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SEC filingRobust revenue growth from sales-type fleet leases drove top-line expansion, but widened operating losses and accelerated cash burn reflect heavy network investments amid EV adoption headwinds.
Operating income reflected a -$36.3 million loss, worsening 8.8% from -$33.4 million, with margin improving to -33.2% from -44.4%. Management attributes this narrowing deficit to better leveraging of operating expenses against higher revenue, supplemented by reduced depreciation, amortization, and accretion. Notably, depreciation here excludes charging equipment costs already embedded in cost of sales, revealing how fixed cost absorption benefits from revenue scale even as G&A investments persist to support expansion.
Net loss expanded to -$16.4 million (-$0.12 diluted EPS) from -$11.4 million (-$0.09), pressured by elevated interest expense on DOE and credit facilities, net of capitalized amounts, plus warrant valuation changes. Looking ahead, while BEV adoption continues, its slower-than-expected pace may delay returns on infrastructure, compounded by substantial future Tax Receivable Agreement obligations.