ENRD
Einride ABFDocument history
Earnings documents stored for ENRD.
Investor releaseQuarter not tagged2026-08-21Einride AB Reports Growth Acceleration & Fleet Scale Moves Towards 2028 – Quarterly Update Report
Exec Edge
Einride AB Reports Growth Acceleration & Fleet Scale Moves Towards 2028 – Quarterly Update Report
Download the Complete Report Here Key Takeaways: 1H26 marks an important step in ENRD’s transition from contracted demand toward scaled deployment, with signed capacity beginning to convert into a materially faster revenue growth profile in 2H26. Revenue increased 26% y/y on a constant-currency basis to approximately $27 million from $21 million in 1H25, driven by additional capacity with existing customers and new deployments across the network. Reported revenue increased ~22% y/y to SEK263.5 million from SEK216.5 million, with transport services contributing SEK246.6 million versus SEK201.0 million and rental revenue increasing to SEK16.9 million from SEK15.5 million. The forward setup is considerably stronger than the 1H26 growth rate, with 2H26 constant-currency revenue guided to $39-$42 million, up 60%-73% y/y from $24 million in 2H25. The step-up is expected to be driven primarily by the Amazon ramp, additional U.S. and European deployments and the initial Tesla Semi rollout, suggesting the principal near-term growth constraint is shifting toward deployment capacity and execution as signed demand moves into operations. A meaningful portion of near-term growth has already moved from the JBP funnel into contracted business awaiting deployment. ENRD continues to disclose more than $800 million of potential ARR through Joint Business Plans, while the customer base has expanded to 32 customers across seven countries and cumulative operating activity now exceeds 560,000 shipments. The $800 million+ JBP figure remains non-binding, but management provided an important distinction around the December revenue ramp: the absolute majority of capacity supporting the targeted $85-$95 million December 2026 annualized revenue run-rate has already moved from JBP into signed contracts, leaving vehicle deployment and capacity activation as the primary remaining steps before revenue recognition. We believe this is an important progression because the near-term execution focus is now increasingly on converting contracted capacity into deployed revenue at higher utilization and improving margins, rather than proving underlying customer demand. Amazon is becoming both a meaningful deployment driver and a strong validation point for ENRD’s enterprise customer-acquisition model. Following an initial pilot, ENRD secured a deployment of 75 electric heavy-duty trucks across five…Read full documentShow less
Download the Complete Report Here Key Takeaways: 1H26 marks an important step in ENRD’s transition from contracted demand toward scaled deployment, with signed capacity beginning to convert into a materially faster revenue growth profile in 2H26. Revenue increased 26% y/y on a constant-currency basis to approximately $27 million from $21 million in 1H25, driven by additional capacity with existing customers and new deployments across the network. Reported revenue increased ~22% y/y to SEK263.5 million from SEK216.5 million, with transport services contributing SEK246.6 million versus SEK201.0 million and rental revenue increasing to SEK16.9 million from SEK15.5 million. The forward setup is considerably stronger than the 1H26 growth rate, with 2H26 constant-currency revenue guided to $39-$42 million, up 60%-73% y/y from $24 million in 2H25. The step-up is expected to be driven primarily by the Amazon ramp, additional U.S. and European deployments and the initial Tesla Semi rollout, suggesting the principal near-term growth constraint is shifting toward deployment capacity and execution as signed demand moves into operations. A meaningful portion of near-term growth has already moved from the JBP funnel into contracted business awaiting deployment. ENRD continues to disclose more than $800 million of potential ARR through Joint Business Plans, while the customer base has expanded to 32 customers across seven countries and cumulative operating activity now exceeds 560,000 shipments. The $800 million+ JBP figure remains non-binding, but management provided an important distinction around the December revenue ramp: the absolute majority of capacity supporting the targeted $85-$95 million December 2026 annualized revenue run-rate has already moved from JBP into signed contracts, leaving vehicle deployment and capacity activation as the primary remaining steps before revenue recognition. We believe this is an important progression because the near-term execution focus is now increasingly on converting contracted capacity into deployed revenue at higher utilization and improving margins, rather than proving underlying customer demand. Amazon is becoming both a meaningful deployment driver and a strong validation point for ENRD’s enterprise customer-acquisition model. Following an initial pilot, ENRD secured a deployment of 75 electric heavy-duty trucks across five U.S. locations in Amazon’s middle-mile network, with the fleet integrated into Amazon Relay and execution managed through Saga AI; initial deployments are already live and the majority of the first wave is expected to be operational before year end 2026. The commercial organization has also been scaled over the last 6 to 8 months, contributing to an approximately 3x increase in the sales pipeline, while deployment lead times have improved over the past 12-18 months as vehicle availability, charging infrastructure and ENRD’s operating footprint expanded. For a high-touch enterprise model with relatively long initial sales cycles, reference deployments such as Amazon should help shorten customer diligence and support expansion across additional lanes and geographies. The recently announced 500-truck Tesla Semi program materially changes ENRD’s fleet scaling equation by adding significant deployment capacity while separating a substantial portion of fleet growth from equity funding. ENRD currently operates approximately 250 vehicles and expects Amazon, other signed deployments and the initial Tesla rollout to take the fleet to just under 400 by year end 2026, implying roughly 60% growth from the current base. The 500 Tesla Semi program alone would triple the current fleet toward approximately 750 vehicles, with the majority targeted to be operational before year end 2027. The program should also support higher revenue per truck from the current roughly $300,000 annual level, with the Semi’s specifications opening additional lanes and distances and management expecting a positive contribution-margin impact as utilization increases. The vehicles will be financed through third-party solutions rather than equity, allowing ENRD to match asset-backed leverage directly against revenue-generating capacity and accelerate conversion of its $800 million+ JBP opportunity into operating revenue without incremental equity dilution. Growing network scale is building the conditions for improved FCaaS economics while creating the data and operating density required for autonomous commercialization. ENRD has now completed more than 18.5 million electric miles and 560,000 shipments across 32 customers in seven countries, providing Saga AI with a larger data set to optimize routing, charging and vehicle utilization. That same network has generated more than 5,400 driverless hours in contracted customer operations, up 64% over the preceding six months across six autonomous deployments, while management estimates that approximately 80% of customer freight demand already captured on the platform is suitable for automation over the medium term. This creates a differentiated commercialization pathway: ENRD can progressively introduce autonomous capacity into freight flows it already operates and understands rather than building a separate autonomous-demand base, while Saga and Einride Driver have begun generating SaaS revenue following the late-2025 launch of the vehicle-agnostic offering, providing an early proof point for a more capital-light technology revenue model. Contribution economics have stabilized at the transport level, with the next margin inflection dependent on higher utilization and fixed-cost absorption as fleet scale increases. Contribution margin declined from 29.2% in 1H25 to 20.7% in 2H25, remained at 20.7% in 1H26 and is guided to improve to 21%-23% in 2H26 as utilization increases, with management targeting approximately 35% over the longer term. Reported cost of sales was SEK395.4 million against SEK263.5 million of revenue, producing a gross loss of approximately SEK131.9 million and gross margin near negative 50%, versus roughly negative 40% in 1H25, with approximately SEK95 million of depreciation and amortization embedded in cost of sales. The key margin lever is therefore scaling revenue and utilization faster than vehicle and infrastructure costs, with the approaching 400-vehicle year-end fleet expected to provide greater fixed-cost absorption and support operating leverage. Investment in autonomy, technology and commercial capacity is keeping adjusted EBITDA negative despite the stronger revenue trajectory. Adjusted EBITDA widened from negative $21.0 million in 1H25 to negative $27.9 million in 2H25 and negative $34.6 million in 1H26, with 2H26 guided to negative $35 million – $37 million as ENRD continues funding autonomous development, Saga capabilities and commercial infrastructure. Constant-currency R&D spend increased ~57% y/y to $20.4 million from $13.0 million, while reported R&D rose to SEK205.9 million from SEK131.2 million and selling expense increased to SEK46.6 million from SEK35.2 million. Net loss widened to SEK1.12 billion from SEK887.4 million, although comparability was affected by SEK636 million of non-cash recapitalization expense, SEK245 million of listing-related share compensation and SEK203 million of transaction advisory costs, partly offset by a SEK582 million warrant-remeasurement gain. The 2H26 setup therefore centers on whether 60%-73% revenue growth begins to improve fixed-cost absorption while ENRD sustains elevated investment in autonomy and platform development. DAF and defense expand the commercialization pathways for Einride Driver beyond ENRD-owned autonomous hardware, reinforcing the vehicle-agnostic licensing model. The DAF partnership will integrate Einride Driver onto an established PACCAR vehicle platform, with interface work during 2026 followed by integration and commissioning in 2027 before progressing toward more scaled deployments, reducing reliance on ENRD’s proprietary cab-less trucks as autonomy commercializes. In parallel, ENRD established a dedicated defense unit following pilot contracts with NATO-allied organizations and partnered with Centinus to combine autonomous logistics