only moving in the right direction; they areaccelerating. And our industry is still in its infancy. ChargePoint is not a charging station company; ChargePoint is a technology company. Our software-led, hardware-enabled platform is purpose-built for electrified transportation. Our business model iscapital-light by design: we build and sell EV charging hardware, software, and services withoutowning the charging assets. ChargePoint delivers the complete technology platform to customers whoown and operate this charging infrastructure. That distinction matters more than ever becauseChargePoint carries no merchant risk, and we do not depend on government subsidies to survive. Ourcustomers choose us for the same reasons: innovation, reliability, compliance, and scale. Today, the ChargePoint platform spans the commercial, fleet, and residential segments across NorthAmerica and Europe. What the platform enables tomorrow is a far larger story. Most models frame thetotal EV charging market around port counts and hardware dollars, but we consider that approach to beantiquated. The real opportunity is capitalizing upon the intelligence layer on top of a growinginstalled base of electric vehicles and their drivers: energy dispatch, fleet scheduling, grid services,autonomous vehicle charging and demand response. Every port we deploy is a data node. Everysoftware subscription is a recurring revenue stream that compounds as adoption accelerates. In calendar year 2025 our charging sessions grew at double-digit rates and charger utilization outpacedport expansion. We believe that is the market telling us something: demand is being driven by carsalready on the road, not just new car sales. Once someone goes electric, they stay electric. EVretention rates are above 90%, confirming the transition is happening. The addressable baseChargePoint sells into grows every quarter, regardless of what is happening at the dealership. Autonomous vehicles (AV) and AI-driven fleet management are the next unlock. As AV platformsscale, they will require integrated, managed charging. Ad hoc networks will not suffice; these vehicleswill require intelligent infrastructure designed to schedule, authenticate and optimize chargingautomatically. The ChargePoint platform was built for exactly this purpose. ChargePoint is alreadyembedded in the AV and AI ecosystem with depots already under management for major AV operators,and we will be the infrastructure layer it runs on at scale. The European business is a dimension of the ChargePoint story, which deserves more attention. In Q4of FY2026, Europe represented 23% of our global revenue. We are already a software market leader inEurope and we are investing aggressively to win beyond North America: in FY2027 we are enteringthe European hardware market with our next-gen solutions. In Fiscal Year 2026, ChargePoint materially improved key financial metrics. Here is a recap of thegains: •Gross Margin: Non-GAAP Gross Margin hit 32% for the full year, up from 26% in FY2025,with Q4 reaching a record 33%. This reflects better product mix, pricing discipline, and supplychain improvements. This was not driven by one-time tailwinds.•Subscription Revenue: Subscription revenue grew 13% year-over-year to $162 million, nowrepresenting nearly 40% of total revenue. Our GAAP subscription gross margin in Q4 FY2026was 64%. Recurring high-margin software revenue, at scale, is what we believe makes ourmodel durable.•Operating Expenses: Our GAAP Operating Expenses declined 5% year-over-year, representing asecond consecutive year of reduction.•Non-GAAP Adjusted EBITDA: Non-GAAP Adjusted EBITDA Loss reduced by 29%, to $83million for the full year. In addition, last year we reduced outstanding debt by over $170 million - more than 50%. In turn, thislowered annual interest expenses, extended the majority of long-term debt maturities to 2030, andeliminated an $82 million change-of-control premium. This was all enabled by a debt exchangecompleted in Q4 FY2026. We enter FY2027 with real fin