with real-time threat detection and counter-UAS monitoring. General (Ret.) Keith B. Alexander, who joined ENRD’s Board earlier this year, is expected to help guide expansion across Europe and the U.S., adding defense and cybersecurity expertise to the commercialization effort. Neither channel is yet a material financial contributor, but both broaden the potential market for a vehicle-agnostic Einride Driver while supporting a more capital-light technology revenue model that does not require ENRD to own the underlying fleet. Flipturn expands Saga into charging and energy management, adding a software-led layer that can improve deployment efficiency while addressing a practical bottleneck to electric-fleet scale. The acquisition adds more than 5,000 live charging ports and over 250 MW of charging capacity under management, alongside charge-port management, energy orchestration and connectivity to third-party charging networks. Aggregating charging demand should improve access to external infrastructure and charging economics while reducing site-readiness friction as ENRD expands across more customer locations. The transaction was primarily equity funded, with SEK373.5 million of base consideration including approximately 4.41 million ENRD ADSs and only ~SEK2.4 million of cash, while up to another 3.72 million ADSs are tied to contracted ARR and product milestones through 2028. The strategic payoff will depend on whether Flipturn converts its charging footprint into incremental software revenue, lower deployment friction and better charging economics, sufficient to justify the associated equity consideration. Operating cash requirements increased with the investment and deployment ramp, making working-capital efficiency increasingly important to funding the next phase of scale. Net cash used in operating activities increased ~88% y/y to SEK536.7 million from SEK285.2 million, reflecting the heavier investment burden ahead of planned fleet and technology deployments. Working capital provided a meaningful partial offset, with SEK143.1 million in inflows supported by higher trade payables and accrued expenses as supplier activity increased alongside deployment volumes. Trade receivables increased 32% from year end 2025 to SEK27.7 million and accrued income more than doubled to SEK61.3 million from SEK29.5 million, while trade and other payables increased ~55% to SEK411.0 million and accrued expenses rose to SEK160.7 million from SEK146.8 million. As ENRD moves into a faster deployment phase, the ability to convert revenue into cash efficiently and manage supplier and vehicle-payment timing should become increasingly important to limiting incremental external funding needs as the fleet scales. The public-market transaction materially strengthened near-term liquidity, providing a larger capital base to support the current deployment ramp and technology roadmap. Cash increased to approximately SEK747.6 million, or $77 million, at June 30 from SEK278.8 million at YE25 and SEK112.8 million a year earlier, supported primarily by approximately $113 million of PIPE proceeds, although only ~$3.3 million remained in the SPAC trust following redemptions and transaction fees and expenses totaled approximately $34 million. With 1H operating cash use of SEK536.7 million and investing cash use of SEK16.3 million, ENRD will still require access to external funding as the business scales, but management’s strategy of financing revenue-generating fleet assets separately should reduce the amount of corporate capital required for vehicle growth and preserve more balance-sheet capacity for Saga, autonomy and commercial expansion. Capital allocation is increasingly centered on capital-efficient fleet scaling, with corporate capital reserved for technology and commercial expansion while vehicle growth is funded through non-dilutive asset-backed structures. Loans and borrowings excluding leases totaled approximately SEK49.3 million at June 30, while lease liabilities were ~SEK732.8 million and the prior SEK207.7 million convertible debenture had been eliminated. ENRD entered approximately SEK33.9 million of installment-financing arrangements for electric-truck purchases during 1H26 and subsequently added a $25 million U.S. equipment facility in August, with individual drawdowns carrying 42-month terms and an effective interest rate of approximately 14%. Management expects this asset-backed approach to extend to larger fleet programs, including the Tesla Semis, with vehicles financed against the underlying revenue-generating assets rather than through new equity, implying zero incremental equity dilution from those vehicle deployments. The strategy allows corporate capital to remain directed toward Saga AI, Einride Driver, R&D and commercial expansion, while making vehicle utilization, contribution margin and returns relative to financing costs increasingly important to determining whether fleet growth remains value-accretive. The December 2026 exit rate provides the clearest near-term marker of ENRD’s scale-up, with annualized revenue targeted at $85 million to $95 million as contracted capacity moves into deployment. For 2H26, constant-currency revenue is guided to $39-$42 million, up 60% to 73% y/y, contribution margin to 21%-23% and adjusted EBITDA to negative $35 million to $37 million. Combined with the $27 million 1H actual, this implies approximately $66 million-$69 million of 2026 constant-currency revenue and negative $70 million to $72 million of adjusted EBITDA based on disclosed results and guidance. The December run-rate is expected to be supported by a fleet just below 400 vehicles versus approximately 250 today, with the majority of the capacity underpinning that revenue level already contracted. ENRD plans to issue a business update with selected figures in the fall before moving to quarterly reporting in 2027. Beyond 2026, the operating roadmap increasingly centers on scaling the four engines required to reach management’s 2028 cash flow breakeven target. Management estimates that approximately 1,500-2,000 deployed vehicles are required to reach breakeven, while existing JBPs represent roughly 1.4x-1.8x the freight volume necessary to support that fleet. With the majority of the 500 Tesla Semis targeted to be operational before year end 2027, the next execution steps center on converting additional JBPs into signed capacity, adding deployments through Tesla and other OEMs, and scaling technology licensing alongside FCaaS. The demand base therefore appears sufficient to support the targeted operating footprint, making deployment cadence, capital efficiency and margin conversion the principal milestones into 2027 and 2028. Together, capital-efficient fleet expansion, contracted-demand conversion, continued autonomy and R&D investment, and increasing Saga AI and Einride Driver monetization form the four strategic engines supporting the path to cash flow breakeven. Disclaimer: Exec Edge does not publish proprietary estimates, ratings, price targets, or investment recommendations. The valuation discussion below is illustrative only and is based on company filings, management commentary, and third-party data and estimates. It does not constitute a recommendation, price target, rating, or prediction of future pricing. Valuation has reset materially below the original transaction level despite improving commercial visibility, leaving execution against the current deployment ramp as the principal potential re-rating catalyst. As of the 8/20 close, ENRD carries a pro forma market capitalization of ~$884 million and an EV of ~$812 million, approximately 46% below the ~$1.51 billion EV implied by the SPAC transaction. This reset has occurred despite 1H26 constant-currency revenue growth of 26%, a 60%-73% 2H26 growth outlook, and substantially greater deployment visibility following the Amazon and Tesla Semi programs. Using the midpoint of management’s $85-$95 million December annualized revenue run-rate as a forward revenue proxy, ENRD trades at approximately 9.0x EV/Sales, providing a materially lower valuation entry point despite a substantially larger and more visible operating base. ENRD screens at a substantial discount to direct trucking-autonomy peers while trading at only a modest premium to the broader autonomous-vehicle group. Aurora Innovation and Kodiak AI trade at 156.4x and 54.3x NTM EV/Sales, respectively, producing a direct trucking-autonomy average of 105.4x compared with ENRD’s 9.0x forward revenue multiple based on management’s December annualized run-rate. The direct peer multiples remain unusually high because both businesses are still early in their commercial revenue ramps; however, the dispersion illustrates the substantial premium public markets assign to autonomous-trucking commercialization potential. The broader AV and sensing peer group trades at an average of approximately 6.9x NTM EV/Sales, placing ENRD at a more measured ~30% premium. That premium appears supportable given ENRD’s existing commercial footprint of 32 customers across seven countries, approximately 250 deployed vehicles, more than 18.5 million electric miles and 5,400+ driverless hours, combined with an integrated FCaaS, Saga AI and autonomous-software model that provides both current freight revenue and longer-term technology monetization. The valuation increasingly centers on ENRD conversion of contracted demand into revenue at improving margins and lower capital intensity. Delivery of the $39-$42 million 2H26 revenue outlook, a fleet approaching 400 vehicles by year end 2026 and contribution margin improving from 20.7% to the guided 21%-23% would provide tangible evidence that the current deployment ramp is translating into operating leverage. Beyond 2026, execution of the 500 Tesla Semi program, continued conversion of the $800 million+ JBP opportunity and increasing Saga AI and Einride Driver monetization could support a progressively higher-margin revenue mix, while third-party asset-backed financing provides a pathway to expand revenue-generating fleet capacity with zero incremental equity dilution from those vehicle deployments. Conversely, slower deployment conversion, limited gross-margin improvement or weaker capital efficiency would justify maintaining a discount despite the scale of contracted and prospective demand. At 9.0x EV/Sales on December run-rate revenue, the potential re-rating case is therefore increasingly tied to demonstrating that higher fleet scale can convert into faster revenue growth, improving margins and lower equity capital intensity, rather than further proof of underlying customer demand. Read Exec Edge’s Initiation on ENRD Here Subscribe to our Weekly Newsletter to Receive All Research Contact: Executives-Edge.com [email protected] The post Einride AB Reports Growth Acceleration & Fleet Scale Moves Towards 2028 – Quarterly Update Report appeared first on ExecEdge.
Investor releaseQuarter not tagged2026-08-18Einride Reports First Half 2026 Results
GlobeNewswire
Einride Reports First Half 2026 Results
First half 2026 revenue increased by 26% year-over-year to $27 million on a constant currency basis1 Second half 2026 constant currency revenue1 growth rate is expected to double to 60-73% year-over-year Einride to support the electrification of Amazon’s U.S. middle-mile network with a deployment of 75 electric heavy-duty trucks across 5 U.S. locations, as disclosed in April 2026 Subsequent to the end of the period, Einride partnered with Tesla to deploy 500 Tesla Semi trucks on the Saga AI platform, tripling Einride’s current fleet size, with vehicles financed through third party solutions Subsequent to the end of the period Einride partnered with DAF, a PACCAR company, to accelerate scale-up of autonomous electric freight STOCKHOLM, Aug. 18, 2026 (GLOBE NEWSWIRE) -- Einride AB (Nasdaq: ENRD) (“Einride” or the “Company”) today announced its financial results for the first half of 2026, ended June 30 2026, marking the Company's first earnings release as a public company following its completed business combination and June 10th Nasdaq listing. Einride's full financial report will be available on its investor relations website. "The first half of 2026 marked an important milestone for Einride as we began our journey as a public company, while continuing to scale the world's leading digital, autonomous and electric freight network," said Roozbeh Charli, Chief Executive Officer of Einride. "We continued to deliver on our plan with disciplined execution across every part of the business, from growing recurring revenue to strengthening our technology platform through investments in Saga AI, charging and autonomous technology." H1 2026 Financial Highlights Revenue rose 26% year-over-year to SEK 273 million ($27 million) on a constant currency basis1, driven by growth in customer volumes and fleet deployments Management expects the Company’s year-over-year constant currency revenue1 growth rate to more than double in the second half of 2026, to 60–73%, fueled by the Amazon ramp and other deployments in the U.S. and Europe The 500-truck Tesla Semi deployment will be funded through third party financing solutions, enabling Einride to scale its fleet and convert signed demand into operating revenue without equity dilution The Tesla deployments are expected to triple the Company's current fleet from approximately 250 to 750 deployed vehicles Einride is executing toward…Read full documentShow less
First half 2026 revenue increased by 26% year-over-year to $27 million on a constant currency basis1 Second half 2026 constant currency revenue1 growth rate is expected to double to 60-73% year-over-year Einride to support the electrification of Amazon’s U.S. middle-mile network with a deployment of 75 electric heavy-duty trucks across 5 U.S. locations, as disclosed in April 2026 Subsequent to the end of the period, Einride partnered with Tesla to deploy 500 Tesla Semi trucks on the Saga AI platform, tripling Einride’s current fleet size, with vehicles financed through third party solutions Subsequent to the end of the period Einride partnered with DAF, a PACCAR company, to accelerate scale-up of autonomous electric freight STOCKHOLM, Aug. 18, 2026 (GLOBE NEWSWIRE) -- Einride AB (Nasdaq: ENRD) (“Einride” or the “Company”) today announced its financial results for the first half of 2026, ended June 30 2026, marking the Company's first earnings release as a public company following its completed business combination and June 10th Nasdaq listing. Einride's full financial report will be available on its investor relations website. "The first half of 2026 marked an important milestone for Einride as we began our journey as a public company, while continuing to scale the world's leading digital, autonomous and electric freight network," said Roozbeh Charli, Chief Executive Officer of Einride. "We continued to deliver on our plan with disciplined execution across every part of the business, from growing recurring revenue to strengthening our technology platform through investments in Saga AI, charging and autonomous technology." H1 2026 Financial Highlights Revenue rose 26% year-over-year to SEK 273 million ($27 million) on a constant currency basis1, driven by growth in customer volumes and fleet deployments Management expects the Company’s year-over-year constant currency revenue1 growth rate to more than double in the second half of 2026, to 60–73%, fueled by the Amazon ramp and other deployments in the U.S. and Europe The 500-truck Tesla Semi deployment will be funded through third party financing solutions, enabling Einride to scale its fleet and convert signed demand into operating revenue without equity dilution The Tesla deployments are expected to triple the Company's current fleet from approximately 250 to 750 deployed vehicles Einride is executing towards reaching cash flow breakeven point in 2028, driven mainly by continued scaling with existing customers and targeting a fleet of approximately 1,500–2,000 trucks in operation by 2028. The base of that expansion is set by continued conversion of its ~$800 million of potential long-term ARR in Joint Business Plans into revenue Cash position as of June 30, 2026 was SEK 748 million ($77 million) Net loss was SEK 1.12 billion in H1 2026 compared to a loss of SEK 887 million in H1 2025, primarily driven by non-cash charges of SEK 881 million including SEK 636 million related to the accounting treatment of a recapitalization expense as part of the business combination and a one-time SEK 245 million share based compensation charge in connection with the listing. Furthermore, the Company incurred SEK 203 million of one-time advisory fees in connection with the business combination in H1 2026. These charges were offset by a SEK 582 million non-cash gain related to the fair value measurement of the Company’s warrant liability "We are scaling with capital discipline. By financing fleet growth through asset-backed structures, we're able to convert signed demand into operating revenue faster while minimizing dilution for our shareholders and executing towards our target to reach cash flow breakeven point in 2028," said Anubhav Verma, Chief Financial Officer of Einride. Commercial Highlights Following an initial trial, Einride expanded its relationship with Amazon and secured a deployment of 75 manual electric heavy-duty trucks within Amazon’s middle-mile network across 5 U.S. locations, as previously disclosed in April Total executed electric distance, planned through Saga AI, increased to 18.5 million miles Driverless hours in contracted customer operations increased 64% to more than 5,400 hours as of June 30, 2026, supported by six autonomous deployments across the U.S. and Europe Einride strengthened its leadership and governance with the appointments of General (Ret.) Keith Alexander and Lynn Atchison to its Board of Directors. Einride established a defense business unit, following initial pilot contracts with NATO-allied organizations Einride completed its business combination with Legato Merger Corp. III, and its American depositary shares and warrants began trading on the Nasdaq Global Market and Nasdaq Capital Market under the tickers “ENRD” and “ENRDW” respectively, on June 10, 2026. The listing and business combination included an oversubscribed $113 million PIPE financing to expand Saga AI's fleet coverage and accelerate electric and autonomous deployments Since the close of the reporting period, Einride has also announced the acquisition of charging and energy software company Flipturn, a partnership with Centinus, a partnership with DAF (a PACCAR company) to accelerate scale-up of autonomous electric freight, and the Tesla Semi partnership described above Einride will host a conference call and live webcast today, August 18, 2026, at 8:00 AM ET / 2:00 PM CET to discuss its results and outlook. A live webcast and replay will be available on the Company's investor relations website. About Einride Founded in Stockholm in 2016, Einride (Nasdaq: ENRD) is a technology leader driving the transition to sustainable, cost-efficient autonomous and electric freight operations. The company's platform integrates AI-powered freight intelligence, proprietary autonomous technology, and one of the world's largest electric heavy-duty fleets. Einride serves a global customer base across North America, Europe, and the Middle East through a dual business model encompassing Freight-Capacity-as-a-Service (FCaaS) and a Software-as-a-Service (SaaS) platform. Investor & Media Contact EinrideChristina ZanderHead of Communications [email protected], [email protected] Forward-Looking Statements This press release contains certain “forward-looking statements” within the meaning of U.S. federal securities laws including, but not limited to, statements regarding the Company’s future financial and operating performance, including its revenue outlook and guidance, its path to cash flow breakeven, fleet expansion and deployment plans, anticipated customer ramp and conversion of potential long-term ARR into contracted revenue, financing arrangements, technology platform development, autonomous capabilities, partnerships, and its strategies, priorities and business plans. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions available to the Company, and, as a result, are subject to risks and uncertainties. Any such expectations and assumptions, whether or not identified in this press release, should be regarded as preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (1) risks related to the scaling of the Company’s business and the timing of expected business milestones; (2) the ability to meet stock exchange continued listing standards; (3) risks associated with changes in laws or regulations applicable to the Company’s solutions and services and the Company’s international operations; (4) the possibility that the Company may be adversely affected by other economic, geopolitical, business, and/or competitive factors; (5) supply shortages in the materials necessary for the production of Einride’s solutions; (6) negative perceptions or publicity of the Company; (7) risks related to working with third-party manufacturers for key components of Einride’s solutions; (8) the termination or suspension of any of Einride’s contracts or the reduction in counterparty spending; (9) the ability of Einride to issue securities in the future; (10) the ability of the Company to achieve its potential long-term ARR under its joint business plans with customers; (11) the ability to convert potential long-term ARR under joint business plans into contracted, revenue-generating capacity (12) risks related to the Company's third-party financing arrangements, including the ability to maintain non-dilutive financing on acceptable terms; (13) the ability to successfully deploy and finance the planned fleet expansion; (14) the ability to achieve projected revenue growth in the second half of 2026; (15) the ability to achieve cash flow breakeven by 2028; (16) risks related to the development and commercialization of the Company's autonomous capabilities; and (17) risks related to the Company's entry into the defense sector, including the ability to secure and expand contracts with defense organizations. Forward-looking statements are not guarantees of future performance. You should carefully consider the foregoing factors and the other risks and uncertainties that are described in the Company’s filings with the U.S. Securities and Exchange Commission, including under the heading “Risk Factors.” These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and all forward-looking statements in this press release are qualified by these cautionary statements. The Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law. Use of Non-IFRS Financial Measures This press release includes certain financial and operating measures, including Revenue presented on a constant currency basis and Adjusted EBITDA that are not prepared in accordance with IFRS. These non-IFRS measures, and other measures that are calculated using these non-IFRS measures, are an addition, and not a substitute for or superior to measures of financial performance prepared in accordance with IFRS. Einride believes these non-IFRS financial measures provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company’s method of determining these non-IFRS measures may be different from other companies’ methods and, therefore, may not be comparable to those used by other companies, and the Company does not recommend the sole use of these non-IFRS measures to assess its financial performance. Management does not consider these non-IFRS measures in isolation or as an alternative to financial measures determined in accordance with IFRS. In addition, these non-IFRS measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-IFRS measures. Non-IFRS Measures as Defined by the Company EBITDA is defined as net loss for the interim period before finance income, finance costs, income tax benefit or expense, and depreciation and amortization. The Company defines Adjusted EBITDA as EBITDA further adjusted to exclude the impact of certain items that the Company does not consider indicative of its our ongoing operating performance, because they are non-cash in nature, are non-recurring, or otherwise do not relate to the Company's core operations. These items include share-based compensation expense; unrealized (gain) loss on financial instruments measured at fair value; gains or losses on the disposal of property, plant and equipment; costs incurred in connection with the Business Combination; the non-cash recapitalization (listing) expense recognized under IFRS 2; the non-cash charge recorded as a reduction of revenue in respect of the Amazon warrant arrangement; impairment charges; litigation and dispute related costs; gains or losses on the sale of a business unit; non-recurring transaction costs; unrealized foreign exchange gains and losses; and other non-recurring items that may arise from time to time. Revenue on a constant currency basis have been calculated by translating the reported income statements amounts of the consolidated entities for such measures, in each period presented, using the average foreign currency exchange rates for the six months ended June 30, 2025 (H1-25), as provided by a third party. Revenue on a constant currency basis is used to provide a framework in assessing how the Company’s business performed excluding the effects of foreign currency exchange rate fluctuations, and the Company believes this information is useful to investors to facilitate comparisons and better identify trends in the Company’s business. Below, the Company has provided a reconciliation of revenue as reported to revenue on a constant currency basis for the periods presented, and a reconciliation of Adjusted EBITDA to net loss for the period, the most directly comparable financial measure calculated and presented in accordance with IFRS, for the periods presented. The forward-looking guidance included in this presentation cannot be reconciled to the comparable IFRS measures without unreasonable efforts, because we are not able to predict with reasonable certainty the ultimate amount or nature of exceptional items in the fiscal year. These items are uncertain, depend on many factors and could have a material impact on our IFRS results for the guidance period. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (UNAUDITED) Reconciliation of Net Loss to EBITDA and Adjusted EBITDA for the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 The following table presents a reconciliation of EBITDA and Adjusted EBITDA to our net loss, the most directly comparable IFRS measure, for the six months ended June 30, 2026 and 2025. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2026 (UNAUDITED) AND DECEMBER 31, 2025 INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (UNAUDITED) Reconciliation of constant currency revenue for the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 1 Constant currency revenue is a non-IFRS measure. An explanation of non-IFRS measurescan be found in the “Non-IFRS measures as defined by the Company” section below. Constant currency is calculated using January-June 2025 average currency rate, converted from SEK to USD using a fixed USD/SEK rate of 10.18. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cee05d33-834f-48c8-8d47-2f5217a73f2a
TranscriptFY2026 Q22026-08-18FY2026 Q2 earnings call transcript
Earnings source - 101 paragraphs
FY2026 Q2 earnings call transcript
Good day, and thank you for standing by. Welcome to the Einride first half 2026 earnings conference call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, please press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please note that today's conference is being recorded. I would now like to hand the conference over to your first speaker, Alexi Maltas, Head of Legal, U.S. Please go ahead.
I am pleased to be joined today by our CEO, Roozbeh Charli, and our CFO, Anubhav Verma. Following their prepared remarks, we will open the call to questions. Please note that some of the information you will hear today will include forward-looking statements such as, but not limited to, statements regarding our product development, business model, performance, comparisons to our competitors, market opportunity, potential product sales and future demand, business and strategic opportunities, customer and partner engagement, projections of future operations and financial results, availability of funds, as well as statements containing words like potential, believe, expects, plans, or other similar expressions. These statements are not guarantees of future performance. Actual results could differ materially from the future results implied or expressed in the forward-looking statements. We encourage you to review our SEC filings.
These filings describe risk factors that could cause our actual results to differ materially from those implied or expressed in our forward-looking statements. All forward-looking statements are made as of the date of this call, and except as required by law, we undertake no obligation to update this information. In addition, we will present certain financial measures on this call that will be considered non-IFRS measures.
For reconciliations of each non-IFRS financial measure to the most directly comparable IFRS financial measure, as well as for all the financial data presented on this call, please refer to the information included in our press release and in our Form 6-K dated and submitted to the SEC today, both of which can be found on our corporate website at einride.tech/investors. This conference call also will be available for audio replay at einride.tech/investors. Now I would like to turn the call over to Roozbeh Charli.
Roozbeh?
Thank you very much, Alexi. Good morning, everyone, and thank you for joining Einride's first earnings call as a public company. We have entered the public markets with strong momentum. Today, Einride is live with more than 30 customers across seven countries. We have executed close to 600,000 shipments and built more than $800 million of potential ARR through our joint business plans. So far this year, we have added Amazon as a customer. We announced a partnership with Tesla to deploy 500 Tesla Semis. We have advanced our autonomous commercialization through our partnership with DAF and completed our first acquisition. Financially, revenue grew 26% in H1, and we expect that growth rate to more than double in the second half.
Today, we will walk you through how our signed contracts are converting into deployed vehicles and revenue, how we are expanding with some of the world's largest shippers, and how we are advancing Saga AI and our autonomous technology. That progress reflects the strategy we have been building. Scale our business today, use that scale to accelerate our technology, and progressively introduce autonomy to fundamentally shift the economics of freight. As a short overview of Einride is built to be the platform that delivers what the world's largest transport buyers actually care about, cost efficiency, reliability, and safety. We develop and bring together the technologies required to create the most efficient, autonomous, and electric freight networks. Our Saga AI platform enables efficient deployment of one of the world's largest fleets of electric trucks.
Our autonomous technology allows us to gradually automate a larger and larger proportion of our customers' freight needs that we accumulate on our platform. This is not a single technology story. It is a platform that keeps compounding as it scales. The freight capacity as a service offering, powered by the Saga AI platform and electrification, starts the journey with our customers. It allows us to start attacking the cost base. It creates the relationship with the customers. It sets into motion the flywheel that leads to our customers continuing to scale with us. It improves and creates denser and denser networks, lower and lower cost bases, and better margins. It does all this while gathering and accumulating data that accelerates our development. It accumulates vast amounts of transport demand on a single platform globally. Autonomous freight adoption starts gradually and increases exponentially.
The complexity of deploying driverless capacity in a safe and reliable way into real-world applications should not be underestimated. Neither should its ability to fundamentally change the cost structure and operational logic of a freight network. That is why we expect the adoption of our autonomous technology into the networks of our customers to happen gradually in the initial phases and then increase rapidly. With our approach, data position, and operational understanding of our customers' networks, we are strongly positioned to lead that transition for them. For every new operating domain and set of conditions we unlock with our technology, we know exactly how many thousands and millions of additional lanes we can operate for our customer base and can deploy into those swiftly and efficiently. So where are we on each of these assets? We have generated over $50 million of revenue for the past 12 months.
Furthermore, we have accumulated more than $800 million of potential ARR in our joint business plan, which are scaling plans where we sit with our customers. We have started the journey towards increasing the level of automation in our customers' networks. We have operated more than 5,400 driverless hours in contracted customer operations, a figure that has grown by about 60% just over the past six months. We see that based on the customer demand we capture on our platform so far, about 80% of that is suitable for automation in the medium term as we continue to advance our autonomous technology. Our platform is scaling fast. We are now live with 30+ global customers across seven countries, spanning the U.S., Europe, and the UAE, with new lanes and geographies coming online continuously.
Our ability to operate on a global scale is one of the key elements that makes us a relevant partner for the world's largest transport buyers. They want a partner that can help them across their operations, not just in single isolated geographies. As we continue to scale our operations, we're adding more and more lanes in the countries where we operate. We're expanding our U.S. footprint across 15 states while significantly growing operations in the states we're already active in. We're doing all of this to support the growing demand from our customers, including Amazon, GE Appliances, and PepsiCo. With that, let's take a closer look at our execution so far this year. 2026 has been about executing what we said we were going to do, scale with customers, develop our key technologies, and forge partnerships.
We've added new customers, including Amazon, to our growing base of global transport buyers. Our revenue grew by 26% versus H1 of last year on a constant currency basis, and we're expecting that growth rate to more than double for H2 of this year. We continue to lay the foundation for further growth and scale by securing a partnership with Tesla to deploy 500 Tesla Semis on our platform. This deployment alone will triple our deployed fleet. In parallel, we continued our autonomous deployments, increasing driverless hours in customer operations by 64% year over year. We're also excited about our first acquisition. In July of this year, we acquired Flipturn, expanding our charging network and capabilities overnight. We set the stage for scale deployments of autonomous freight with our customers through the partnership with DAF, one of the leading truck manufacturers and part of the PACCAR group.
Together, these milestones are a few examples of the progress we made so far in 2026. Now let's have a closer look at some of them. Earlier this year, we took an important next step in our relationship with Amazon. Following a successful pilot phase, we signed an agreement to scale electric freight on our platform for their middle mile network. Working with Amazon, which is arguably one of the most complex logistic networks in the world, is a true testament to our platform's abilities. The initial deployment is 75 electric trucks across five U.S. locations. Our platform integrates into the Amazon Relay network, with Einride operating the fleet on Saga AI. We're live with the first deployments already and expect to have the majority of this first wave done before year-end. Earlier this morning, we also announced a big win towards our scaling ambitions with our customers.
We announced a partnership with Tesla that includes deploying 500 Tesla Semi trucks on the Einride Saga AI platform, targeting to be operational with the majority of these before the end of 2027. As mentioned, this deployment alone means that we'll triple our fleet size, driving higher utilization and reinforcing strong unit economics. This partnership is also an important step in accelerating our deployment with customers, including converting additional demand within our more than $800 million of potential ARR in joint business plan opportunities into revenue. We also completed our first acquisition a few weeks ago, of Flipturn. Flipturn is a leading developer of charging and energy management software for electric fleets. This acquisition consolidates our offering and creates the first fully integrated electric freight technology stack, including charge port management and energy systems, and a brokerage layer that connects fleets to third-party charging networks.
By aggregating charging demand at scale, Einride also gains more competitive access to third-party charging networks, which in turn means we can provide cost-efficient solutions to our customers. Flipturn has a truly top-tier founding team and an incredibly strong team. I am very excited about what we can achieve together with them. We recently announced a partnership with DAF, a leading truck manufacturer and part of the PACCAR group. This partnership will allow us to accelerate large-scale commercialization of SAE Level four autonomous electric freight through the integration of the Einride Driver with their award-winning premium vehicle platform. It is a validation of our vehicle-agnostic approach and will allow us to scale autonomous deployments with our customers. We are working with DAF and authorities to enable public road operations, with interface testing in 2026 and integration and commissioning on DAF Trucks in 2027.
An important aspect of achieving scale deployments of our autonomous drive stack, the Einride Driver, is to secure partners for vehicle platforms on which we can integrate our autonomous drive stack outside of our cabless autonomous vehicles. DAF is a perfect example of that, and we are very excited to continue working with them. Another great example of expanding the use case of the Einride Driver across other hardware platforms is the progress we have made within the defense space. We established a defense business unit earlier this year following pilot contracts with the European NATO Allied Defense Organization. By advancing autonomous logistics for dual use operations, we are extending commercially validated autonomy into defense applications. We are part of Sweden's national resilience efforts, positioning autonomous freight as critical infrastructure for total defense and supply security.
We also recently signed a strategic partnership with Centinus to extend our autonomous technology platform for real-time threat detection and counter-UAS monitoring. With the guidance of General Keith Alexander, who joined our board earlier this year, we will continue expanding our efforts within the defense area, both in Europe and the U.S., and through our core technology and strategic partnerships, provide autonomous logistics for defense operations.
What is next for us now? It is continued disciplined execution on our plan. We are executing towards reaching cash flow breakeven point in 2028. We estimate that we need a deployed fleet on the platform of about 1,500 to 2,000 vehicles to reach that point. Through our EUR 800 million of potential ARR in joint business plans, we have set the basis for that growth. We will continue to acquire new customers, and with a 3x increase in our sales pipeline, it has never been stronger.
This takes us to cash flow neutral, it sets the basis for our autonomous deployments. We will continue to develop and deploy our autonomous technology, gradually expanding the environments in which it is deployed and reach the inflection point for the exponential scaling of autonomous on our platform. With that, I will now hand it over to Anubhav to walk through the financials in more detail.
Thanks, Roozbeh. I'm excited to share with you our H1 2026 results. As a foreign private issuer, our standard reporting cadence would be a half a year reporting cycle. However, beginning in 2027, we intend to move to a regular cadence of reporting our results on a quarterly basis. For Q3 of this year, we intend to provide a business update and select key figures in the fall. The central theme of our strong H1 results is growth. With our strong momentum, we're now well-positioned to continue sustainable long-term growth with our customers through the following drivers. Number one, we're scaling the business with capital efficient fleet expansion. We're well on track to triple our fleet size in the near term. This rapid growth is a direct response to customer demand and underpins the revenue acceleration we discussed earlier.
This fleet expansion will be funded through asset-backed debt facilities provided by third parties, resulting in zero equity dilution for our shareholders. We can continue to match asset-backed leverage directly with revenue generating assets. In doing so, we preserve our capital and position the company for profitable, sustainable growth. Second, the top-line revenue conversion is expansion fueled by the customer demand. We're seeing strong repeatable conversion across our sales funnel, moving efficiently from JBPs into revenue. This conversion gives us revenue visibility and validates the underlying unit economics of our freight capacity as a service model. Third, over the past year, we deepened our R&D investments to accelerate our R&D efforts towards the further expansion of our autonomous vehicle capabilities. With these drivers, we are targeting a cash flow breakeven point in 2028.
While our FCAS model will be the primary growth driver in the near term, we are simultaneously expanding our technology licensing model for the Einride Driver and Einride Saga AI. We expect these revenue streams to scale up progressively, and the recent work within defense and our partnership with DAF are examples of the strides we have made so far. In short, we're managing our balance sheet with discipline today, funding our growth efficiently, and investing in the scaling of a high margin technology platform. Revenue on a constant currency basis grew from EUR 21 million in H1 of 2025 to EUR 27 million in H1 2026, up 26%. This top-line performance was driven by expansion within our existing customer portfolio as clients expanded capacity alongside new customer deployments across our networks.
Looking ahead to the second half, we expect our constant currency revenue growth rate to roughly double, taking H2 revenue in the EUR 39 million-EUR 42 million range. This acceleration will be fueled primarily by two catalysts. Number one, the continued ramp-up of our Amazon deployment. Second, the initial deployment phase of our Tesla Semi fleet. Consequently, we are on track to exit December this year with an annualized revenue run rate of EUR 85 million-EUR 95 million on a constant currency basis. This would result in over 80% increase year-over-year as compared to December last year, and this trajectory represents the systematic conversion of signed revenue contracts disclosed previously in the year. Let's talk about our cost structure. Contribution margin is a measure we track closely. It provides a good view on the contracting model and operational development in the deployment portfolio.
It reflects how we are able to drive operational productivity and optimization on our platform. We define contribution margin as our revenue less direct cost of transportation, which primarily includes all variable costs such as driver costs, electricity, maintenance, and insurance, and excludes all vehicle capital costs and certain direct FTE expenses. For H1, our contribution margin stood at 21%. As our revenue expands and fleet utilization climbs in the second half of this year, we expect contribution margin to land between 21%-23% for the second half of this year. As we look forward, the combination of higher utilization and progressively lower vehicle acquisition costs will strengthen our operating leverage, ensuring that as revenues scale, they scale even more profitably. Turning to adjusted EBITDA, which has been normalized for one-time transaction expenses related to the business combination.
During the past year, we have increased investments in tech and R&D to accelerate autonomous development. Furthermore, we have invested in IPO preparedness and central corporate infrastructure and compliance on our path to public markets. We also made investments in our commercial teams to further drive the growth that has translated into tripling of our pipeline as of June 30, 2026. Adjusted EBITDA was a negative $34.6 million for H1 2026 on a constant currency basis, compared to a negative $21 million last year. Looking ahead to the second half of the year, as we continue to invest in our commercial customer ramp, we expect H2 2026 adjusted EBITDA to be between negative $35 million and $37 million on a constant currency basis.
As mentioned previously, we are executing on our plan to reach cash flow breakeven point in the second half of 2028 with a deployed fleet of 1,500 to 2,000 vehicles. The total R&D expenditure on a constant currency basis stood at $20.4 million in H1 2026 compared to $13 million in H1 2025. Following last year's ramp up, we made foundational investments in R&D to accelerate autonomous vehicles and platform development. These investments directly accelerate two major strategic initiatives. Number one, accelerating our autonomous development, and number two, advancing the implementation of quantum computing technology into our platform, which will optimize network efficiency and unlock operational leverage across our customer footprint. To close out, three things I'd like you to take away from today.
We had a robust H1 performance, setting the stage for the company to double the growth rate in H2 this year, driven primarily by existing signed contracts, including Amazon and other customers. JBPs and new customers will drive the growth in 2027 and beyond. Number two, with our strategic partnership with Tesla for 500 Semis, we will be tripling our fleet through third party financing with zero dilution to shareholders. With their improved hardware and mileage, it will unlock new routes and higher utilization to accelerate conversion of JBPs into revenue. Lastly, our capital efficient model for growth enables us to scale faster and paves the path for a cash flow breakeven point in 2028. With strong and improving unit cost economics, we're positioned to drive profitability at scale. With that, we'll open the line up for analyst questions. Operator?
Thank you, Anubhav. As a reminder to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Once again, it is star one one to ask a question. We are now going to proceed with our first question. Our first question comes from the line of Itay Michaeli from TD Cowen. Please ask your question.
Great, thanks. Hi, everyone, and congrats on your first earnings call. Maybe just as a first question, just hoping you could talk a bit more about the Tesla Semi economics and how you think how that compares with the other trucks in the fleet, and how we should think about the impact going forward to contribution margins and maybe even unlocking part of the $800 million ARR that you have through the deployment of that incremental fleet.
Absolutely. Thanks so much for that question. I would say when we look at a cost of fleet in terms of determining the hardware platforms to utilize, we base it off the customer data that we have and the operational sort of environment in which they are going to be operated and try to choose a combination of truck specifications, cost, quality, et cetera. I think what we are seeing with the Teslas is that they are matching up pretty well on those metrics. I think what the 500 truck order will help us do is really scale into, as you mentioned, scale into more and more of that $800 million of JBPs. The capacity of the vehicles and the specification of the vehicles also unlocks another realm of use cases for customers in terms of lanes and distances.
I think overall, we are going to see a positive effect both on the revenue side in terms of deploying more and more of the joint business plans, but also on the contribution margin side.
Terrific. Thank you. As a follow-up, thank you for the color on 2028, the cash flow breakeven. Hoping you could maybe have a few more details in terms of thinking about maybe revenue per truck, how you're thinking about utilization and contribution margin in 2028, as well as maybe a little bit on OpEx growth. It looks like there's a little bit of licensing revenue you expect by then as well. Any of those details would be super helpful. Thank you.
Yep, of course. Thanks, Itay. The way we think about the utilization, today, roughly our trucks operate at $300,000 per year. We expect that with the inclusion of Teslas in our fleet, this number will climb up. Obviously driven by more customers on our Saga AI platform, we will be able to drive this number up. Obviously, the incremental growth in the revenue per truck will be dropping down to the contribution margin, because we have fixed costs, so that will drop down to the bottom line. What is very helpful here, as the cost of electric vehicles improve, the net profit, including the hardware cost, will also work in our favor for the net cash profit to further ramp up in 2028. So those are the two drivers for cash flow breakeven from the operating side, because the electric vehicle platform has gotten better.
Lastly, I would say, in terms of increasing our investments, look, our R&D cost structure is pretty competitive, and we might need to ramp up some R&D investments in the coming years. But we expect that with the increasing utilization and the number of trucks in our fleet, we expect to hit cash flow breakeven driven by these factors. That's why we have a path to breakeven in 2028.
Terrific. That's all very helpful. Thank you.
Thanks, Itay.
We are now going to proceed with our next question. The question has come from the line of Chris McNally from Evercore. Please ask your question.
Congrats, team, particularly on the Tesla announcement, which I know will probably be covered well over the course of the call. Maybe we could focus on the AV side, where somewhat ironically, it has been the legacy Class 8 OEMs which have been one of the industry bottlenecks. The traditional-
Sorry, Chris. We cannot really hear. Could you speak up a bit? Sorry about that.
Sorry about that. My question's on the AV side.
Yep.
Where somewhat ironically, it's been the legacy Class 8 OEMs as one of the industry bottlenecks. I think the traditional OEMs have been rather slow for production-ready, redundant chassis thus far. It's a bigger issue with trucking than AV rideshare, because of the cost of the validation is going to sit on you and upfitters for the time being. My question, Roozbeh, could you talk a little bit about how you're thinking about that bottleneck, with your cabless AV pod as a separate issue? Then really relate that to the DAF partnership, which sounds like it's a step in the right direction for highway Class 8. Thanks so much.
Thank you. Thanks for that question. One of the key points of achieving the scale deployment of autonomous is, as you said, the hardware platforms. We early took an approach of the self-developed cabless autonomous trucks, which we built together with our contracting manufacturing partners. It is, as you said, the scaling of that comes with its challenges in terms of how that's going to look, and also in terms of the use cases in which you deploy the capacity. So we've taken an approach early on to, as similar as we do on the electric truck side, to have a sort of multi-OEM type of thinking, or multi hardware platform thinking, depending on what the customer use case that we're addressing is in this case.
I think the DAF partnership is a perfect example of that, where it will both sort of show our ability to implement the Einride Driver onto different types of hardware platforms, like we've done in the defense space, for example, and now in our own developed vehicles. But now also doing it on an OEM truck platform. It's also a clear path to that scale deployment of access to hardware for scale deployments of autonomous. So I think generally, I would say we're seeing more and more of that direction in the market in general as well. Of course, there is testing and validation, et cetera, to be done. But I think we're on a good path together with DAF.
Roozbeh, just the follow-up, to paraphrase. The upfit will be sort of stage one. You will determine who the upfitter is for someone like DAF probably going forward soon, but then that will theoretically develop the relationship when an OEM is ready for their production assembled, validated AV vehicles. Is that a fair way of discussing it?
You broke up the last part. I heard the first part, you broke up on the last part.
Yeah, the second part is that that would be an evolution into when an OEM is ready for a production-ready vehicle.
Yeah, that is the path that we are working on together with DAF in this instance. Starting with the interfacing between the Einride Driver and the vehicle platform. That is what we are going to do during the better part of this year and coming into 2027, and then commissioning for next stage, and then from that, sort of moving into more scaled deployments.
Thank you, team. Sorry about that.
Thanks, Chris.
We are now going to proceed with our next question. Our next question comes from the line of Jesse Sobelson from BTIG. Please ask your question.
Hey, everyone. Congrats on your closing the transaction and moving forward here with your first earnings call. I am curious on just the scaling of the fleet. You mentioned the Tesla deliveries, there are 500 to triple. It sounds like roughly the fleet might be around 250. Then, you mentioned, I think, the first wave of a contract with Amazon. I am not sure if that is 75 or just a portion of it. Can you tell us where the fleet is today and where we expect the fleet to be by the end of this fiscal year?
Yeah. The fleet is, as you said, it is about 250 Einride Driver trucks, split between Europe and the U.S. As we mentioned in the Amazon, we are expecting that those initial deployments of 75 trucks, the majority of that to be deployed on this side of the year. Then also the initial parts of the Tesla Semi deployment. The way I would think about it is, a fleet size towards the end of the year, just shy of 400 trucks.
Okay, great. Then in terms of just thinking about the contribution margin versus the gross margin here, 21% contribution margin minus 50% gross margin must imply there is a lot of fixed costs in this gross line that, maybe they need to be covered through scaling. Can you just elaborate on the difference there and what needs to happen to improve gross margin to get to a level where we will be at a cash flow breakeven rate in 2028? Thank you.
Yes, Jesse. In the gross margin line, there is depreciation and amortization of roughly about SEK 95 million, or thereabout. The way I think I want you to think about this is obviously as we ramp up customers, there are fixed costs that are in the system. As we ramp up, the revenue scale much faster than the cost. So what we expect in the future is this contribution margin of 20% where we are today to trend towards the 35% number, which we have also guided the markets in the long term, what we believe the business can perform. So we expect we will have a trajectory going from 20% to 35%. In my prior comment, I also mentioned about as the vehicle costs or the vehicle acquisition costs come down, the net cost will also come down after the contribution margin.
Essentially, the gross margin will start trending towards 20% going forward, and that is what we estimate to happen in the next short to medium term as we improve utilization. Because remember, every extra SEK of revenue comes down to the bottom line.
Thank you.
We are now going to proceed with our next question. The question's come from the line of Matt Lee from Canaccord Genuity. Please ask your question.
Hi, everyone. Thank you for taking my questions, and congrats on all the success this quarter. Maybe just on the Joint Business Plans you have. You're kind of targeting this $85 million-$95 million of ARR by December of the year. What are the kind of key bottlenecks to accelerating that, and how should we think about those conversions falling over the kind of coming months and as we move into early 2027?
Yeah. Thanks for that. I would say the deployments that are leading up to that 85-95, have sort of moved from the Joint Business Plan phase into the contracted phase. It's more a deployment of deploying the capacity and getting the capacity online that will drive the growth towards that. The absolute majority of that growth is through sort of existing or assigned contracts, which have been part of the JBPs converted into contracts and now converting into deployments.
Great. And maybe just on kind of the path to 1,500-2,000 trucks that you have outlined for your cash flow breakeven. You will be at kind of 750 is the number I believe you have mentioned by the end of 2027. I guess where do those incremental 1,000-ish trucks come from? And then maybe just to double up on the cash flow breakeven, is that exclusively through just having trucks on your platform or, do kind of autonomy and your other revenue streams really help to drive that further, and is it a factor of that?
Yeah. So, I mean, to answer your first question there in relation to the scaling towards the 1,500 to 2,000 trucks. The tripling of the fleet is looking only at the Tesla Semi deployment. So they stand alone will sort of triple our fleet. And we are expecting to deploy those trucks up between now and the end of 2027. Alongside that, of course, we will continue growing the other parts of the business with other OEM and other deployments as well. And the way to think about it a bit is, that in the joint business plan, if I look at the data that we have in the joint business and the scaling plans that we set in those joint business plan, the volume catch in that is about 1.4 to 1.8x the volume required for those 1,500 to 2,000 trucks.
So what you will see is, you will see the Tesla deployments going into those contracts. You will see conversion of the joint business plans into deployments outside of the Tesla deployments as well. But also, of course, continued growth of the joint business plan portfolio and the contract with new customers. And I think as Anubhav mentioned earlier, the investments we have made into our sales efforts over the past, I would say six to eight months, have resulted in a 3x or so growth in our sales pipeline. So it is going to be a combination of existing and new customers. The majority are going to be based off our existing customer base and existing joint business plan portfolio.
Great. Thank you.
Welcome.
We are now going to proceed with our next question, and the question comes from the line of Ryan Sigdahl from Craig-Hallum Capital Group. Please ask your question.
Hey, good day, guys.
Hey.
On the Tesla, just a few follow-ups. Maybe talk through first phase implies something 150 by year-end. What are the next phases, as we think about getting all of those deployed next year? Then terms on the third-party financing, if you can share them. Then lastly, do you have any customers that are specifically requesting the Tesla Semis, or do you plan to just opportunistically, based on Saga AI, deploy these across all of your various routes?
Yeah. I will take the first two and then I will hand over to Anu to talk more about the financing. I think in terms of the Tesla, we are doing the first wave of deployments. Some of that, as I mentioned, with Amazon, some with other customers between now and year-end. We are doing other deployments between now and year-end. So all of the growth between now and year-end is not exclusively from the Tesla trucks. Then we are looking to deploy the rest of those during 2027. When it comes to if there is customer specifically requested, I would say generally speaking, there is no sort of specifics around the hardware platforms. We choose the hardware platforms based on the capabilities of the vehicles, the use case, our understanding of the data, and sort of how we plan to operate that.
Generally speaking, it's very seldom that we get specific hardware requests from specific customers.
Regarding the terms of the financing, we'll be posting some more information in our 6-K. That will be published shortly. I'm excited about this financing, Ryan, because this is a 100% asset-backed equipment loan, with no equity down for the truck. It's a facility that we can draw down with the delivery of the trucks as the delivery rolls around in our schedule. The effective interest rate is roughly around 14%, which again signals the evolution of the financing markets in this particular asset class as well. As the technology improves, as the hardware improves, the financeability of these assets also improves, as the range and the hardware becomes better. This would be a four-year facility with each draw. Like I said, there'll be more information, but I'm excited about the terms, and the fact that the fleet can be funded with zero dilution.
Helpful. Then just on the DAF announcement partnership, can you explain what each side is doing here? Because I guess it sounds like an upfit agreement first, maybe that eventually moves to a factory line side integration in the future. But with the upfit, are you guys effectively buying trucks, upfitting them, deploying them, and handling the costs, or what is each side doing here, and then what are the key milestones we should be watching for over the coming quarters?
Yeah. To start with, I think the first phase that we're in right now is the sort of initial testing and initial interfacing between the two platforms, being also verified by TNO in terms of the safety case and the integration of the language in which the platforms speak to each other, basically. Then for next year, there will be the commissioning of the trucks. Following that, we'll go into the sort of scale deployment. We're working through together with DAF in terms of the exact timing and exact details of how that scaling is going to look and the economic models around it. But right now we're very focused on doing the commissioning, doing the testing, doing the commissioning, getting the first set of vehicles out on the road, and then in parallel, also working on the public road verification for the platform as well.
If I may ask one follow-up on that, are you aware of any other AV technology partners working with them? PACCAR has historically been reluctant to go driverless in the U.S. or taking their time anyways. Curious kind of how they view the European segment they have.
Yeah. I'm not aware of that together with DAF, no. We are the first partner, as far as I'm aware, that they're working on with this, on the electric side.
You said electric. Autonomous or electric?
No, autonomous. Sorry, but this is their electric platform as well.
Got you. Helpful. Thanks, guys. Good luck.
Thank you.
As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. We are now going to proceed with our next question. The question's come from the line of Michael Latimore from Northland Capital Markets. Please ask your question.
Yeah. Great. Good morning. Congrats on the first earnings call here.
Thank you.
You mentioned the pipeline tripled. Can you just give a little bit more detail on what you're seeing there? How diverse is it? What regions it's coming from? What use cases are there? Is it tied to more marketing? Or just a little more detail on why the pipeline's growing so quickly.
Absolutely. I would say it's a combination of a few things. I would say that it is quite concerted efforts in terms of investments into our sales team and marketing, et cetera, related to that. I would say that we see a stronger development on the U.S. side also following the Amazon announcement. I think the sort of conclusion a lot of the market drew from that is if these guys can handle the complexity of Amazon's network, they can handle ours. So we had quite a lot of inbound and increase in that following the Amazon announcement as well. But also I would say growing across our verticals and it's also as we go live with more and more customers and continue scaling with more customers both in Europe and the U.S., that also has an effect especially within the verticals that we're focusing on.
I would say it's a combination of good continued momentum with existing customers, and also concerted efforts on our side.
Great. Great. Then maybe just in terms of the time to convert customers from pilots to deployment, and also just the deployment time frames, how do you see those trending over the next year or so?
Yeah, so generally speaking, I can comment a bit more specifically on what we're seeing right now. Generally speaking, the land and expand sales strategy that we sort of had, get in with the large transport buyers, analyze their data, set that plan, and then gradually scale together with them. It's also partly because the initial sales cycle is long. If you're selling to a PepsiCo or an Amazon or others, you're going to have a long initial sales cycle. But what we see across the customer base is that the customers continue to scale with us, so it's worth investing that time. To comment mostly on the trends, sort of more near term, I would say we've definitely seen deployment cycles and deployment times come down quite significantly over the past 12, 18 months.
As driven by both sort of the availability of hardware as we build out our charging infrastructure. You're deploying into a network where you already have infrastructure set up. You're deploying into regions where you have a context already. So we're sort of shortening lead times there. I would say generally trending in a good way when it comes to the time between sale and deployment.
Okay, great. Thanks a lot. Best of luck this year.
Thank you so much.
We are now going to proceed with our next question. The question has come from the line of Colin Rusch from Oppenheimer and Company. Please ask your question.
Thanks so much, guys. With the Tesla agreement, can you talk about any sort of performance guarantees that you are getting from them in terms of uptime, as well as any contributions around maintenance and charging, and any other infrastructure access that you will get in that agreement?
Yeah, I would say that we are getting pretty good. I cannot go into all of the details of the contracts. We are working with them on the charging side and choosing the locations in which based on what we see on our customers' data, where we are being deployed and the build-out of their charging infrastructure network. We have good sort of collaboration on that side. I would say sort of pretty decent terms when it comes to downtime and provisions like that without necessarily going to all of the details, unfortunately.
Great. In terms of the military opportunity, obviously you guys are in a unique position to support a variety of applications. Can you talk about just the pipeline of opportunities you're looking at, how you see that converting into actual sales agreements and the potential revenue ramp?
Yeah. No, it's a good question. I think we're sort of in the early phases of that effort. We started actually from making the Einride Driver available, taking it basically outside of our own vehicle platforms and with the ambition of deploying it into other vehicle platforms. That was about 12 months ago or so. On the back of that, we had a pilot contract with a NATO allied organization to sort of work on a couple of vehicle platforms. We then took that to the Swedish Resilience Initiative where we're working on as well. So I would say we're in the initial phases of that. I expect that to see in terms of revenues that progressively we'll start seeing some revenues in for next year, and then gradually scaling into becoming a more and more important part of the business.
Great. Thanks so much, guys.
Thank you.
Thank you. We have no further questions at this time, so I will now hand back to Roozbeh Charli, CEO, for closing remarks.
Perfect. Thank you. Thank you everyone for joining us on this first earnings call as a public company. We very much look forward to hosting you again for our Q3 update in the fall. Please keep a lookout for that when that comes. Thank you so much for today.
This concludes today's conference call. Thank you all for participating. You may now disconnect your line. Thank you.
Investor releaseQuarter not tagged2026-07-24Einride to Host First Half 2026 Earnings Conference Call on August 18, 2026
GlobeNewswire
Einride to Host First Half 2026 Earnings Conference Call on August 18, 2026
Two Autonomous Einride Vehicles, Selmer, Tennessee STOCKHOLM, July 24, 2026 (GLOBE NEWSWIRE) -- Einride AB (Nasdaq: ENRD) (“Einride” or the “Company”), a freight technology company driving the transition to cost-efficient autonomous and electric operations for some of the world's largest shippers, today announced it will release its operating and financial results for the first half of 2026, ended June 30, 2026 on August 18, 2026, before market open. In conjunction with this announcement, Einride will host a conference call and live webcast to discuss its results with the investment community. Conference Call Details Date: Tuesday, August 18, 2026 Time: 14.00 CET (08.00 AM ET) Webcast link can be found HERE Teleconference registration link can be found HERE Participants are encouraged to dial in or access the webcast at least 10 to15 minutes prior to the start time to ensure a timely connection. Replay Information The webcast will be available on Einride’s Investor Relations website following the call. Supplemental Materials Einride's earnings press release, along with any accompanying financial statements, presentation slides, or supplemental data, will be available on the Company's Investor Relations website prior to the start of the call. About Einride Founded in Stockholm in 2016, Einride (Nasdaq: ENRD) is a technology leader driving the transition to sustainable, cost-efficient autonomous and electric freight operations. The Company’s platform integrates AI-powered freight intelligence, proprietary autonomous technology, and one of the world’s largest electric heavy-duty fleets. Einride serves a global customer base across North America, Europe, and the Middle East through a dual business model encompassing Freight-Capacity-as-a-Service (FCaaS) and a Software-as-a-Service (SaaS) platform. Investor & Media Contacts EinrideChristina ZanderHead of Communications [email protected], [email protected] A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8c351171-8da5-436c-9ce5-5eee8318a68a